| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP7664
|
| DP7664 Composition of International Capital Flows: A Survey |
| Assaf Razin; Korolai Kirabaeva
|
| 发表日期 | 2010-01-24
|
| 出版年 | 2010
|
| 语种 | 英语
|
| 摘要 | In this survey, we focus on key mechanisms through which liquidity and financial shocks affect major types of capital flows. We focus on a few models that examine the role of asymmetric information, liquidity preferences, limited enforcement, and incomplete markets on the composition of capital flows. We show that the information asymmetry between foreign and domestic investors leads to inefficient investment allocation and borrowing in a country that finances its domestic investment through foreign debt or foreign equity. In the presence of asymmetric information between sellers and buyers in the capital market, foreign direct investment is associated with higher liquidation costs due to the adverse selection. The exposure to liquidity shocks can explain the composition of equity flows (FDI vs. FPI) between developed and emerging countries, as well as FDI flow patterns during financial crisis. In each section we also discuss the empirical relevance of the models in view of the empirical evidence. |
| 主题 | International Macroeconomics
|
| 关键词 | Asymmetric information
Capital flows
Liquidity crisis
|
| URL | https://cepr.org/publications/dp7664
|
| 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/536501
|
推荐引用方式
GB/T 7714 |
Assaf Razin,Korolai Kirabaeva. DP7664 Composition of International Capital Flows: A Survey. 2010.
|
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
