| 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 study empirically and theoretically the effects of international capital flows on resource allocation. Using the universe of firms in Hungary, we show that financial openness triggers input-cost and consumption channels, with the latter dominant and reallocating resources toward high expenditure elasticity activities in the short run. A multi-sector heterogeneous firm trade model replicates these dynamics. In the long-run, the model predicts that resources will shift towards manufacturing exports to service debt. Owing to endogenous terms of trade dynamics, countries face a trade-off between the speed of convergence and their long-run capital stock; thus, financial openness can lead to welfare losses. |
| 主题 | International Macroeconomics and Finance ; Macroeconomics and Growth |
| 关键词 | Firm dynamics Financial liberalization Reallocation Capital flows Welfare Non homothetic preferences |
| URL | https://cepr.org/publications/dp14893-0 |
| 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/543833 |
| 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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