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Heterogeneous Impact of the Global Financial Cycle
Heterogeneous Impact of the Global Financial Cycle
상세정보
- 자료유형
- 학위논문 서양
- 최종처리일시
- 20250211151104
- ISBN
- 9798382781778
- DDC
- 310
- 서명/저자
- Heterogeneous Impact of the Global Financial Cycle
- 발행사항
- [Sl] : The University of Chicago, 2024
- 발행사항
- Ann Arbor : ProQuest Dissertations & Theses, 2024
- 형태사항
- 153 p
- 주기사항
- Source: Dissertations Abstracts International, Volume: 85-12, Section: B.
- 주기사항
- Advisor: Alvarez, Fernando.
- 학위논문주기
- Thesis (Ph.D.)--The University of Chicago, 2024.
- 초록/해제
- 요약I develop a heterogeneous-country model of the world economy to study the distributional impact of aggregate capital flight episodes. A global intermediary borrows from all countries and invests in their risky assets. Wealth heterogeneity between countries arises endogenously due to idiosyncratic shocks. A single global factor that combines the intermediary's wealth and risk-taking capacity determines capital inflows and risk premia in every country. A shock to the intermediary's risk-taking capacity generates global capital flight. Investors from rich countries use their external savings to replace foreign demand for domestic assets. These countries experience a "retrenchment" event: a sizable fall in outward flows. Their risky assets appreciate on impact. In poor countries, investors cannot replace foreign demand without a sharp rise in risk premia. Their asset markets adjust through prices rather than quantities, and prices fall. Estimating the model, I find that global financial shocks explain a quarter of the time-series variation in aggregate capital flows and a third of the variation in the relative performance of assets in advanced economies compared to emerging markets.
- 일반주제명
- Statistics
- 일반주제명
- Finance
- 키워드
- Capital flows
- 키워드
- Safe assets
- 키워드
- World economy
- 키워드
- Global banks
- 기타저자
- The University of Chicago Economics
- 기본자료저록
- Dissertations Abstracts International. 85-12B.
- 전자적 위치 및 접속
- 로그인 후 원문을 볼 수 있습니다.
MARC
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■006m o d
■007cr#unu||||||||
■020 ▼a9798382781778
■035 ▼a(MiAaPQ)AAI31143248
■040 ▼aMiAaPQ▼cMiAaPQ
■0820 ▼a310
■1001 ▼aOskolkov, Aleksei.▼0(orcid)0000-0001-6064-5159
■24510▼aHeterogeneous Impact of the Global Financial Cycle
■260 ▼a[Sl]▼bThe University of Chicago▼c2024
■260 1▼aAnn Arbor▼bProQuest Dissertations & Theses▼c2024
■300 ▼a153 p
■500 ▼aSource: Dissertations Abstracts International, Volume: 85-12, Section: B.
■500 ▼aAdvisor: Alvarez, Fernando.
■5021 ▼aThesis (Ph.D.)--The University of Chicago, 2024.
■520 ▼aI develop a heterogeneous-country model of the world economy to study the distributional impact of aggregate capital flight episodes. A global intermediary borrows from all countries and invests in their risky assets. Wealth heterogeneity between countries arises endogenously due to idiosyncratic shocks. A single global factor that combines the intermediary's wealth and risk-taking capacity determines capital inflows and risk premia in every country. A shock to the intermediary's risk-taking capacity generates global capital flight. Investors from rich countries use their external savings to replace foreign demand for domestic assets. These countries experience a "retrenchment" event: a sizable fall in outward flows. Their risky assets appreciate on impact. In poor countries, investors cannot replace foreign demand without a sharp rise in risk premia. Their asset markets adjust through prices rather than quantities, and prices fall. Estimating the model, I find that global financial shocks explain a quarter of the time-series variation in aggregate capital flows and a third of the variation in the relative performance of assets in advanced economies compared to emerging markets.
■590 ▼aSchool code: 0330.
■650 4▼aStatistics
■650 4▼aFinance
■653 ▼aCapital flows
■653 ▼aGlobal financial cycle
■653 ▼aSafe assets
■653 ▼aWorld economy
■653 ▼aGlobal banks
■690 ▼a0501
■690 ▼a0508
■690 ▼a0770
■690 ▼a0463
■71020▼aThe University of Chicago▼bEconomics.
■7730 ▼tDissertations Abstracts International▼g85-12B.
■790 ▼a0330
■791 ▼aPh.D.
■792 ▼a2024
■793 ▼aEnglish
■85640▼uhttp://www.riss.kr/pdu/ddodLink.do?id=T17160707▼nKERIS▼z이 자료의 원문은 한국교육학술정보원에서 제공합니다.
