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Why are Capital Flows so Much More Volatile in Emerging Than in Developed Countries?
The standard deviations of capital flows to emerging countries are 80 percent higher than those to developed countries, according to the author. Results suggest that underdevelopment of domestic financial markets, weak institutions, and low income per capita, are all associated with capital flow volatility.
Geography
Link
http://www.econ.upf.edu/docs/papers/downloads/862.pdf