Capital Flows in a Globalized World: The Role of Policies and Institutions

Laura Alfaro (), Sebnem Kalemli-Ozcan () and Vadym Volosovych ()

No 11696, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We describe the patterns of international capital flows in the period 1970 - 2000. We then examine the determinants of capital flows and capital flows volatility during this period. We find that institutional quality is an important determinant of capital flows. Historical determinants of current legal institutions have a direct effect on foreign investments. Policy plays a significant role in explaining the changes in the level of capital flows over time and their volatility.

JEL-codes: F21 F41 O1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-fmk
Date: 2005-10
Note: IFM
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Chapter: Capital Flows in a Globalized World: The Role of Policies and Institutions (2007)
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