QQ客服 官方微博 反馈留言

	Internal Origins of External Imbalances
	Jianguo Xu
	2012-04-24 ; 2012-04-24
关键词	Global imbalances saving glut financial crisis financial development systematic risks
中文摘要	Global imbalances increase greatly since mid-1990s. I propose that heterogeneous aggregate risks within countries play important roles in determining cross-country distribution of external imbalances. High aggregate risks simultaneously cause high saving rate and low investment rate, leading to net export. Empirical examination reveals that net export increases with inflation volatility and decreases with institutional democracy, measuring economic and political risks, respectively. Inflation volatility raises net export via depressing investment. Institutional democracy reduces net export via lowing saving. These effects are economically significant and persist after controlling for other factors including per capital income, budget balance, dependency ratio, and financial development.
语种	英语
内容类型	研究报告
源URL	[http://ir.calis.edu.cn/hdl/211010/3768]
专题	北京大学
推荐引用方式 GB/T 7714	Jianguo Xu. Internal Origins of External Imbalances. 2012, 2012.

个性服务

查看访问统计

相关权益政策

暂无数据

收藏/分享

除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。