LEADER 03798nam 2200625Ia 450 001 9910461997203321 005 20200520144314.0 010 $a1-4755-1263-5 010 $a1-4755-6866-5 010 $a1-4755-1262-7 035 $a(CKB)2670000000278831 035 $a(EBL)1587792 035 $a(SSID)ssj0000941780 035 $a(PQKBManifestationID)11601427 035 $a(PQKBTitleCode)TC0000941780 035 $a(PQKBWorkID)10963945 035 $a(PQKB)10470557 035 $a(MiAaPQ)EBC1587792 035 $a(Au-PeEL)EBL1587792 035 $a(CaPaEBR)ebr10627052 035 $a(OCoLC)867927929 035 $a(EXLCZ)992670000000278831 100 $a20111102d2012 uy 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 14$aThe role of risk and information for international capital flows$b[electronic resource] $enew evidence from the SDDS /$fprepared by Yuko Hashimoto and Konstantin M. Wacker 210 $aWashington, DC $cInternational Monetary Fund$d2012 215 $a1 online resource (82 p.) 225 0 $aIMF working paper ;$v12/242 300 $aDescription based upon print version of record. 311 $a1-4755-1265-1 311 $a1-4755-1192-2 320 $aIncludes bibliographical references. 327 $aCover Page; Title Page; Copyright Page; Contents; Appendices; Tables; Figures; I. Introduction; 1. Capital Flows (% of GDP) prior to and after SDDS Subscription; II. Information and Investment: A Literature Review; III. Investment: Model and Data; A. Portfolio and foreign direct investment; B. Econometric model; C. Determinants of international investment flows; D. Risk; E. Information; F. Spatial interdependencies; IV. Main Empirical Results; 1. FDI determinants; 2. Portfolio determinants; V. Robustness and Further Results; 2. Plots for normality of residuals from model (3a) 327 $a3. Kernel density estimate for residuals from model (3a) with corresponding normal distribution 3. Different time trends between SDDS subscribers and non-subscribers?; 4. Parameter robustness; 4. Dynamic effects of SDDS subscription; 5. Smoothing spline estimate of spatial correlation in FDI flow residuals with 90 percent pointwise confidence bands based on 1,000 bootstrap replications; VI. Discussion and Conclusion; A. Main findings; B. Relation to other findings in the literature; C. Further results; D. Perspectives on further research and policy issues; A. Information on SDDS 327 $a5. List of SDDS subscribers 6. SDDS Data Coverage; B. Sample, variables and descriptive statistics; 7. List of Variables; References; Footnotes 330 $aIn this paper we investigate whether better information about the macroeconomic environment of an economy has a positive impact on its capital inflows, namely portfolio and foreign direct investment (FDI). The purpose of our study is to explicitly quantify information asymmetries by compliance with the IMF's Special Data Dissemination Standard (SDDS). For FDI, we find statistically significant and robust support for this hypothesis: SDDS subscription increased inflows by an economically relevant magnitude of about 60 percent. We also find evidence of aversion against political and macroeconomi 410 0$aIMF Working Papers 606 $aCapital movements 606 $aMacroeconomics 608 $aElectronic books. 615 0$aCapital movements. 615 0$aMacroeconomics. 700 $aHashimoto$b Yuko$0882108 701 $aWacker$b Konstantin M$0882109 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910461997203321 996 $aThe role of risk and information for international capital flows$91970344 997 $aUNINA