Investigation of Global Imbalances Based on a Gravity Model

IF 1 Q3 ECONOMICS
Hyun‐Hoon Lee
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引用次数: 1

Abstract

Using the US Treasury International Capital (TIC) data, this paper attempts to analyze the size and trend of foreign investment in the U.S. in the form of equities, bonds and bank lending during the period of 2001-2007. In addition, this paper assesses the determinants of foreign investment in the U.S., using the financial gravity model which includes an East Asian dummy as an explanatory variable. The results show that most East Asian countries have invested more in the U.S. than the optimal level suggested by the gravity model. Such an over-investment is more evident in long-term bond investment than in equity investment or bank lending. Thus, the results confirm that global imbalance does exist between East Asian countries and the U.S.
基于重力模型的全球失衡研究
本文利用美国财政部国际资本(TIC)数据,试图分析2001-2007年期间以股票、债券和银行贷款形式在美国的外国投资的规模和趋势。此外,本文利用金融引力模型评估了外国投资在美国的决定因素,该模型包括一个东亚虚拟人作为解释变量。结果表明,大多数东亚国家在美国的投资超过了引力模型所建议的最优水平。这种过度投资在长期债券投资中比在股票投资或银行贷款中更为明显。因此,研究结果证实东亚国家与美国之间确实存在全球失衡
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
自引率
12.50%
发文量
10
审稿时长
10 weeks
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