LEADER 05708oam 22013814 450 001 9910788691403321 005 20230617013000.0 010 $a1-4623-9001-3 010 $a1-4527-0260-8 010 $a1-283-55441-0 010 $a9786613866868 010 $a1-4519-2031-8 035 $a(CKB)3360000000444630 035 $a(EBL)3012509 035 $a(SSID)ssj0000940783 035 $a(PQKBManifestationID)11495550 035 $a(PQKBTitleCode)TC0000940783 035 $a(PQKBWorkID)10975342 035 $a(PQKB)10393214 035 $a(OCoLC)535146896 035 $a(MiAaPQ)EBC3012509 035 $a(IMF)WPIEE2362004 035 $a(EXLCZ)993360000000444630 100 $a20020129d2004 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aInstitutions and the External Capital Structure of Countries /$fPaolo Mauro, Andre Faria 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2004. 215 $a1 online resource (31 p.) 225 1 $aIMF Working Papers 300 $a"December 2004." 311 $a1-4518-7571-1 320 $aIncludes bibliographical references (p. 27-30). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. EXISTING THEORIES AND HYPOTHESES""; ""III. EMPIRICAL ANALYSIS""; ""IV. CONCLUSION""; ""Sources and Description of the Variables""; ""REFERENCES"" 330 3 $aA widespread view holds that countries that finance themselves through foreign direct investment (FDI) and portfolio equity, rather than bonds and loans, are less prone to crises. But what determines countries' external capital structures? In a cross section of emerging markets and developing countries, we find that equity-like liabilities (FDI and, especially, portfolio equity) as a share of countries' total external liabilities (or as a share of GDP) are positively and significantly associated with indicators of educational attainment, natural resource abundance, and especially, institutional quality. These relationships are robust to attempts to control for possible endogeneity, suggesting that better institutional quality may help improve countries' capital structures. The results might also provide an explanation for the observed correlation between institutional quality and the frequency of crises. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2004/236 606 $aInvestments, Foreign$zDeveloping countries 606 $aDebts, External$zDeveloping countries 606 $aStocks$zDeveloping countries 606 $aFinancial crises$zDeveloping countries 606 $aExports and Imports$2imf 606 $aInvestments: Stocks$2imf 606 $aMoney and Monetary Policy$2imf 606 $aNatural Resources$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aFinancial Aspects of Economic Integration$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aEducation: General$2imf 606 $aAgricultural and Natural Resource Economics$2imf 606 $aEnvironmental and Ecological Economics: General$2imf 606 $aMonetary Policy, Central Banking, and the Supply of Money and Credit: General$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aEducation$2imf 606 $aEnvironmental management$2imf 606 $aMonetary economics$2imf 606 $aForeign direct investment$2imf 606 $aStocks$2imf 606 $aNatural resources$2imf 606 $aBank credit$2imf 606 $aBalance of payments$2imf 606 $aFinancial institutions$2imf 606 $aEnvironment$2imf 606 $aMoney$2imf 606 $aInvestments, Foreign$2imf 606 $aCredit$2imf 607 $aRussian Federation$2imf 615 0$aInvestments, Foreign 615 0$aDebts, External 615 0$aStocks 615 0$aFinancial crises 615 7$aExports and Imports 615 7$aInvestments: Stocks 615 7$aMoney and Monetary Policy 615 7$aNatural Resources 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aInternational Lending and Debt Problems 615 7$aFinancial Aspects of Economic Integration 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aEducation: General 615 7$aAgricultural and Natural Resource Economics 615 7$aEnvironmental and Ecological Economics: General 615 7$aMonetary Policy, Central Banking, and the Supply of Money and Credit: General 615 7$aFinance 615 7$aInvestment & securities 615 7$aEducation 615 7$aEnvironmental management 615 7$aMonetary economics 615 7$aForeign direct investment 615 7$aStocks 615 7$aNatural resources 615 7$aBank credit 615 7$aBalance of payments 615 7$aFinancial institutions 615 7$aEnvironment 615 7$aMoney 615 7$aInvestments, Foreign 615 7$aCredit 700 $aMauro$b Paolo$01462078 701 $aFaria$b Andre$0857606 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788691403321 996 $aInstitutions and the External Capital Structure of Countries$93823246 997 $aUNINA