| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14893 |
| DP14893 The Micro and Macro Dynamics of Capital Flows | |
| Felipe Saffie; Liliana Varela; Kei-Mu Yi | |
| 发表日期 | 2020-06-14 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We empirically and theoretically study the effects of capital flows on resource allocation within sectors and cross-sectors. Novel data on service firms - in addition to manufacturing firms - allows us to assess two channels of resource reallocation. Capital inflows lower the relative price of capital, which promotes capital-intensive industries - an input-cost channel. Second, capital inflows increase aggregate consumption, which tilts the demand towards goods with high income elasticities - a consumption channel. We provide evidence for these two channels using firm-level census data from the financial liberalization in Hungary, a policy reform that led to capital inflows. We show that firms in capital-intensive industries expand, as do firms in industries producing goods with high income elasticities. In the short-term, the consumption channel dominates and resources reallocate towards high income elasticity activities, such as services. We build a dynamic, multi-sector, heterogeneous firm model of an economy transitioning to its steady-state. We simulate a capital account liberalization and show that the model can rationalize our empirical findings. We then use the model to assess the permanent effects of capital flows and show that the long-term allocation of resources and, thus, aggregate productivity depend on degree of long-term financial openness of the economy. Larger liberalizations trigger long-run debt pushing the country to a permanent trade surplus. This tilts long-run production towards manufacturing exporters, which also increases aggregate productivity |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Firm dynamics Financial liberalization Reallocation Capital flows Non-homothetic preferences |
| URL | https://cepr.org/publications/dp14893 |
| 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/543832 |
| 推荐引用方式 GB/T 7714 | Felipe Saffie,Liliana Varela,Kei-Mu Yi. DP14893 The Micro and Macro Dynamics of Capital Flows. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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