| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP9957 |
| DP9957 International Capital Flows and the Boom-Bust Cycle in Spain | |
| Robert Kollmann; Werner Roeger; Jan in t Veld; Marco Ratto; Beatrice Pataracchia | |
| 发表日期 | 2014-05-04 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We study the joint dynamics of foreign capital flows and real activity during the recent boom-bust cycle of the Spanish economy, using a three-country New Keynesian model with credit constrained households and firms, a construction sector and a government. We estimate the model using 1995Q1-2013Q2 data for Spain, the rest of the Euro Area (REA) and the rest of the world. We show that falling risk premia on Spanish housing and non-residential capital, a loosening of collateral constraints for Spanish households and firms, as well as a fall in the interest rate spread between Spain and the REA fuelled the Spanish output boom and the persistent rise in foreign capital flows to Spain, before the global financial crisis. During and after the global financial crisis, falling house prices, and a tightening of collateral constraints for Spanish borrowers contributed to a sharp reduction in capital inflows, and to the persistent slump in Spanish real activity. The credit crunch was especially pronounced for Spanish households; firm credit constraints tightened later and more gradually, and contributed much less to the slump. |
| 主题 | International Macroeconomics |
| 关键词 | Boom-bust cycle European monetary union Financial frictions Housing market International capital flows Spain Sudden stop |
| URL | https://cepr.org/publications/dp9957 |
| 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/538790 |
| 推荐引用方式 GB/T 7714 | Robert Kollmann,Werner Roeger,Jan in t Veld,et al. DP9957 International Capital Flows and the Boom-Bust Cycle in Spain. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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