Corruption, composition of capital flows, and currency crises (English)

Crony capitalism and international creditors' self-fulfilling expectations are often suggested as rival explanations for currency crises. A possible link between the two has not been explored. The author shows one channel through which crony capitalism can increase the chance of a currency/financial crisis by altering the composition of capital inflows. Using data on bilateral foreign direct investment and bilateral bank loans, the author finds clear...
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Citation

Wei,Shang-Jin.

Corruption, composition of capital flows, and currency crises (English). Policy, Research working paper ; no. WPS 2429 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/800661468766233910

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