Publication:
Ride the Wild Surf : An Investigation of the Drivers of Surges in Capital Inflows

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dc.contributor.authorCalderón, César
dc.contributor.authorKubota, Megumi
dc.date.accessioned2014-02-03T20:47:35Z
dc.date.available2014-02-03T20:47:35Z
dc.date.issued2014-01
dc.description.abstractOver the past 15 years, gross inflows to industrial and developing countries have enjoyed a wild ride. After reaching record highs in the run-up to the global financial crisis, they collapsed dramatically in 2008-09. As signs of global recovery reappeared, capital inflows resumed although at different speeds. The recovery in flows was faster and sharper in developing countries. This paper aims at understanding the (domestic and external) drivers of these surges in gross inflows using quarterly data for 67 countries from 1975 to 2010. It finds that domestic and external factors have significant explanatory power in driving surges of inflows. This finding holds for the sample of industrial countries whereas domestic factors play a significantly larger role in explaining surges to developing countries. Zooming into the findings shows that: (a) financial booms tend to attract massive capital inflows, (b) surges to either industrial or developing countries are driven by regional contagion, and (c) strong growth and natural resource abundance are keys to attract inflows of foreign capital into developing countries.en
dc.identifierhttp://documents.worldbank.org/curated/en/2014/01/18834369/ride-wild-surf-investigation-drivers-surges-capital-inflows
dc.identifier.doi10.1596/1813-9450-6753
dc.identifier.urihttps://hdl.handle.net/10986/16824
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 6753
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCOUNTING
dc.subjectADVANCED COUNTRIES
dc.subjectADVANCED ECONOMIES
dc.subjectASSET POSITION
dc.subjectASSET PRICE
dc.subjectASSET PRICES
dc.subjectASYMMETRIC INFORMATION
dc.subjectBALANCE OF PAYMENTS
dc.subjectBALANCE SHEETS
dc.subjectBANK POLICY
dc.subjectBANKING CRISES
dc.subjectBANKING CRISIS
dc.subjectBOND
dc.subjectBOND FUNDS
dc.subjectBONDS
dc.subjectBOOM-BUST CYCLES
dc.subjectBROKERS
dc.subjectCAPITAL ACCOUNT
dc.subjectCAPITAL FLOW
dc.subjectCAPITAL FLOWS
dc.subjectCAPITAL INFLOW
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL MOBILITY
dc.subjectCAPITAL MOVEMENTS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCOMMODITY
dc.subjectCOMMODITY PRICES
dc.subjectCONSUMER PRICE INDEX
dc.subjectCOUNTRY RISK
dc.subjectCREDIT EXPANSION
dc.subjectCREDIT EXPANSIONS
dc.subjectCREDIT GROWTH
dc.subjectCREDIT MARKETS
dc.subjectCREDITWORTHINESS
dc.subjectCURRENCY
dc.subjectCURRENCY CRISIS
dc.subjectCURRENT ACCOUNT BALANCE
dc.subjectCURRENT ACCOUNT BALANCES
dc.subjectCURRENT ACCOUNT DEFICIT
dc.subjectCURRENT ACCOUNT DEFICITS
dc.subjectCURRENT ACCOUNT SURPLUSES
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDEBT FLOWS
dc.subjectDEBT RELIEF
dc.subjectDEBT SECURITIES
dc.subjectDEVALUATION
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPING ECONOMIES
dc.subjectDEVELOPMENT BANK
dc.subjectDOMESTIC CREDIT
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC ECONOMY
dc.subjectDOMESTIC FINANCIAL MARKETS
dc.subjectDOMESTIC INVESTORS
dc.subjectDOMESTIC MARKETS
dc.subjectDUMMY VARIABLE
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING ECONOMY
dc.subjectEMERGING MARKET
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEQUITY FLOWS
dc.subjectEQUITY FUNDS
dc.subjectEQUITY SECURITIES
dc.subjectEXCESS LIQUIDITY
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE REGIME
dc.subjectEXCHANGE RATES
dc.subjectEXPORTERS
dc.subjectEXTERNAL FINANCE
dc.subjectEXTERNAL FINANCING
dc.subjectFEDERAL RESERVE
dc.subjectFEDERAL RESERVE BANK
dc.subjectFINANCIAL ASSET
dc.subjectFINANCIAL CONTAGION
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENTS
dc.subjectFINANCIAL FACTORS
dc.subjectFINANCIAL FLOWS
dc.subjectFINANCIAL INFLOWS
dc.subjectFINANCIAL INSTABILITY
dc.subjectFINANCIAL INSTITUTION
dc.subjectFINANCIAL INSTITUTIONS
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL OPENNESS
dc.subjectFINANCIAL REFORM
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STABILITY
dc.subjectFINANCIAL SUPPORT
dc.subjectFINANCIAL SYSTEM
dc.subjectFINANCIAL SYSTEMS
dc.subjectFINANCIAL TRANSACTIONS
dc.subjectFISCAL POLICIES
dc.subjectFLEXIBLE EXCHANGE RATE
