Title: Capital flows and economic growth in the era of financial integration and crisis, 1990-2010
Description: "We investigate the relationship between economic growth and lagged international capital flows, disaggregated into FDI, portfolio investment, equity investment, and short-term debt.  We follow about 100 countries during 1990-2010 when emerging markets became more integrated into the international financial system.  We look at the relationship both before and after the global crisis.  Our study reveals a complex and mixed picture.  The relationship between growth and lagged capital flows depends on the type of flows, economic structure, and global growth patterns.  We find a large and robust relationship between FDI - both inflows and outflows - and growth.  The relationship between growth and equity flows is smaller and less stable.  Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis"--National Bureau of Economic Research web site.