The effect of episodes of large capital inflows on domestic credit
作者: Davide FurceriStéphanie GuichardElena Rusticelli
作者单位: 1IMF, 700 19th Street, N.W., Washington, DC 20431, USA
2University of Palermo, Viale delle Scienze Ed.13, 90128 - Palermo, Italy
3OECD, 2 rue André-Pascal, 75775 Paris Cedex 16, France
刊名: North American Journal of Economics and Finance, 2012, Vol.23 (3), pp.325-344
来源数据库: Elsevier Journal
DOI: 10.1016/j.najef.2012.03.005
关键词: Capital inflowsDomestic creditCredit booms
原始语种摘要: Abstract(#br)This paper analyses the effect of capital inflow surges on the evolution of domestic credit. Using a panel of developed and emerging economies from 1970 to 2007, it is shown that in the two years following the beginning of a capital inflow surge the credit-to-GDP ratio increases by about 2 percentage points. The effect is reversed in the medium-term with the credit-to-GDP ratio decreased by almost 4 percentage points seven years after the initial surge. The paper also finds that the effect is different depending on the type of flows characterising the episode (debt vs. portfolio equity vs. FDI), with large capital inflows that are debt-driven having the largest effect. The results of the paper also suggest that the short-term effect of capital inflow surges on domestic credit...
全文获取路径: Elsevier  (合作)

  • capital 首都
  • credit 信用
  • domestic 国产的
  • effect 效应
  • macroeconomic 宏观经济的
  • flexibility 柔顺性
  • fiscal 财政的
  • equity 衡平法
  • panel 
  • years 年代