Official financial flows, capital mobility, and global imbalances /:
We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables...
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| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
©2014.
|
| Schriftenreihe: | IMF working paper ;
WP/14/199. |
| Schlagworte: | |
| Online-Zugang: | DE-862 DE-863 |
| Zusammenfassung: | We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel. --Abstract. |
| Beschreibung: | "October 2014." "Strategy, Policy and Review Department." |
| Beschreibung: | 1 online resource (45 pages) : color illustrations |
| Bibliographie: | Includes bibliographical references (pages 44-45). |
| ISBN: | 1498360637 9781498360630 |
Internformat
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| 500 | |a "Strategy, Policy and Review Department." | ||
| 504 | |a Includes bibliographical references (pages 44-45). | ||
| 520 | |a We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel. --Abstract. | ||
| 588 | 0 | |a Online resource; title from pdf title page (IMF.org Web site, viewed October 30, 2014). | |
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Background and Motivation; A. Current Accounts and Official Flows; B. The Case of No Private Flows; C. Private Flows and Arbitrage; D. Capital Controls; E. Institutional Quality; F. Financial Market Measures; G. Private Flows and Portfolio Balance; III. Empirical Specification; Box; 1. Investment as Pure Diversification; IV. Baseline Regression Results; V. Robustness to Sample and Specification; VI. Comparison to Previous Studies; VII. Illustration of Fitted Model for Individual Countries; VIII. Conclusion; Tables; 1. Definition of Instruments. | |
| 505 | 8 | |a 2. Baseline Specification with Various Capital Mobility Measures and Preferred Set of Instruments3. Regressions Including Various Mobility Measures without Instruments; 4. Regressions Including Various Mobility Measures with Alternative Set of Instruments; 5. Robustness Checks With Quinn Measure of Capital Mobility; 6. Robustness Checks with BOP Financial Ratio to GDP Measure of Capital Mobility; 7. Robustness Checks with PC Alt Measure of Capital Mobility; 8. Illustration of Model Prediction; Figures; 1. Net Official Financial Flows. | |
| 505 | 8 | |a 2. Net External Accounts of Countries with Current Account Surpluses3. Median Values of Capital Controls; 4. Median Values of Institutional Quality Measures; 5. Median Values of Financial Market Measures; 6. Coefficients on Net Official Flows Term under Low and High Mobility; Appendix; Data Sources and Definitions; References. | |
| 650 | 0 | |a Capital movements. |0 http://id.loc.gov/authorities/subjects/sh85019946 | |
| 650 | 0 | |a Balance of payments. |0 http://id.loc.gov/authorities/subjects/sh85011127 | |
| 650 | 6 | |a Mouvements de capitaux. | |
| 650 | 6 | |a Balance des paiements. | |
| 650 | 7 | |a Balance of payments |2 fast | |
| 650 | 7 | |a Capital movements |2 fast | |
| 700 | 1 | |a Gagnon, Joseph E., |e author. | |
| 700 | 1 | |a Saborowski, Christian, |e author. | |
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| author | Bayoumi, Tamim A. Gagnon, Joseph E. Saborowski, Christian |
| author_facet | Bayoumi, Tamim A. Gagnon, Joseph E. Saborowski, Christian |
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| contents | Cover; Contents; I. Introduction; II. Background and Motivation; A. Current Accounts and Official Flows; B. The Case of No Private Flows; C. Private Flows and Arbitrage; D. Capital Controls; E. Institutional Quality; F. Financial Market Measures; G. Private Flows and Portfolio Balance; III. Empirical Specification; Box; 1. Investment as Pure Diversification; IV. Baseline Regression Results; V. Robustness to Sample and Specification; VI. Comparison to Previous Studies; VII. Illustration of Fitted Model for Individual Countries; VIII. Conclusion; Tables; 1. Definition of Instruments. 2. Baseline Specification with Various Capital Mobility Measures and Preferred Set of Instruments3. Regressions Including Various Mobility Measures without Instruments; 4. Regressions Including Various Mobility Measures with Alternative Set of Instruments; 5. Robustness Checks With Quinn Measure of Capital Mobility; 6. Robustness Checks with BOP Financial Ratio to GDP Measure of Capital Mobility; 7. Robustness Checks with PC Alt Measure of Capital Mobility; 8. Illustration of Model Prediction; Figures; 1. Net Official Financial Flows. 2. Net External Accounts of Countries with Current Account Surpluses3. Median Values of Capital Controls; 4. Median Values of Institutional Quality Measures; 5. Median Values of Financial Market Measures; 6. Coefficients on Net Official Flows Term under Low and High Mobility; Appendix; Data Sources and Definitions; References. |
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| discipline | Wirtschaftswissenschaften |
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| id | ZDB-4-EBU-ocn894051522 |
| illustrated | Illustrated |
| indexdate | 2025-03-18T14:27:50Z |
| institution | BVB |
| institution_GND | http://id.loc.gov/authorities/names/no2009043117 |
| isbn | 1498360637 9781498360630 |
| language | English |
| oclc_num | 894051522 |
