International Financial Flows in Low‐Income Countries

Lane, Philip R.

doi:10.1111/1468-0106.12094

Cited by 29 publications

(35 citation statements)

References 75 publications

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…By focusing on as broad a group of countries as possible to maintain a largely global perspective, we differ from papers such as Ahmed and Zlate (2014) and Lane (2015) which concentrate on capital flows to specific regions or groups of countries. Ahmed and Zlate (2014) emphasise the importance of advanced economies' monetary policy as a determinant of capital flows to emerging markets.…”

Section: Introductionmentioning

confidence: 99%

“…They find that interest rate differentials between emerging and advanced economies as well as global risk appetite are important determinants of net private capital inflows. Lane (2015) shows for a sample of low income countries that the role of economic fundamentals in explaining the cross-country variation in international financial flows changes over time such that macroeconomic variables associated with inflows in one period may be correlated with outflows in another. Research by the IMF (2016) focuses on the decline in net capital inflows to emerging market economies since 2010, which can be attributed to both weaker gross inflows and stronger gross outflows.…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

The great moderation in international capital flows: A global phenomenon?

McQuade

Schmitz

2017

Journal of International Money and Finance

View full text Add to dashboard Cite

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may No 1952 / August 2016Note: This Working Paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB Abstract This paper highlights a recent 'great moderation' in global capital flows, characterised by smaller volumes and lower volatility of cross-border transactions. However, there are substantial differences across countries and regions which we analyse by comparing the level of international capital flows observed in 2005-06, immediately prior to the onset of the global financial crisis, to the post-crisis period of 2013-14, when global flows arguably settled at a 'new normal'. We find that since the pre-crisis period, gross capital inflows recovered more for economies with smaller pre-crisis external and internal imbalances, lower per capita income, improving growth expectations, a less severe impact of the global financial crisis and less stringent macroprudential policy. On the asset side, countries with a more accommodative monetary policy, a milder impact of the crisis and oil exporters managed to increase gross capital outflows in the post-crisis period.

show abstract

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

The great moderation in international capital flows: A global phenomenon?

McQuade

Schmitz

2017

Journal of International Money and Finance

View full text Add to dashboard Cite

show abstract

“…Kennedy and Palerm (2014) test the premia by analyzing Emerging Market Bonds (EMBI) spreads, they find that the decrease in spreads from 2002 to 2007 reflects the improvements in country-specific fundamentals, but there is a sharp increase in spreads in the 2008 crisis due to risk aversion. Lane (2015) finds for a sample of low income countries that the role of economic fundamentals in explaining the cross-country variations in international financial flows changes over time such that macroeconomic variables associated with inflows in one period may be correlated with outflow in another period. Barroso et al (2015) find the UMP has an effect on capital inflows to Brazil and through this channel, there is economic improvement and financial stability in Brazil.…”

Section: Resultsmentioning

confidence: 97%

Does Push Factor Determine Capital Flow to Emerging Markets during Financial Crisis?

Tanago

Ismail²,

Maski³

et al. 2019

Book of Abstracts International Conference on Economics and Development

View full text Add to dashboard Cite

The objective of this study is to investigate what determinant factors affecting capital flow to Emerging markets (EMEs) during Global Financial Crisis (GFC). Whether push factors as external factors or pull factors as domestic / internal factors and what is the most dominant variable using study of literature method. The method used in this study is review of literature, firstly investigate five previous literatures on Latin America and Asia crises and then focus on six main literatures that related to GFC. The findings show the determinant factors affecting capital flow to EMEs during GFC are push factors with world interest rate and global risk condition as main or dominant variables during 2007-2009 episode. Push factors are determinant factors and world interest rate and global risk appetite are dominant variables.

show abstract

“…The results without Mauritius are not shown here but are available from the authors upon request. For a detailed analysis of recent international financial flows in low-income countries, see Lane (2015). 6 The results are not shown here but are available from the authors upon request.…”

Section: Econometric Methodologymentioning

confidence: 99%

Financial Openness, Aggregate Consumption and Threshold Effects

Bousmah

Onori²

2016

Pacific Economic Review

View full text Add to dashboard Cite

International audienceWe analyse the influence of financial openness on the level of aggregate consumption, a research question that has been left surprisingly unexplored by the previous literature. We construct a complete and balanced panel data set of 88 countries for the period 1980–2010, and then differentiate between four groups of countries. Models for non-stationary heterogeneous panels, as well as panel threshold regression models, are used to estimate the determinants of aggregate consumption. The core finding of the paper is that the financial openness effect on consumption changes in the course of economic development, with the level or per capita income acting as a threshold which is consistently estimated within the model. The openness effect is non-homogeneous across groups, stronger for low levels of per capita income and diminishes as income rises. These findings provide new insights into the welfare effect of financial liberalization

show abstract

International Financial Flows in Low‐Income Countries

Cited by 29 publications

References 75 publications

The great moderation in international capital flows: A global phenomenon?

The great moderation in international capital flows: A global phenomenon?

Does Push Factor Determine Capital Flow to Emerging Markets during Financial Crisis?

Financial Openness, Aggregate Consumption and Threshold Effects

Contact Info

Product

Resources

About