Global uncertainty and capital flows: any difference between foreign direct investment and portfolio investment?

Su Wah Hlaing and Makoto Kakinaka

Applied Economics Letters, 2019, vol. 26, issue 3, 202-209

Abstract: This note investigates how global uncertainty relates to extreme waves of capital flows, including foreign direct investment, portfolio investment, and other investment. We find the clear differences in the role of global uncertainty between advanced and developing economies. Global uncertainty increases the likelihood of sudden contraction of portfolio investment in both advanced and developing economies, while it increases that of foreign direct investment in only advanced economies.

Date: 2019
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DOI: 10.1080/13504851.2018.1458182

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