Volatility of Short-term Capital Flows and Private Investment in Emerging Markets
利用企业层面面板数据，研究了阿根廷、墨西哥和土耳其三个新兴市场中短期资本流动波动性对上市公司固定资产投资的影响，发现资本流入波动性增加会显著降低私人企业的新投资支出。
Using micro-level panel data, the paper analyses the impacts of short-term capital flow volatility on new fixed investment spending of publicly traded real sector firms in three major emerging markets - Argentina, Mexico and Turkey. The empirical results, including sensitivity tests, suggest that increasing volatility of capital inflows has an economically and statistically significant negative effect on new investment spending of private firms. Accordingly, a 10 per cent increase in capital flow volatility reduces fixed investment spending in the range of 1-1.7, 2.3-15, and 1 per cent in Argentina, Mexico and Turkey respectively.