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首页> 外文期刊>International Journal of Economic Policy Studies >Monetary policy and capital flow implications on economic growth in BRICS countries
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Monetary policy and capital flow implications on economic growth in BRICS countries

机译：货币政策和资本流动对金砖国家经济增长的影响

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Abstract This study investigates monetary policy and capital flow implications on economic growth in emerging economies so-called BRICS countries between 2001 and 2015. The causality results revealed a unidirectional causality from foreign direct investment and broad money to total reserves, real GDP per capita and broad money to total reserves, broad money to total reserves and real interest rates as a percentage, foreign direct investment and commercial bank and another lending, total changes in external debt stock and commercial bank and another lending, foreign direct investments and real interest rates as a percentage, foreign direct investment and domestic credit provided by the financial sector, and domestic credit provided by the financial sector and real GDP per capita. A bidirectional causality holds for domestic credit provided by the financial sector and broad money to total reserves, and real interest rates as a percentage and commercial bank and another lending. The results suggest that policies should include restrictions on capital flows, targeted monetary policy for both money supply and interest rates, an external debt ceiling, broadening financial regulations, and domestic institutional strengthening.
机译：摘要本研究主要探讨货币政策对经济增长和资本流动的影响在新兴经济体中所谓的金砖五国在2001年和2015年之间。从外国显示单向因果关系直接投资和广义货币总量储备,实际人均国内生产总值和广义货币总储量,广义货币储备和总量实际利率的比例,外国直接投资和商业银行和另一个外部债务和贷款,总额变化商业银行和另一个贷款,外国直接投资和实际利率百分比,外国直接投资和国内信贷提供的金融部门,和国内信贷提供的金融部门和实际人均国内生产总值。因果关系适用于国内信贷提供的金融部门和广义货币总量储备和实际利率的比例和商业银行贷款。结果表明,政策应该包括对资本流动的限制,目标货币政策对货币供应量和利率,外部债务上限,拓宽金融规定,境内机构加强。

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