Capital flows, EU integration and the global financial crisis: an empirical analysis

IF 1.4 4区经济学 Q3 ECONOMICS

Journal of Applied Economics Pub Date : 2022-07-25 DOI:10.1080/15140326.2022.2099726

Ahmet Kaya, J. de Haan

引用次数: 1

Abstract

ABSTRACT We investigate the impact of European Union (EU) integration on capital flows to prospective new EU member states. Using annual data between 1992 and 2020, our results suggest that although EU integration increased net capital flows before the Global Financial Crisis (GFC), it was not able to shield countries from the general decline in capital flows that occurred after the GFC. Furthermore, the results show that the impact of EU integration mainly runs through improved institutional quality. We also find considerable heterogeneity in the drivers of different types of capital flows (FDI, portfolio investments, and other capital flows) that we consider.

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资本流动、欧盟一体化与全球金融危机:实证分析

摘要本文研究了欧盟一体化对欧盟新成员国资本流动的影响。使用1992年至2020年的年度数据，我们的结果表明，尽管欧盟一体化在全球金融危机(GFC)之前增加了净资本流动，但它并不能保护各国免受全球金融危机后资本流动普遍下降的影响。此外，研究结果表明，欧盟一体化的影响主要体现在制度质量的提高上。我们还发现，我们所考虑的不同类型资本流动(FDI、证券投资和其他资本流动)的驱动因素存在相当大的异质性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Applied Economics ECONOMICS-

CiteScore

3.00

自引率

0.00%

发文量

审稿时长

40 weeks

期刊介绍： The Journal of Applied Economics publishes papers which make a significant and original contribution to applied issues in micro and macroeconomics. The primary criteria for selecting papers are quality and importance for the field. Papers based on a meaningful and well-motivated research problem that make a concrete contribution to empirical economics or applied theory, in any of its fields, are especially encouraged. The wide variety of topics that are covered in the Journal of Applied Economics include: -Industrial Organization -International Economics -Labour Economics -Finance -Money and Banking -Growth -Public Finance -Political Economy -Law and Economics -Environmental Economics