Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998
Autor(a) principal: | |
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Data de Publicação: | 2002 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/445 |
Resumo: | We develop a framework to explain the private capital flows between the rest of the world and an emerging economy. The model, based on the monetary premium theory, relates an endogenous supply of foreign capitals to an endogenous differential of interest rates; its estimation uses the econometric techniques initiated by Heckman. Four questions regarding the capital flows phenomenon are explored, including the statistical process that governs the events of default and the impact of the probability of default on the interest rate differential. Using the methodology, we analyse the dynamics of foreign capital movements in Brazil during the 1991- 1998 period. |
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Flôres Junior, Renato GalvãoAraújo, Carlos Hamilton VasconcelosEscolas::EPGEFGV2008-05-13T15:24:16Z2010-09-23T18:57:57Z2008-05-13T15:24:16Z2010-09-23T18:57:57Z2002-10-230104-8910http://hdl.handle.net/10438/445We develop a framework to explain the private capital flows between the rest of the world and an emerging economy. The model, based on the monetary premium theory, relates an endogenous supply of foreign capitals to an endogenous differential of interest rates; its estimation uses the econometric techniques initiated by Heckman. Four questions regarding the capital flows phenomenon are explored, including the statistical process that governs the events of default and the impact of the probability of default on the interest rate differential. Using the methodology, we analyse the dynamics of foreign capital movements in Brazil during the 1991- 1998 period.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;459Capital flowsDefault probabilityInterest rate differentialInternational lendersSample selection modelEconomiaEconomiaFluxo de capitais - BrasilInvestimentos estrangeiros - BrasilForeign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articlereponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAIL1307.pdf.jpg1307.pdf.jpgGenerated Thumbnailimage/jpeg4335https://repositorio.fgv.br/bitstreams/a47a88c4-1a50-4614-809c-41dfb1595912/downloada17bd8f6ed3ac3d70cf022df87a81a22MD58ORIGINAL1307.pdfapplication/pdf434327https://repositorio.fgv.br/bitstreams/260a279a-c222-4e79-a770-9bffcbc999f8/download4c690a19132a203d2b18b9ee3ced7fafMD52TEXT1307.pdf.txt1307.pdf.txtExtracted texttext/plain93715https://repositorio.fgv.br/bitstreams/50d56ef5-240a-4330-bf29-e02583d0f4d4/download91a1c8f0359bd9f66453fef67a5facfdMD5710438/4452023-11-08 18:14:05.737open.accessoai:repositorio.fgv.br:10438/445https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T18:14:05Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false |
dc.title.eng.fl_str_mv |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
title |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
spellingShingle |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 Flôres Junior, Renato Galvão Capital flows Default probability Interest rate differential International lenders Sample selection model Economia Economia Fluxo de capitais - Brasil Investimentos estrangeiros - Brasil |
title_short |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
title_full |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
title_fullStr |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
title_full_unstemmed |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
title_sort |
Foreign funding to an emerging market: the Monetary Premium Theory and the Brazilian Case, 1991 - 1998 |
author |
Flôres Junior, Renato Galvão |
author_facet |
Flôres Junior, Renato Galvão Araújo, Carlos Hamilton Vasconcelos |
author_role |
author |
author2 |
Araújo, Carlos Hamilton Vasconcelos |
author2_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Flôres Junior, Renato Galvão Araújo, Carlos Hamilton Vasconcelos |
dc.subject.eng.fl_str_mv |
Capital flows Default probability Interest rate differential International lenders Sample selection model |
topic |
Capital flows Default probability Interest rate differential International lenders Sample selection model Economia Economia Fluxo de capitais - Brasil Investimentos estrangeiros - Brasil |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Economia Fluxo de capitais - Brasil Investimentos estrangeiros - Brasil |
description |
We develop a framework to explain the private capital flows between the rest of the world and an emerging economy. The model, based on the monetary premium theory, relates an endogenous supply of foreign capitals to an endogenous differential of interest rates; its estimation uses the econometric techniques initiated by Heckman. Four questions regarding the capital flows phenomenon are explored, including the statistical process that governs the events of default and the impact of the probability of default on the interest rate differential. Using the methodology, we analyse the dynamics of foreign capital movements in Brazil during the 1991- 1998 period. |
publishDate |
2002 |
dc.date.issued.fl_str_mv |
2002-10-23 |
dc.date.accessioned.fl_str_mv |
2008-05-13T15:24:16Z 2010-09-23T18:57:57Z |
dc.date.available.fl_str_mv |
2008-05-13T15:24:16Z 2010-09-23T18:57:57Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/445 |
dc.identifier.issn.none.fl_str_mv |
0104-8910 |
identifier_str_mv |
0104-8910 |
url |
http://hdl.handle.net/10438/445 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.ispartofseries.por.fl_str_mv |
Ensaios Econômicos;459 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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