全球智库信息集成服务系统(G2TT): International Capital Flows under Dispersed Information: Theory and Evidence

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w14390
来源ID	Working Paper 14390
	International Capital Flows under Dispersed Information: Theory and Evidence
	Cédric Tille; Eric van Wincoop
发表日期	2008-10-02
出版年	2008
语种	英语
摘要	We develop a new theory of international capital flows based on dispersed information across individual investors. There is extensive evidence of information heterogeneity within and across countries, which has proven critical to understanding asset price behavior. We introduce information dispersion into an open economy dynamic general equilibrium portfolio choice model, and emphasize two implications for capital flows that are specific to the presence of dispersed information. First, gross and net capital flows become partially disconnected from publicly observed fundamentals. Second, capital flows (particularly gross flows) contain information about future fundamentals, even after controlling for current fundamentals. We find that these implications are quantitatively significant and consistent with data for industrialized countries.
主题	International Economics ; International Finance ; International Macroeconomics
URL	https://www.nber.org/papers/w14390
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/572065
推荐引用方式 GB/T 7714	Cédric Tille,Eric van Wincoop. International Capital Flows under Dispersed Information: Theory and Evidence. 2008.

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
w14390.pdf（379KB）	智库出版物		限制开放	CC BY-NC-SA	浏览