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The effect of capital inflows on the imports of capital goods in developing countries

The result's identifiers

  • Result code in IS VaVaI

    <a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F25840886%3A_____%2F24%3AN0000007" target="_blank" >RIV/25840886:_____/24:N0000007 - isvavai.cz</a>

  • Result on the web

    <a href="https://www.sciencedirect.com/science/article/pii/S0929119923001803?via%3Dihub" target="_blank" >https://www.sciencedirect.com/science/article/pii/S0929119923001803?via%3Dihub</a>

  • DOI - Digital Object Identifier

    <a href="http://dx.doi.org/10.1016/j.jcorpfin.2023.102531" target="_blank" >10.1016/j.jcorpfin.2023.102531</a>

Alternative languages

  • Result language

    angličtina

  • Original language name

    The effect of capital inflows on the imports of capital goods in developing countries

  • Original language description

    This paper examines the relationship between capital inflows and import of capital goods to credit-constrained industries in developing countries. Using data of 11 industrial sectors in 57 countries for 2000–2020, we find that financially dependent industries import disproportionately more capital goods if they operate in countries that receive more foreign funds. A host of robustness tests, including instrumental variables estimation, confirm our main finding. We also document that: (i) the established nexus breaks down during the global financial crisis, (ii) the observed relationship is mainly due to the direct investment via equity, and (iii) host countries tend to import relatively more capital goods from G7 economies. Overall, our results suggest that one channel through which capital inflows affect economic growth is by alleviating firms' financial constraints, thereby enabling firms to acquire more advanced capital goods.

  • Czech name

  • Czech description

Classification

  • Type

    J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database

  • CEP classification

  • OECD FORD branch

    50204 - Business and management

Result continuities

  • Project

  • Continuities

    N - Vyzkumna aktivita podporovana z neverejnych zdroju

Others

  • Publication year

    2024

  • Confidentiality

    S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Data specific for result type

  • Name of the periodical

    Journal of Corporate Finance

  • ISSN

    0929-1199

  • e-ISSN

    1872-6313

  • Volume of the periodical

    84

  • Issue of the periodical within the volume

    102531

  • Country of publishing house

    NL - THE KINGDOM OF THE NETHERLANDS

  • Number of pages

    21

  • Pages from-to

  • UT code for WoS article

    001152708900001

  • EID of the result in the Scopus database

    2-s2.0-85181736528