On the Determinants of Surges and Stops in Foreign Loans: An Empirical Investigation
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Baek, Seung-Gwan | - |
dc.contributor.author | Song, Chi-Young | - |
dc.date.available | 2020-07-10T06:01:39Z | - |
dc.date.created | 2020-07-06 | - |
dc.date.issued | 2016-07 | - |
dc.identifier.issn | 0923-7992 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/7645 | - |
dc.description.abstract | This paper examines the determinants of surge and stop episodes in foreign loans using quarterly data from 55 countries covering 1990Q1 to 2011Q4. The estimation results show that, first, global, contagion and domestic factors are all significantly associated with both loan-led surge and stop episodes. Second, domestic factors are more relevant to stops than to surges and are associated more strongly with episodes in emerging countries than with those in advanced countries. Third, global risk and domestic growth shock are most consistent and important in predicting both types of episodes. Fourth, financial linkage is the most important contagion channel in the occurrence of loan-led episodes. Fifth, capital control is not a useful tool for avoiding either type of episode and may actually increase their likelihood. Finally, stops in emerging countries are strongly related to macroeconomic fundamentals such as inflation, current account balance, net foreign assets, real exchange rate, and previous occurrence of surge episodes. Our results strongly suggest that emerging countries with lower institutional quality levels are more likely to experience both surges and stops. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | SPRINGER | - |
dc.subject | CAPITAL FLOWS | - |
dc.subject | INTERNATIONAL TRANSMISSION | - |
dc.subject | DEVELOPING-COUNTRIES | - |
dc.subject | LATIN-AMERICA | - |
dc.subject | CONTAGION | - |
dc.subject | CRISES | - |
dc.subject | INFLOWS | - |
dc.subject | TRADE | - |
dc.subject | INTEGRATION | - |
dc.subject | PUSH | - |
dc.title | On the Determinants of Surges and Stops in Foreign Loans: An Empirical Investigation | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Baek, Seung-Gwan | - |
dc.identifier.doi | 10.1007/s11079-015-9379-3 | - |
dc.identifier.scopusid | 2-s2.0-84944699061 | - |
dc.identifier.wosid | 000377593900001 | - |
dc.identifier.bibliographicCitation | OPEN ECONOMIES REVIEW, v.27, no.3, pp.405 - 445 | - |
dc.relation.isPartOf | OPEN ECONOMIES REVIEW | - |
dc.citation.title | OPEN ECONOMIES REVIEW | - |
dc.citation.volume | 27 | - |
dc.citation.number | 3 | - |
dc.citation.startPage | 405 | - |
dc.citation.endPage | 445 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | CAPITAL FLOWS | - |
dc.subject.keywordPlus | INTERNATIONAL TRANSMISSION | - |
dc.subject.keywordPlus | DEVELOPING-COUNTRIES | - |
dc.subject.keywordPlus | LATIN-AMERICA | - |
dc.subject.keywordPlus | CONTAGION | - |
dc.subject.keywordPlus | CRISES | - |
dc.subject.keywordPlus | INFLOWS | - |
dc.subject.keywordPlus | TRADE | - |
dc.subject.keywordPlus | INTEGRATION | - |
dc.subject.keywordPlus | PUSH | - |
dc.subject.keywordAuthor | Surge | - |
dc.subject.keywordAuthor | Stop | - |
dc.subject.keywordAuthor | Foreign loan | - |
dc.subject.keywordAuthor | Global factor | - |
dc.subject.keywordAuthor | Domestic factor | - |
dc.subject.keywordAuthor | Contagion | - |
dc.subject.keywordAuthor | Institutional quality | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
94, Wausan-ro, Mapo-gu, Seoul, 04066, Korea02-320-1314
COPYRIGHT 2020 HONGIK UNIVERSITY. ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.