dc.subjectFLEXIBLE EXCHANGE RATE REGIMES
dc.subjectFLOATING RATES
dc.subjectFLOW OF CAPITAL
dc.subjectFLOW OF FUNDS
dc.subjectFOREIGN ASSET
dc.subjectFOREIGN ASSET POSITION
dc.subjectFOREIGN ASSETS
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN DEBT
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN FINANCING
dc.subjectFOREIGN INTEREST
dc.subjectFOREIGN INVESTMENT
dc.subjectFOREIGN INVESTORS
dc.subjectGLOBAL CAPITAL
dc.subjectGLOBAL CAPITAL FLOWS
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKETS
dc.subjectGLOBAL RISK
dc.subjectGLOBAL STOCK MARKETS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT POLICIES
dc.subjectGROWTH RATE
dc.subjectHUMAN RESOURCE
dc.subjectIMPLIED VOLATILITY
dc.subjectINCOME
dc.subjectINCOME DIFFERENTIALS
dc.subjectINDUSTRIAL COUNTRIES
dc.subjectINFLATION
dc.subjectINFLATION CRISIS
dc.subjectINFLATION RATE
dc.subjectINFLOWS OF CAPITAL
dc.subjectINTEREST RATE
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL CAPITAL
dc.subjectINTERNATIONAL CAPITAL FLOWS
dc.subjectINTERNATIONAL CAPITAL MARKET
dc.subjectINTERNATIONAL ECONOMICS
dc.subjectINTERNATIONAL FINANCIAL INTEGRATION
dc.subjectINTERNATIONAL FINANCIAL STATISTICS
dc.subjectINTERNATIONAL INTEREST
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT FLOWS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectLIABILITY
dc.subjectLIQUIDITY
dc.subjectLIQUIDITY PROBLEMS
dc.subjectLOAN
dc.subjectLOCAL CURRENCIES
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL INVESTORS
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC POLICY
dc.subjectMARKET RETURN
dc.subjectMATURITY
dc.subjectMATURITY MISMATCHES
dc.subjectMICRO DATA
dc.subjectMIDDLE-INCOME COUNTRIES
dc.subjectMONETARY AUTHORITY
dc.subjectMONETARY POLICY
dc.subjectMONETARY STABILITY
dc.subjectMONEY MARKET
dc.subjectMONEY MARKET RATE
dc.subjectMUTUAL FUNDS
dc.subjectNATURAL RESOURCE
dc.subjectNATURAL RESOURCES
dc.subjectNEGATIVE SHOCK
dc.subjectNET CAPITAL
dc.subjectNET DEBT
dc.subjectOPEN ECONOMIES
dc.subjectOUTPUT
dc.subjectPOLICY RESPONSES
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO INFLOWS
dc.subjectPORTFOLIO INVESTMENT
dc.subjectPORTFOLIO RISK
dc.subjectPORTFOLIOS
dc.subjectPOSITIVE COEFFICIENT
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CAPITAL INFLOWS
dc.subjectPROPERTY RIGHTS
dc.subjectPUSH FACTOR
dc.subjectPUSH FACTORS
dc.subjectRAPID EXPANSION
dc.subjectREAL ECONOMIC ACTIVITY
dc.subjectREAL EXCHANGE RATE
dc.subjectREAL EXCHANGE RATES
dc.subjectREAL INTEREST
dc.subjectREAL INTEREST RATE
dc.subjectREAL INTEREST RATES
dc.subjectREGULATORY FRAMEWORK
dc.subjectRESERVE
dc.subjectRETURN
dc.subjectRETURNS
dc.subjectRISK AVERSION
dc.subjectSHARE OF EQUITY
dc.subjectSHORT-TERM LIABILITIES
dc.subjectSOVEREIGN DEFAULT
dc.subjectSOVEREIGN RISK
dc.subjectSTOCK MARKET
dc.subjectSTOCK MARKET VOLATILITY
dc.subjectSTOCK MARKETS
dc.subjectSTOCK RETURN
dc.subjectSTOCK RETURNS
dc.subjectSYSTEMIC RISKS
dc.subjectTAX
dc.subjectTAX CODE
dc.subjectTRADE BALANCE
dc.subjectTRADING
dc.subjectWORLD DEVELOPMENT INDICATORS
dc.subjectWORLD ECONOMY
dc.subjectWORLD FINANCIAL MARKETS
dc.subjectWORLD STOCK MARKETS
dc.titleRide the Wild Surf : An Investigation of the Drivers of Surges in Capital Inflowsen
dspace.entity.typePublication
okr.crossref.titleRide the Wild Surf: An Investigation of the Drivers of Surges in Capital Inflows
okr.date.disclosure2014-01-01
okr.date.doiregistration2025-04-10T11:40:37.629350Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2014/01/18834369/ride-wild-surf-investigation-drivers-surges-capital-inflows
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid306851468338518927
okr.identifier.doi10.1596/1813-9450-6753
okr.identifier.externaldocumentum000158349_20140122151732
okr.identifier.internaldocumentum18834369
okr.identifier.reportWPS6753
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2014/01/22/000158349_20140122151732/Rendered/PDF/WPS6753.pdfen
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicFinance and Financial Sector Development::Currencies and Exchange Rates
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicFinance and Financial Sector Development::Debt Markets
okr.unitOffice of the Chief Economist, Africa Region; Poverty and Economic Management Unit, Europe and Central Asia Region
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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