Capital Flows to Developing Countries: Long- and Short-Term Determinants
This article focuses on the determinants of the large portfolio flows from the United States to Latin American and Asian countries during 1988-92. Cointegration techniques reveal that both domestic and global factors explain bond and equity flows to developing countries and represent significant long-run determinants of portfolio flows. The article also investigates the dynamics of portfolio flows by estimating seemingly unrelated error-correction models. Global and country-specific factors are equally important in determining the long-run movements in equity flows for both Asian and Latin American countries, while global factors are much more important than domestic factors in explaining the dynamics of bond flows. U.S. interest rates are a particularly important determinant of the short-run dynamics of portfolio, especially bond flows to developing countries. Copyright 1997 by Oxford University Press.
To our knowledge, this item is not available for
download. To find whether it is available, there are three
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Volume (Year): 11 (1997)
Issue (Month): 3 (September)
|Contact details of provider:|| Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK|
Phone: (202) 477-1234
Fax: 01865 267 985
Web page: http://wber.oxfordjournals.org/
More information through EDIRC
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:wbecrv:v:11:y:1997:i:3:p:451-70. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.