| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13491
|
| DP13491 Gravity, Counterparties, and Foreign Investment |
| Chihiro Shimizu
|
| 发表日期 | 2019-01-26
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Gravity models excel at explaining international trade and investment flows; their success poses a continuing puzzle. In a comprehensive dataset of global commercial real-estate investments, we find that the role of distance in the gravity model is well-explained by preferential matching between counterparties of the same nationality. This tendency for same-country matching is widespread, robust, and increases in poorly-governed locations. We structurally estimate an equilibrium matching model with a friction affecting different-nationality transactions. The model explains the persistent success of gravity using a combination of this friction and the spatial distribution of same-nationality counterparties, which is well-predicted by current and historical linguistic, cultural, and trade links between countries. |
| 主题 | Financial Economics
; International Macroeconomics and Finance
; International Trade and Regional Economics
|
| 关键词 | Gravity
Foreign investment
Commercial real estate
Trust
Matching
Cross-border flows
|
| URL | https://cepr.org/publications/dp13491
|
| 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/542307
|
推荐引用方式
GB/T 7714 |
Chihiro Shimizu. DP13491 Gravity, Counterparties, and Foreign Investment. 2019.
|
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