Official financial flows, capital mobility, and global imbalances

被引：27

作者：

Bayoumi, Tamim ^{[1
]}

Gagnon, Joseph ^{[2
]}

Saborowski, Christian ^{[1
]}

机构：

[1] Int Monetary Fund, Washington, DC 20431 USA

[2] Peterson Inst Int Econ, Washington, DC 20036 USA

来源：

JOURNAL OF INTERNATIONAL MONEY AND FINANCE | 2015年 / 52卷

关键词：

Current account balance; Foreign exchange intervention; Portfolio balance;

D O I：

10.1016/j.jimonfin.2014.11.017

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows (embodied in the lagged stock of official assets) on current accounts that we believe operates through the portfolio balance channel.(1) (C) 2014 Elsevier Ltd. All rights reserved.

引用

页码：146 / 174

页数：29

共 18 条

[1]

Aizenman J., 2013, 19739 NBER

[2]

[Anonymous], 12734 NBER

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