| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10502 |
| DP10502 Cheap but flighty: how global imbalances create financial fragility | |
| Enrico Perotti; Toni Ahnert | |
| 发表日期 | 2015-03-22 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Can a wealth shift to emerging countries explain instability in developed countries? Investors exposed to political risk seek safety in countries with better property right protection. This induces private intermediaries to offer safety via inexpensive demandable debt, and increases lending into marginal projects. Because safety conscious foreigners escape any risk by running also in some good states, cheap foreign funding leads to larger and more frequent runs. Beyond some scale, foreign runs also induce domestic runs in order to avoid dilution. When excess liquidation causes social losses, a domestic planner may limit the scale of foreign inflows or credit volume. |
| 主题 | Financial Economics |
| 关键词 | Capital flows Unstable funding Safe haven Absolute safety |
| URL | https://cepr.org/publications/dp10502 |
| 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/539333 |
| 推荐引用方式 GB/T 7714 | Enrico Perotti,Toni Ahnert. DP10502 Cheap but flighty: how global imbalances create financial fragility. 2015. |
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