Two‐Way Capital Flows and Global Imbalances
Bibliographic Data
| ID | 9713485 |
|---|---|
| Authors | Pengfei Wang (0000-0002-2079-275X, Hong Kong University of Science and Technology), Yi Wen (0009-0005-1715-7914, Federal Reserve Bank of St. Louis and Tsinghua University), Zhiwei Xu (0000-0002-8630-1204, Shanghai Jiao Tong University) |
| Year | 2017 |
| Volume | 127 |
| Issue | 599 |
| Pages | 229-269 |
| Publication date | 2017-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic Journal (JOURNAL) |
| Journal identifiers | ISSN: 0013-0133 • E-ISSN: 1468-0297 |
| Publisher | Oxford University Press (OUP) (PUBLISHER) |
| DOI | 10.1111/ecoj.12290 |
| OpenAlex | W1841364052 |
| Language | EN |
| Citations received | 3 |
| References cited | 27 |
This article shows how underdeveloped financial markets in emerging economies can explain the pattern of two‐way capital flows between emerging economies (such as China) and the developed world (such as the United States). Our calibrated model reproduces China’s rising financial capital outflows and FDI inflows as well as its massive trade imbalances in recent decades. Our model also predicts that global trade imbalances may be sustainable even in the long run and the conventional wisdom that the ‘saving glut’ of emerging economies is responsible for the global low interest rate may be wrong
Capital (architecture · Capital flows · Current account · Economics · Exchange rate · Geography · Global Imbalances · International economics · Market economy · Monetary economics · Banking stability, regulation, efficiency · Economic Theory and Policy · Global Financial Crisis and Policies
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| Unique citing works | 3 |
|---|---|
| Citations per year | 0,43 |
| Citation span | 2019 - 2020 (2) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 3 |