Capital account flows, consumption ratios and the middle‐income trap
The existing literature suggests that it is important to understand the factors that may slow the transition of an economy from middle to high income. Many factors have been suggested as promoting or retarding economic growth, but little attention has been paid to the roles of the capital account an...
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| Published in | Review of development economics Vol. 23; no. 3; pp. 1459 - 1476 |
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| Main Authors | , , |
| Format | Journal Article |
| Language | English |
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Oxford
Blackwell Publishing Ltd
01.08.2019
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| Abstract | The existing literature suggests that it is important to understand the factors that may slow the transition of an economy from middle to high income. Many factors have been suggested as promoting or retarding economic growth, but little attention has been paid to the roles of the capital account and consumption ratio. Using panel regressions involving 48 countries over the 1950–2013 period as well as employing extreme bounds analysis, we find that foreign investment outflows are associated with a mature economy and that there is an optimal consumption ratio that must be surpassed to break out of middle‐income status. These findings are robust to an extreme bounds analysis incorporating a wide range of variables potentially related to growth performance. |
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| AbstractList | The existing literature suggests that it is important to understand the factors that may slow the transition of an economy from middle to high income. Many factors have been suggested as promoting or retarding economic growth, but little attention has been paid to the roles of the capital account and consumption ratio. Using panel regressions involving 48 countries over the 1950–2013 period as well as employing extreme bounds analysis, we find that foreign investment outflows are associated with a mature economy and that there is an optimal consumption ratio that must be surpassed to break out of middle‐income status. These findings are robust to an extreme bounds analysis incorporating a wide range of variables potentially related to growth performance. Abstract The existing literature suggests that it is important to understand the factors that may slow the transition of an economy from middle to high income. Many factors have been suggested as promoting or retarding economic growth, but little attention has been paid to the roles of the capital account and consumption ratio. Using panel regressions involving 48 countries over the 1950–2013 period as well as employing extreme bounds analysis, we find that foreign investment outflows are associated with a mature economy and that there is an optimal consumption ratio that must be surpassed to break out of middle‐income status. These findings are robust to an extreme bounds analysis incorporating a wide range of variables potentially related to growth performance. |
| Author | Anwar, Sajid Alexander, W. Robert J. Zhao, Daping |
| Author_xml | – sequence: 1 givenname: Daping surname: Zhao fullname: Zhao, Daping organization: Shanghai Lixin University of Accounting and Finance – sequence: 2 givenname: Sajid orcidid: 0000-0001-9087-1309 surname: Anwar fullname: Anwar, Sajid email: sanwar@usc.edu.au organization: University of the Sunshine Coast – sequence: 3 givenname: W. Robert J. surname: Alexander fullname: Alexander, W. Robert J. organization: University of the Sunshine Coast |
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| Cites_doi | 10.1016/j.ibusrev.2015.03.008 10.2307/1884513 10.1016/j.japwor.2018.07.001 10.1787/9789264266841-en 10.1162/ASEP_a_00118 10.1111/j.1749-124X.2012.01272.x 10.1177/097491011100300302 10.1016/j.jinteco.2007.02.003 10.1111/j.1467-9957.1954.tb00021.x 10.1080/1540496X.2017.1421939 10.1080/13547860.2016.1270253 10.1142/S1793993315500131 10.1016/j.jimonfin.2017.01.004 10.1057/s41294-016-0014-0 10.1007/s10887-005-4712-0 10.1111/rode.12330 10.1080/13547860.2016.1261448 10.1596/1813-9450-7403 10.1016/j.jimonfin.2011.06.007 10.1080/17538963.2015.1122882 10.1596/978-0-8213-6747-6 10.1080/1540496X.2017.1422430 10.1080/1540496X.2018.1429263 10.1142/9885 10.1162/ADEV_a_00079 10.1016/j.japwor.2014.07.003 10.1016/j.chieco.2017.02.002 10.1355/AE26-1C |
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| Notes | Funding information Research on the Risks and Experiment of RMB Capital Account Liberalization in Shanghai FTA (No.14BJY178). This study is supported by the China National Social Science Fund |
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| SubjectTerms | Capital capital account flows Consumption consumption ratio Economic growth Foreign investment growth slow‐down middle‐income trap |
| Title | Capital account flows, consumption ratios and the middle‐income trap |
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