| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27371 |
| 来源ID | Working Paper 27371 |
| The Micro and Macro Dynamics of Capital Flows | |
| Felipe Saffie; Liliana Varela; Kei-Mu Yi | |
| 发表日期 | 2020-06-15 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We study empirically and theoretically the effects of international capital flows on resource allocation. Using the universe of firms in Hungary, we show that financial openness triggers input-cost and consumption channels, with the latter dominant and reallocating resources toward high expenditure elasticity activities in the short-run. A multi-sector heterogeneous firm trade model replicates these dynamics. In the long-run, the model predicts that resources will shift towards manufacturing exports to service debt. Owing to endogenous terms of trade dynamics, countries face a trade-off between the speed of convergence and their long-run capital stock; thus, financial openness can lead to welfare losses. |
| 主题 | International Economics ; Trade ; International Macroeconomics ; Globalization and International Relations |
| URL | https://www.nber.org/papers/w27371 |
| 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/585042 |
| 推荐引用方式 GB/T 7714 | Felipe Saffie,Liliana Varela,Kei-Mu Yi. The Micro and Macro Dynamics of Capital Flows. 2020. |
| 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 | ||
| w27371.pdf（1608KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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