Kablan, Sandrine (2003): Ouverture financière dans les pays émergents : mesure et analyse.
Download (1MB) | Preview
This study aims to analyze the evolution of financial openness of emerging countries from 1970 to 1999. We analyze for different regions: Europe, Asia, Latin America and Africa, the evolution of the ratio of financial inflows and outflows to GDP. This value will be calculated using the database of the CEPII (Centre d’études prospectives et d’informations internationales) CHELEM, for which adjustments and restatements of flows in the balance of payments have been made in order to have consistent data flows across time and space. Our results show that for Europe and Latin America, increasing financial openness is the result of both foreign direct investment (FDI) and portfolio investment (PI). For Asia and Africa by cons, this increase is due to IP and FDI respectively. A second part, using panel data, we link financial openness to macroeconomic variables. The level of financial development, deregulation, trade liberalization and the GDP of industrialized countries have a positive impact on financial openness. Other variables such as political instability, the country's creditworthiness, the level of investment, exchange rate regime, fiscal policy, the development level are not significant.
|Item Type:||MPRA Paper|
|Original Title:||Ouverture financière dans les pays émergents : mesure et analyse|
|English Title:||Financial openness in emerging countries: measure and analysis.|
|Keywords:||financial openness, emerging countries, foreign direct investment, portfolio investment|
|Subjects:||F - International Economics > F3 - International Finance > F32 - Current Account Adjustment ; Short-Term Capital Movements
C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C23 - Panel Data Models ; Spatio-temporal Models
F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment ; Long-Term Capital Movements
|Depositing User:||Prof. Sandrine Kablan|
|Date Deposited:||14 Sep 2012 13:19|
|Last Modified:||14 Oct 2016 23:04|
Edison Hali, Klein Michael, Ricci Luca, and Slok Torrsten, Capital account liberalization and economic performance : survey and synthesis, IMF working paper 02/120
Fuchs-Suchunden Nicolas, Norbert Funke, 2001, Stock market liberalization and macroeconomic implications, IMF Working paper 01/193
Hernandez Leonardo, Mellado Pamela and Valdes Rodrigo, 2001, Determinants of private capital flows in the 1970s and 1990s: Is there evidence of contagion? IMF working paper 01/64.
Lane Phillip, Gian Maria Milesi-Feretti, 2003, International financial integration, IIIS discussion paper.
Lane Phillip, Gian Maria Milesi-Feretti, 1999, the external wealth of nations : measures of foreign assets and liabilities for industrial and developping nations, IMF working paper 99/115
Laurent Pierre, Meunier Nicolas, Seltz Véronique et Ennajar Rim, 2002, Sorties de capitaux, le verseau de la balance des paiements, zones émergentes N)13.
Levy-Yeyati Eduardo, Sturzenegger Frederico, 2002, Classifying exchange rate regimes deeds vs words, European economic review, 49(6).
Lopez Meija Alejandro, 1999, large capital flows : a survey of the causes, consequences and policy responses, IMF working paper 99/17.
Rossi Marco, 1999, Finnacial and economic performance in developing economies: do capital controls, prudential regulation and supervision matter, IMF working paper 99/166.