PRIVATE CAPITAL FLOWS TO LOW-INCOME COUNTRIES: THE ROLE OF DOMESTIC FINANCIAL SECTOR

被引：7

作者：

Choong, Chee-Keong ^{[1
]}

Lam, Siew-Yong ^{[2
]}

Yusop, Zulkornain ^{[3
]}

机构：

[1] Jalan Univ, Univ Tunku Abdul Rahman, Fac Business & Finance, Ctr Econ Studies, Kampar 31900, Perak Darul Rid, Malaysia

[2] Jalan Univ, Univ Tunku Abdul Rahman, Fac Business & Finance, Ctr Business & Management, Kampar 31900, Perak Darul Rid, Malaysia

[3] Univ Putra Malaysia, Fac Econ & Management, Dept Econ, Serdang 43400, Selangor Darul, Malaysia

来源：

JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT | 2010年 / 11卷 / 04期

关键词：

private capital flows; stock market; growth; panel data analysis; FOREIGN DIRECT-INVESTMENT; ECONOMIC-GROWTH; PANEL-DATA; FDI; DETERMINANTS; EFFICIENCY; FIRMS; EP;

D O I：

10.3846/jbem.2010.29

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The relationship between private capital flows and growth has been examined extensively in the literature, yet numerous controversies still remain. The study examines the relationships among private capital flows (foreign direct investment, portfolio investment and foreign debt), financial development and economic performance in a sample of 16 low-income developing countries over the period 1988-2006, by employing generalized method of moments (GMM) panel data analysis. We find that private capital flows have a positive impact on growth in low-income countries with well-developed financial sector but have a negative effect in the presence of poor financial sector development. Well-developed financial sectors are ones that are themselves crucial for economic growth. Our results indicate that private capital flows would be more effective if they were more systematically conditional on well-developed financial systems.

引用

页码：598 / 612

页数：15

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