| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3036 |
| DP3036 Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem? | |
| Paul De Grauwe; Tomasz Piskorski | |
| 发表日期 | 2001-11-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | How do countries hold their financial wealth? We construct a new database of countries' claims on capital located at home and abroad, and international borrowing and lending, covering 68 countries from 1966-97. We find that a small amount of capital flows from rich countries to poor countries. Countries' foreign asset positions are remarkably persistent, and mostly take the form of foreign loans rather than foreign equity. To interpret these facts, we build a simple model of international capital flows that highlights the interplay between diminishing returns, production risk and sovereign risk. We show that in the presence of reasonable diminishing returns and production risk, the probability that international crises occur twice a century is enough to generate a set of country portfolios that are roughly consistent with the data. |
| 主题 | International Macroeconomics ; International Trade and Regional Economics |
| 关键词 | International capital flows Sovereigned risk Country portfolios |
| URL | https://cepr.org/publications/dp3036 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532068 |
| 推荐引用方式 GB/T 7714 | Paul De Grauwe,Tomasz Piskorski. DP3036 Union-wide Aggregates versus National Data Based Monetary Policies: Does it Matter for the Eurosystem?. 2001. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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