| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8366 |
| 来源ID | Working Paper 8366 |
| Long-Term Capital Movements | |
| Philip R. Lane; Gian Milesi-Ferretti | |
| 发表日期 | 2001-07-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals--shifts in relative output levels, the stock of public debt and demographic factors--can do much to explain the evolution of net foreign asset positions. In addition, we highlight that external wealth' plays a critical role in determining the behavior of the trade balance, both through shifts in the desired net foreign asset position and the investment returns generated on the outstanding stock of net foreign assets. Finally, we provide some evidence that a portfolio balance effect exists: real interest rate differentials are inversely related to net foreign asset positions. |
| 主题 | International Economics ; International Factor Mobility ; International Finance |
| URL | https://www.nber.org/papers/w8366 |
| 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/565968 |
| 推荐引用方式 GB/T 7714 | Philip R. Lane,Gian Milesi-Ferretti. Long-Term Capital Movements. 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 | ||
| w8366.pdf（548KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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