| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11806 |
| DP11806 Gross Capital Inflows to Banks, Corporates and Sovereigns | |
| Sebnem Kalemli-Ozcan; Luis Servén; Stefan Avdjiev; Bryan Hardy | |
| 发表日期 | 2017-01-25 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We construct a new dataset of quarterly capital flows by sector and establish four facts. First, the co-movement of capital inflows and outflows is driven by banks. Second, procyclicality of capital inflows is driven by banks and corporates, whereas sovereigns’ external liabilities move acyclically in advanced and countercyclically in emerging countries. Third, procyclicality of capital outflows is driven by advanced countries’ banks and emerging countries’ sovereigns (reserves). Fourth, capital inflows and outflows decline for banks and corporates, when global risk aversion (VIX) increases, whereas sovereigns’ flows show no response. These facts are inconsistent with a large class of theoretical models. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Quarterly capital flows Business cycles External corporate and bank debt Sovereign debt Vix Systemic risk Emerging markets |
| URL | https://cepr.org/publications/dp11806-0 |
| 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/540619 |
| 推荐引用方式 GB/T 7714 | Sebnem Kalemli-Ozcan,Luis Servén,Stefan Avdjiev,et al. DP11806 Gross Capital Inflows to Banks, Corporates and Sovereigns. 2017. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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