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Capital Controls and Capital Flows in Emerging EconomiesPolicies, Practices, and Consequences$
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Sebastian Edwards

Print publication date: 2007

Print ISBN-13: 9780226184975

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226184999.001.0001

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PRINTED FROM CHICAGO SCHOLARSHIP ONLINE (www.chicago.universitypressscholarship.com). (c) Copyright University of Chicago Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CHSO for personal use.date: 31 March 2020

Capital Flows in a Globalized World

Capital Flows in a Globalized World

The Role of Policies and Institutions

Chapter:
(p.19) 1 Capital Flows in a Globalized World
Source:
Capital Controls and Capital Flows in Emerging Economies
Author(s):

Laura Alfaro

Sebnem Kalemli-Ozcan

Vadym Volosovych

Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226184999.003.0002

This chapter investigates the patterns of international capital flows using data for 1970–2000. The data reveals that the quality of institutions plays an important role in explaining the direction and magnitude of capital flows in the 1970–2000 period. It also indicates that the quality of institutions and economic policy have contributed in the determination of the (relatively) high degree of capital flow volatility to the emerging markets in the 1970–2000 period. In addition, it shows that, despite the dramatic increase in capital flows, most capital flows to rich countries. A country that enhances institutions, decreases capital controls, and increases its growth is going to receive more capital inflows. Historical legal origins have a direct effect on capital inflows during the period 1970–2000.

Keywords:   international capital flows, institutions, economic policy, capital flow volatility, markets, capital controls, capital inflows

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