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International capital flows and debt dynamics /
This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The est...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/175. |
| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- Cover; Contents; 1 Introduction; 2 International Assets, Liabilities, Returns and Trade Flows; 2.1 The Balance of Payments and Consolidated Budget Constraint; 2.2 Trade Flows, Asset Pricing and Portfolio Choice; List of Figures; 1 Alternative Measures of the U.S. External Position; 3 A Model of Capital Flow Dynamics; 3.1 Approximating the Consolidated Budget Constraint; 3.2 Net Positions and Capital Flows; 3.3 Gross Positions and Capital Flows; 3.4 Equilibrium Positions and Capital Flows; 4 Data and Estimation; 4.1 Data; 4.2 Adjusting Trade Flows.
- 2 Trends In U.S. Foreign Assets, Liabilities and Real Trade Flows4.3 Sample Statistics; 3 Approximation Accuracy; List of Tables; 1 Summary Statistics; 2 Returns and Portfolio Shares; 4.4 Estimation; 4 Changes in the Composition of Asset and Liability Portfolios; 3 Granger Causality Tests; 5 Results; 5.1 Net Position Dynamics; 5 Historical Behavior of the U.S. Net External Position and its Components; 4 Variance Decompositions of xp[sub(t)]; 5.2 Gross Position Dynamics; 6 Historical Behavior of U.S. Gross Foreign Asset and Liability Positions and their Components.
- 12 Composition Effects and the size of the Valuation Channel6.2 The Role of the Dollar; 7 Returns and the Dollar Depreciation Rates; 13 The U.S. Net External Position and the Role of the Dollar; 7 Conclusion.