Integracja podejścia makroekonomicznego i portfelowego w analizie czynników determinujących przepływy kapitału międzynarodowego
Integrated macro-economic and portfolio approach in the analysis of the international capital flows determinants

Summary/Abstract: The article attempts to systematize potential determinants of international capital flows analyzed in the literature of international finance. The authors recognize that the determinants of capital movements can be determined based on the combined theories of open economy macroeconomic analysis and portfolio theory of capital markets. In the first approach the external and internal factors (push and pull) determining capital flows are the subject of analysis. In the light of the second the flows are determined in the first measure by risk and profitability of assets. The method proposed in the article involves therefore the role of internal and external factors of capital flows assigned to categories derived directly from the theory of portfolio, ie.: profitability, risk, availability of capital and investment.

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