haku: @author Scott, A. / yhteensä: 28
viite: 4 / 28
| Tekijä: | Scott, A. Uhlig, H. |
| Otsikko: | Fickle investors: An impediment to growth ? |
| Lehti: | European Economic Review
1999 : JUN, VOL. 43:7, p. 1345-1370 |
| Asiasana: | INVESTORS GROWTH CURRENT ACCOUNT VOLATILITY ASIA CRISES |
| Kieli: | eng |
| Tiivistelmä: | The aim of this paper is to construct theoretical models which help to shed light on the recent criticisms of volatile investment flows. It is simply assumed the existence of fickle outside investors and examined the consequences for the economy in the context of two partial equilibrium endogenous growth models. In the first model, the scale of fickle outside investment funds traces out a mean-variance trade-off for the growth rate of the economy. In particular, the volatility of these funds dissuades risk averse agents from risky entrepreneurial activities. The second model involves increasing returns and multiple equilibria. In the context of this model fickle investor behaviour can have very persistent and substantial effects on both output growth and volatility. |
SCIMA