International Debts Flows

Ly Hung, Bui Thi Hai Anh () and Vo Tri Thanh ()
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Bui Thi Hai Anh: Vinaconex Building, Trung Van, Nam Tu Liem, Hanoi, Vietnam
Vo Tri Thanh: Institute for Brand and Competitiveness Strategy, C Building, La Thanh Guest House, 218 Doi Can, Ba Dinh, Hanoi, Vietnam

Journal of International Commerce, Economics and Policy (JICEP), 2022, vol. 13, issue 02, 1-22

Abstract: This paper analyzes the dependence pattern of net debts inflows on the sovereign debts rating and the fiscal balance, on accounting for the productivity growth rate. The cross-section evidence on a sample of 149 economies for the period from 1990 to 2019 uncovers that a higher sovereign debts rating, a lower fiscal balance or a higher productivity growth is associated with more net debts inflows. Thus, the debts flows are underlined by the store of wealth accumulation across economies. Moreover, there exists a nonlinearity on the pattern of debts flows, for which the fiscal balance determines the impact of sovereign debts rating on the net debts inflows. The results are robust for panel data regression as well as case study of three economies including Japan, Thailand and Vietnam.

Keywords: Net debts inflows; safe assets; productivity growth; international capital flows (search for similar items in EconPapers)
JEL-codes: E21 F21 O41 (search for similar items in EconPapers)
Date: 2022
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Working Paper: International Debts Flows (2021)
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DOI: 10.1142/S1793993322500090

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