Institutions and the External Capital Structure of Countries / / Paolo Mauro, Andre Faria

• Autore: Mauro Paolo
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2004
• Edizione: 1st ed.
• Descrizione fisica: 1 online resource (31 p.)
• Soggetto topico: Investments, Foreign - Developing countries; Debts, External - Developing countries; Stocks - Developing countries; Financial crises - Developing countries; Agricultural and Natural Resource Economics; Balance of payments; Bank credit; Credit; Education; Education: General; Environment; Environmental and Ecological Economics: General; Environmental management; Exports and Imports; Finance; Financial Aspects of Economic Integration; Financial institutions; Financial Instruments; Foreign direct investment; Institutional Investors; International Investment; International Lending and Debt Problems; Investment & securities; Investments, Foreign; Investments: Stocks; Long-term Capital Movements; Monetary economics; Monetary Policy, Central Banking, and the Supply of Money and Credit: General; Money and Monetary Policy; Money; Natural Resources; Natural resources; Non-bank Financial Institutions; Pension Funds; Stocks
• Soggetto geografico: Russian Federation
• Altri autori: FariaAndre
• Note generali: "December 2004."
• Nota di bibliografia: Includes bibliographical references (p. 27-30).
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. EXISTING THEORIES AND HYPOTHESES""; ""III. EMPIRICAL ANALYSIS""; ""IV. CONCLUSION""; ""Sources and Description of the Variables""; ""REFERENCES""
• Sommario/riassunto: 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.
• Titolo autorizzato: Institutions and the External Capital Structure of Countries
• ISBN: 1-4623-9001-3; 1-4527-0260-8; 1-283-55441-0; 9786613866868; 1-4519-2031-8
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910823056403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2004/236