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An Empirical Analysis on Capital Flows: The Case of Korea and Mexico

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  • Yung-Hsiang Ying

    ()
    (Institute of Interdisciplinary Studies, National Sun Yat-Sen University)

  • Yoonbai Kim

    ()
    (Department of Economics, University of Kentucky)

Abstract

This paper discusses causes of capital flows in Korea and Mexico. Both countries received substantial amounts of foreign capital in the late 1980s and early 1990s. International capital helped these countries achieve a higher standard of living and faster economic growth. However, undesirable macroeconomic effects such as appreciation of real exchange rate and widening current account deficits usually accompany foreign capital inflows. The vector autoregressive (VAR) method is applied to investigate the underlying shocks causing the capital inflows. The main findings are that the U.S. business cycle and shocks to foreign interest rates account for more than 50% of capital inflows to both countries in the past two decades.

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Bibliographic Info

Article provided by Southern Economic Association in its journal Southern Economic Journal.

Volume (Year): 67 (2001)
Issue (Month): 4 (April)
Pages: 954-968

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Handle: RePEc:sej:ancoec:v:67:4:y:2001:p:954-968

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Cited by:
  1. Kinda, Tidiane, 2007. "Increasing private capital flows to developing countries: The role of physical and financial infrastructure," MPRA Paper 19163, University Library of Munich, Germany.
  2. Tidiane KINDA, 2010. "Increasing Private Capital Flows To Developing Countries: The Role Of Physical And Financial Infrastructure In 58 Countries, 1970-2003," Applied Econometrics and International Development, Euro-American Association of Economic Development, Euro-American Association of Economic Development, vol. 10(2).
  3. Mr Insukindro & Arti Adji & Aryo Aliyudanto, 2014. "Analysis of the Unanticipated Factors in Portfolio Inflows to Indonesia: A SCVAR Approach, 2000: Q1 - 2012: Q4," EcoMod2014 7019, EcoMod.
  4. Korap, Levent, 2010. "Identification of ‘pull’ & ‘push’ factors for the portfolio flows: SVAR evidence from the Turkish economy," MPRA Paper 24275, University Library of Munich, Germany.
  5. Anton Jevcak & Ralph Setzer & Massimo Suardi, 2010. "Determinants of Capital Flows to the New EU Member States Before and During the Financial Crisis," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 425, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  6. Payne, James E., 2005. "Savings-investment dynamics in Mexico," Journal of Policy Modeling, Elsevier, Elsevier, vol. 27(5), pages 525-534, July.
  7. Thomas Fullerton & Miwa Hattori & Cuauhtémoc Calderón, 2001. "Error correction exchange rate modeling: Evidence for Mexico," Journal of Economics and Finance, Springer, Springer, vol. 25(3), pages 358-368, September.
  8. Levent, Korap & Özgür, Aslan, 2007. "Exogenous characteristics of short-term capital flows: can they be under control? evidence from Turkey," MPRA Paper 19504, University Library of Munich, Germany.
  9. Ali Askin Culha, 2006. "A Structural VAR Analysis of the Determinants of Capital Flows into Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 6(2), pages 11-35.
  10. Kinda, Tidiane, 2008. "Les déterminants des flux de capitaux privés dans l’UMOA: Une approche empirique sur données de panel
    [The determinants of private capital inflows in WAEMU: A panel data approach]
    ," MPRA Paper 19159, University Library of Munich, Germany.
  11. Ali Askin Culha, 2006. "A Structural VAR Analysis of the Determinants of Capital Flows Into Turkey," Working Papers 0605, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.

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