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来源类型Working Paper
规范类型报告
DOI10.3386/w23116
来源IDWorking 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
URLhttps://www.nber.org/papers/w23116
来源智库National Bureau of Economic Research (United States)
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资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/580790
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GB/T 7714
Stefan Avdjiev,Bryan Hardy,Ṣebnem Kalemli-Özcan,et al. Gross Capital Flows by Banks, Corporates and Sovereigns. 2017.
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