| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8750 |
| DP8750 International Capital Flows with Limited Commitment and Incomplete Markets | |
| Jurgen von Hagen; Haiping Zhang | |
| 发表日期 | 2012 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Recent literature has proposed two alternative types of financial frictions, i.e., limited commitment and incomplete markets, to explain the patterns of international capital flows between developed and developing countries observed in the past two decades. This paper integrates both types of frictions into a two-country overlapping-generations framework to facilitate a direct comparison of their effects. In our model, limited commitment distorts the investment made by agents with different productivity, which creates a wedge between the interest rates on equity capital vs. credit capital; while incomplete markets distort the investment among projects with different riskiness, which creates a wedge between the risk-free rate and the mean rate of return to risky capital. We show that the two approaches are observationally equivalent with respect to their implications for international capital flows, production efficiency, and aggregate output. |
| 主题 | International Macroeconomics |
| 关键词 | Financial development Financial frictions Foreign direct investment International capital flows Limited commitment |
| URL | https://cepr.org/publications/dp8750 |
| 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/537586 |
| 推荐引用方式 GB/T 7714 | Jurgen von Hagen,Haiping Zhang. DP8750 International Capital Flows with Limited Commitment and Incomplete Markets. 2012. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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