자료유형  

 학위논문

Control Number  

0017160707

International Standard Book Number  

9798382781778

Dewey Decimal Classification Number  

310

Main Entry-Personal Name  

Oskolkov, Aleksei.

Publication, Distribution, etc. (Imprint  

[S.l.] : The University of Chicago., 2024

Publication, Distribution, etc. (Imprint  

Ann Arbor : ProQuest Dissertations & Theses, 2024

Physical Description  

153 p.

General Note  

Source: Dissertations Abstracts International, Volume: 85-12, Section: B.

General Note  

Advisor: Alvarez, Fernando.

Dissertation Note  

Thesis (Ph.D.)--The University of Chicago, 2024.

Summary, Etc.  

요약I develop a heterogeneous-country model of the world economy to study the distributional impact of aggregate capital flight episodes. A global intermediary borrows from all countries and invests in their risky assets. Wealth heterogeneity between countries arises endogenously due to idiosyncratic shocks. A single global factor that combines the intermediary's wealth and risk-taking capacity determines capital inflows and risk premia in every country. A shock to the intermediary's risk-taking capacity generates global capital flight. Investors from rich countries use their external savings to replace foreign demand for domestic assets. These countries experience a "retrenchment" event: a sizable fall in outward flows. Their risky assets appreciate on impact. In poor countries, investors cannot replace foreign demand without a sharp rise in risk premia. Their asset markets adjust through prices rather than quantities, and prices fall. Estimating the model, I find that global financial shocks explain a quarter of the time-series variation in aggregate capital flows and a third of the variation in the relative performance of assets in advanced economies compared to emerging markets.

Subject Added Entry-Topical Term  

Statistics.

Subject Added Entry-Topical Term  

Finance.

Index Term-Uncontrolled  

Capital flows

Index Term-Uncontrolled  

Global financial cycle

Index Term-Uncontrolled  

Safe assets

Index Term-Uncontrolled  

World economy

Index Term-Uncontrolled  

Global banks

Added Entry-Corporate Name  

The University of Chicago Economics

Host Item Entry  

Dissertations Abstracts International. 85-12B.

Electronic Location and Access  

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Control Number  

joongbu:657952