| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10926 |
| DP10926 The second wave of global liquidity: Why are firms acting like financial intermediaries? | |
| Andrew Powell; Ugo Panizza; Julián Caballero | |
| 发表日期 | 2015-11-08 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Recent work suggests that non-financial firms have acted like financial intermediaries particularly in emerging economies. We corroborate these findings but then ask why? Our results indicate evidence for carry-trade activities but focused in countries with higher levels of capital controls, particular controls on inflows. We find little evidence for such activities given other potential motives. We posit that this phenomenon is due more to the reaction to low global interest rates and strong capital inflows than to incomplete markets or the retreat of global banks due to impaired balance-sheets or tighter regulations. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Bond issuance Capital controls Carry-trade Corporate finance Currency mismatches |
| URL | https://cepr.org/publications/dp10926 |
| 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/539756 |
| 推荐引用方式 GB/T 7714 | Andrew Powell,Ugo Panizza,Julián Caballero. DP10926 The second wave of global liquidity: Why are firms acting like financial intermediaries?. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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