Liquidity, institutional quality and the composition of international equity outflows:
We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this effe...
Gespeichert in:
| Hauptverfasser: | , , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2008
|
| Schriftenreihe: | Working paper series / National Bureau of Economic Research
13723 |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this effect strengthens as the source countryﾒs capital market transparency worsens. To test these hypotheses, we apply a dynamic panel model and examine the variation of FPI relative to FDI for 140 source countries from 1985 to 2004. Our key variable is the probability of an aggregate liquidity crisis, estimated from a Probit model, as proxied by episodes of economy-wide sales of external assets. Consistent with our theory, we find that the probability of a liquidity crisis has a strong effect on the composition of foreign equity investment. Furthermore, greater capital market opacity in the source country strengthens the effect of the crisis probability. |
| Beschreibung: | 27, [12] S. 22 cm |
Internformat
MARC
| LEADER | 00000nam a2200000zcb4500 | ||
|---|---|---|---|
| 001 | BV023593618 | ||
| 003 | DE-604 | ||
| 005 | 20080717000000.0 | ||
| 007 | t | ||
| 008 | 080710s2008 xxu |||| 00||| eng d | ||
| 035 | |a (OCoLC)254990400 | ||
| 035 | |a (DE-599)GBV559024126 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-521 | ||
| 100 | 1 | |a Goldstein, Itay |d 1973- |e Verfasser |0 (DE-588)129796840 |4 aut | |
| 245 | 1 | 0 | |a Liquidity, institutional quality and the composition of international equity outflows |c Itay Goldstein ; Assaf Razin ; Hui Tong |
| 264 | 1 | |a Cambridge, Mass. |b National Bureau of Economic Research |c 2008 | |
| 300 | |a 27, [12] S. |c 22 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 490 | 1 | |a Working paper series / National Bureau of Economic Research |v 13723 | |
| 520 | |a We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this effect strengthens as the source countryﾒs capital market transparency worsens. To test these hypotheses, we apply a dynamic panel model and examine the variation of FPI relative to FDI for 140 source countries from 1985 to 2004. Our key variable is the probability of an aggregate liquidity crisis, estimated from a Probit model, as proxied by episodes of economy-wide sales of external assets. Consistent with our theory, we find that the probability of a liquidity crisis has a strong effect on the composition of foreign equity investment. Furthermore, greater capital market opacity in the source country strengthens the effect of the crisis probability. | ||
| 700 | 1 | |a Razin, Asaf |d 1941- |e Verfasser |0 (DE-588)124527051 |4 aut | |
| 700 | 1 | |a Tong, Hui |e Verfasser |0 (DE-588)129696374 |4 aut | |
| 776 | 0 | 8 | |i Erscheint auch als |n Online-Ausgabe |
| 810 | 2 | |a National Bureau of Economic Research <Cambridge, Mass.> |t NBER working paper series |v 13723 |w (DE-604)BV002801238 |9 13723 | |
| 856 | 4 | 1 | |u http://papers.nber.org/papers/w13723.pdf |z kostenfrei |3 Volltext |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-016908948 | ||
Datensatz im Suchindex
| _version_ | 1804138253362659328 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Goldstein, Itay 1973- Razin, Asaf 1941- Tong, Hui |
| author_GND | (DE-588)129796840 (DE-588)124527051 (DE-588)129696374 |
| author_facet | Goldstein, Itay 1973- Razin, Asaf 1941- Tong, Hui |
| author_role | aut aut aut |
| author_sort | Goldstein, Itay 1973- |
| author_variant | i g ig a r ar h t ht |
| building | Verbundindex |
| bvnumber | BV023593618 |
| ctrlnum | (OCoLC)254990400 (DE-599)GBV559024126 |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02258nam a2200337zcb4500</leader><controlfield tag="001">BV023593618</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20080717000000.0</controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">080710s2008 xxu |||| 00||| eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)254990400</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBV559024126</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-521</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Goldstein, Itay</subfield><subfield code="d">1973-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129796840</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Liquidity, institutional quality and the composition of international equity outflows</subfield><subfield code="c">Itay Goldstein ; Assaf Razin ; Hui Tong</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Cambridge, Mass.</subfield><subfield code="b">National Bureau of Economic Research</subfield><subfield code="c">2008</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">27, [12] S.