Capital flows, capitalization, and openness in emerging East Asian economies

Review of International Economics

Volumn 17, Issue 4, 2009, Pages 734-750

  Mandilaras, Alex ^a   Popper, Helen ^b  

^a UNIVERSITY OF SURREY   (United Kingdom)

^b SANTA CLARA UNIVERSITY   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL FLOW; ECONOMIC CONDITIONS; ECONOMIC DEVELOPMENT; ECONOMIC GROWTH; GROSS DOMESTIC PRODUCT; MACROECONOMICS; MARKET CONDITIONS;

ASIA; EURASIA; FAR EAST; NORTH AMERICA; UNITED STATES;

EID: 69149093683     PISSN: 09657576     EISSN: 14679396     Source Type: Journal    
DOI: 10.1111/j.1467-9396.2009.00843.x     Document Type: Article

References (33)

1. Acemoglu, Daron, Simon Johnson, and James A. Robinson, "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review 91 (2001):13-69.
2. Acemoglu, Daron, Simon Johnson, and James A. Robinson, "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," Quarterly Journal of Economics 117 (2002):12-31.
3. Alfaro, Laura, Sebnem Kalemli-Ozcan, and Vadym Volosovych, "Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation," NBER working paper W11901 (2005).
4. Beck, Thorsten, Asli Demirgüç-Kunt, and Ross Levine," A New Database on Financial Development and Structure," World Bank Economic Review 14 (2000):597-605.
5. Bems, Rudolfs, Luca Dedola, and Frank Smets, "US Imbalances: The Role of Technology and Policy," Journal of International Money and Finance 53 (2007):523-45.
6. Bernanke, Ben S., Remarks at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, March (2005).
7. Bernanke, Ben S., Jean Boivin, and Piotr Eliasz, "Measuring the Effects of Monetary Policy: A Factor-Augmented Vector Autoregressive (FAVAR) Approach," Quarterly Journal of Economics 120 (2005):387-442.
8. Caballero, Ricardo J., Emmanuel Farhi, and Pierre-Olivier Gourinchas, "An Equilibrium Model of 'Global Imbalances' and Low Interest Rates," NBER working paper 11996 (2006).
9. Campion, Mary Kathryn and Rebecca M. Neumann, "Compositional Effects of Capital Controls: Evidence from Latin America," North American Journal of Economics and Finance 15 (2004):161-78.
10. Caselli, Francesco and James Feyrer, "The Marginal Product of Capital," Quarterly Journal of Economics, 122 (2007): 535-68.
11. Chinn, Menzie and Hiro Ito, "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence," NBER working paper 8967 (2002).
12. Chuhan, Punam, Gabriel Perez-Quiros, and Helen Popper, "International Capital Flows: Do Short-Term Investment and Direct Investment Differ?" World Bank Policy Research working paper 1669 (1996).
13. Dooley, Michael P., David Folkerts-Landau, and Peter M. Garber, "Savings Gluts and Interest Rates: The Missing Link to Europe," NBER working paper 11520 (2005).
14. Engel, Charles and John H. Rogers, "The U.S. Current Account Deficit and the Expected Share of World Output," Journal of Monetary Economics, 53 (2006):1063-93.
15. Fernández-Arias, E. and R. Hausmann, "Capital Inflows and Crisis: Does the Mix Matter?" in Jorge Braga de Macedo and Enrique V. Iglesias (eds), Foreign Direct Investment versus Other Flows to Latin America, Paris: OECD (2001).
16. Frankel, Jeffrey A. and Andrew K. Rose, "Currency Crashes in Emerging Markets: Empirical Indicators," NBER working paper W5437 (1996).
17. IMF, World Economic Outlook, Washington, DC: IMF (2004).
18. Ito, Hiro, "Financial Development in Asia: Thresholds, Institutions, and the Sequence of Liberalization," North American Journal of Economics and Finance 17 (2006):303-27.
19. Lagana, Gianluca and Andrew Mountford, "Measuring Monetary Policy in the UK: A Factor-Augmented Vector Autoregression Model Approach," Manchester School 73 (2005):77-98.
20. Lane, Philip and Gian Maria Milesi-Ferretti, "The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004," IIIS discussion paper 126 (2006).
21. Lipsey, Robert E., "Foreign Direct Investors in Three Financial Crises," NBER working paper 8084 (2001).
22. Lucas, Robert, "Why Doesn't Capital Flow from Rich to Poor Countries?" American Economic Review 80 (1990):92-96.
23. Mendoza, Enrique, Vincenzo Quadrini, and Jose-Victor Rios-Rull, "Financial Integration, Financial Deepness and Global Imbalances," NBER working paper W12909 (2006).
24. Moench, Emanuel, "Forecasting the Yield Curve in a Data-Rich Environment: A No-Arbitrage Factor-Augmented VAR Approach," Journal of Econometrics 146 (2008):26-43.
25. Neumann, Rebecca M., Ron Penl, and Altin Tanku, "Volatility of Capital Flows and Financial Liberalization: Do Specific Flows Respond Differently?" International Review of Economics and Finance 18 (2009):488-501.
26. Neumeyer, Pablo A. and Fabrizio Perri, "Business Cycles in Emerging Economies: The Role of Interest Rates," Journal of Monetary Economics 52 (2005):345-80.
27. Obstfeld, Maurice and Kenneth Rogoff, "The Unsustainable US Current Account Position Revisited," NBER working paper 10869 (2004).
28. Roubini, Nouriel and Brian Setser, "The U.S. as a Net Debtor: The Sustainability of the U.S. External Imbalances," Stern School of Business, New York (2004).
29. Sarno, Lucio and Mark P. Taylor, "Hot Money, Accounting Labels and the Permanence of Capital Flows to Developing Countries: An Empirical Investigation," Journal of Development Economics 59 (1999):337-64.
30. Smith, Kntherine A. and Diego Valdernama, "The Composition of Capital Inflows when Emerging Market Firms Faco Financing Constraints," Working Paper Series 2007-13, Federal Reserve Bank of San Francisco (2007).
31. Smith, Ron and Gylfi Zoega, "Unemployment, Investment and Global Expected Returns: A Panel FAVAR Approach," Birkbeck Working Papers in Economics and Finance, no. 0524 (2005).
32. Stock, James H. and Mark W. Watson, "Macroeconomic Forecasting using Diffusion Indexes," Journal of Business and Economic Statistics 20 (2002):147-61.
33. Sula, Ozan and Thomas D. Willett, "Reversibility of Different Types of Capital Flows to Emerging Markets," working paper, Claremont Graduate University. Available at SSRN: http://ssrn.com/abstract=936752 (2007).