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Capital Flows in a Globalized World: The Role of Policies and Institutions

NBER Working Paper No. w11696

62 Pages Posted: 20 Dec 2005 Last revised: 18 Dec 2022

See all articles by Laura Alfaro

Laura Alfaro

Harvard University

Sebnem Kalemli-Ozcan

University of Maryland - Department of Economics; National Bureau of Economic Research (NBER); Koc University, Graduate School of Business

Vadym Volosovych

Erasmus University Rotterdam (EUR); Tinbergen Institute

Date Written: October 2005

Abstract

We describe the patterns of international capital flows in the period 1970 - 2000. We then examine the determinants of capital flows and capital flows volatility during this period. We find that institutional quality is an important determinant of capital flows. Historical determinants of current legal institutions have a direct effect on foreign investments. Policy plays a significant role in explaining the changes in the level of capital flows over time and their volatility.

Suggested Citation

Alfaro, Laura and Kalemli-Ozcan, Sebnem and Volosovych, Vadym, Capital Flows in a Globalized World: The Role of Policies and Institutions (October 2005). NBER Working Paper No. w11696, Available at SSRN: https://ssrn.com/abstract=827972

Laura Alfaro (Contact Author)

Harvard University ( email )

Cambridge, MA 02138
United States

Sebnem Kalemli-Ozcan

University of Maryland - Department of Economics ( email )

College Park, MD 20742
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Koc University, Graduate School of Business ( email )

Rumelifeneri Yolu
34450 Sar?yer
Istanbul, 34450
Turkey

Vadym Volosovych

Erasmus University Rotterdam (EUR) ( email )

Burgemeester Oudlaan 50
Room E2-31
3000 DR Rotterdam, 3062PA
Netherlands
+31 10 408 1286 (Phone)
+31 10 408 9165 (Fax)

HOME PAGE: http://https://www.eur.nl/people/vadym-volosovych/

Tinbergen Institute

PO Box 1738
Room E2-31
Rotterdam, 3000 DR
Netherlands
+31 10 408 1286 (Phone)
+31 10 408 9165 (Fax)

HOME PAGE: http://https://www.tinbergen.nl/person/1407/vadym-volosovych

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