Gravity, counterparties, and foreign investment
Gravity, counterparties, and foreign investment
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引力、交易对手和外国投资
DOI：
10.1016/j.jfineco.2021.09.011
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发表时间：
2021
影响因子：
8.9
通讯作者：
Shimizu Chihiro
中科院分区：
文献类型：
--
作者：
Badarinza Cristian;Ramadorai Tarun;Shimizu Chihiro
基于大型跨境商业房地产交易的新事实，我们对国际投资流动中引力的持续存在提出了一种新的解释。这些交易中的买方优先与来自本国或邻近国家的交易对手匹配；这种基于亲和力的匹配有助于缓解金融投资摩擦。我们建立并从结构上估计了一个具有投资摩擦的分散市场中的资本配置模型，该模型提供了数据中的价格、数量和交易对手匹配模式。该模型表明，如果高亲和力的交易对手集群位于历史路线上，如数据中所示，优先匹配可以使引力关系永久化。
We propose a new explanation for the persistence of gravity in international investment flows based on new facts about large cross-border commercial real estate transactions. Buyers in these transactions preferentially match with counterparties from own or proximate countries; such affinity-based matching helps alleviate financial investment frictions. We set up and structurally estimate a model of capital allocation in a decentralized market with an investment friction, which delivers the price, volume, and counterparty matching patterns in the data. The model shows that if clusters of high-affinity counterparties lie along historical routes, as in the data, preferential matching can perpetuate gravity relationships.