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Southern Engines of Global Growth$
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Amelia U. Santos-Paulino and Guanghua Wan

Print publication date: 2010

Print ISBN-13: 9780199580606

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199580606.001.0001

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The Liberalization of Capital Outflows in China, India, Brazil, and South Africa: What Opportunities for Other Developing Countries?

The Liberalization of Capital Outflows in China, India, Brazil, and South Africa: What Opportunities for Other Developing Countries?

Chapter:
(p.143) 7 The Liberalization of Capital Outflows in China, India, Brazil, and South Africa: What Opportunities for Other Developing Countries?
Source:
Southern Engines of Global Growth
Author(s):

Ricardo Gottschalk

Cecilia Azevedo Sodré

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199580606.003.0007

This chapter examines the implications of the liberalization of capital outflows in China, India, Brazil, and South Africa (CIBS) for other developing countries. It focuses on their prospects of attracting not only foreign direct investment (FDI), but also portfolio capital flows from CIBS. To inform the discussion, two steps are taken: first, in order to identify the type of capital flows that might come from CIBS, the chapter briefly describes capital account liberalization measures undertaken by CIBS to date and future intended liberalization. Second, it maps geographic distribution of outward FDI and foreign portfolio investment in the recent past, which are taken as possible predictors of future flows. The chapter shows that portfolio investment goes mainly to OECD countries and offshore financial centres, and only a small share to developing countries. But, within developing countries, CIBS' neighbouring countries have shown a greater ability to attract this type of investment, compared with other developing countries.

Keywords:   capital account liberalization, developing countries, direction of capital flows, foreign direct investment, portfolio capital flows, south—south capital flows

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