04674oam 22012014 450 991016294470332120250426110458.09781475558562147555856297814755697281475569726(CKB)3710000001045027(MiAaPQ)EBC4800263(IMF)WPIEA2016235WPIEA2016235(EXLCZ)99371000000104502720020129d2016 uf 0engurcnu||||||||rdacontentrdamediardacarrierReal Effects of Capital Inflows in Emerging Markets /Deniz Igan, Ali Kutan, Ali MirzaeiWashington, D.C. :International Monetary Fund,2016.1 online resource (51 pages) color illustrationsIMF Working Papers9781475558555 1475558554 Includes bibliographical references.We examine the association between capital inflows and industry growth in a sample of 22 emerging market economies from 1998 to 2010. We expect more external finance dependent industries in countries that host more capital inflows to grow disproportionately faster. This is indeed the case in the pre-crisis period of 1998–2007, and is driven by debt, rather than equity, inflows. We also observe a reduction in output volatility but this association is more pronounced for equity, rather than debt, inflows. These relationships, however, break down during the crisis, hinting at the importance of an undisrupted global financial system for emerging markets to harness the growth benefits of capital inflows. In line with this observation, we also document that the inflows-growth nexus is stronger in countries with well-functioning banks.IMF Working Papers; Working Paper ;No. 2016/235Capital movementsIndustrial capacityIndustrial efficiencyBanks and BankingimfExports and ImportsimfMoney and Monetary PolicyimfInternational Finance: GeneralimfFinancial Institutions and Services: GeneralimfFinancial CrisesimfInternational InvestmentimfLong-term Capital MovementsimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfBanksimfDepository InstitutionsimfMicro Finance InstitutionsimfMortgagesimfInternational economicsimfFinanceimfMonetary economicsimfBankingimfCapital inflowsimfCapital flowsimfForeign direct investmentimfCreditimfCommercial banksimfBalance of paymentsimfMoneyimfFinancial institutionsimfCapital movementsimfInvestments, ForeignimfBanks and bankingimfUnited StatesimfCapital movements.Industrial capacity.Industrial efficiency.Banks and BankingExports and ImportsMoney and Monetary PolicyInternational Finance: GeneralFinancial Institutions and Services: GeneralFinancial CrisesInternational InvestmentLong-term Capital MovementsMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralBanksDepository InstitutionsMicro Finance InstitutionsMortgagesInternational economicsFinanceMonetary economicsBankingCapital inflowsCapital flowsForeign direct investmentCreditCommercial banksBalance of paymentsMoneyFinancial institutionsCapital movementsInvestments, ForeignBanks and banking332.042Igan Deniz1099130Kutan Ali146646Mirzaei Ali1450948DcWaIMFBOOK9910162944703321Real Effects of Capital Inflows in Emerging Markets3650692UNINA