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Capital mobility, balance of payments constraints, and economic growth: an empirical dynamic analysis

  • Sérgio Fornazier Meirelles Filho

    (FACE-UFG, Ciências Econômicas)

  • Frederico Gonzaga Jayme Jr


This paper analyses empirically the relationship between economic growth and the openness of the financial account of the balance of payments. It takes into consideration the balance of payments’ constrained growth, as well as the difficulties in the empirical literature in measuring capital mobility. Starting from traditional capital mobility indexes we estimate a panel across 80 countries, both developed and developing between 1979-2003. Results suggest that more capital mobility in developing countries affects growth negatively, whereas it possibly stimulates growth in developed countries.

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Paper provided by Curso de Ciencias Economicas da Universidade Federal de Goias - FACE in its series Working papers - Textos para Discussao do Curso de Ciencias Economicas da UFG with number 016.

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Length: 28 pages
Date of creation: Jun 2010
Date of revision:
Handle: RePEc:ufb:wpaper:016
Contact details of provider: Postal: Universidade Federal de Goias UFG - Campus Samambaia (Campus II) Rodovia Goiania/Nova Veneza, Km 0 Caixa Postal 131, CEP 74001-970, Goiania, Brasil
Phone: 55-62-3521-1821
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  1. Hali J. Edison & Michael W. Klein & Luca Ricci & Torsten Sloek, 2002. "Capital Account Liberalization and Economic Performance: Survey and Synthesis," NBER Working Papers 9100, National Bureau of Economic Research, Inc.
  2. Michael Klein & Giovanni Olivei, 1999. "Capital account liberalization, financial depth, and economic growth," Working Papers 99-6, Federal Reserve Bank of Boston.
  3. Carmen M. Reinhart & Kenneth S. Rogoff, 2004. "Serial Default and the "Paradox" of Rich-to-Poor Capital Flows," American Economic Review, American Economic Association, vol. 94(2), pages 53-58, May.
  4. Fernando Ferrari-Filho & Frederico G. Jayme Jr & Gilberto Tadeu Lima & José Luís Oreiro & Luiz Fernando de Paula, 2004. "Uma avaliação crítica da proposta de conversibilidade plena do real," Textos para Discussão Cedeplar-UFMG td235, Cedeplar, Universidade Federal de Minas Gerais.
  5. Montiel, Peter & Reinhart, Carmen M., 1999. "Do capital controls and macroeconomic policies influence the volume and composition of capital flows? Evidence from the 1990s," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 619-635, August.
  6. Carlos Arteta & Barry Eichengreen & Charles Wyplosz, 2001. "When Does Capital Account Liberalization Help More than It Hurts?," NBER Working Papers 8414, National Bureau of Economic Research, Inc.
  7. Montiel, Peter J., 1993. "Capital mobility in developing countries : some measurement issues and empirical estimates," Policy Research Working Paper Series 1103, The World Bank.
  8. Torsten Sløk & Hali J. Edison & Luca Antonio Ricci & Ross Levine, 2002. "International Financial Integration and Economic Growth," IMF Working Papers 02/145, International Monetary Fund.
  9. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-29, June.
  10. Akira Ariyoshi & Andrei Kirilenko & Inci Ötker & Bernard Laurens & Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier, 2000. "Capital Controls: Country Experiences with Their Use and Liberalization," IMF Occasional Papers 190, International Monetary Fund.
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