Institutions and the external capital structure of countries / / prepared by Andre Faria and Paolo Mauro

• Autore: Faria Andre
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, Research Dept., 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
• Altri autori: MauroPaolo
• 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 paper ; ; WP/04/236.