| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3366 |
| DP3366 Trade and Industrial Location with Heterogenous Labour | |
| Christopher Pissarides; Mary Amiti | |
| 发表日期 | 2002-05-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | We analyse the impact of financial globalization on asset prices, investment and the possibility of crashes driven by self-fulfilling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level), we show that symmetric liberalization of capital outflows and inflows increases asset prices, investment and income in the emerging market. For intermediate levels of international financial transaction costs, however, we find that pessimistic expectations can be self-fulfilling, leading to a financial crash. The crash is accompanied by capital flight, a drop in income and investment below the financial autarky level and more market incompleteness. We show that emerging markets are more prone to such a financial crash simply because they have a lower income level and not because of the existence of market failures (moral hazard or credit constraints), bad monetary policies or exchange rate regimes. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Financial globalization Emerging markets Financial crises |
| URL | https://cepr.org/publications/dp3366 |
| 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/532390 |
| 推荐引用方式 GB/T 7714 | Christopher Pissarides,Mary Amiti. DP3366 Trade and Industrial Location with Heterogenous Labour. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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