International capital flows and development: Financial openness matters

• 成果类型: Article
• 署名作者: Reinhardt, Dennis; Ricci, Luca Antonio; Tressel, Thierry
• 署名单位: International Monetary Fund
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2013.07.006
• 发表日期: 2013
• 页码: 235-251
• 关键词: Lucas paradox; capital flows; Financial openness; Economic development

摘要

Does capital flow from rich to poor countries? We revisit the Lucas paradox to account for the role of capital account openness. We find that, when accounting for such openness, the prediction of the neoclassical theory is empirically confirmed: among financially open economies, less developed countries tend to experience net capital inflows and more developed countries tend to experience net capital outflows. The results hold also when taking into account private flows, institutions, and numerous controls. We also show that reserve intervention has an effect on the current account only in financially open economies. (C) 2013 International Monetary Fund. Published by Elsevier B.V. All rights reserved.