双边资本流动：引力、推动和拉动

IF 1.3 4区经济学 Q3 BUSINESS, FINANCE

International Finance Pub Date : 2022-09-16 DOI:10.1111/infi.12421

Rogelio V. Mercado Jr.

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引用次数: 0

摘要

本文利用2000年至2016年10个发达报告经济体（186多个双边国家对）的双边资本流动数据，证明了信息不对称和经济联系等重力因素在解释跨境双边金融资产流动方面的重要性。此外，这项研究提供了区域传染的新证据，当全球风险厌恶情绪上升时，地理距离更近（或信息摩擦较小）的成对国家的双边资本流动减少得更多，而不是距离更远的国家。这些发现对信息摩擦、双边贸易关系和区域合作在决定双边金融资产流动水平方面的重要性具有政策意义。

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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Bilateral capital flows: Gravity, push and pull

Using bilateral capital-flow data from 10 advanced reporting economies, with over 186 bilateral country pairs, from 2000 to 2016, this paper provides evidence of the significance of gravity factors, such as information asymmetries and economic ties, in explaining cross-border bilateral financial-asset flows. In addition, this study offers new evidence of regional contagion, with bilateral capital flows decreasing more for pairs of countries with closer geographic proximity (or with less information friction) than for those that are farther apart when global risk aversion rises. These findings have policy implications for the importance of information frictions, bilateral trade ties and regional cooperation in determining the level of bilateral financial-asset flows.

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来源期刊

International Finance Multiple-

CiteScore

2.50

自引率

8.30%

发文量

期刊介绍： International Finance is a highly selective ISI-accredited journal featuring literate and policy-relevant analysis in macroeconomics and finance. Specific areas of focus include: · Exchange rates · Monetary policy · Political economy · Financial markets · Corporate finance The journal''s readership extends well beyond academia into national treasuries and corporate treasuries, central banks and investment banks, and major international organizations. International Finance publishes lucid, policy-relevant writing in macroeconomics and finance backed by rigorous theory and empirical analysis. In addition to the core double-refereed articles, the journal publishes non-refereed themed book reviews by invited authors and commentary pieces by major policy figures. The editor delivers the vast majority of first-round decisions within three months.