International capital flows, deregulation and the offset coefficient in Finland 1975-1990

Timo Hämäläinen and Arto Kovanen

No 7/1991, Bank of Finland Research Discussion Papers from Bank of Finland

Abstract: This study examines, using variable-parameter regression, how the offset coefficient in the capital flow equation for Finland has changed over time. We found the constant parameter estimate of the offset coefficient to be stable and quite large. Instead, the interest rate sensitivity has increased due to the liberalization, i.e. international capital flows have become very sensitive to the interest rate differential. We also examined how international capital flows are affected by exchange rate speculations.

Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:bofrdp:rdp1991_007

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