O fluxo de capital para as economias emergentes e o grau de desenvolvimento do sistema financeiro

• Autor(a) principal: Rocha, Katia
• Data de Publicação: 2017
• Outros Autores: Moreira, Ajax, Silveira, Marcos
• Tipo de documento: Artigo
• Idioma: por
• Título da fonte: Estudos Econômicos (São Paulo)
• Texto Completo: https://www.revistas.usp.br/ee/article/view/86425
• topic: economias emergentes; fluxo de capital; parada súbita; desenvolvimento do sistema financeiro doméstico; emerging economies; capital flow; sudden stops; strength of domestic financial system

The objective of this is study is to assert the role of domestic financial system as mitigatingof sudden stops episodes and driver of capital flows in a group of 14 emerging economiesin the period of 1999-2013, especially in face of unfavorable external environment suchas high international interest rate or global risk aversion. The countries analyzed – Argentina,Brazil, Chile, Colombia, Indonesia, Malaysia, Mexico, Peru, Philippines, Russia, SouthAfrica, Thailand, Turkey and Ukraine, represented in August 2014 roughly 80% of theEMBIPLUS and 60% of EMBIGLOBAL. We work with distinct types of capital flows: Inflowof Foreign Direct Investment, Inflow of Portfolio and Net Capital, and conduct robustnesscheck considering data since 1990 and increasing the number of emerging countries. Theresult supports evidence that improvement of domestic financial system allows an increaseof capital flow and a decrease of sudden stops probability. Estimates also indicate thatdomestic fundamentals are as important as global factors in explaining capital flows andsudden stops episodes. This fact supports public policies that improve the development andstrength of domestic financial system in emerging economies and stress the governmentrole in attracting external capital.