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Autor:innen: 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Bank of Canada Staff Working Paper No. 2016-53
Verlag: 
Bank of Canada, Ottawa
Zusammenfassung: 
Foreign direct investment inflows are positively related to growth across developing countries - but so are savings in excess of investment. I develop an explanation for this well-established puzzle by focusing on the limited availability of consumer credit in developing countries together with general equilibrium effects. In my model, fastgrowing developing countries increase their holdings of safe assets, which creates net capital outflows despite inflows of foreign direct investment. The world risk-free interest rate falls as a result, and slow-growing developing countries reduce their holdings of safe assets, which creates net capital inflows despite outflows of foreign direct investment.
Schlagwörter: 
Foreign reserves management
Interest rates
International financial markets
JEL: 
E13
E21
F43
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
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