| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25583 |
| 来源ID | Working Paper 25583 |
| Global Collateral and Capital Flows | |
| Ana Fostel; John Geanakoplos; Gregory Phelan | |
| 发表日期 | 2019-02-25 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | Cross-border financial flows arise when (otherwise identical) countries differ in their abilities to use assets as collateral to back financial contracts. Financially integrated countries have access to the same set of financial instruments, and yet there is no price convergence of assets with identical payoffs, due to a gap in collateral values. Home (financially advanced) runs a current account deficit. Financial flows amplify asset price volatility in both countries, and gross flows driven by collateral differences collapse following bad news about fundamentals. Our results can explain financial flows among rich, similarly-developed countries, and why these flows increase volatility. |
| 主题 | Microeconomics ; General Equilibrium ; Macroeconomics ; Business Cycles ; Money and Interest Rates ; International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w25583 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583257 |
| 推荐引用方式 GB/T 7714 | Ana Fostel,John Geanakoplos,Gregory Phelan. Global Collateral and Capital Flows. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25583.pdf（552KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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