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Disaggregated Capital Flows and Developing Countries' Competitiveness
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DOI：10.1016/j.worlddev.2011.07.001.png)
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Attracting capital and foreign exchange flows is crucial for developing countries. Yet, these flows could lead to real exchange rate appreciation and may thus have detrimental effects on competitiveness, jeopardizing exports and growth. We investigate this dilemma by comparing the impact of six types of flows on real exchange rate behavior in a sample of 57 developing countries covering Africa, Europe, Asia, Latin America, and the Middle East. The results reveal that portfolio investments, foreign borrowing, aid, and income lead to real exchange rate appreciation, while remittances have disparate effects across regions. Foreign direct investments have no effect on the real exchange rate, contributing to resolve the above dilemma. (C) 2011 International Monetary Fund. Published by Elsevier Ltd. All rights reserved.
Keyword:
real exchange rate
competitiveness
capital flows
FDI
developing countries
panel data econometrics
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4.8
论文数:
8.1K
被引数:
3.1W
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