0000000000345396

AUTHOR

Stéphanie Guichard

showing 2 related works from this author

MEDIUM-TERM DETERMINANTS OF INTERNATIONAL INVESTMENT POSITIONS: THE ROLE OF STRUCTURAL POLICIES

2012

This paper provides an empirical investigation of the medium-term determinants of international investment positions for a large sample of advanced and emerging economies. In addition to the usually considered drivers of foreign assets and liabilities, the analysis focuses on the role of structural policy indicators. Using cross-section and panel regression techniques the results suggest that structural policy settings are important medium-term drivers of capital flows, having a relatively large impact on gross and net foreign capital positions and on their composition. In particular, the results suggest that certain kinds of structural policy reform could help to narrow global imbalances,…

MacroeconomicsEconomics and EconometricsInternational investmentInvestment PositionsForeign capitalGlobal imbalancesGeneral Business Management and AccountingMedium termF21 JEL Classifications: E6 [Capital flows structural policies global imbalances JEL Classifications]EconomicsCapital employedCapital flowsEmerging marketsFinancePanel dataJournal of International Commerce, Economics and Policy
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The effect of episodes of large capital inflows on domestic credit

2012

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 pa…

Economics and EconometricsInflows creditmedia_common.quotation_subjectEquity (finance)Monetary economicsForeign direct investmentExchange-rate flexibilityFiscal policyCapital outflowDebtEconomicsPortfolioEconomic systemEmerging marketsFinancemedia_commonThe North American Journal of Economics and Finance
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