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| spelling | Bayoumi, Tamim A., author. Official financial flows, capital mobility, and global imbalances / prepared by Tamim Bayoumi, Joseph Gagnon, and Christian Saborowski. [Washington, D.C.] : International Monetary Fund, ©2014. 1 online resource (45 pages) : color illustrations text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/14/199 "October 2014." "Strategy, Policy and Review Department." Includes bibliographical references (pages 44-45). We use a cross-country panel framework to analyze the effect of net official flows (chiefly foreign exchange intervention) on current accounts. We find that net official flows have a large but plausible effect on current account balances. The estimated effects are larger with instrumental variables (42 cents to the dollar on average compared to 24 without instruments), reflecting a possible downward bias in regressions without instruments owing to an endogenous response of net official flows to private financial flows. We consistently find larger impacts of net official flows when international capital flows are restricted and smaller impacts when capital is highly mobile. A further result is that there is an important positive effect of lagged net official flows on current accounts that we believe operates through the portfolio balance channel. --Abstract. Online resource; title from pdf title page (IMF.org Web site, viewed October 30, 2014). Cover; Contents; I. Introduction; II. Background and Motivation; A. Current Accounts and Official Flows; B. The Case of No Private Flows; C. Private Flows and Arbitrage; D. Capital Controls; E. Institutional Quality; F. Financial Market Measures; G. Private Flows and Portfolio Balance; III. Empirical Specification; Box; 1. Investment as Pure Diversification; IV. Baseline Regression Results; V. Robustness to Sample and Specification; VI. Comparison to Previous Studies; VII. Illustration of Fitted Model for Individual Countries; VIII. Conclusion; Tables; 1. Definition of Instruments. 2. Baseline Specification with Various Capital Mobility Measures and Preferred Set of Instruments3. Regressions Including Various Mobility Measures without Instruments; 4. Regressions Including Various Mobility Measures with Alternative Set of Instruments; 5. Robustness Checks With Quinn Measure of Capital Mobility; 6. Robustness Checks with BOP Financial Ratio to GDP Measure of Capital Mobility; 7. Robustness Checks with PC Alt Measure of Capital Mobility; 8. Illustration of Model Prediction; Figures; 1. Net Official Financial Flows. 2. Net External Accounts of Countries with Current Account Surpluses3. Median Values of Capital Controls; 4. Median Values of Institutional Quality Measures; 5. Median Values of Financial Market Measures; 6. Coefficients on Net Official Flows Term under Low and High Mobility; Appendix; Data Sources and Definitions; References. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Balance of payments. http://id.loc.gov/authorities/subjects/sh85011127 Mouvements de capitaux. Balance des paiements. Balance of payments fast Capital movements fast Gagnon, Joseph E., author. Saborowski, Christian, author. International Monetary Fund. Strategy, Policy, and Review Department, issuing body. http://id.loc.gov/authorities/names/no2009043117 IMF working paper ; WP/14/199. http://id.loc.gov/authorities/names/no89010263 |
| spellingShingle | Bayoumi, Tamim A. Gagnon, Joseph E. Saborowski, Christian Official financial flows, capital mobility, and global imbalances / IMF working paper ; Cover; Contents; I. Introduction; II. Background and Motivation; A. Current Accounts and Official Flows; B. The Case of No Private Flows; C. Private Flows and Arbitrage; D. Capital Controls; E. Institutional Quality; F. Financial Market Measures; G. Private Flows and Portfolio Balance; III. Empirical Specification; Box; 1. Investment as Pure Diversification; IV. Baseline Regression Results; V. Robustness to Sample and Specification; VI. Comparison to Previous Studies; VII. Illustration of Fitted Model for Individual Countries; VIII. Conclusion; Tables; 1. Definition of Instruments. 2. Baseline Specification with Various Capital Mobility Measures and Preferred Set of Instruments3. Regressions Including Various Mobility Measures without Instruments; 4. Regressions Including Various Mobility Measures with Alternative Set of Instruments; 5. Robustness Checks With Quinn Measure of Capital Mobility; 6. Robustness Checks with BOP Financial Ratio to GDP Measure of Capital Mobility; 7. Robustness Checks with PC Alt Measure of Capital Mobility; 8. Illustration of Model Prediction; Figures; 1. Net Official Financial Flows. 2. Net External Accounts of Countries with Current Account Surpluses3. Median Values of Capital Controls; 4. Median Values of Institutional Quality Measures; 5. Median Values of Financial Market Measures; 6. Coefficients on Net Official Flows Term under Low and High Mobility; Appendix; Data Sources and Definitions; References. Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Balance of payments. http://id.loc.gov/authorities/subjects/sh85011127 Mouvements de capitaux. Balance des paiements. Balance of payments fast Capital movements fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85019946 http://id.loc.gov/authorities/subjects/sh85011127 |
| title | Official financial flows, capital mobility, and global imbalances / |
| title_auth | Official financial flows, capital mobility, and global imbalances / |
| title_exact_search | Official financial flows, capital mobility, and global imbalances / |
| title_full | Official financial flows, capital mobility, and global imbalances / prepared by Tamim Bayoumi, Joseph Gagnon, and Christian Saborowski. |
| title_fullStr | Official financial flows, capital mobility, and global imbalances / prepared by Tamim Bayoumi, Joseph Gagnon, and Christian Saborowski. |
| title_full_unstemmed | Official financial flows, capital mobility, and global imbalances / prepared by Tamim Bayoumi, Joseph Gagnon, and Christian Saborowski. |
| title_short | Official financial flows, capital mobility, and global imbalances / |
| title_sort | official financial flows capital mobility and global imbalances |
| topic | Capital movements. http://id.loc.gov/authorities/subjects/sh85019946 Balance of payments. http://id.loc.gov/authorities/subjects/sh85011127 Mouvements de capitaux. Balance des paiements. Balance of payments fast Capital movements fast |
| topic_facet | Capital movements. Balance of payments. Mouvements de capitaux. Balance des paiements. Balance of payments Capital movements |
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