| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP13819
|
| DP13819 A Model of Fickle Capital Flows and Retrenchment |
| Ricardo Caballero; Alp Simsek
|
| 发表日期 | 2019-06-22
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | We develop a model of gross capital flows and analyze their role in global financial stability. In our model, consistent with the data, when a country experiences asset fire sales, foreign investments exit (fickleness) while domestic investments abroad return home (retrenchment). When countries have symmetric expected returns and financial development, the benefits of retrenchment dominate the costs of fickleness and gross flows increase fire-sale prices. Fickleness, however, creates a coordination problem since it encourages local policymakers to restrict capital inflows. When countries are asymmetric, capital flows are driven by additional mechanisms, reach-for-safety and reach-for-yield, that can destabilize the receiving country. |
| 主题 | Financial Economics
; International Macroeconomics and Finance
|
| 关键词 | Gross capital flows
Global liquidity
Fickleness
Retrenchment
Asset fire sales
Capital controls
Policy coordination
Scarcity of safe assets
Reach-for-safety
Reach-for-yield
|
| URL | https://cepr.org/publications/dp13819-0
|
| 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/542693
|
推荐引用方式
GB/T 7714 |
Ricardo Caballero,Alp Simsek. DP13819 A Model of Fickle Capital Flows and Retrenchment. 2019.
|
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