| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6993 |
| DP6993 Voting on Parametric Reforms of the Pay-As-You-Go Pension System | |
| Georges Casamatta; João Luis Brasil Gondim | |
| 发表日期 | 2008-10-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | This paper uses a large panel of financial flow data from banks to assess how institutions affect international lending. First, employing a time varying composite institutional quality index in a fixed-effects framework, the paper shows that institutional improvements are followed by significant increases in international finance. Second, cross-sectional models also show a strong effect of initial levels of institutional quality on future bank lending. Third, instrumental variable estimates further show that the historically predetermined component of institutional development is also a significant correlate of international bank inflows. The results thus suggest that institutional underdeveloped can explain a significant part of Lucas (1990) paradox of why doesn?t capital flow from rich to poor countries. The analysis also does a first-step towards understanding which exactly institutional features affect international banking. |
| 主题 | International Macroeconomics |
| 关键词 | Capital flows Institutions Law and finance Politics Banks International finance |
| URL | https://cepr.org/publications/dp6993 |
| 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/535848 |
| 推荐引用方式 GB/T 7714 | Georges Casamatta,João Luis Brasil Gondim. DP6993 Voting on Parametric Reforms of the Pay-As-You-Go Pension System. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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