| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17396 |
| 来源ID | Working Paper 17396 |
| Sovereigns, Upstream Capital Flows, and Global Imbalances | |
| Laura Alfaro; Sebnem Kalemli-Ozcan; Vadym Volosovych | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We construct measures of net private and public capital flows for a large cross-section of developing countries considering both creditor and debtor side of the international debt transactions. Using these measures, we demonstrate that sovereign-to-sovereign transactions account for upstream capital flows and global imbalances. Specifically, we find that i) international net private capital flows (inflows minus outflows of private capital) are positively correlated with countries' productivity growth, ii) net sovereign debt flows (government borrowing minus reserves) are negatively correlated with growth only if net public debt is financed by another sovereign, iii) net public debt financed by private creditors is positively correlated with growth, iv) public savings are strongly positively correlated with growth, whereas correlation between private savings and growth is flat and statistically insignificant. These empirical facts contradict the conventional wisdom and constitute a challenge for the existing theories on upstream capital flows and global imbalances. |
| 主题 | International Economics ; International Factor Mobility ; International Macroeconomics ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w17396 |
| 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/575070 |
| 推荐引用方式 GB/T 7714 | Laura Alfaro,Sebnem Kalemli-Ozcan,Vadym Volosovych. Sovereigns, Upstream Capital Flows, and Global Imbalances. 2011. |
| 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 | ||
| w17396.pdf（489KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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