放大镜下的资本流动偏转

IF 2.8 3区 经济学 Q2 BUSINESS, FINANCE
Filippo Gori, Etienne Lepers, Caroline Mehigan
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引用次数: 0

摘要

利用资本管制调整的新季度数据集,我们发现了新的证据,即一个经济体引入或收紧资本管制会增加资本流入其他类似的借贷经济体,这种效应通常被称为资本流动偏转。然而,并不是所有的流量都有同样的偏转。资本流动偏转主要是由证券投资和银行信贷驱动的,只有针对这些类型的流动的控制才能产生这种外部性。此外,通过分析双边资本流动以捕捉投资国的特点,我们发现,资本管制往往会使来自发达经济体证券投资者的资本流动转向,而对银行相关流动的管制主要会使新兴市场银行的贷款转向。
本文章由计算机程序翻译,如有差异,请以英文原文为准。

Capital flow deflection under the magnifying glass

Capital flow deflection under the magnifying glass

Leveraging on a new quarterly dataset of capital control adjustments, we find renewed evidence that the introduction or tightening of capital controls in one economy increases capital inflows to other similar borrowing economies, an effect often called capital flow deflection. However, not all flows are deflected alike. Capital flow deflection is primarily driven by portfolio investment and bank credit, and only controls targeting these types of flows generate this externality. Moreover, analysing bilateral capital flows in order to capture investing countries' characteristics, we find that capital controls tend to deflect flows from advanced economies' portfolio equity investors, while controls on bank-related flows primarily deflects lending from emerging market banks.

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来源期刊
CiteScore
5.70
自引率
6.90%
发文量
143
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