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Análise teórica e empírica dos determinantes dos fluxos de capitais financeiros para os países em desenvolvimento no contexto da globalização financeira [Theoretical and empirical analysis of the determinants of financial capital flows to developing countries in the context of financial globalization]

Mauricio Andrade Weiss and Daniela Magalhães Prates
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Mauricio Andrade Weiss: UFRGS
Daniela Magalhães Prates: Unicamp

Nova Economia, 2017, vol. 27, issue 2, 85-117

Abstract: This article aims to contribute to the empirical literature on the determinants of financial capital flows to developing countries using an econometric panel data model with Generalized Method of Moments-System (GMM-S). As in former studies, the results showed the predominance of external factors over internal ones in determining capital flows. It is noteworthy the CBOE VIX volatility indicator, which showed significant and with the expected sign on the eleven tested equations. According to the post-Keynesian perspective adopted in this paper, this indicator could be interpreted as an indicator of the liquidity preference of private agents. In tests relating to dummy for the years of crisis with the internal variables, the variables reservations about the external debt and current account deficit over GDP were statistically significant, with the first attenuated, while the second emphasized the impact of crisis.

Keywords: international monetary and financial system; capital flows; developing countries; panel data model; GMM-S (search for similar items in EconPapers)
JEL-codes: C33 F32 (search for similar items in EconPapers)
Date: 2017
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Handle: RePEc:nov:artigo:v:27:y:2017:i:2:p:85-117