Aizenman, Joshua. <br/><br/>
Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010 / 
Joshua Aizenman, Yothin Jinjarak, Donghyun Park. 
 - Cambridge, Mass.  National Bureau of Economic Research  2011. 
 - 1 online resource:  illustrations (black and white); 
 - NBER working paper series  no. w17502 .
 - Working Paper Series (National Bureau of Economic Research)  no. w17502. .
<br/><br/> October 2011. 
<br/><br/> We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international financial system. We look at the relationship both before and after the global crisis. Our study reveals a complex and mixed picture. The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns. We find a large and robust relationship between FDI - both inflows and outflows - and growth. The relationship between growth and equity flows is smaller and less stable. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis. 
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