Prasad, Eswar S.; Rajan, Raghuram Govind; Subramanian, … - Forschungsinstitut zur Zukunft der Arbeit <Bonn> - 2007
We document the recent phenomenon of uphill flows of capital from nonindustrial toindustrial countries and analyze … whether this pattern of capital flows has hurt growth innonindustrial economies that export capital. Surprisingly, we find … that there is a positivecorrelation between current account balances and growth among nonindustrial countries,implying that …