World market integration through the lens of foreign direct investors

Journal of International Economics

Volumn 66, Issue 2, 2005, Pages 267-295

  Albuquerque, Rui ^a   Loayza, Norman ^b   Servén, Luis ^b  

^a UNIVERSITY OF ROCHESTER   (United States)

^b WORLD BANK   (United States)

Author keywords

Capital market integration; Emerging economies; Foreign direct investment; Global factors

Indexed keywords

CAPITAL MARKET; FOREIGN DIRECT INVESTMENT; GLOBALIZATION;

EID: 20844435666     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2004.07.002     Document Type: Article

References (50)

1. R. Albuquerque The composition of international capital flows: Risk sharing through foreign direct investment Journal of International Economics 61 2003 353-383
2. R. Albuquerque N. Loayza L. Servén World market integration through the lens of foreign direct investors World Bank Policy Research Working Paper 3060 2003
3. P. Bacchetta E. van Wincoop Capital flows to emerging markets: liberalization, overshooting, and volatility In: Sebastian Edwards (Ed), NBER Conference Volume Capital Flows and the Emerging Economies 2000
4. D.O. Beim C. Calomiris Emerging Financial Markets 2001 McGraw-Hill/Irwin New York
5. G. Bekaert Market integration and investment barriers in emerging equity markets World Bank Economic Review 9 1995 75-107
6. G. Bekaert C. Harvey Time varying world market integration Journal of Finance 50 1995 403-444
7. G. Bekaert C. Harvey Emerging equity market volatility Journal of Financial Economics 43 1997 29-78
8. G. Bekaert C. Harvey Foreign speculators and emerging equity markets Journal of Finance 55 2000 565-613
9. G. Bekaert C. Harvey R. Lumsdaine Dating the integration of world capital markets Journal of Financial Economics 65 2002a 203-249
10. G. Bekaert C. Harvey R. Lumsdaine The dynamics of emerging market equity flows Journal of International Money and Finance 21 2002b 295-350
11. Bekaert, G., Harvey, C., Lundblad, C., 2002c. Growth Volatility and Equity Market Liberalization, working paper GSB Columbia University.
12. G. Bekaert C. Harvey A. Ng Market Integration and contagion Journal of Business 2002 (in press)
13. S. Calvo C.M. Reinhart Capital flows to Latin America: Is there evidence of contagion effects? In: G. Calvo M. Goldstein E. Hochreiter (Eds.), Private Capital Flows to Emerging Markets After the Mexican Crisis 1996 Institute for International Economics Washington, DC 151-171
14. G. Calvo L. Leiderman C. Reinhart Capital inflows to Latin America: The role of external factors IMF Staff Papers 40 1993 108-151
15. J.Y. Campbell Y. Hamao Predictable stock returns in the United States and Japan: A study of long-term capital market integration The Journal of Finance 47 1992 43-69
16. David L. Carr James R. Markusen Keith E. Maskus Estimating the knowledge-capital model of the multinational enterprise American Economic Review 91 2001 693-708
17. Carrieri, F., Errunza, V., Hogan, K., 2002. Characterizing World Market Integration through Time, working paper McGill University.
18. M. Casson Alternatives to the Multinational Enterprise 1979 Macmillan London
19. R. Caves Multinational Enterprise and Economic Analysis 1996 Cambridge University Press Australia
20. A. Chari P.B. Henry Risk sharing and asset prices: Evidence from a natural experiment Journal of Finance 59 2004 1295-1324
21. J. Cochrane Comment NBER Macroeconomics Annual 1991
22. J. Eaton M. Gersovitz A theory of expropriation and deviations from perfect capital mobility Economic Journal 94 1984 16-40
23. H. Edison F. Warnock A simple measure of the intensity of capital controls Journal of Empirical Finance 10 2003 81-103
24. Barry Eichengreen Capital account liberalization: What do the cross-country studies tell us? The World Bank Economic Review 15 2001 341-365
25. V. Errunza E. Losq International asset pricing under mild segmentation and segmentation hypothesis Journal of Finance 40 1985 105-124
26. V. Errunza K. Hogan M. Hung Can the gains from international diversification be achieved without trading abroad? Journal of Finance 54 1999 2075-2107
27. E. Fernández-Arias The new wave of private capital inflows: Push or pull? Journal of Development Economics 48 1996 389-418
28. Fernández-Arias E., Hausmann, R., 2000. FDI: Good Cholesterol? Paper prepared for the seminar The New Wave of Capital Inflows: Sea Change or Just Another Tide. Annual Meeting of the Board of Governors, Inter-American Development Bank and Inter-American Investment Corporation.
29. K.A. Froot J. Stein Exchange rates and foreign direct investment: An imperfect capital markets approach Quarterly Journal of Economics 106 1991 1191-1217
30. R. Glick K. Rogoff Global versus country-specific productivity shocks and the current account Journal of Monetary Economics 35 1995 159-192
31. L.S. Goldberg M.W. Klein Foreign direct investment, trade and real exchange rate linkages in developing countries In: Reuven Glick (Ed.), Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin 1998 Cambridge University Press
32. J. Griffin F. Nardari R. Stulz Are daily cross-border equity flows pushed or pulled? Review of Economics and Statistics 86 2004 641-657
33. C. Harvey The world price of covariance risk Journal of Finance 46 1991 111-158
34. P.B. Henry Stock market liberalization, economic reform, and emerging market equity prices Journal of Finance LV 2000 529-564
35. J.E. Hodder L.W. Senbet International capital structure equilibrium Journal of Finance 45 1990 1495-1516
36. T. Horst The simple analytics of multinational firm behavior In: M.B. Connolly A.K. Swoboda (Eds.), International Trade and Money 1973 Allen & Unwin London
37. T.B. Iscan The terms of trade, productivity growth and the current account Journal of Monetary Economics 45 2000 587-611
38. C.P. Kindleberger European integration and the international corporation Columbia Journal of World Business 1 1966 65-73
39. Michael W. Klein Joe Peek Eric S. Rosengreen Troubled banks, impaired foreign direct investment: The role of relative access to credit American Economic Review 92 2002 664-682
40. D. Kwiatkowski P.C.B. Phillips P. Schmidt Y. Shin Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics 54 1992 159-178
41. Andrew Levin Chien-Fu Lin Chia-Shang James Chu Unit root test in panel data: Asymptotic and finite-sample properties Journal of Econometrics 108 2002 1-24
42. R.C. Marston International Financial Integration: A Study of Interest Differentials Between the Major Industrial Countries 1995 Cambridge University Press Cambridge, UK
43. Mills, L., Newberry, K.J., 2002. Do worldwide tax incentives affect the income reporting and capital structure of foreign-controlled US corporations? working paper University of Arizona.
44. Pierre Perron The great crash, the oil price shock, and the unit root hypothesis Econometrica 57 1989 1401-1631
45. Razin, A., Sadka, E., Yuen, C., 1999. Excessive foreign direct investment flows under asymmetric information, NBER working paper no. W7400.
46. P. Rowland L. Tesar Multinationals and the gains from international diversification Review of Economic Dynamics 2004 789-826
47. H. Singh K.W. Jun Some new evidence on determinants of foreign direct investment in developing countries Policy Research Working Paper vol. 1531 1995 The World Bank
48. R. Stulz International portfolio flows and security markets In: M. Feldstein (Ed.), International Capital Flows 1999a The University of Chicago Press Chicago
49. R. Stulz Globalization (corporate finance) and the Cost of Capital Journal of Applied Corporate Finance 12 1999b 8-25
50. Tesar, L., Hull, L., 2000. The structure of international capital flow, working paper University of Michigan.