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Capital Flows to Russia, Ukraine, and Belarus: Does "Hot" Money Respond Differently to Macroeconomic Shocks?

Scott W. Hegerty

New York Economic Review2011article
ABDC C
Weight
0.26

What the paper says

Capital flows into the former Soviet bloc have increased tremendously since the mid-1990s. Since the new members of the European Union have received most of the attention, few empirical studies have looked at Russia or the rest of the CIS. This study applies the structural VAR model of Ying and Kim (2001) to investigate the macroeconomic "push" and "pull" factors behind net flows of FDI, portfolio, and other investment into Russia, Ukraine and Belarus. Impulse-response and variance decomposition analysis shows that domestic income and monetary shocks, as well as foreign income and interest-rate shocks, have effects that vary by flow and by country. Russian FDI and portfolio investment show significant, but different, responses to income and foreign interest-rate shocks. In addition, Belarus responds positively to improved macroeconomic fundamentals.

1 citation

Cite this paper

@article{scott2011,
  title        = {{Capital Flows to Russia, Ukraine, and Belarus: Does "Hot" Money Respond Differently to Macroeconomic Shocks?}},
  author       = {Scott W. Hegerty},
  journal      = {New York Economic Review},
  year         = {2011},
}

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Capital Flows to Russia, Ukraine, and Belarus: Does "Hot" Money Respond Differently to Macroeconomic Shocks?

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Evidence weight

0.26

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.00 × 0.4 = 0.00
M · momentum0.20 × 0.15 = 0.03
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.