| Item type |
デフォルトアイテムタイプ（フル）その２(1) |
| 公開日 |
2016-03-25 |
| タイトル |
|
|
タイトル |
Financial Liberalizations and Capital Flow Reversals―Optimal Policy for Short and Long Term Debt Management― |
|
言語 |
en |
| 作成者 |
Eicher, Theo S.
Turnovsky, Stephen J.
Walz, Uwe
|
| 寄与者 |
|
|
寄与者タイプ |
Editor |
|
|
姓名 |
一橋大学経済研究所 |
|
|
言語 |
ja |
| アクセス権 |
|
|
アクセス権 |
metadata only access |
|
アクセス権URI |
http://purl.org/coar/access_right/c_14cb |
| 内容記述 |
|
|
内容記述タイプ |
Abstract |
|
内容記述 |
The recent crisis in Asia has focused economists' interests on capital flows and their determinants. This paper examines three possible economic fundamentals that are likely to have contributed to the capital flow reversals. First, as in Eicher, Turnovsky and Walz (2000), financial market liberalizations alone turn out to be sufficient to generate capital flow reversals if the decentralization of the financial sector is not accompanied by the correct taxes. These taxes are shown to represent incentives for domestic capital accumulation and disincentives to excessive foreign borrowing. Second we extend the analysis to show that the term structure also matters for capital flow reversals. The share of debt held in long and short term assets, is shown to be a determinant of the optimal tax during financial liberalization. The greater the share of international debt held in short term assets, the greater the optimal tax on foreign borrowing and the greater the subsidies to domestic capital accumulation, to reduce the international debt exposure and minimize the effects of a crisis. The crisis itself is aggravated by exchange rate movements, as shown in the extension of the model, which proves to be consistent with the data presented in the paper. |
|
言語 |
en |
| 出版者 |
|
|
出版者 |
岩波書店 |
| 日付 |
|
|
日付 |
2001-10-15 |
|
日付タイプ |
Issued |
| 言語 |
|
|
言語 |
eng |
| 資源タイプ |
|
|
資源タイプ識別子 |
http://purl.org/coar/resource_type/c_6501 |
|
資源タイプ |
journal article |
| 出版タイプ |
|
|
出版タイプ |
NA |
|
出版タイプResource |
http://purl.org/coar/version/c_be7fb7dd8ff6fe43 |
| 収録物識別子 |
|
|
収録物識別子タイプ |
ISSN |
|
収録物識別子 |
00229733 |
| 収録物識別子 |
|
|
収録物識別子タイプ |
NCID |
|
収録物識別子 |
AN00070761 |
| 収録物名 |
|
|
収録物名 |
経済研究 |
| 巻 |
|
|
巻 |
52 |
| 号 |
|
|
号 |
4 |
| 開始ページ |
|
|
開始ページ |
300 |
| 終了ページ |
|
|
終了ページ |
314 |
