Portfolio capital flows : hot or cold?

@article{Claessens1995PortfolioCF,
  title={Portfolio capital flows : hot or cold?},
  author={S. Claessens and M. Dooley and Andrew M. Warner},
  journal={The World Bank Economic Review},
  year={1995},
  volume={9},
  pages={153-174}
}
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 the labels "short-term" and "long-term" do not provide any information about the time-series properties of the flow. In particular, long-term flows are often as volatile as short-term flows, and the time… Expand
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