期刊名称：Quantitative and Qualitative Analysis in Social Sciences
印刷版ISSN：1752-8925
出版年度：2010
卷号：4
期号：1
页码：58-82
出版社：Quantitative and Qualitative Analysis in Social Sciences
摘要：This paper investigates whether US portfolio and direct investment in developing countries are perfectsubstitutes as was found in previous work for total US capital out.ows. We find that they are notperfect substitutes and could have di.erent e.ects. The former is complementary to the latter: themarginal e.ect of a one dollar increase in US direct investment is to increase portfolio investment indeveloping countries by 54 cents. It follows that developing countries capital markets are not globallywell integrated, and/or recent direct and portfolio .ows to developing countries are predominantlyexplained by the same factors
关键词：Direct investment; portfolio investment; developing countries
