Capital Flows: The Role of Idiosyncratic Risk and Financial Frictions
2016/07/05
研討會日期 : 2016-07-05
時間 : 14:30
主講人 : Professor Tomoo Kikuchi
主持人 : Professor Been-Lon Chen
地點 : Conference Room B110
演講者簡介 : Professor Kikuchi received his Ph.D. in Economics at Bielefeld University in Germany. He is currently a Senior Research Fellow at Centre on Asia and Globalisation, Lee Kuan Yew School of Public Policy, National University of Singapore. His research areas are International Economics, Financial Economics, and Economic Growth and Development.
演講摘要 : In recent years, international capital flows have been large and volatile, with major inflows often preceding similarly large outflows. To better understand this phenomenon, we study a dynamic model in which income and capital flows between countries are jointly determined in a world economy with integrated financial markets. In a setting that combines risky entrepreneurial activities with empirically plausible frictions in portfolio allocation, we find that cross-border transmission of productivity shocks can be highly persistent, taking the form of oscillations or boom-bust cycles in capital inflows, output and consumption.
