International Capital Flows When Safe Assets Scarcity Matters

Ly Hung and Nguyen Thi Thuy Hoan

South Asian Journal of Macroeconomics and Public Finance, 2022, vol. 11, issue 2, 151-167

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. JEL Classifications: F15, F36, F43

Keywords: International capital flows; safe assets; public debts; instrument-variable regression (search for similar items in EconPapers)
Date: 2022
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Working Paper: International Capital Flows When Safe Assets Scarcity Matters (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:smppub:v:11:y:2022:i:2:p:151-167

DOI: 10.1177/2277978721989934

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