Showing 1 - 10 of 191
lead to faster growth in countries then known as the Third World, but now categorized as emerging and developing economies …
Persistent link: https://www.econbiz.de/10012481256
This paper develops and implements a framework for quantifying the gains to international trade in risky financial assets. The framework can handle may agents, many assets, incomplete markets and limited participation in asset markets. It delivers closed-form analytic solutions for consumption,...
Persistent link: https://www.econbiz.de/10012470954
How do countries hold their financial wealth? We construct a new database of countries' claims on capital located at home and abroad, and international borrowing and lending, covering 68 countries from 1966 to 1997. We find that a small amount of capital flows from rich countries to poor...
Persistent link: https://www.econbiz.de/10012470955
absorbing much of the world's supply, especially in the late 1980s, and then reverted to its earlier net supplier role. Direct …
Persistent link: https://www.econbiz.de/10012471030
We show a statistically significant and economically relevant effect of open capital accounts on financial deepness and economic growth in a cross-section of countries over the period 1986 to 1995. Countries with open capital accounts over some or all of this period had a significantly greater...
Persistent link: https://www.econbiz.de/10012471401
We provide a conceptual and empirical framework for evaluating the effects of short-term capital flows. A simple model of the joint determination of the maturity and cost of external borrowing highlights the role played by self-fulfilling crises. The model also specifies the circumstances under...
Persistent link: https://www.econbiz.de/10012471420
We study the interrelationship between capital flows, returns, dividend yields and world interest rates in 20 emerging …
Persistent link: https://www.econbiz.de/10012471570
Does partisan perception shape the flow of international capital? We provide evidence from two settings, syndicated corporate loans and equity mutual funds, to show that ideological alignment with foreign governments affects the cross-border capital allocation by U.S. institutional investors....
Persistent link: https://www.econbiz.de/10012629500
This paper, written for the NBER Conference on the Changing Role of the United States in the World Economy, covers the …
Persistent link: https://www.econbiz.de/10012476859
This paper develops a dynamic framework in which macroeconomic liberalization and stabilization measures of the type recently seen in Latin America can be studied. The model is sufficiently general to cover both polar cases of a closed capital account and free private capital mobility, so the...
Persistent link: https://www.econbiz.de/10012477560