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International capital flows : do short-term investment and direct investment differ?

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Author Info

  • Chuhan, Punam
  • Perez-Quiros, Gabriel
  • Popper, Helen

Abstract

The authors examine the behavior of four major components of international capital flows in 15 developing and industrial countries. Striking differences in the behavior of the component flows arise in general specifications that allow the flows to interact. For example, the behavior of international short-term investment appears to be sensitive to changes in all the other types of international capital flows, including direct investment, but direct investment appears to be insensitive to such changes. In finding that short-term investment appears to respond more dramatically to disturbances in other capital flows and in other countries than does direct investment, the authors provide empirical support for the conventional notion that short-term investment is"hot money"and direct investment is not.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 1669.

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Date of creation: 31 Oct 1996
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Handle: RePEc:wbk:wbrwps:1669

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Related research

Keywords: International Terrorism&Counterterrorism; Economic Theory&Research; Payment Systems&Infrastructure; Fiscal&Monetary Policy; Capital Markets and Capital Flows; Financial Intermediation; International Terrorism&Counterterrorism; Economic Theory&Research; Banks&Banking Reform; Capital Flows;

References

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  1. Claessens, Stijn & Dooley, Michael P & Warner, Andrew, 1995. "Portfolio Capital Flows: Hot or Cold?," World Bank Economic Review, World Bank Group, vol. 9(1), pages 153-74, January.
  2. Reinhart, Carmen & Calvo, Sara, 1996. "Capital Flows to Latin America: Is There Evidence of Contagion Effects?”," MPRA Paper 7124, University Library of Munich, Germany.
  3. Hernandez, Leonardo & Rudolph, Heinz, 1995. "Sustainability of private capital flows to developing countries : Is a generalized reversal likely?," Policy Research Working Paper Series 1518, The World Bank.
  4. Fernandez-Arias, Eduardo & DEC, 1994. "The new wave of private capital inflows : push or pull?," Policy Research Working Paper Series 1312, The World Bank.
  5. Jeffrey A. Frankel, 1992. "Liberalization of Korea's foreign exchange markets," Pacific Basin Working Paper Series 92-08, Federal Reserve Bank of San Francisco.
  6. Fernandez-Arias, Eduardo & Montiel, Peter J., 1995. "The surge in capital inflows to developing countries : prospects and policy response," Policy Research Working Paper Series 1473, The World Bank.
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