000295143 001__ 295143
000295143 005__ 20250213113222.0
000295143 0247_ $$2doi$$a10.3386/W14390
000295143 037__ $$aBOOK
000295143 245__ $$aInternational capital flows under dispersed information$$btheory and evidence
000295143 260__ $$aCambridge, MA$$bNational Bureau of Economic Research$$c2008
000295143 269__ $$a2008
000295143 300__ $$a51 p. : ill.
000295143 336__ $$aPapers and Reports
000295143 490__ $$aNBER Working Paper ; No. 14390
000295143 520__ $$aWe develop a new theory of international capital flows based on dispersed information across individual investors. There is extensive evidence of information heterogeneity within and across countries, which has proven critical to understanding asset price behavior. We introduce information dispersion into an open economy dynamic general equilibrium portfolio choice model, and emphasize two implications for capital flows that are specific to the presence of dispersed information. First, gross and net capital flows become partially disconnected from publicly observed fundamentals. Second, capital flows (particularly gross flows) contain information about future fundamentals, even after controlling for current fundamentals. We find that these implications are quantitatively significant and consistent with data for industrialized countries.
000295143 700__ $$aWincoop, Eric van
000295143 700__ $$aTille, Cédric
000295143 8564_ $$93f88843e-fc0c-4a7e-a87f-166a27170956$$s388705$$uhttps://repository.graduateinstitute.ch/record/295143/files/w14390.pdf
000295143 901__ $$uInternational Economics Department$$0319285
000295143 909CO $$ooai:repository.graduateinstitute.ch:295143$$pGLOBAL_SET$$pIHEID:Explore
000295143 937__ $$aWP-2017-079
000295143 980__ $$aWP