Partners, not debtors: The external liabilities of emerging market economies

Joyce, Joseph P.

doi:10.1016/j.jebo.2017.12.002

Cited by 3 publications

(2 citation statements)

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“…Wei (2006) in an empirical analysis of the composition of external liabilities found that financial development boosted the issuance of portfolio equity and discouraged FDI. Joyce (2019) also reported that the development of domestic financial markets is linked to an increase in the equity liabilities of emerging market economies, and in particular, portfolio equity, while FDI liabilities are more common when financial institutions are not well developed.…”

Section: Literature Reviewmentioning

confidence: 99%

The sources of international investment income in emerging market economies

Joyce

2020

Rev International Economics

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We investigate international investment income flows in 26 emerging market countries during the period of 1998-2015. Net investment income registered a deficit for this group of countries of between 2-3% of GDP during this period. This deficit has been dominated by payments on foreign direct investment liabilities, which is consistent with the change in the composition of the external liabilities of these countries. Our results indicate that both capital account and trade openness are associated with the deficits on direct investment income. In addition, there was a small deficit in portfolio investment income, which is affected by the development of domestic financial markets and investor protection. Other investments' income and the income from foreign exchange reserves have a negligible role in total investment income.

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Section: Literature Reviewmentioning

confidence: 99%

The sources of international investment income in emerging market economies

Joyce

2020

Rev International Economics

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Section: Literature Reviewmentioning

confidence: 99%

The Sources of International Investment Income in Emerging Market Economies

Joyce

2019

SSRN Journal

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Version: October 2019Forthcoming in the Review of International EconomicsWe investigate international investment income flows in 26 emerging market countries during the period of 1998-2015. Net investment income registered a deficit for this group of countries of between 2-3% of GDP during this period. This deficit has been dominated by payments on foreign direct investment liabilities, which is consistent with the change in the composition of the external liabilities of these countries. Our results indicate that both capital account and trade openness are associated with the deficits on direct investment income. In addition, there was a small deficit in portfolio investment income, which is affected by the development of domestic financial markets and investor protection. Other investments' income and the income from foreign exchange reserves have a negligible role in total investment income.

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The Determinants of FDI Reinvestment Rates

Zélity

2024

Open Econ Rev

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Partners, not debtors: The external liabilities of emerging market economies

Cited by 3 publications

References 56 publications

The sources of international investment income in emerging market economies

The sources of international investment income in emerging market economies

The Sources of International Investment Income in Emerging Market Economies

The Determinants of FDI Reinvestment Rates

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