Gross capital flows and their long-term determinants for developing economies : a panel co-integration approach

Fernando Arias-Rodríguez; David Delgado; Daniel Parra-Amado; Hernán Rincón-Castro

Borradores de Economia

Number:

932

Published:

Tuesday, 1 March 2016

Classification JEL:

F21, F32, F36, C5

Keywords:

Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

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The purpose of this paper is to estimate a model for gross capital flows for a sample of developing economies and assess their long-term determinants by using a panel cointegration approach. Results indicate that there is a co-integration relationship bet