Annual Conference

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Corporate Finance

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May 2024

Capital Flight with Intra-firm Lending

Jiafei HU, Haishan YUAN
Using a novel administrative dataset, we study the cross-border capital flows related to internal loans of Chinese multinational enterprises. We exploit an exogenous policy change on the RMB exchange rate and provide evidence that the expectation of the RMB exchange rate has a significant impact on ...
Keywords: Multinationals, RMB Exchange Rate, Internal Debt, Capital Flight
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2018

Capital controls, macroprudential measures and monetary policy interactions in an emerging economy

Valerio Nispi LANDI
Are capital controls and macroprudential measures desirable in an emerging economy? How do these instruments interact with monetary policy? I address these questions in a DSGE model for an emerging economy whose banks are indebted in foreign currency. The model is augmented with financial frictions....
Keywords: Financial markets, monetary policy, small open economy
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2021

Capital Controls and Income Inequality

Mark M. SPIEGEL, Zheng LIU, Jingyi ZHANG
We examine the implications of capital flows and capital account policy for income distribution in a small open economy with heterogeneous agents and financial frictions. Banks engage in costly intermediation between household savings and entrepreneur investment. Our model predicts that inflow surge...
Keywords: capital flows, income distribution, Heterogeneous agents, Financial Frictions, small open economy.
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Annual Conference

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International Macroeconomics, Money & Banking

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May 2013

Capital Controls and Currency Wars

Anton KORINEK
Capital controls and other forms of capital account intervention lead to international spillover effects that have recently raised concerns about global currency wars. This paper analyzes the welfare effects and the desirability of global coordination of such policy measures. We find that if control...
Keywords: capital flows, capital controls, currency wars, systemic risk, global policy coordination
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Annual Conference

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Corporate Finance

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May 2021

Capital Budgeting, Uncertainty, and Misallocation

Ben CHAROENWONG, Alan KWAN, Yosuke KIMURA, Eugene TAN
We use data on firms' expectations and planned capital expenditures to show planned investment (i) is partially flexible to real-time shocks, and (ii) is a strong predictor of actual investment, with higher statistical importance than expected sales. To explain these facts, we develop an investment ...
Keywords: Corporate investment, uncertainty, Expectation Formation, Forecasting
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