| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8496 |
| DP8496 Capital Flows, Push versus Pull Factors and the Global Financial Crisis | |
| Marcel Fratzscher | |
| 发表日期 | 2011-07-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The causes of the 2008 collapse and subsequent surge in global capital flows remain an open and highly controversial issue. Employing a factor model coupled with a dataset of high-frequency portfolio capital flows to 50 economies, the paper finds that common shocks--key crisis events as well as changes to global liquidity and risk--have exerted a large effect on capital flows both in the crisis and in the recovery. However, these effects have been highly heterogeneous across countries, with a large part of this heterogeneity being explained by differences in the quality of domestic institutions, country risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common factors ('push' factors) were overall the main drivers of capital flows during the crisis, while country-specific determinants ('pull' factors) have been dominant in accounting for the dynamics of global capital flows in 2009 and 2010, in particular for emerging markets. |
| 主题 | International Macroeconomics |
| 关键词 | Advanced economies Capital flows Common shocks Emerging markets Factor model Liquidity Pull factors Push factors Risk |
| URL | https://cepr.org/publications/dp8496 |
| 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/537333 |
| 推荐引用方式 GB/T 7714 | Marcel Fratzscher. DP8496 Capital Flows, Push versus Pull Factors and the Global Financial Crisis. 2011. |
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