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Determinants of international capital flows in Korea : Push vs. pull factors

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  • Determinants of international capital flows in Korea
  • Kim, Soyoung; Kim, Sunghyun; Choi, Yoonseok
  • The Association of Korean Economic Studies


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Title Determinants of international capital flows in Korea
Similar Titles
Sub Title

Push vs. pull factors

Material Type Articles
Author(English)

Kim, Soyoung; Kim, Sunghyun; Choi, Yoonseok

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2013-12
Journal Title; Vol./Issue Korea and the World Economy:vol. 14(no. 3)
Pages 28
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding AKES

Abstract

This paper aims to analyze the determinants of international capital flows in Korea during 1980-2010. In particular, we investigate the role of push (external) and pull (internal) factors in determining the magnitude and directions of overall capital flows and their components using a time-series analysis. The regression results show that external factors, in particular world interest rate, significantly affect overall capital flows in Korea. Among internal factors, current account has significant and negative effects on capital flows. The estimated coefficients vary in different sub periods. In particular, the role of internal factors decreases over time. We also find that portfolio investment is more sensitive to internal and external economic environments compared to direct investment.