This file is part of IDEAS , which uses RePEc data
[ Papers |
Articles |
Software |
Books |
Chapters |
Authors |
Institutions |
JEL Classification |
NEP reports |
Search |
New papers by email |
Author registration |
Rankings |
Volunteers |
FAQ |
Blog |
Help! ]
The Shifting Composition of External Liabilities Author info | Abstract | Publisher info | Download info | Related research | Statistics André Faria
Philip R. Lane
Paolo Mauro
Gian Maria Milesi-Ferretti
Additional information is available for the following
registered author(s):
What determines the composition of external liabilities, both across countries and over time? More specifically, which countries account for the massive increase in equity-like liabilities (foreign direct investment and portfolio equity), especially since the mid 1990s? The empirical analysis draws on the newly released ``External Wealth of Nations Mark II'' dataset. In the cross-section, we find that larger, more open economies with a better institutional quality score have a greater equity share in external liabilities, which is also positively related to natural resource production. Along the time-series dimension, we find that the shift towards equity financing is stronger among those countries that have undertaken a greater degree of domestic financial reform. (JEL: F21, F34, F36) (c) 2007 by the European Economic Association.
To download:
If you experience problems downloading a file, check if you have the
proper application to
view it first. Information about this may be contained
in the File-Format links below. In case of further problems read
the IDEAS help
page . Note that these files are not on the IDEAS
site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Article provided by MIT Press in its journal Journal of the European Economic Association .
Volume (Year): 5 (2007)
Issue (Month): 2-3 (04-05)
Pages: 480-490
Download reference. The following formats are available: HTML
(with abstract ),
plain text
(with abstract ),
BibTeX ,
RIS (EndNote, RefMan, ProCite),
ReDIF
Handle: RePEc:tpr:jeurec:v:5:y:2007:i:2-3:p:480-490Contact details of provider: Web page: http://www.mitpressjournals.org/jeea
Order Information: Web: http://www.mitpressjournals.org/jeea
For technical questions regarding this item, or to correct its listing, contact: (Christopher F. Baum).
Keywords: Other versions of this item:
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.: Schnitzer, Monika, 1997.
"Debt vs. Foreign Direct Investment: The Impact of Sovereign Risk on the Structure of International Capital Flows ,"
CEPR Discussion Papers
1608, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Horowitz, Joel L., 2001.
"The Bootstrap ,"
Handbook of Econometrics ,
in: J.J. Heckman & E.E. Leamer (ed.), Handbook of Econometrics, edition 1, volume 5, chapter 52, pages 3159-3228
Elsevier.
[Downloadable!] (restricted)
Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1998.
"A pecking order of capital inflows and international tax principles ,"
Journal of International Economics ,
Elsevier, vol. 44(1), pages 45-68, February.
[Downloadable!] (restricted)
Other versions: Faria, Andr & Mauro, Paolo, 2009.
"Institutions and the external capital structure of countries ,"
Journal of International Money and Finance ,
Elsevier, vol. 28(3), pages 367-391, April.
[Downloadable!] (restricted)
Other versions: Wei, Shang-Jin, 2001.
"Domestic Crony Capitalism and International Fickle Capital: Is There a Connection? ,"
International Finance ,
Blackwell Publishing, vol. 4(1), pages 15-45, Spring.
[Downloadable!] (restricted)
Albuquerque, Rui, 2003.
"The composition of international capital flows: risk sharing through foreign direct investment ,"
Journal of International Economics ,
Elsevier, vol. 61(2), pages 353-383, December.
[Downloadable!] (restricted)
Other versions: Abdul Abiad & Thierry Tressel & Enrica Detragiache, 2008.
"A New Database of Financial Reforms ,"
IMF Working Papers
08/266, International Monetary Fund.
Philip Lane & Gian Maria Milesi-Ferretti, 2001.
"THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries ,"
CEG Working Papers
20012, Trinity College Dublin, Department of Economics.
[Downloadable!]
Other versions:
Gian Maria Milesi-Ferretti & Philip R. Lane, 1999.
"The External Wealth of Nations - Measures of Foreign Assets and Liabilities for Industrial and Developing Countries ,"
IMF Working Papers
99/115, International Monetary Fund.
Lane, Philip R. & Milesi-Ferretti, Gian Maria, 1999.
"The External Wealth of Nations: Measures of Foreign Assets and Liabilities for Industrial and Developing Countries ,"
CEPR Discussion Papers
2231, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Philip Lane & Gian Maria Milesi-Ferretti, 2001.
"THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries ,"
Trinity Economics Papers
20014, Trinity College Dublin, Department of Economics.
