TY - BOOK ID - 84542264 TI - The composition of capital flows : is South Africa different? AU - Faisal Ahmed. AU - Arezki, Rabah. AU - Funke, Norbert. AU - International Monetary Fund. PY - 2005 SN - 1462358926 1452778426 1282109677 9786613802569 1451905955 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Capital movements -- South Africa. KW - Electronic books. -- local. KW - Free trade -- South Africa. KW - South Africa -- Commercial policy. KW - South Africa -- Economic conditions -- 21st century. KW - South Africa -- Economic policy. KW - South Africa -- Foreign economic relations. KW - Exports and Imports KW - Finance: General KW - Foreign Exchange KW - International Investment KW - Long-term Capital Movements KW - General Financial Markets: General (includes Measurement and Data) KW - Finance KW - International economics KW - Currency KW - Foreign exchange KW - Foreign direct investment KW - Capital flows KW - Emerging and frontier financial markets KW - Exchange rates KW - Capital inflows KW - Capital movements KW - Investments, Foreign KW - Financial services industry KW - South Africa KW - Free trade KW - Economic conditions KW - Foreign economic relations. KW - Commercial policy. KW - Economic policy. UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542264 AB - Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable amounts of portfolio inflows. In this context, the objective of the paper is twofold: to identify the determinants of the level and composition of capital flows to emerging markets and to draw policy conclusions for South Africa. We estimate a dynamic panel for up to 81 emerging markets using GMM (Generalized Method of Moments) techniques. The results suggest that further trade and capital control liberalization would increase the share of FDI. Additionally, a reduction in exchange rate volatility would affect the composition of capital flows in favor of FDI. ER -