G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10502
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
URLhttps://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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