[Downloadable!] Lane, Philip R. & Milesi-Ferretti, Gian Maria, 2001.
"The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries ,"
Journal of International Economics ,
Elsevier, vol. 55(2), pages 263-294, December.
[Downloadable!] (restricted) Newey, Whitney K. & McFadden, Daniel, 1986.
"Large sample estimation and hypothesis testing ,"
Handbook of Econometrics ,
in: R. F. Engle & D. McFadden (ed.), Handbook of Econometrics, edition 1, volume 4, chapter 36, pages 2111-2245
Elsevier.
[Downloadable!] (restricted)
Mark Aguiar & Erik Hurst, 2005.
"Lifecycle Prices and Production ,"
NBER Working Papers
11601, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Other versions: Christian Dustmann & Costas Meghir, 2005.
"Wages, Experience and Seniority ,"
Review of Economic Studies ,
Blackwell Publishing, vol. 72(1), pages 77-108, 01.
[Downloadable!] (restricted)
Other versions:
Christian Dustmann & Costas Meghir, 1999.
"Wages, experience and seniority ,"
IFS Working Papers
W99/01, Institute for Fiscal Studies.
Christian Dustmann & Costas Meghir, 2001.
"Wages, experience and seniority ,"
IFS Working Papers
W01/01, Institute for Fiscal Studies.
[Downloadable!] Dustmann, Christian & Meghir, Costas, 1999.
"Wages, Experience and Seniority ,"
CEPR Discussion Papers
2077, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Andrei A. Levchenko & Paolo Mauro, 2006.
"Do Some Forms of Financial Flows Help Protect from Sudden Stops? ,"
IMF Working Papers
06/202, International Monetary Fund.
[Downloadable!]
Murphy, Kevin M & Topel, Robert H, 1985.
"Estimation and Inference in Two-Step Econometric Models ,"
Journal of Business & Economic Statistics ,
American Statistical Association, vol. 3(4), pages 370-79, October.
Other versions:
Full
references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Lane, Philip R. & Shambaugh, Jay C, 2008.
"The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets ,"
CEPR Discussion Papers
6887, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted)
Other versions: Philip R Lane & Jay C Shambaugh, 2007.
"Financial exchange rates and international currency exposures ,"
CGFS Papers chapters ,
in: Bank for International Settlements (ed.), Research on global financial stability: the use of BIS international financial statistics, volume 29, pages 90-127
Bank for International Settlements.
[Downloadable!]
Other versions:
Lane, Philip R. & Shambaugh, Jay C, 2007.
"Financial Exchange Rates and International Currency Exposures ,"
CEPR Discussion Papers
6473, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Philip Lane & Jay C. Shambaugh, 2007.
"Financial Exchange Rates and International Currency Exposures ,"
NBER Working Papers
13433, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Philip R. Lane & Jay C. Shambaugh, 2007.
"Financial Exchange Rates and International Currency Exposures ,"
The Institute for International Integration Studies Discussion Paper Series
iiisdp229, IIIS.
[Downloadable!] Lane, Philip R. & Shambaugh, Jay C., 2008.
"Financial exchange rates and international currency exposures ,"
Discussion Paper Series 1: Economic Studies
2008,22, Deutsche Bundesbank, Research Centre.
[Downloadable!] Martin Schmitz, 2007.
"Financial Markets and International Risk Sharing ,"
The Institute for International Integration Studies Discussion Paper Series
iiisdp233, IIIS.
[Downloadable!]
Philip R. Lane IIIS, Trinity College Dublin and CEPR, 2009.
"Innovation and Financial Globalisation ,"
The Institute for International Integration Studies Discussion Paper Series
iiisdp299, IIIS.
[Downloadable!]
Philip R. Lane, 2008.
"The Macroeconomics of Financial Integration: A European Perspective ,"
The Institute for International Integration Studies Discussion Paper Series
iiisdp265, IIIS.
[Downloadable!]
Itay Goldstein & Assaf Razin & Hui Tong, 2008.
"Liquidity, Institutional Quality and the Composition of International Equity Outflows ,"
NBER Working Papers
13723, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted)
Calderon, Cesar & Kubota, Megumi, 2009.
"Does higher openness cause more real exchange rate volatility ? ,"
Policy Research Working Paper Series
4896, The World Bank.
[Downloadable!]
Access and
download statistics Did you know? IDEAS was sponsored from 1997 to 2002 by the Université du Québec à Montréal .
This page was last updated on 2009-11-16.
This information is provided to you by IDEAS at the Department of Economics , College of Liberal Arts and Sciences , University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics .