G2TT
来源类型Discussion paper
规范类型论文
来源IDDP13819
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
URLhttps://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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