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Financial frictions, international capital flows and welfare

Gespeichert in:

Personen und Körperschaften: Taddei, Filippo (VerfasserIn)
Titel: Financial frictions, international capital flows and welfare/ Filippo Taddei
Format: E-Book
Sprache: Englisch
veröffentlicht:
Frankfurt am Main, Germany European Central Bank [2018]
Gesamtaufnahme: Europäische Zentralbank: Working paper series ; no 2167 (July 2018)
Quelle: Verbunddaten SWB
Lizenzfreie Online-Ressourcen
Details
Zusammenfassung: The connection between the financial crisis and global imbalances is controversial. This paper argues that this relationship is likely to be connected to the existence of heterogenous financial frictions in different domestic credit markets. By developing a general equilibrium model where adverse selection and limited pledgeability coexist, this work highlights why adverse selection may play a pivotal role in determining the different (often opposing) welfare effects of international capital flows on originating and destination countries. This perspective also advances an analytical framework that is flexible enough to analyze the global effects on investment allocation of the "Saving Glut", of the policies facilitating financial integration and macro-prudential policy.
Beschreibung: "This paper has been produced under the ECB Lamfalussy Fellowship programme." - Seite 1
Umfang: 1 Online-Ressource (circa 37 Seiten)
ISBN: 9789289932721
9289932724
DOI: 10.2866/706723