Global competitiveness and capital flows: does stage of economic development and risk rating matter?*
ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS, cilt.27, sa.4, ss.426-450, 2020 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 27 Sayı: 4
- Basım Tarihi: 2020
- Doi Numarası: 10.1080/16081625.2018.1481754
- Dergi Adı: ASIA-PACIFIC JOURNAL OF ACCOUNTING & ECONOMICS
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, EconLit
- Sayfa Sayıları: ss.426-450
- Anadolu Üniversitesi Adresli: Hayır
Özet
This paper closes a gap in the relevant literature by investigating the role of a country's competitiveness on international capital mobility using robust panel multiple regressions with fixed and random effects. In this study, we use the Global Competitiveness Index to measure a country's competitiveness level. The research empirically investigates the effect of competitiveness on cross-border capital flows, and shows how stages of economic development and country-specific risk ratings influence inflows and outflows of capital under the effect of competitiveness. Overall, we found that competitiveness has a positive and statistically significant impact on aggregated and disaggregated capital flows. However, the magnitude of its impact varies over different stages of development and across country risk levels.