Why are capital flows so much more volatile in emerging than in developed countries?

One of the most studied subjects in open macroeconomics is what determines capital flows. In general, most papers are concerned with estimating the following regression. where the left-hand side is some measurement of capital flows, either as a percentage of gross domestic product (GDP) or as change...

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Autores principales:	Broner, Fernando A., Rigobón, Roberto
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	MOVIMIENTOS DE CAPITAL MACROECONOMÍA PRODUCTO INTERNO BRUTO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3706
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spelling	oai-20.500.12580-37062021-04-24T10:30:59Z Why are capital flows so much more volatile in emerging than in developed countries? Broner, Fernando A. Rigobón, Roberto MOVIMIENTOS DE CAPITAL MACROECONOMÍA PRODUCTO INTERNO BRUTO One of the most studied subjects in open macroeconomics is what determines capital flows. In general, most papers are concerned with estimating the following regression. where the left-hand side is some measurement of capital flows, either as a percentage of gross domestic product (GDP) or as changes, and the right-hand side introduces several time and cross-sectional controls, such as GDP growth, real exchange rates, the international interest rate, terms of trade, availability of international funds, or some measure of credit constraints. Almost the entire literature focuses on the properties of A, such as the signs and significance of the coefficients and the most important determinants. This paper takes a different perspective: we concentrate on the explanatory power of fundamentals and on the properties of the residuals—that is, the portion of capital flows that is unexplained by fundamentals. 2019-11-01T00:03:12Z 2019-11-01T00:03:12Z 2006 Artículo 956-7421-23-4 https://hdl.handle.net/20.500.12580/3706 eng Series on Central Banking, Analysis, and Economic Policies, no. 10 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 15-40 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	MOVIMIENTOS DE CAPITAL MACROECONOMÍA PRODUCTO INTERNO BRUTO
spellingShingle	MOVIMIENTOS DE CAPITAL MACROECONOMÍA PRODUCTO INTERNO BRUTO Broner, Fernando A. Rigobón, Roberto Why are capital flows so much more volatile in emerging than in developed countries?
description	One of the most studied subjects in open macroeconomics is what determines capital flows. In general, most papers are concerned with estimating the following regression. where the left-hand side is some measurement of capital flows, either as a percentage of gross domestic product (GDP) or as changes, and the right-hand side introduces several time and cross-sectional controls, such as GDP growth, real exchange rates, the international interest rate, terms of trade, availability of international funds, or some measure of credit constraints. Almost the entire literature focuses on the properties of A, such as the signs and significance of the coefficients and the most important determinants. This paper takes a different perspective: we concentrate on the explanatory power of fundamentals and on the properties of the residuals—that is, the portion of capital flows that is unexplained by fundamentals.
format	Artículo
author	Broner, Fernando A. Rigobón, Roberto
author_facet	Broner, Fernando A. Rigobón, Roberto
author_sort	Broner, Fernando A.
title	Why are capital flows so much more volatile in emerging than in developed countries?
title_short	Why are capital flows so much more volatile in emerging than in developed countries?
title_full	Why are capital flows so much more volatile in emerging than in developed countries?
title_fullStr	Why are capital flows so much more volatile in emerging than in developed countries?
title_full_unstemmed	Why are capital flows so much more volatile in emerging than in developed countries?
title_sort	why are capital flows so much more volatile in emerging than in developed countries?
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3706
work_keys_str_mv	AT bronerfernandoa whyarecapitalflowssomuchmorevolatileinemergingthanindevelopedcountries AT rigobonroberto whyarecapitalflowssomuchmorevolatileinemergingthanindevelopedcountries
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Why are capital flows so much more volatile in emerging than in developed countries?

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