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On the Impact of Private Capital Flows on Economic Growth and Development

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Author Info
Laurent Gheeraert () (Centre Emile Bernheim, Solvay Business School, Université libre de Bruxelles, Brussels)
Joffrey Malek Mansour () (DULBEA, Université libre de Bruxelles, Brussels)

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Abstract

This paper raises two different, but related, questions: On the one hand, is there a link between international capital flows and economic growth? On the other hand, is there a link between international capital flows and development? We address the first question using a structural econometric model and we find a significantly positive relationship between capital flows and growth. This relationship is robust to various measures of capital flows. As to the second question, we perform a simple correlation analysis. We do not find any significant correlation between capital flows and development.

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File URL: http://www.solvay.edu/EN/Research/Bernheim/documents/wp05003.pdf
File Format: application/pdf
File Function: First version, 2005
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Publisher Info
Paper provided by Université Libre de Bruxelles, Solvay Brussels School of Economics and Management, Centre Emile Bernheim (CEB) in its series Working Papers CEB with number 05-003.RS.

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Length: 37 pages
Date of creation: Apr 2005
Date of revision:
Handle: RePEc:sol:wpaper:05-003

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Related research
Keywords: capital flows; economic growth; development.;

Find related papers by JEL classification:
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    Other versions:
  5. Mozaffar Qizilbash, 2001. "Sustainable development: concepts and rankings," The Journal of Development Studies, Taylor and Francis Journals, vol. 37(3), pages 134-161, January. [Downloadable!] (restricted)
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  7. Jeannine N. Bailliu, 2000. "Private Capital Flows, Financial Development, and Economic Growth in Developing Countries," Working Papers 00-16, Bank of Canada. [Downloadable!]
    Other versions:
  8. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November. [Downloadable!] (restricted)
  9. Lensink, R. & Morrissey, O., 2001. "Foreign direct investment: flows, volatility and growth in developing countries," Research Report 01E16, University of Groningen, Research Institute SOM (Systems, Organisations and Management). [Downloadable!]
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  11. Borensztein, E. & De Gregorio, J. & Lee, J-W., 1998. "How does foreign direct investment affect economic growth?1," Journal of International Economics, Elsevier, vol. 45(1), pages 115-135, June. [Downloadable!] (restricted)
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  12. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November. [Downloadable!] (restricted)
  13. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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