Foreign Capital in Developing Economies : Perspectives from the Theory of Economic Growth

Perspectives from the Theory of Economic Growth

By: Stefano Manzocchi

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Hardcover | 1 August 1999 | Edition Number 1

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220 Pages

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21.59 x 14.0 x 1.6

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The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries using a long-run perspective. The main conceptual instruments employed are the theory of economic growth and the techniques associated with recent advances in growth econometrics. The experience of the whole 1960-88 foreign capital cycle shows that foreign capital moved according to the growth potential of developing countries over 1960-82, but its actual contribution to growth was manifest only up to 1972. This is particularly disappointing as, after 1972, a substantial surge in capital flows towards developing countries is observed. The enhanced availability of foreign resources was associated with excessive (government) consumption, or (alternatively) external borrowing led to an over-financing of high-risk, low-return investment projects, with perverse effects on the sustainability of foreign debt. The empirical work in this book points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in both the short and long term.

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Non-Fiction Economics Development Economics & Emerging Economies Reference, Information & Interdisciplinary Subjects Interdisciplinary Studies Development Studies Political Economy International Economics Macroeconomics Monetary Economics Economic Theory & Philosophy Accounting & Finance

Finance Investment & Securities Economic Growth

List of Tables
Foreword
Acknowledgements
List of Abbreviations
Historical Perspective
Introduction: A Growth-theory Approach to Capital Flows in Developing Countries	p. 3
Recovery, Insolvency and Stagnation: The Flow of Foreign Capital to Developing Economies in Historical Perspective	p. 10
Theoretical Models
Growth Theory and the Determinants of Capital Flows	p. 33
Growth Theory and the Effects of Capital Flows	p. 54
Empirical Studies
Measuring Capital Mobility in Developing Economies	p. 79
Determinants of Net Capital Flows in Developing Countries	p. 105
Capital Movements, Economic Growth and Investment in Developing Countries	p. 133
External Finance and Foreign Debt: A Study of the Transition Economies of Central and Eastern Europe	p. 153
Notes and References	p. 179
Bibliography	p. 186
Index	p. 197
Table of Contents provided by Blackwell. All Rights Reserved.

Foreign Capital in Developing Economies : Perspectives from the Theory of Economic Growth

Perspectives from the Theory of Economic Growth

At a Glance

Hardcover

Shipping

How to return your order

Defective items

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