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Working Paper
Financial integration, entrepreneurial risk and global dynamics
Angeletos, George-Marios; Panousi, Vasia (2010)
How does financial integration impact capital accumulation, current-account dynamics, and cross-country inequality? This paper investigates this question within a two-country, general-equilibrium, incomplete-markets model that focuses on the importance of idiosyncratic entrepreneurial risk---a risk that introduces, not only a precautionary motive for saving, but also a wedge between the interest rate and the marginal product of capital. Our contribution is then to show that this friction provides a simple explanation for the emergence of global imbalances, a simple resolution to the empirical ...
Finance and Economics Discussion Series , Paper 2010-54

Working Paper
Saving-investment associations and capital mobility on the evidence from Japanese regional data
Dekle, Robert (1995)
We will examine the size of the Feldstein and Horioka (1980) "saving-retention coefficient" in a setting of near perfect capital mobility, Japanese regions. We first find that on total regional saving and investment rate data, inclusive of regional government saving and investment, the estimate of the coefficient is negative. This negative relationship in the total rates across Japanese regions appears to arise from the strong negative association in the government saving and investment rates.
International Finance Discussion Papers , Paper 496

Working Paper
Do high interest rates stem capital outflows?
Pakko, Michael R. (1999)
Conventional wisdom posits that high interest rates stem capital flight and currency depreciation. Some have argued, however that the standard prescription exacerbates the problems. This paper set out a framework for evaluating the conditions under which an increase in domestic interest rates fails to reverse capital outflow. The possibility that high domestic interest rates might have unorthodox effects arises through a risk premium: If raising interest rates increases the possibility associated with default, the result can be a worsening of the country's capital account position.
Working Papers , Paper 1999-002

Working Paper
Barriers to international capital flows: who should erect them and how big should they be?
Yip, Chong K.; Espinosa-Vega, Marco A.; Smith, Bruce (1999)
Until recently, the trend in world capital markets has been toward increasing globalization. Recent events in Latin America and Asia have caused many in policy-making circles to question whether this trend should be wholly, or at least partially, reversed. It is commonly argued that?at a minimum?countries should be given the discretion to erect such barriers, at least in certain circumstances. Recent events, then, have forced a rethinking of the desirability of unrestricted world capital flows. The general presumption appears to be that the "victims" of highly volatile capital flows should ...
FRB Atlanta Working Paper , Paper 99-6

Working Paper
Financial centers and the geography of capital flows
Cleaver, Chad; Warnock, Francis E. (2002)
We examine an assumption common in empirical work on bilateral portfolio capital flows that the countries the flows are attributed to are also the countries of the security's issuer, seller, or ultimate buyer. We do this by estimating U.S. investors' holdings of debt and equities in over 40 countries and, for the same countries, foreign investors' holdings of U.S. debt and equities. A comparison of our estimates with data from benchmark surveys provides insight into U.S. data on international debt and equity transactions. We find that, contrary to the common assumption, the data do not track ...
International Finance Discussion Papers , Paper 722

Working Paper
Capital inflows, financial intermediation, and aggregate demand.
Kamin, Steven B.; Wood, Paul R. (1997)
In trying to explain the balance-of-payments and banking crises of 1994-95 that erupted in Mexico, observers have pointed to various effects of the substantial capital inflows that took place in the preceding half decade. It has been argued that these inflows contributed to rapid monetary growth, real appreciation of the peso, and the widening of Mexico's current account deficit. In addition, by making available credit for consumption loans at a time when investment spending in Mexico was not yet ready to grow rapidly, these inflows may have contributed to the fall in Mexico's savings rate. ; ...
International Finance Discussion Papers , Paper 583

Report
International capital flows
Tille, Cedric; Van Wincoop, Eric (2007)
The sharp increase in both gross and net international capital flows over the past two decades has prompted renewed interest in their determinants. Most existing theories of international capital flows are based on one-asset models, which have implications only for net capital flows, not for gross flows. Moreover, because there is no portfolio choice, these models allow no role for capital flows as a result of assets? changing expected returns and risk characteristics. In this paper, we develop a method for solving dynamic stochastic general equilibrium open-economy models with portfolio ...
Staff Reports , Paper 280

Conference Paper
Major themes in changing banking and financial markets
Weatherstone, Dennis (1994)
Proceedings

Speech
U.S. current account deficit: causes and consequences : a speech at the Economics Club of the University of North Carolina at Chapel Hill, Chapel Hill, North Carolina, April 20, 2005
Ferguson, Roger W. (2005)
Speech , Paper 93

Working Paper
Cross-board listings, capital controls, and equity flows to emerging markets
Warnock, Francis E.; Edison, Hali J. (2003)
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border listings, while controlling for traditional global (push) and country-specific (pull) factors. Two important results emerge. First, the cross-listing of an emerging market firm on a U.S. exchange is an important but short-lived capital flows event, suggesting that the cross-listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial ...
International Finance Discussion Papers , Paper 770

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