Financing of global imbalances /

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Bibliographic Details
Author / Creator:	Walker, W. Christopher.
Imprint:	[Washington, D.C.] : International Monetary Fund, Monetary and Capital Markets, ©2007.
Description:	1 online resource (21 pages) : illustrations
Language:	English
Series:	IMF working paper ; WP/07/177 IMF working paper ; WP/07/177.
Subject:	Capital movements -- United States -- Econometric models. Bonds -- United States -- Econometric models. Balance of payments -- United States -- Econometric models. Interest rates -- United States -- Econometric models. Balance of payments -- Econometric models. Bonds -- Econometric models. Capital movements -- Econometric models. Interest rates -- Econometric models. United States.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496899

Hidden Bibliographic Details
Other authors / contributors:	Punzi, Maria Teresa, author. International Monetary Fund. Monetary and Capital Markets Department.
ISBN:	1283513145 9781283513142
Notes:	Includes bibliographical references (page 21). Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	To assess the conditions for the financing of the U.S. current account, this paper analyzes the determinants of bond flows into the United States, using a data set constructed for the period 1994-2006 from U.S. Treasury International Capital Flows (TIC) statistics. Panel vector autoregression and instrumental variables approaches are used to estimate the impact of changes in interest rate differentials and other fundamentals on capital flows into the U.S. The paper finds evidence for an impact from interest rate differentials to bond inflows that has increased over time, consistent with a theoretical model of declining home bias.
Other form:	Print version: Walker, W. Christopher. Financing of global imbalances. [Washington, D.C.] : International Monetary Fund, Monetary and Capital Markets, ©2007

Table of Contents:

I. Introduction; II. Literature Survey; A. Home Bias; Figures; 1. Sources of Financing for the U.S. Current Account Deficit; B. Determinants of Equity Flows; C. Fixed Income Flows and Bond Yields; III. Theoretical Model; IV. Data; 2. Japan
Holdings of Long-Term U.S. Bond Debt; V. Empirical Estimation; Tables; 1. Summary Statistics for Period 1 Data (1/95-12/01); 2. Summary Statistics for Period 2 Data (1/02-4/06); 3. Correlations Between Interest Spreads and Exchange Rate Expectations; VI. Identification Issues; VII. Panel Instrumental Variable Estimates.
4. Pooled Two-Stage Least Squares Regressions5. Fixed Effects Two-Stage Least Squares Regressions; VIII. Panel VARs and Impulse Response Functions; 6. "Partial Fixed Effects" 2SLS Regressions; 7. Correlation Coefficients and Std Dev of Residuals from Pd 2 VAR; IX. Conclusion; 3. Impulse Response Functions; Appendix; Panel Estimates Without Instrumental Variables.

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