The liberalization of capital outflows in CIBS. What opportunities for other developing countries?

Gottschalk, Ricardo and Sodre, Cecilia Azevedo (2008) The liberalization of capital outflows in CIBS. What opportunities for other developing countries? WIDER Research Paper, 2008 (68). United Nations University World Institute for Development Economics Research (UNU-WIDER). ISBN 9789292301224

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Abstract

This paper examines the implications of the liberalization of capital outflows in China, India, Brazil, and South Africa (CIBS) for other developing countries. It focuses on their prospects of attracting not only foreign direct investment (FDI), but also portfolio capital flows from CIBS. To inform the discussion, two steps are taken: first, in order to identify the type of capital flows that might come from CIBS, the paper briefly describes capital account liberalization measures undertaken by CIBS to date and future intended liberalization. Second, it maps geographic distribution of outward FDI and foreign portfolio investment in the recent past, which are taken as possible predictors of future flows. The paper shows that portfolio investment goes mainly to OECD countries and offshore financial centres, and only a small share to developing countries. But, within developing countries, CIBS’ neighbouring countries have shown a greater ability to attract this type of investment, compared with other developing countries.

Item Type:Book
Research Areas:Middlesex University Schools and Centres > Business School > Economics and International Development
ID Code:5603
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Deposited On:11 May 2010 05:34
Last Modified:04 Nov 2014 18:59

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