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Capital inflows and capital outflows: measurement, determinants, consequences

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Author/s:
Powell, Andrew
Mohapatra, Sanket
Ratha, Dilip
Date:
2002
Abstract
This paper develops new estimates of capital outflows and is the first, to our knowledge, to analyze the determinants, consequences and inter-relationship between inflows and outflows. Given the dynamics and individual country effects, we use a panel-VAR and find that inflows and outflows are inter-related, that lower inflows/higher outflows lead to lower growth, and among other effects to a higher fiscal deficit, which feeds back to lower inflows/higher outflows. These results provide evidence of vicious and virtuous cycles. We find no strong evidence that official flows crowd-in private ones. We conclude it is particularly important for developing countries to maintain prudent policies, and especially adequate fiscal discipline, to avoid vicious and reinforce virtuous cycles
Para cualquier uso del contenido del presente documento debe ponerse en contacto con el autor.
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https://repositorio.utdt.edu/handle/20.500.13098/6276
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Campus Alcorta
Av. Figueroa Alcorta 7350 (C1428BCW)
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Página de ayuda al investigador
Horarios de atención
Campus Alcorta
Av. Figueroa Alcorta 7350 (C1428BCW)
Sáenz Valiente 1010 (C1428BIJ)
Ciudad de Buenos Aires, Argentina
P: (54 11) 5169 7000