| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23116 |
| 来源ID | Working Paper 23116 |
| Gross Capital Flows by Banks, Corporates and Sovereigns | |
| Stefan Avdjiev; Bryan Hardy; Ṣebnem Kalemli-Özcan; Luis Servén | |
| 发表日期 | 2017-01-30 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | We construct a new quarterly data set of international capital flows broken down by sector: banks, corporates and sovereigns. Using our novel data set, we establish several key facts that demonstrate the importance of distinguishing in- and outflows by the domestic sectoral identity. We find that public sector flows may serve as a countervailing force to private sector flows, especially in emerging markets (EMs), as these flows respond differently not only to country-specific fundamentals but also to global shocks. The high inflow-outflow correlation observed in total capital flow data is driven by within-sector flows, especially those of AE banks. In general, inflows and outflows of AEs and inflows to EMs are primarily AE banks’ transactions, and, as a consequence, respond similarly to capital flow drivers. By contrast, EM outflows respond differently to global shocks and changes in fundamentals, leading to lower inflow-outflows correlations for EMs. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w23116 |
| 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/580790 |
| 推荐引用方式 GB/T 7714 | Stefan Avdjiev,Bryan Hardy,Ṣebnem Kalemli-Özcan,et al. Gross Capital Flows by Banks, Corporates and Sovereigns. 2017. |
| 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 | ||
| w23116.pdf（1356KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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