Globalization and the Increasing Correlation between Capital Inflows and Outflows

Autor:	J. L. R. Davis, Eric van Wincoop
Rok vydání:	2017
Předmět:	Globalization Capital (economics) Economics Developing country Trade globalization Context (language use) Monetary economics Stock (geology) Financial globalization
Zdroj:	Federal Reserve Bank of Dallas, Globalization and Monetary Policy Institute Working Papers. 2017
DOI:	10.24149/gwp323
Popis:	We document that the correlation between capital inflows and outflows has increased substantially over time in a sample of 128 advanced and developing countries. We provide evidence that this is a result of an increase in financial globalization (stock of external assets and liabilities). This dominates the effect of an increase in trade globalization (exports plus imports), which reduces the correlation between capital inflows and outflows. In the context of a two-country model with 14 shocks we show that the theoretical impact of financial and trade globalization on the correlation between capital inflows and outflows is consistent with the data.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c657ec4d229cdee50eace3d887341115 https://doi.org/10.24149/gwp323 Zobrazit plný text záznamu