Determinants of capital flows to emerging and advanced economies between 1990 and 2011
Autor(a) principal: | |
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Data de Publicação: | 2017 |
Outros Autores: | , |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.5/15757 |
Resumo: | The previous and latest crises confirmed that stability of external financing of the economy is determined not only by the volume of capital inflow but also by its structure. It is established that a bias in gross external liabilities towards debt, especially short-term, may rise vulnerability to financial crises. Greater share of equity capital, mainly direct investment is not found to bear such financial risk. The results of Bayesian Model Averaging (BMA) show that influence of variables inherent in macroeconomic and portfolio approaches varies depending on the type of capital inflow and the group of countries. We also find some arguments that equity investment is a more desirable form of foreign capital because debt inflows are more responsive to global factors and therefore more volatile. As a word of caution, we highlight the need for diversification and careful monitoring of external financing sources and forms. |
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Determinants of capital flows to emerging and advanced economies between 1990 and 2011Capital flowsFDIPortfolio and banking capital flowsPush-pull factorsThe previous and latest crises confirmed that stability of external financing of the economy is determined not only by the volume of capital inflow but also by its structure. It is established that a bias in gross external liabilities towards debt, especially short-term, may rise vulnerability to financial crises. Greater share of equity capital, mainly direct investment is not found to bear such financial risk. The results of Bayesian Model Averaging (BMA) show that influence of variables inherent in macroeconomic and portfolio approaches varies depending on the type of capital inflow and the group of countries. We also find some arguments that equity investment is a more desirable form of foreign capital because debt inflows are more responsive to global factors and therefore more volatile. As a word of caution, we highlight the need for diversification and careful monitoring of external financing sources and forms.Springer VerlagRepositório da Universidade de LisboaTchorek, GrzegorzBrzozowski, MichałŚliwiński, Paweł2018-07-02T10:34:26Z2017-042017-04-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.5/15757engTchorek, Grzegorz, Michał Brzozowski e Paweł Śliwiński (2017). "Determinants of capital flows to emerging and advanced economies between 1990 and 2011". Portuguese Economic Journal, 16(1):17-481617-982X (print)10.1007/s10258-016-0126-5metadata only accessinfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-05-28T01:31:00Zoai:www.repository.utl.pt:10400.5/15757Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T17:01:20.723537Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
title |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
spellingShingle |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 Tchorek, Grzegorz Capital flows FDI Portfolio and banking capital flows Push-pull factors |
title_short |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
title_full |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
title_fullStr |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
title_full_unstemmed |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
title_sort |
Determinants of capital flows to emerging and advanced economies between 1990 and 2011 |
author |
Tchorek, Grzegorz |
author_facet |
Tchorek, Grzegorz Brzozowski, Michał Śliwiński, Paweł |
author_role |
author |
author2 |
Brzozowski, Michał Śliwiński, Paweł |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Repositório da Universidade de Lisboa |
dc.contributor.author.fl_str_mv |
Tchorek, Grzegorz Brzozowski, Michał Śliwiński, Paweł |
dc.subject.por.fl_str_mv |
Capital flows FDI Portfolio and banking capital flows Push-pull factors |
topic |
Capital flows FDI Portfolio and banking capital flows Push-pull factors |
description |
The previous and latest crises confirmed that stability of external financing of the economy is determined not only by the volume of capital inflow but also by its structure. It is established that a bias in gross external liabilities towards debt, especially short-term, may rise vulnerability to financial crises. Greater share of equity capital, mainly direct investment is not found to bear such financial risk. The results of Bayesian Model Averaging (BMA) show that influence of variables inherent in macroeconomic and portfolio approaches varies depending on the type of capital inflow and the group of countries. We also find some arguments that equity investment is a more desirable form of foreign capital because debt inflows are more responsive to global factors and therefore more volatile. As a word of caution, we highlight the need for diversification and careful monitoring of external financing sources and forms. |
publishDate |
2017 |
dc.date.none.fl_str_mv |
2017-04 2017-04-01T00:00:00Z 2018-07-02T10:34:26Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.5/15757 |
url |
http://hdl.handle.net/10400.5/15757 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Tchorek, Grzegorz, Michał Brzozowski e Paweł Śliwiński (2017). "Determinants of capital flows to emerging and advanced economies between 1990 and 2011". Portuguese Economic Journal, 16(1):17-48 1617-982X (print) 10.1007/s10258-016-0126-5 |
dc.rights.driver.fl_str_mv |
metadata only access info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
metadata only access |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Springer Verlag |
publisher.none.fl_str_mv |
Springer Verlag |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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1799131102162452480 |