| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w27129
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| 来源ID | Working Paper 27129
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| International Equity and Debt Flows: Composition, Crisis, and Controls |
| Chang Ma; Shang-Jin Wei
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| 发表日期 | 2020-05-11
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| 出版年 | 2020
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| 语种 | 英语
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| 摘要 | Standard models of capital flows to emerging market economies focus on debt flows and a pecuniary externality. However, by offering better risk sharing, international equity flows can render such externality unimportant, yet many economies fail to attract equity investment in a large quantity. We propose a theory of endogenous composition of capital flows that highlights two asymmetries. In our model, poor institutional quality leads to an inefficiently low share of equity financing as well as an inefficiently high volume of total inflows. Somewhat surprisingly, a social planner would often impose taxes on both equity and debt inflows. Our story differs in important ways from an alternative narrative focusing on collateral constraint. |
| 主题 | International Economics
; International Finance
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| URL | https://www.nber.org/papers/w27129
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584802
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推荐引用方式
GB/T 7714 |
Chang Ma,Shang-Jin Wei. International Equity and Debt Flows: Composition, Crisis, and Controls. 2020.
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文件名：
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w27129.pdf
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格式：
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Adobe PDF
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