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International Capital Flows When Safe Assets Scarcity Matters
South Asian Journal of Macroeconomics and Public Finance ( IF 0.6 ) Pub Date : 2021-03-15 , DOI: 10.1177/2277978721989934
Ly Dai Hung 1, 2 , Nguyen Thi Thuy Hoan 3
Affiliation  

In an open multi-country economy, the safe assets supply shapes the pattern of international capital flows. A higher productivity growth rate raises the net capital inflows for economies with abundant safe assets, but reduces the net capital inflows for economies with scarce safe assets. The cross-section analysis on a sample of 170 economies over 1980–2013 confirms the theory. The evidence is robust for instrument-variable (IV) analysis method.

JEL Classifications: F15, F36, F43



中文翻译:

安全资产稀缺问题时的国际资本流动

在开放的多国经济中,安全资产的供应塑造了国际资本流动的格局。较高的生产率增长率会增加安全资产丰富的经济体的净资本流入,但会减少安全资产稀缺的经济体的净资本流入。对1980年至2013年间170个经济体的样本进行的横截面分析证实了这一理论。证据是仪器变量(IV)分析方法的可靠证据。

JEL分类: F15,F36,F43

更新日期:2021-03-16
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