| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7026 |
| DP7026 The Strategic Determinants of U.S. Human Rights Reporting: Evidence from the Cold War | |
| Nancy Qian; David Yanagizawa-Drott | |
| 发表日期 | 2008-10-24 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | We develop a new theory of international capital flows based on dispersed information across individual investors. There is extensive evidence of information heterogeneity within and across countries, which has proven critical to understanding asset price behavior. We introduce information dispersion into an open economy dynamic general equilibrium portfolio choice model, and emphasize two implications for capital flows that are specific to the presence of dispersed information. First, gross and net capital flows become partially disconnected from publicly observed fundamentals. Second, capital flows (particularly gross flows) contain information about future fundamentals, even after controlling for current fundamentals. We find that these implications are quantitatively significant and consistent with data for industrialized countries. |
| 主题 | International Macroeconomics |
| 关键词 | Information dispersion International capital flows |
| URL | https://cepr.org/publications/dp7026 |
| 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/535863 |
| 推荐引用方式 GB/T 7714 | Nancy Qian,David Yanagizawa-Drott. DP7026 The Strategic Determinants of U.S. Human Rights Reporting: Evidence from the Cold War. 2008. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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