THE DEMAND FOR LIQUID ASSETS, CORPORATE SAVING, AND INTERNATIONAL CAPITAL FLOWS

• 成果类型: Article
• 署名作者: Bacchetta, Philippe; Benhima, Kenza
• 署名单位: University of Lausanne; Swiss Finance Institute (SFI)
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1111/jeea.12132
• 发表日期: 2015
• 页码: 1101-1135
• 关键词: financial development; GROWTH; cash; sensitivity

摘要

The recent period of capital outflows from emerging economies has coincided with an increase in their corporate saving. In this paper, we model corporate saving as a demand for liquid assets by credit-constrained firms in a dynamic open-economy macroeconomic model. We find that the implications of this model are very different from standard models, because the demand for foreign bonds is a complement to domestic investment rather than a substitute. We show that this complementarity is at work when an emerging economy is on its convergence path or when it has a higher TFP growth rate. This framework is consistent with a number of stylized facts found in high-growth, high-investment emerging economies.