Wang, Mengxue. This dissertation consists of three essays on international capital flows. The first chapter documents the accumulation of foreign exchange reserves and the simultaneous increase in the foreign direct investment FDI for emerging market economies. The second chapter discusses the performance of FDI firms and domestic firms in creating jobs using firm-level data from Orbis.
Analysis Of Activity 2: Business Enviroment
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Consequent to developed and liberalized financial markets in emerging market economies, the magnitude of gross capital outflows is getting larger. My dissertation focuses on massive foreign asset purchases by domestic agents which is called capital flight and the study aims to see new empirical evidence on its impact and determinants and the associations between it and other macro variables using diverse methods in econometrics. In particular, I am interested in its role in emerging market economies since they are especially vulnerable to such large and unexpected capital flows. First chapter investigates the impact of capital flight on domestic countries' real GDP growth and investment. Specifically, it employs diverse GMM estimators difference, system, and orthogonal deviation GMM to estimate their causal effects and uses interaction models to test the hypothesis that the effect of flights is conditional on the amount of external loans gross capital inflows in the country. The results show that flights are harmful only if there are not enough external loans and, otherwise, they fail to depress domestic economies.
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A capital market Markets in which people, companies, and governments with more funds than they need transfer those funds to people, companies, or governments that have a shortage of funds. Capital markets promote economic efficiency by transferring money from those who do not have an immediate productive use for it to those who do. Capital markets provide forums and mechanisms for governments, companies, and people to borrow or invest or both across national boundaries. This transfer mechanism provides an efficient way for those who wish to borrow or invest money to do so.
For a better understanding of the issue of the international movement of financial resources, it is necessary to know that capital includes complex structural parts and has different forms of functioning, each of which plays a role in international movements import and export. Entrepreneurial capital - means that are directly or indirectly intended for investment in production in order to make a profit. This type of capital appears in the form of private, although there are cases of use and public funds for the same purposes the most typical cases are the oil-producing Arab countries. Loan capital - funds provided on loan for profit in the form of interest. In international practice, official capital from state sources is used primarily as loan capital; on a smaller scale, international multinational lending is applied.