Avatud seminar. Robert Vermeulen “Net Foreign Asset (Com)position: Does Financial Development Matter?“

Kuupäev: 
kolmapäev, 8. mai 2013 - 10:00
Liik: 
Seminarid
Asukoht: 
Eesti Panga muuseum, Estonia pst 11, Tallinn

Kell 10 toimub Eesti Panga muuseumi pressiruumis (Estonia pst 11) avatud seminar, kus Hollandi keskpanga ökonomist Robert Vermeulen tutvustab uurimust “ Net Foreign Asset (Com)position: Does Financial Development Matter?“.

Seminar toimub inglise keeles ja osavõtt on tasuta.

Seminarist osavõtuks palume registreeruda hiljemalt 6. mail telefonil 6680 758 või e-postil eve.magin [at] eestipank.ee


Net Foreign Asset (Com)position: Does Financial Development Matter?

Robert Vermeulen (De Nederlandsche Bank) and Jakob de Haan (De Nederlandsche Bank/ University of Groningen/ CESifo)

We investigate the relationship between a country̕ s domestic financial development and the (composition of its) net foreign asset position using a pooled mean group estimator and data for 51 countries during the period 1970–2007. The results show that financial development reduces  country̕ s long-run net foreign asset position. In addition, financial development leads to higher net equity and lower net debt positions. These findings confirm the theoretical predictions of Mendoza et al. (2009). The results are robust to using different indicators of financial development and inclusion of the level of development of a country in the cointegrating relationship.

Artikli täistekstiversioon:
http://www.dnb.nl/en/binaries/working%20Paper%20340_tcm47-269084.pdf