Capital flows and capital goods

• 成果类型: Article
• 署名作者: Alfaro, Laura; Hammel, Eliza
• 署名单位: Harvard University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/j.jinteco.2006.09.006
• 发表日期: 2007
• 页码: 128-150
• 关键词: capital account liberalization; stock market liberalization; International capital flows; capital goods; machinery and equipment

摘要

Studying the relation between equity market liberalization and imports of capital goods, we examine one channel through which international financial integration can promote growth. For the period 1980-1997, we find that after controlling for other policies and fundamentals, stock market liberalizations are associated with a significant increase in the share of imports of machinery and equipment. We hypothesize this can be attributed to the consequences of financial integration, which allows access to foreign capital, and provide evidence consistent with this channel. Our results suggest that increased access to international capital allows countries to enjoy the benefits embodied in capital goods. (C) 2006 Elsevier B.V. All rights reserved.