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Distinguishing Across Models of International Capital Flows

Author

Listed:
  • Mark Wright

    (UCLA)

  • Alexander Karaivanov

    (Simon Fraser University)

Abstract

We use maximum likelihood techniques to distinguish across models of international capital flows using a comprehensive dataset on GDP, capital stocks, consumption, investment, employment, and net exports (used to measure capital flows) for 200 countries between 1950 and 2005. Specifically, we apply a structural estimation and testing methodology to a range of models proposed in the literature: defaultable debt, expropriable investment, limited commitment, as well as the complete markets benchmark.

Suggested Citation

  • Mark Wright & Alexander Karaivanov, 2009. "Distinguishing Across Models of International Capital Flows," 2009 Meeting Papers 124, Society for Economic Dynamics.
    • Handle: RePEc:red:sed009:124
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    Cited by:

    1. Roberto Steri & Lukas Schmid & Boris Nikolov, 2017. "Dynamic Financial Constraints: Which Frictions Matter for Corporate Policies?," 2017 Meeting Papers 630, Society for Economic Dynamics.

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