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Europe > Iceland

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Investments, Foreign x
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Cover IMF Working Papers
Global Imbalances and External Adjustment after the Crisis
Mr. Philip R. Lane
and
Mr. Gian M Milesi-Ferretti
This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.
Keywords:
WP; current account gap; Global crisis; Current account adjustment; current account balance; WEO current account projection; deficit country; gap term; Current account; Current account balance; Current account imbalances; Foreign assets; Global; Caribbean
Cover IMF Working Papers
The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS
Ms. Yuko Hashimoto
and
Mr. Konstantin Wacker
In this paper we investigate whether better information about the macroeconomic environment of an economy has a positive impact on its capital inflows, namely portfolio and foreign direct investment (FDI). The purpose of our study is to explicitly quantify information asymmetries by compliance with the IMF's Special Data Dissemination Standard (SDDS). For FDI, we find statistically significant and robust support for this hypothesis: SDDS subscription increased inflows by an economically relevant magnitude of about 60 percent. We also find evidence of aversion against political and macroeconomic risk as determinants of portfolio and FDI flows anduse a non-parametric test for spatial correlation in the residual of capital flows.
Keywords:
WP; FDI inflow; interest rate; emerging market; FDI flow; determinants of capital flows; information; panel data; risk; SDDS; IMF; FDI; portfolio investment; spatial econometrics; FDI-agglomeration literature; FDI literature; SDDS subscription; portfolio flow; Foreign direct investment; Special Data Dissemination Standard (SDDS); Capital flows; Exchange rates; Global