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Palgrave Macmillan

Foreign Capital In Developing Economies

Perspectives from the Theory of Economic Growth

  • Book
  • © 1999

Overview

Authors:
  1. Stefano Manzocchi

    1. University of Perugia, Italy

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Table of contents (8 chapters)

  1. Front Matter

    Pages i-xviii
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  3. Theoretical Models

    1. Front Matter

      Pages 31-31
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    2. Growth Theory and the Determinants of Capital Flows

      • Stefano Manzocchi
      Pages 33-53

    3. Growth Theory and the Effects of Capital Flows

      • Stefano Manzocchi
      Pages 54-76

  5. Back Matter

    Pages 179-199
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Keywords

About this book

The object of this volume is to evaluate the pattern and the function of foreign capital in developing countries in a long-run perspective. The main conceptual instruments employed are the theory of economic growth, and the techniques associated with recent advances in growth econometrics. This empirical work points out that there is no mechanical trade-off between the short-term dangers and the long-run gains from capital market integration, but the growth benefits of foreign capital in transforming economies are conditional on an effective destination of the resources. Over-borrowing and excessive consumption are the main pitfalls in the short- as in the long-run. Nevertheless, foreign capital can be conducive to faster growth and possibly higher welfare.

Authors and Affiliations

  • University of Perugia, Italy

    Stefano Manzocchi

About the author

STEFANO MANZOCCHI is Associate Professor of Economics, University of Perugia. He has been a Visiting Scholar, Research Department, International Monetary Fund, Washington, DC, 1996; a consultant for the European Union and for the Research Centre on the Italian and European Economy. He has published on capital flows and external finance in a range of major economic journals.

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