Research On The Impact Of Sudden Changes In International Capital On Economic Growth In Emerging Economies

The so-called sudden change of international capital mainly refers to the rapid and large-scale change of international capital,capital flow changes in a short time and has high volatility.After the Asian financial crisis in 1997,the study of sudden changes in international capital began to attract more scholars’ attention.At the moment when international capital fluctuates violently,financial crises frequently break out,and the instability of macro-economy and the fragility of financial system are causing the monetary authorities to attach great importance to sudden changes in capital.Therefore,an in-depth understanding of the characteristics of sudden changes in international capital and its impact on economic growth can provide a basis for countries to respond to external shocks,stabilize domestic economic development and avoid financial turmoil,which is of great practical significance.This paper,by using the global 44 in the first quarter to emerging economies in 2004 in the fourth quarter of 2018 multinational panel quarterly data,for nearly 15 years carried out a statistical analysis on the trend of international capital flow,the classified method of using the latest international capital sudden changes,to sample countries capital surges,interrupt,flight and withdraw time and times were studied.Then the dynamic panel differential GMM method is used to study the impact of sudden changes in international capital on economic growth in emerging economies.The regression results of the samples show that the surge of capital flow and flight significantly promote the rapid economic growth,the interruption of capital flow obviously hindering the steady economic development,and the withdrawal of capital flow has no significant impact on economic growth.According to the research conclusion,sudden changes in the international capital in emerging economies,on the basis of management experience,this paper puts forward our country should perfect the transformation and upgrading of economic and financial market construction,vigorously strengthen the monitoring and control of cross-border capital flows,macro-prudential policy implementation and the combination of capital controls,a variety of policy instruments to achieve a variety of policy coordination and related policy Suggestions.