全球智库信息集成服务系统(G2TT): Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w8187
来源ID	Working Paper 8187
	Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises
	Shang-Jin Wei; Yi Wu
发表日期	2001-03-01
出版年	2001
语种	英语
摘要	Crony capitalism and self-fulfilling expectations by international creditors are often suggested as two rival explanations for currency crisis. This paper examines a possible linkage between the two that has not been explored much in the literature: corruption may affect a country's composition of capital inflows in a way that makes it more likely to experience a currency crisis that is triggered/aided by a sudden reversal of international capital flows. We find robust evidence that poor public governance is associated with a higher loan-to-FDI ratio. Such a composition of capital flows has been identified as being associated with a higher incidence of a currency crisis. We also find some weaker evidence that poor public governance is associated with a country's inability to borrow internationally in its own currency. The latter is also associated with a higher incidence of a currency crisis. To sum up, even though crony capitalism does not forecast the timing of a crisis, it can nevertheless increase its likelihood. This paper illustrates a particular channel through which this can happen.
主题	International Economics ; International Factor Mobility
URL	https://www.nber.org/papers/w8187
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/565783
推荐引用方式 GB/T 7714	Shang-Jin Wei,Yi Wu. Negative Alchemy? Corruption, Composition of Capital Flows, and Currency Crises. 2001.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w8187.pdf（323KB）	智库出版物		限制开放	CC BY-NC-SA	浏览