@techreport{NBERw11696,
 title = "Capital Flows in a Globalized World: The Role of Policies and Institutions",
 author = "Laura Alfaro and Sebnem Kalemli-Ozcan and Vadym Volosovych",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "11696",
 year = "2005",
 month = "October",
 URL = "http://www.nber.org/papers/w11696",
 abstract = {We describe the patterns of international capital flows in the period 1970 - 2000. We then examine the determinants of capital flows and capital flows volatility during this period. We find that institutional quality is an important determinant of capital flows. Historical determinants of current legal institutions have a direct effect on foreign investments. Policy plays a significant role in explaining the changes in the level of capital flows over time and their volatility.},
}