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Journal ArticleDOI

Capital Flow Management Policies and Riskiness of External Liability Structures: the Role of Local Financial Markets

TLDR
In this paper, the authors investigated the role domestic financial systems play in the effectiveness of capital flow management policies (CFMs) on the risk of over-reliance on debt.
Abstract
This paper investigates the role domestic financial systems play in the effectiveness of capital flow management policies (CFMs) on the risk of over-reliance on debt. Using data from 44 emerging market countries over the period 1995—2008, we investigate the relationship between financial development, CFMs, and the share of debt in external liabilities as the measure of financial stability risks. We find that financial sector development is an important channel for the effectiveness of CFMs, and enhances the impact of different policy measures on the reduction of external debt liabilities. Our results show that CFMs are significantly more effective in curbing debt inflows in a bank-based economy but, to a lesser extent, in a market-based economy. Our findings remain robust to alternative measures of external liability structures, CFMs and financial development, and consideration of potential endogeneity.

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Citations
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The effects of joining multinational supply chains: new evidence from firm-to-firm linkages

TL;DR: In this paper, the efectos of convertirse en a proveedor of corporaciones multinacionales (MNCs) mediante el uso de informacion administrativa that registra todas las transacciones entre empresas in Costa Rica were investigated.
Posted Content

Surges and Sudden Stops of Capital Flows to Emerging Markets

TL;DR: This paper found that a surge in capital inflows significantly increases the probability of a sudden stop in emerging market currency crises and a surge accompanied by a high current account deficit or an appreciated real exchange rate is more likely to be associated with a sudden stopping.
Journal ArticleDOI

Implications of Social Isolation in Combating COVID-19 Outbreak in Kingdom of Saudi Arabia: Its Consequences on the Carbon Emissions Reduction

TL;DR: In this article, the authors investigated the link between GDP growth, oil price, foreign direct investment (FDI), air transport, social globalization and carbon dioxide emission by applying time series econometrics techniques of the following: fully modified ordinary least squares, dynamic ordinary least square and canonical tests.
Journal ArticleDOI

Financial liberalisation, political stability, and economic determinants of real economic growth in Kenya

TL;DR: In this paper, the authors analyzed financial liberalization, political stability, and economic determinants of Kenya's real economic growth using time series data over the period of 1970-2016.
Journal ArticleDOI

Application of Multi-Criteria Decision-Making Model and GM (1,1) Theory for Evaluating Efficiency of FDI on Economic Growth: A Case Study in Developing Countries

Chia-Nan Wang, +1 more
- 22 Apr 2019 - 
TL;DR: In this paper, the impact of FDI and corporate social responsibility (CSR) on sustainable economic growth was explored in 20 developing countries using a case study methodology whereby FDI, exchange rate, and CSR expenditure data from 20 countries were used to assess the efficiency in sustainable economic development.
References
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Journal ArticleDOI

Finance and Growth: Schumpeter Might Be Right

TL;DR: In this paper, the authors examined a cross-section of about 80 countries for the period 1960-89 and found that various measures of financial development are strongly associated with both current and later rates of economic growth.
BookDOI

Financial development and economic growth : views and agenda

TL;DR: The authors argued that the preponderance of theoretical reasoning and empirical evidence suggests a positive first-order relationship between financial development and economic growth, and that financial development level is a good predictor of future rates of economic growth.
Posted Content

Financial Development and Economic Growth: Views and Agenda

TL;DR: The authors argue that the preponderance of theoretical reasoning and empirical evidence suggests a positive, first-order relationship between financial development and economic growth, and that the development of financial markets and institutions is a critical and inextricable part of the growth process and away from the view that the financial system is an inconsequential sidehow, responding passively to economic growth.
Journal ArticleDOI

The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems

TL;DR: The authors analyzes the links between banking and currency crises and finds that problems in the banking sector typically precede a currency crisis, activating a vicious spiral; financial liberalization often precedes banking crises.
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