EconPapers    
Economics at your fingertips  
 

Sovereigns, Upstream Capital Flows, and Global Imbalances

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

No 8648, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: The paper presents new stylized facts on the direction of capital flows. We find (i) international capital flows net of government debt and/or official aid are positively correlated with growth; (ii) sovereign debt flows are negatively correlated with growth only if debt is financed by another sovereign; (iii) public savings are robustly positively correlated with growth as opposed to private savings. Sovereign to sovereign transactions can fully account for upstream capital flows and global imbalances. These empirical facts contradict the conventional wisdom and constitute a challenge for existing theories.

Keywords: aid/government debt; current account; productivity; puzzles of flows; reserves (search for similar items in EconPapers)
JEL-codes: F21 F41 O1 (search for similar items in EconPapers)
Date: 2011-11
New Economics Papers: this item is included in nep-opm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (48) Track citations by RSS feed

Downloads: (external link)
http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=8648 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Journal Article: SOVEREIGNS, UPSTREAM CAPITAL FLOWS, AND GLOBAL IMBALANCES (2014) Downloads
Working Paper: Sovereigns, Upstream Capital Flows, and Global Imbalances (2011) Downloads
Working Paper: Sovereigns, Upstream Capital Flows and Global Imbalances (2011) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:8648

Ordering information: This working paper can be ordered from
http://www.cepr.org/ ... ers/dp.php?dpno=8648

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().

 
Page updated 2022-09-22
Handle: RePEc:cpr:ceprdp:8648