</subfield><subfield code="c">22 cm</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="1" ind2=" "><subfield code="a">Working paper series / National Bureau of Economic Research</subfield><subfield code="v">13723</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this effect strengthens as the source countryﾒs capital market transparency worsens. To test these hypotheses, we apply a dynamic panel model and examine the variation of FPI relative to FDI for 140 source countries from 1985 to 2004. Our key variable is the probability of an aggregate liquidity crisis, estimated from a Probit model, as proxied by episodes of economy-wide sales of external assets. Consistent with our theory, we find that the probability of a liquidity crisis has a strong effect on the composition of foreign equity investment. Furthermore, greater capital market opacity in the source country strengthens the effect of the crisis probability.</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Razin, Asaf</subfield><subfield code="d">1941-</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)124527051</subfield><subfield code="4">aut</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Tong, Hui</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)129696374</subfield><subfield code="4">aut</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Online-Ausgabe</subfield></datafield><datafield tag="810" ind1="2" ind2=" "><subfield code="a">National Bureau of Economic Research <Cambridge, Mass.></subfield><subfield code="t">NBER working paper series</subfield><subfield code="v">13723</subfield><subfield code="w">(DE-604)BV002801238</subfield><subfield code="9">13723</subfield></datafield><datafield tag="856" ind1="4" ind2="1"><subfield code="u">http://papers.nber.org/papers/w13723.pdf</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-016908948</subfield></datafield></record></collection> |
| id | DE-604.BV023593618 |
| illustrated | Not Illustrated |
| index_date | 2024-07-02T22:41:32Z |
| indexdate | 2024-07-09T21:25:15Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016908948 |
| oclc_num | 254990400 |
| open_access_boolean | 1 |
| owner | DE-521 |
| owner_facet | DE-521 |
| physical | 27, [12] S. 22 cm |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | National Bureau of Economic Research |
| record_format | marc |
| series2 | Working paper series / National Bureau of Economic Research |
| spelling | Goldstein, Itay 1973- Verfasser (DE-588)129796840 aut Liquidity, institutional quality and the composition of international equity outflows Itay Goldstein ; Assaf Razin ; Hui Tong Cambridge, Mass. National Bureau of Economic Research 2008 27, [12] S. 22 cm txt rdacontent n rdamedia nc rdacarrier Working paper series / National Bureau of Economic Research 13723 We examine the choice between Foreign Direct Investment and Foreign Portfolio Investment at the level of the source country. Based on a theoretical model, we predict that (1) source countries with higher probability of aggregate liquidity crises export relatively more FPI than FDI, and (2) this effect strengthens as the source countryﾒs capital market transparency worsens. To test these hypotheses, we apply a dynamic panel model and examine the variation of FPI relative to FDI for 140 source countries from 1985 to 2004. Our key variable is the probability of an aggregate liquidity crisis, estimated from a Probit model, as proxied by episodes of economy-wide sales of external assets. Consistent with our theory, we find that the probability of a liquidity crisis has a strong effect on the composition of foreign equity investment. Furthermore, greater capital market opacity in the source country strengthens the effect of the crisis probability. Razin, Asaf 1941- Verfasser (DE-588)124527051 aut Tong, Hui Verfasser (DE-588)129696374 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.> NBER working paper series 13723 (DE-604)BV002801238 13723 http://papers.nber.org/papers/w13723.pdf kostenfrei Volltext |
| spellingShingle | Goldstein, Itay 1973- Razin, Asaf 1941- Tong, Hui Liquidity, institutional quality and the composition of international equity outflows |
| title | Liquidity, institutional quality and the composition of international equity outflows |
| title_auth | Liquidity, institutional quality and the composition of international equity outflows |
| title_exact_search | Liquidity, institutional quality and the composition of international equity outflows |
| title_exact_search_txtP | Liquidity, institutional quality and the composition of international equity outflows |
| title_full | Liquidity, institutional quality and the composition of international equity outflows Itay Goldstein ; Assaf Razin ; Hui Tong |
| title_fullStr | Liquidity, institutional quality and the composition of international equity outflows Itay Goldstein ; Assaf Razin ; Hui Tong |
| title_full_unstemmed | Liquidity, institutional quality and the composition of international equity outflows Itay Goldstein ; Assaf Razin ; Hui Tong |
| title_short | Liquidity, institutional quality and the composition of international equity outflows |
| title_sort | liquidity institutional quality and the composition of international equity outflows |
| url | http://papers.nber.org/papers/w13723.pdf |
| volume_link | (DE-604)BV002801238 |
| work_keys_str_mv | AT goldsteinitay liquidityinstitutionalqualityandthecompositionofinternationalequityoutflows AT razinasaf liquidityinstitutionalqualityandthecompositionofinternationalequityoutflows AT tonghui liquidityinstitutionalqualityandthecompositionofinternationalequityoutflows |