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来源类型Working Paper
规范类型报告
DOI10.3386/w24286
来源IDWorking Paper 24286
International Capital Flow Pressures
Linda S. Goldberg; Signe Krogstrup
发表日期2018-02-05
出版年2018
语种英语
摘要Pressures on currencies manifest in exchange rate adjustments and international capital flows, and can also be offset by policy responses. This paper presents a theory-based measure of capital flow pressures, a new Exchange Market Pressure index, which combines pressures observed in exchange rate adjustments, official foreign exchange intervention and monetary policy changes. We use the index to identify so called safe-haven and risk-on status currencies and investigate the drivers of this status, showing the importance of country net foreign asset positions, size, and capital account openness. We also re-assess the contribution of the global financial factor in international capital flow pressures. The global factor explains a larger share of pressures on currencies measured using the EMP compared with using capital flow quantities. However, this global factor share is strongly dominated by idiosyncratic variation and only episodically large.
主题International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions
URLhttps://www.nber.org/papers/w24286
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/581958
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GB/T 7714
Linda S. Goldberg,Signe Krogstrup. International Capital Flow Pressures. 2018.
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