Essays on international capital flows to developing countries

摘要: This thesis investigates international capital flows to developing countries for the period 1970-2006. The first chapter introduces theoretical and empirical framework of thesis, motivates it, overviews its building blocks (i.e. following chapters) clarifies approach balance payments. second reviews data shows overall trends developments in world by focusing on geographical regions income groups. The core explores puzzle that although one would expect flow scarce where returns are higher, observation richer rather than poorer (the Lucas paradox). To explore this total is measured as sum foreign direct investment portfolio equity flows. third addresses argument, based cross-section evidence (Alfaro et al, Rev. Econ. Stats), including quality institutions accounts paradox (because have better they attract more capital) finds only holds if developed included; within countries, do not account paradox. fourth extends institutional indicators among determinants inflows employs a variety panel estimators; does resolve paradox, certain types important. persistence implied non-convergence could be ascribed detrimental impacts negative shocks volatility global financial markets or Linder-type home bias finance. fifth analyzes volatility, comovement (or contagion risk) sudden stop (reversibility) (foreign (FDI), investment, long-term short-term debt flows) using time series econometric techniques twelve emerging market economies over informative pattern relationship between inflows, with implications accommodating macroeconomic policies receiving inflows. also predictions conventional theory, differences associated maturity (long-term vs. short-term), information-based trade-off model Goldstein Razin (2006), structure (equity debt). In line latter, (FDI portfolio) less volatile, persistent, predictable susceptible stops Contrary but there correlations risks stronger pairs