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Cross-Border Portfolio Flows and News Media Coverage
Caporale, Guglielmo Maria - 2020
This paper investigates the dynamic linkages between portfolio flows and various news indices (based on both "positive" and "negative" news headlines collected from Bloomberg), whilst also controlling for a comprehensive set of push and pull factors. The monthly panel examined comprises 49...
Persistent link: https://www.econbiz.de/10012840701
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The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?
Scheubel, Beatrice - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012858195
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Trade costs, trade balances and current accounts : an application of gravity to multilateral trade
Fazio, Giorgio; MacDonald, Ronald; Melitz, Jacques - 2005
In this paper we test the well-known hypothesis of Obstfeld and Rogoff (2000) that trade costs are the key to explaining the so-called Feldstein-Horioka puzzle. Using a gravity framework in an intertemporal context, we provide strong support for the hypothesis and we reconcile our results with...
Persistent link: https://www.econbiz.de/10010261322
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Growing Like Germany: Local Public Debt, Local Bank, Low Private Investment
Hoffmann, Mathias; Stewen, Iryna; Stiefel, Michael - 2021
municipalities crowds out private investment. Our results show how crowding out can happen in a developed economy characterized by … market power to charge higher rates on their SME customers. This crowded out firm investment. Perversely, fiscal … which increasingly borrowed from local public banks. Crowding out lowered aggregate private investment by around 30-40 bio …
Persistent link: https://www.econbiz.de/10013177530
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Elusive Safety : The New Geography of Capital Flows and Risk
Alfaro, Laura - 2020
Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter-mediated by tax havens financial centers (THFC) and by less regulated funds. These securities are risky and respond to tax...
Persistent link: https://www.econbiz.de/10012834993
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Kant-Nash Tax Competition
Eichner, Thomas - 2019
In a two-country economy we analyze how tax competition differs from the standard all-Nashian tax competition, if one or both countries are Kantians in Roemer’s sense. Kantians are shown to choose a higher tax rate than Nashians for any given tax rate of the other country, which indicates that...
Persistent link: https://www.econbiz.de/10012889230
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Net Capital Flows and Portfolio Diversification
Bürgi, Constantin - 2019
This paper presents a new explanation for the sustained pattern of international net capital flows by modifying the standard consumption capital asset pricing model (CCAPM) to create net capital flows beyond the initial period. In addition to the well established link between asset returns and...
Persistent link: https://www.econbiz.de/10012860768
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International Capital Allocations and the Lucas Paradox Redux
Chirinko, Robert S. - 2019
Dynamic Inefficiency, Saving Glut, or Secular Stagnation hypotheses …
Persistent link: https://www.econbiz.de/10012861377
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Mis-Allocation within Firms : Internal Finance and International Trade
Doerr, Sebastian; Marin, Dalia; Suverato, Davide; … - 2021
This paper develops a novel theory of capital mis-allocation within firms that stems from managers’ empire building and informational frictions within the organization. Introducing an internal capital market into a two-factor model of multi-segment firms, we show that international competition...
Persistent link: https://www.econbiz.de/10013312862
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COVID-19 and Capital Flows : The Responses of Investors to the Responses of Governments
Goldbach, Stefan; Nitsch, Volker - 2021
This paper examines the effect of national government response measures to Covid-19 on German international capital flows. Analyzing highly disaggregated monthly data from the German balance of payments statistics over the period from January 2019 through January 2021, we find that bilateral...
Persistent link: https://www.econbiz.de/10013313448