| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w7364
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| 来源ID | Working Paper 7364
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| Short-Term Capital Flows |
| Dani Rodrik; Andres Velasco
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| 发表日期 | 1999-09-01
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| 出版年 | 1999
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| 语种 | 英语
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| 摘要 | We provide a conceptual and empirical framework for evaluating the effects of short-term capital flows. A simple model of the joint determination of the maturity and cost of external borrowing highlights the role played by self-fulfilling crises. The model also specifies the circumstances under which short-term debt accumulation is socially excessive. The empirical analysis shows that the short-term debt to reserves ratio is a robust predictor of financial crises, and that greater short-term exposure is associated with more severe crises when capital flows reverse. Higher levels of M2/GDP and per-capita income are associated with shorter-term maturities of external debt. The level of international trade does not seem to have any relationship with levels of short-term indebtedness, which suggests that trade credit plays an insignificant role in driving short-term capital flows. Our policy analysis focuses on ways in which potential illiquidity can be avoided. |
| 主题 | International Economics
; International Finance
; International Macroeconomics
|
| URL | https://www.nber.org/papers/w7364
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564902
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推荐引用方式
GB/T 7714 |
Dani Rodrik,Andres Velasco. Short-Term Capital Flows. 1999.
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文件名：
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w7364.pdf
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格式：
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Adobe PDF
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