| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9174 |
| DP9174 Financial Reforms and Capital Flows: Insights from General Equilibrium | |
| Jaume Ventura; Alberto Martin | |
| 发表日期 | 2012-10-14 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | As a result of debt enforcement problems, many high-productivity firms in emerging economies are unable to pledge enough future profits to their creditors and this constrains the financing they can raise. Many have argued that, by relaxing these credit constraints, reforms that strengthen enforcement institutions would increase capital flows to emerging economies. This argument is based on a partial equilibrium intuition though, which does not take into account the origin of any additional resources that flow to high-productivity firms after the reforms. We show that some of these resources do not come from abroad, but instead from domestic low-productivity firms that are driven out of business as a result of the reforms. Indeed, the resources released by these low-productivity firms could exceed those absorbed by high-productivity ones so that capital flows to emerging economies might actually decrease following successful reforms. This result provides a new perspective on some recent patterns of capital flows in industrial and emerging economies. |
| 主题 | Financial Economics ; International Macroeconomics |
| 关键词 | Capital flows Economic growth Financial globalization Financial reforms Productivity |
| URL | https://cepr.org/publications/dp9174 |
| 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/538009 |
| 推荐引用方式 GB/T 7714 | Jaume Ventura,Alberto Martin. DP9174 Financial Reforms and Capital Flows: Insights from General Equilibrium. 2012. |
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