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E-RESOURCE
Author Punzi, Maria Teresa.

Title Financing of Global Imbalances [electronic resource] / Maria Teresa Punzi.

Published Washington, D.C. : International Monetary Fund, 2007.

Copies

Location Call No. Status
 UniM INTERNET resource    AVAILABLE
Physical description 1 online resource (21 p.)
Series IMF Working Papers; Working Paper ; No. 07/177
IMF Working Papers; Working Paper ; No. 07/177
Summary This paper analyzes the determinants of bond flows, now the dominant source of capital inflows, into the United States, as a means of establishing conditions affecting the financing of the U.S. current account deficit. To test the hypothesis that capital flows have become more responsive to changes in relative interest rates and other conditions across borders, a panel data set, showing bond flows from 12 separate jurisdictions into the United States, is constructed for the period 1994-2006 using adjusted U.S. Treasury International Capital Flow (TIC) data. Panel vector autoregression and instrumental variables approaches are used to estimate the impact of changes in interest rate differentials and other fundamentals on capital flows into the U.S. The paper finds evidence for an impact from interest rate differentials to bond inflows that has increased over time. Under one plausible set of theoretical assumptions, the increased sensitivity can be interpreted as resulting from a reduction in home bias on the part of non-US investors.
Notes Description based on print version record.
Other author Punzi, Maria Teresa.
Walker, W. Christopher.
Subject Bond Flows
Bond
Correlation
Equation
Home Bias
Panel VAR
ISBN 1451867417 : 18.00 USD
9781451867411
ISSN 1018-5941
Standard Number 10.5089/9781451867411.001