资本流动与政治冲突:来自泰国的证据

IF 1.1 Q3 ECONOMICS
Pongsak Luangaram, Yuthana Sethapramote
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引用次数: 2

摘要

国内政治冲突如何影响流入泰国的资本?这篇文章从两个方面推进了目前的理解。首先,它采用了一种新的方法来衡量过去20年来泰语报纸的政治不确定性。鉴于政治冲突的性质是多方面的,这些措施涵盖了泰国议会内外政治紧张局势的各个关键组成部分。其次,使用分位数回归框架来研究不同类型的紧张局势如何影响资本流动,从而可以研究对资本流动总体分布的影响。实证结果表明,泰国的政治冲突对外国直接投资和外国有价证券投资的分布都有显著的不利影响。研究结果还强调了不同类型的政治冲突如何以不同的方式影响资本流动。例如,军事政变的不确定性以及政府关于戒严令或紧急法令的措施对外国直接投资流动产生了强烈的负面影响;而政治抗议的加剧和有关宪法改革的消息在解释外国投资组合流动的风险逆转方面发挥了重要作用。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Capital flows and political conflicts: Evidence from Thailand
How do domestic political conflicts affect capital flows into Thailand? This article advances the current understanding in two ways. First, it adopts a new method for measuring political uncertainty using Thai-language newspapers over the past 20 years. Given that the nature of political conflicts is multi-faceted, these measures cover the various key components of Thai political tensions—both within and outside of parliament. Second, how different types of tensions affect capital flows are examined using a quantile regression framework—allowing an examination of effects upon the overall distribution of capital flows. The empirical results indicate that Thai political conflicts significantly and adversely affect both foreign direct investment and foreign portfolio investment at the left tails of their distribution. The results also highlight how different types of political conflicts affect capital flows in different ways. For example, uncertainty about a military coup and government measures regarding martial law or emergency decrees have a strong negative effect upon foreign direct investment flows; whereas heightened political protest and news about constitutional reform play a significant role in explaining the risk reversal of foreign portfolio investment flows.
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CiteScore
1.00
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0.00%
发文量
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