Global competitiveness and capital flows: does stage of economic development and risk rating matter?*

Seyed Alireza Athari, Komeil Shaeri, Dervis Kirikkaleli, Hasan Ertugrul () and Alper Ozun

Asia-Pacific Journal of Accounting & Economics, 2020, vol. 27, issue 4, 426-450

Abstract: This paper closes a gap in the relevant literature by investigating the role of a country’s competitiveness on international capital mobility using robust panel multiple regressions with fixed and random effects. In this study, we use the Global Competitiveness Index to measure a country’s competitiveness level. The research empirically investigates the effect of competitiveness on cross-border capital flows, and shows how stages of economic development and country-specific risk ratings influence inflows and outflows of capital under the effect of competitiveness. Overall, we found that competitiveness has a positive and statistically significant impact on aggregated and disaggregated capital flows. However, the magnitude of its impact varies over different stages of development and across country risk levels.

Date: 2020
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DOI: 10.1080/16081625.2018.1481754

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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