FDI flows and sudden stops in small open economies (Record no. 133365)

MARC details
000 -LEADER
fixed length control field 01558nas a2200193Ia 4500
008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION
fixed length control field 240628c99999999xx |||||||||||| ||und||
022 ## - INTERNATIONAL STANDARD SERIAL NUMBER
International Standard Serial Number 0164-0704
100 ## - MAIN ENTRY--PERSONAL NAME
Personal name Villalvazo, Sergio
9 (RLIN) 119093
245 #0 - TITLE STATEMENT
Title FDI flows and sudden stops in small open economies
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Name of publisher, distributor, etc. Journal of Macroeconomics
260 ## - PUBLICATION, DISTRIBUTION, ETC.
Date of publication, distribution, etc. 2024
300 ## - PHYSICAL DESCRIPTION
Extent 1-17
520 ## - SUMMARY, ETC.
Abstract Why are balance of payments crises, characterized by Sudden Stops of capital inflows, more frequent in emerging economies than advanced economies? This paper argues that differences in the composition of the financial account flows explain 30 percent of the gap in the probability of a crisis. I document that although advanced economies have, on average, zero net foreign direct investment (FDI), they have sufficient FDI outflows to act as buffer savings during financial distress. To quantify the effect of this FDI channel on the probability of a crisis, I propose a small open economy model with a loan-to-value collateral constraint and FDI vulnerable to government confiscation risk. The calibrated model suggests that if an emerging economy increases its capital-to-GDP ratio and eliminates government confiscation risk, it would reduce the probability of a Sudden Stop from 2.9 to 2.7 percent, while simultaneously increasing its debt-to-GDP ratio from 47 to 65 percent.
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Government confiscation risk
9 (RLIN) 119094
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Sudden Stops
9 (RLIN) 119095
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element Economics
9 (RLIN) 2
650 ## - SUBJECT ADDED ENTRY--TOPICAL TERM
Topical term or geographic name entry element FDI
9 (RLIN) 79665
856 ## - ELECTRONIC LOCATION AND ACCESS
Uniform Resource Identifier <a href="https://www.sciencedirect.com/science/article/pii/S0164070424000016">https://www.sciencedirect.com/science/article/pii/S0164070424000016</a>
999 ## - SYSTEM CONTROL NUMBERS (KOHA)
Koha biblionumber 133365
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        Dr VKRV Rao Library Dr VKRV Rao Library 28/06/2024 Vol. 79, No. March   AI64 28/06/2024 28/06/2024 Article Index