Claessens, Stijn; Dooley, Michael P; Warner, Andrew - In: World Bank Economic Review 9 (1995) 1, pp. 153-74
A distinction is often made between short-term and long-term capital flows: the former are deemed unstable hot money and the latter are deemed stable cold money. Using time-series analysis of balance of payments data for five industrial and five developing countries, we find that in most cases...