05708oam 22013814 450 991078869140332120230617013000.01-4623-9001-31-4527-0260-81-283-55441-097866138668681-4519-2031-8(CKB)3360000000444630(EBL)3012509(SSID)ssj0000940783(PQKBManifestationID)11495550(PQKBTitleCode)TC0000940783(PQKBWorkID)10975342(PQKB)10393214(OCoLC)535146896(MiAaPQ)EBC3012509(IMF)WPIEE2362004(EXLCZ)99336000000044463020020129d2004 uf 0engurcn|||||||||txtccrInstitutions and the External Capital Structure of Countries /Paolo Mauro, Andre FariaWashington, D.C. :International Monetary Fund,2004.1 online resource (31 p.)IMF Working Papers"December 2004."1-4518-7571-1 Includes bibliographical references (p. 27-30).""Contents""; ""I. INTRODUCTION""; ""II. EXISTING THEORIES AND HYPOTHESES""; ""III. EMPIRICAL ANALYSIS""; ""IV. CONCLUSION""; ""Sources and Description of the Variables""; ""REFERENCES""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.IMF Working Papers; Working Paper ;No. 2004/236Investments, ForeignDeveloping countriesDebts, ExternalDeveloping countriesStocksDeveloping countriesFinancial crisesDeveloping countriesExports and ImportsimfInvestments: StocksimfMoney and Monetary PolicyimfNatural ResourcesimfInternational InvestmentimfLong-term Capital MovementsimfInternational Lending and Debt ProblemsimfFinancial Aspects of Economic IntegrationimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfEducation: GeneralimfAgricultural and Natural Resource EconomicsimfEnvironmental and Ecological Economics: GeneralimfMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralimfFinanceimfInvestment & securitiesimfEducationimfEnvironmental managementimfMonetary economicsimfForeign direct investmentimfStocksimfNatural resourcesimfBank creditimfBalance of paymentsimfFinancial institutionsimfEnvironmentimfMoneyimfInvestments, ForeignimfCreditimfRussian FederationimfInvestments, ForeignDebts, ExternalStocksFinancial crisesExports and ImportsInvestments: StocksMoney and Monetary PolicyNatural ResourcesInternational InvestmentLong-term Capital MovementsInternational Lending and Debt ProblemsFinancial Aspects of Economic IntegrationPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsEducation: GeneralAgricultural and Natural Resource EconomicsEnvironmental and Ecological Economics: GeneralMonetary Policy, Central Banking, and the Supply of Money and Credit: GeneralFinanceInvestment & securitiesEducationEnvironmental managementMonetary economicsForeign direct investmentStocksNatural resourcesBank creditBalance of paymentsFinancial institutionsEnvironmentMoneyInvestments, ForeignCreditMauro Paolo1462078Faria Andre857606International Monetary Fund.Research Dept.DcWaIMFBOOK9910788691403321Institutions and the External Capital Structure of Countries3823246UNINA