Download Capital Flows and Foreign Direct Investments in Emerging by S. Motamen-Samadian PDF

By S. Motamen-Samadian

This e-book offers the newest findings at the impression of capital flows and international direct investments (FDI) on macroeconomic variables and monetary improvement of rising markets. each one bankruptcy concentrates on a special area and explores the importance of particular components which could allure FDI to that sector. They spotlight the significance of political balance, in addition to social and fiscal freedom in attracting FDI. The experiences additionally express the level through which African and center japanese international locations have lagged at the back of different rising markets and the necessity for pressing adjustment rules.

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Extra resources for Capital Flows and Foreign Direct Investments in Emerging Markets (Centre for the Study of Emerging Markets)

Example text

S. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. s. Samadian 39 ***, **, *, ϩ: significant at 1%, 5%, 10%, 15%. a 86Q2–94Q3. b Sample is 88Q1–94Q3 for semi-fixed-exchange-rate period. c Sample is 89Q1–94Q3 (n ϭ 23) for semi-fixed-exchange-rate period. Capital flows corresponds to non-FDI flows, including changes in Mexican assets. Capital flows, investment, consumption, and M2 are measured as percentages of GDP. All variables have been Hodrick–Prescott detrended.

C Sample is 89Q1–94Q3 (n ϭ 23) for semi-fixed-exchange-rate period. Capital flows corresponds to non-FDI flows, including changes in Mexican assets. Capital flows, investment, consumption, and M2 are measured as percentages of GDP. All variables have been Hodrick–Prescott detrended. Quarterly time effects removed from consumption. s. ϭ not significant. 40 Macroeconomic Effects: Mexico It is well known that a causal interpretation of these correlations is not warranted. Although the protracted effects observed are consistent with a notion of causality running from capital flows to demand, it is still possible for both variables to be responding to a common third variable (say, a variation in the real exchange rate) that makes them move in the same direction.

Ibarra 31 and (3) there is an intermediate crisis period, all together imply that there is a reduced sample size to work with: typically 35 observations for the semi-fixed-rate period (starting in 1986Q1, instead of 1985Q1, to allow for lags in the links between variables) and 34 observations for the floating period. This limited number of observations precludes the use of sophisticated econometric techniques (such as VARs, for instance). Thus, the analysis is based on a series of Granger causality tests, which include the minimum number of lags necessary to yield statistically significant results.

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