| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8648 |
| DP8648 Sovereigns, Upstream Capital Flows, and Global Imbalances | |
| Sebnem Kalemli-Ozcan; Vadym Volosovych; Laura Alfaro | |
| 发表日期 | 2011-11-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | The paper presents new stylized facts on the direction of capital flows. We find (i) international capital flows net of government debt and/or official aid are positively correlated with growth; (ii) sovereign debt flows are negatively correlated with growth only if debt is financed by another sovereign; (iii) public savings are robustly positively correlated with growth as opposed to private savings. Sovereign to sovereign transactions can fully account for upstream capital flows and global imbalances. These empirical facts contradict the conventional wisdom and constitute a challenge for existing theories. |
| 主题 | International Macroeconomics |
| 关键词 | Current account Aid/government debt Reserves Puzzles of flows Productivity |
| URL | https://cepr.org/publications/dp8648 |
| 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/537485 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan,Vadym Volosovych,Laura Alfaro. DP8648 Sovereigns, Upstream Capital Flows, and Global Imbalances. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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