The Effect of Episodes of Large Capital Inflows on Domestic Credit:
This paper analyses the effect of capital inflow shocks 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 shock the credit-to-GDP ratio increases by about 2 percentag...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2011
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| Schriftenreihe: | OECD Economics Department Working Papers
no.864 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper analyses the effect of capital inflow shocks 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 shock 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 shock. 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 shocks on domestic credit depends on countries' macroeconomic policy stances. In particular, it is found that this effect is lower in countries with higher real exchange rate flexibility and fiscal policy counter-cyclicality. |
| Beschreibung: | 1 Online-Ressource (28 p.) 21 x 29.7cm. |
| DOI: | 10.1787/5kgc9kpv8vg8-en |
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| 245 | 1 | 4 | |a The Effect of Episodes of Large Capital Inflows on Domestic Credit |c Davide, Furceri, Stéphanie, Guichard and Elena, Rusticelli = L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur / Davide, Furceri, Stéphanie, Guichard et Elena, Rusticelli |
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| 520 | |a This paper analyses the effect of capital inflow shocks 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 shock 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 shock. 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 shocks on domestic credit depends on countries' macroeconomic policy stances. In particular, it is found that this effect is lower in countries with higher real exchange rate flexibility and fiscal policy counter-cyclicality. | ||
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| spelling | Furceri, Davide VerfasserIn aut The Effect of Episodes of Large Capital Inflows on Domestic Credit Davide, Furceri, Stéphanie, Guichard and Elena, Rusticelli = L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur / Davide, Furceri, Stéphanie, Guichard et Elena, Rusticelli L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur Paris OECD Publishing 2011 1 Online-Ressource (28 p.) 21 x 29.7cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.864 This paper analyses the effect of capital inflow shocks 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 shock 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 shock. 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 shocks on domestic credit depends on countries' macroeconomic policy stances. In particular, it is found that this effect is lower in countries with higher real exchange rate flexibility and fiscal policy counter-cyclicality. Economics Guichard, Stéphanie MitwirkendeR ctb Rusticelli, Elena MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/5kgc9kpv8vg8-en Volltext |
| spellingShingle | Furceri, Davide The Effect of Episodes of Large Capital Inflows on Domestic Credit Economics |
| title | The Effect of Episodes of Large Capital Inflows on Domestic Credit |
| title_alt | L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur |
| title_auth | The Effect of Episodes of Large Capital Inflows on Domestic Credit |
| title_exact_search | The Effect of Episodes of Large Capital Inflows on Domestic Credit |
| title_full | The Effect of Episodes of Large Capital Inflows on Domestic Credit Davide, Furceri, Stéphanie, Guichard and Elena, Rusticelli = L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur / Davide, Furceri, Stéphanie, Guichard et Elena, Rusticelli |
| title_fullStr | The Effect of Episodes of Large Capital Inflows on Domestic Credit Davide, Furceri, Stéphanie, Guichard and Elena, Rusticelli = L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur / Davide, Furceri, Stéphanie, Guichard et Elena, Rusticelli |
| title_full_unstemmed | The Effect of Episodes of Large Capital Inflows on Domestic Credit Davide, Furceri, Stéphanie, Guichard and Elena, Rusticelli = L'effet des épisodes d'entrées massives de capitaux sur le crédit intérieur / Davide, Furceri, Stéphanie, Guichard et Elena, Rusticelli |
| title_short | The Effect of Episodes of Large Capital Inflows on Domestic Credit |
| title_sort | effect of episodes of large capital inflows on domestic credit |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5kgc9kpv8vg8-en |
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