International Capital Flows When Safe Assets Scarcity Matters

Ly Hung and Hoan Nguyen Thi Thuy ()

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Abstract: In an open multi-country economy, the safe assets supply shapes the pattern of international capital flows. A higher productivity growth rate raises the net capital inflows for economies with abundant safe assets, but reduces the net capital inflows for economies with scarce safe assets. The cross-section analysis on a sample of 170 economies over 1980-2013 confirms the theory. The evidence is robust for instrument-variable (IV) analysis method.

Keywords: Public Debts; Safe Assets; International Capital Flows (search for similar items in EconPapers)
Date: 2020-07
New Economics Papers: this item is included in nep-fdg and nep-sea
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Journal Article: International Capital Flows When Safe Assets Scarcity Matters (2022)
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