Foreign Capital, Savings and Growth : An International Cross-Section Study

I / Introduction -- II / Foreign Capital, Savings and Growth: Some Descriptive Indicators -- 1. Trends, Patterns and Sources of Different Types of Foreign Capital Inflows -- 2. Summary Statistics of Sample Data on Growth, Savings, Income and Capital Inflows -- 3. Some Further Interpretations -- III / Foreign Capital and Growth -- 1. Review of Some of the Recent Empirical Studies -- 2. The Model -- 3. The Empirical Results -- 4. Further Analysis of Group Estimates -- IV / Foreign Capital and Savings -- 1. Review of the Selected Literature -- 2. The Model -- 3. The Results -- 4. Results for Income and Geographical Groups -- V / Foreign Capital, Growth and Savings: Implications of a Simultaneous Equations Approach -- 1. Review of Bacha and Papanek Studies -- 2. Implications of Simultaneity -- VI / Foreign Capital, Growth and Savings: A Simultaneous Equations Model -- 1. The Model -- 2. A Brief Discussion of the Structural Equations -- 3. The Estimates -- 4. Comparison with the 1960s -- VII / The Multiplier Analysis -- 1. Reduced Forms and the Elasticity Multipliers -- 2. Direct Versus Total Effects of Capital Inflows -- 3. Importance of Capital Inflows Relative to That of Other Factors -- 4. Some Other Implications of the Elasticity Multipliers -- 5. Comparison of the 1960s with the 1970s -- VIII / Stability Analysis -- 1. An Outline of the Test Procedure -- 2. The Stability of the Savings Rate Equation -- 3. The Stability of the Growth Rate Equation -- IX / Aggregation and Predictions -- 1. The Savings Rate Predictions -- 2. The Growth Rate Predictions -- 3. Some Comments on the Classification of Countries as ‘Overachievers’ and ‘Underachieves’ -- X / Conclusions -- 1. A Brief Summary of the Methodology -- 2. Summary of the Major Findings and Some Policy Implications -- 3. Suggestions for Further Research -- Appendix A / The Sample -- Appendix B / The Sources of Data and the Definition of the Variables Used -- Appendix C / The Reduced Form Equations and Elasticity Multiplier Tables.