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International Capital Flows and National Creditworthiness

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  • Paul Cashin
  • C. John McDermott

Abstract

This paper examines the optimality of international capital flows to a persistent net importer of capital, Australia, during its post-capital-controls period 1984-98. The results suggest that international capital flows were larger than optimal during the 1980s, but in the 1990s such flows have been broadly consistent with those predicted by the consumption-smoothing approach to the determination of the current account. The paper also discusses the main implications arising from measures of optimal capital flows, and compares them with the implications arising from the key concepts used in the determination of national creditworthiness.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 98/172.

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Length: 41
Date of creation: 01 Dec 1998
Date of revision:
Handle: RePEc:imf:imfwpa:98/172

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Cited by:
  1. Kunhong Kim & Viv B Hall & Robert A Buckle, 2001. "New Zealand's Current Account Deficit: Analysis based on the Intertemporal Optimisation Approach," Treasury Working Paper Series 01/02, New Zealand Treasury.
  2. Bebczuk, Ricardo & Schmidt-Hebbel, Klaus, 2006. "Revisiting the Feldstein-Horioka Puzzle: An Institutional Sector View," MPRA Paper 1802, University Library of Munich, Germany.
  3. Aristovnik, Aleksander, 2006. "How sustainable are current account deficits in selected transition economies?," MPRA Paper 485, University Library of Munich, Germany.
  4. Aleksander Aristovnik, 2006. "Current Account Sustainability In Selected Transition Countries," William Davidson Institute Working Papers Series wp844, William Davidson Institute at the University of Michigan.

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