What drives the capital flows into <scp>BRICS</scp> economies?

Swamy, Vighneswara; Vijayakumar, N.

doi:10.1111/twec.12606

Cited by 22 publications

(13 citation statements)

References 76 publications

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“…Economic freedom does matter for economic growth (Carlsson & Lundström, ). There exists a causality between FDI inflows and economic growth, and FDIF enhances the competitiveness of the economy to attract more capital flows, thereby leading to faster economic growth (Mah, ; Swamy & Narayanamurthy, ). GNI accounts for investment in physical capital of a country and follows Wagner's law of public expenditure, which emphasises economic growth as the fundamental determinant of public sector growth (Crafts, ; Kolluri, Panik, & Wahab, ).…”

Section: Data and Empirical Strategymentioning

confidence: 99%

Thresholds of financial development in the Euro area

Swamy

Dharani

2019

World Economy

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We analyse the dynamics of financial development and economic growth in the Euro area as these countries went through considerably higher levels of financial development. Using a balanced panel data of 38 years from 1980 to 2018, we offer new evidence on the finance–growth nexus. We show the presence of non‐linearity as there is an inverted U‐shaped relationship between finance and growth in the long run. Estimating the thresholds in the finance–growth nexus, we notice a threshold effect at 74%–86% of GDP for domestic credit; 51% of GDP for stock turnover ratio; and 65% of GDP for stock market capitalisation. We notice that exceeding the threshold causes deceleration in economic growth as too much finance results in crowding out effect for productive economic activities. The panel Granger causality test results show that financial development should be associated with optimal growth performance. These findings in the Euro area provide some useful policy implications to the emerging and developing economies in designing their financial development strategies.

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Section: Data and Empirical Strategymentioning

confidence: 99%

Thresholds of financial development in the Euro area

Swamy

Dharani

2019

World Economy

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“…Because, BRIC economies have become increasingly important to the global investment community in recent years. This is true J o u r n a l P r e -p r o o f for a variety of reasons, including expectations of growing dominance in the international arena, as well as significant shifts in capital flows into their markets (Sensoy et al, 2014;Swamy & Narayanamurthy 2018), despite the capital flight due to tapering by the US Federal Reserve. Their markets also share a conception of development that is more partnership-orientated than donorrecipient focused in process (Piper, 2015).…”

Section: Introductionmentioning

confidence: 99%

“…The stock markets of BRIC have gained massive interest from researchers, policymakers and global investors due to the markets’ usefulness for portfolio diversification, safe haven and hedge, aside from being active and vibrant ( Swamy and Narayanamurthy, 2018 ; Sharma et al., 2019 ; Rehman, 2021 ; Shahzad et al., 2021 ). For this reason, BRIC markets have been touted to be one of the drivers of global growth ( Sachs, 2003 ; Grima and Caruana, 2017 ; Rehman, 2021 ; Mensi et al., 2014 ; Kalu et al., 2020 ).…”

Section: Introductionmentioning

confidence: 99%

Time-frequency domain analysis of investor fear and expectations in stock markets of BRIC economies

Owusu

Adam

Asafo−Adjei

et al. 2021

Heliyon

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This is a PDF file of an article that has undergone enhancements after acceptance, such as the addition of a cover page and metadata, and formatting for readability, but it is not yet the definitive version of record. This version will undergo additional copyediting, typesetting and review before it is published in its final form, but we are providing this version to give early visibility of the article. Please note that, during the production process, errors may be discovered which could affect the content, and all legal disclaimers that apply to the journal pertain.

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“…Another trend in the literature has focused on the location choice of market/strategy and resource-oriented capital flows (Swamy and Narayanamurthy, 2018;Gatundu and Wario, 2014;Huo, 2014;Schu and Morhcett, 2017;Jayakumar, 2017;Alexander et al, 2011;Fedmann, 2016). For instance, a study by Swamy and Narayanamurthy looked at main drivers of capital flows in Brazil, Russia, India, China and South Africa, in the backdrop of their growing inward capital (Swamy and Narayanamurthy, 2018). The study revealed that market size, infrastructure, economic freedom in the host countries, ease of doing business ranking and independent credit ratings are the main drivers in the long-run growth of capital flows.…”

Section: Locational Determinants Of International Firmsmentioning

confidence: 99%

Success factors influencing the selection of the location of international firms

Qur’an

2020

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Purpose This study aims to explore critical success factors contributing to the selection of beneficial foreign markets by Arabian international firms. Design/methodology/approach Multiple case study method was adopted in the study, and thus, two rich-information comparative case studies were purposefully selected from Arabian large firms. Additionally, seven international market selection (IMS) decisions were examined through relying on personal interviews and archival data, and field notes as secondary data resources. Two main stages of analysis were undertaken, i.e. within and cross-case analyses. Findings The results showed four critical factors contributing to the selection of beneficial international markets by Arabian firms, i.e. international business experience of the selected management team, the market knowledge about the potential international markets, in-house and external consultations with international business experts and identification of a trustworthy and internationally experienced manager for the international operation. Practical implications The results have important implications to business managers by improving their foreign market selection behavior. Further, the research’s findings can assist less-experienced firms, willing to internationalize their businesses, in enhancing their decision-making process to arrive at beneficial country for their international operations. Originally/value The research findings provide significant theoretical contribution to literature review on the internationalization process of firms through addressing critical success factors in IMS decision process. Further, it provides significant methodological contributions in relation to the effectiveness of the case study approach in capturing elements of the IMS process.

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What drives the capital flows into BRICS economies?

Cited by 22 publications

References 76 publications

Thresholds of financial development in the Euro area

Thresholds of financial development in the Euro area

Time-frequency domain analysis of investor fear and expectations in stock markets of BRIC economies

Success factors influencing the selection of the location of international firms

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