کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
963308 930295 2006 30 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Private capital flows, capital controls, and default risk
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Private capital flows, capital controls, and default risk
چکیده انگلیسی
What has been the effect of the shift in emerging market capital flows toward private sector borrowers? Are emerging market capital flows more efficient? If not, can controls on capital flows improve welfare? This paper shows that the answers depend on the form of default risk. When private loans are enforceable, but there is the risk that the government will default on behalf of all residents, private lending is inefficient and capital controls are potentially Pareto-improving. However, when private agents may individually default, capital flow subsidies are potentially Pareto-improving.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Economics - Volume 69, Issue 1, June 2006, Pages 120-149
نویسندگان
,