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Medium-Term Determinants Of International Investment Positions: The Role Of Structural Policies

  • DAVIDE FURCERI

    ()

    (International Monetary Fund, University of Palermo, IMF, 700 19th Street, N.W., Washington, DC 20431, USA)

  • STÉPHANIE GUICHARD

    ()

    (OECD, 2 rue André-Pascal, 75775 Paris CEDEX 16, France)

  • ELENA RUSTICELLI

    ()

    (OECD, 2 rue André-Pascal, 75775 Paris CEDEX 16, France)

This paper provides an empirical investigation of the medium-term determinants of international investment positions for a large sample of advanced and emerging economies. In addition to the usually considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy indicators. Using cross-section and panel regression techniques the results suggest that structural policy settings are important medium-term drivers of capital flows, having a relatively large impact on gross and net foreign capital positions and on their composition. In particular, the results suggest that certain kinds of structural policy reform could help to narrow global imbalances, and to modify the composition of international capital flows towards more stable and productive sources.

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Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Journal of International Commerce, Economics and Policy.

Volume (Year): 03 (2012)
Issue (Month): 02 ()
Pages: 1250012-1-1250012-32

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Handle: RePEc:wsi:jicepx:v:03:y:2012:i:02:p:1250012-1-1250012-32
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  1. Chinn, Menzie D. & Ito, Hiro, 2007. "Current account balances, financial development and institutions: Assaying the world "saving glut"," Journal of International Money and Finance, Elsevier, vol. 26(4), pages 546-569, June.
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