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Record Nr. |
UNINA9910788691403321 |
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Autore |
Mauro Paolo |
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Titolo |
Institutions and the External Capital Structure of Countries / / Paolo Mauro, Andre Faria |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2004 |
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ISBN |
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1-4623-9001-3 |
1-4527-0260-8 |
1-283-55441-0 |
9786613866868 |
1-4519-2031-8 |
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Descrizione fisica |
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1 online resource (31 p.) |
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Collana |
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Altri autori (Persone) |
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Soggetti |
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Investments, Foreign - Developing countries |
Debts, External - Developing countries |
Stocks - Developing countries |
Financial crises - Developing countries |
Exports and Imports |
Investments: Stocks |
Money and Monetary Policy |
Natural Resources |
International Investment |
Long-term Capital Movements |
International Lending and Debt Problems |
Financial Aspects of Economic Integration |
Pension Funds |
Non-bank Financial Institutions |
Financial Instruments |
Institutional Investors |
Education: General |
Agricultural and Natural Resource Economics |
Environmental and Ecological Economics: General |
Monetary Policy, Central Banking, and the Supply of Money and Credit: General |
Finance |
Investment & securities |
Education |
Environmental management |
Monetary economics |
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Foreign direct investment |
Stocks |
Natural resources |
Bank credit |
Balance of payments |
Financial institutions |
Environment |
Money |
Investments, Foreign |
Credit |
Russian Federation |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references (p. 27-30). |
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Nota di contenuto |
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""Contents""; ""I. INTRODUCTION""; ""II. EXISTING THEORIES AND HYPOTHESES""; ""III. EMPIRICAL ANALYSIS""; ""IV. CONCLUSION""; ""Sources and Description of the Variables""; ""REFERENCES"" |
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Sommario/riassunto |
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A widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises. |
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