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Financial frictions, international capital flows and welfare
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| Authors and Corporations: | |
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| Title: | Financial frictions, international capital flows and welfare/ Filippo Taddei |
| Type of Resource: | E-Book |
| Language: | English |
| published: |
Frankfurt am Main, Germany
European Central Bank
[2018]
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| Series: |
Europäische Zentralbank: Working paper series ; no 2167 (July 2018)
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| Source: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Abstract: | 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. |
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| Item Description: | "This paper has been produced under the ECB Lamfalussy Fellowship programme." - Seite 1 |
| Physical Description: | 1 Online-Ressource (circa 37 Seiten) |
| ISBN: |
9789289932721
9289932724 |
| DOI: | 10.2866/706723 |