FDI is also more desirable as it is much less sensitive to global push factors, such as global risk aversion or monetary policy in major economies. The evidence for positive growth effects of FDI in the 8/9  BIS central bankers' speeches  literature is much more robust than for portfolio flows. 24 See Cœuré, B. (2016, op. cit.) and the references given there.
25 See IMF (2012), “The Liberalization and Management of Capital Flows: An Institutional View.”, International  Monetary Fund; Ostry, J., Ghosh, A., Habermeier, K., Laeven, L., Chamon, M., Qureshi, M., and Kokenyne, A. (2011), “Managing Capital Inflows: What Tools to Use?”, IMF Staff Discussion Note, April 5, SDN/11/06.