Prasad, Eswar S.; Rajan, Raghuram G.; Subramanian, Arvind - 2021
We document the recent phenomenon of uphill flows of capital from nonindustrial to industrial countries and analyze … whether this pattern of capital flows has hurt growth in nonindustrial economies that export capital. Surprisingly, we find … that a reduced reliance on foreign capital is associated with higher growth. This result is weaker when we use panel data …