A Comparative Study of Determinants of International Capital Flows to Asian and Latin American Emerging Countries | Zendy

Haizhen Yang | Zendy; Yuan Xiong | Zendy; Yujing Ze | Zendy

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A Comparative Study of Determinants of International Capital Flows to Asian and Latin American Emerging Countries

Author(s) -

Haizhen Yang,

Yuan Xiong,

Yujing Ze

Publication year - 2013

Publication title -

procedia computer science

Language(s) - English

Resource type - Journals

SCImago Journal Rank - 0.334

H-Index - 76

ISSN - 1877-0509

DOI - 10.1016/j.procs.2013.05.160

Subject(s) - openness to experience , latin americans , foreign direct investment , exchange rate , portfolio investment , emerging markets , capital flows , portfolio , panel data , interest rate , foreign portfolio investment , investment (military) , economics , international economics , monetary economics , macroeconomics , econometrics , financial economics , return on investment , profit (economics) , psychology , social psychology , linguistics , philosophy , open ended investment company , production (economics) , politics , political science , law , microeconomics

In this paper, we focus on the determinants of foreign direct investment and foreign portfolio investment. Applying static and dynamic panel data models of six Asian countries and seven Latin American countries in the period from 1981 to 2011, we find that the characteristic of capital flows has locality, and both domestic and global factors can explain the capital flows to emerging markets, such as GDP, trade openness, financial interrelations, and interest rates. The result also shows expectation is an important driving factor: FDI is more prone to be affected by economic expectation while FPI is exchange rate expectation

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