The Economic Consequences of the Rise in Capital Flows

本项目将分析各国资本配置的起源和后果。这项工作有四个更广泛的影响。首先，该项目旨在为确定国际资本流动制定新的经济框架。其次，该项目旨在从公司和投资者层面提供有关国际证券持有的综合数据集的汇总统计数据和其他可用信息。第三，该项目将通过论文、报告、在会议和研讨会上的演讲以及在网上博客上的文章向决策者和学术界传播其研究结果。四是培养国际金融与宏观经济领域的研究生。虽然在使用汇总数据理解资本流动方面取得了很大进展，但我们的项目旨在使用来自联邦储备系统的更多分类数据，以便进一步了解影响资本流动地图的动机、渠道和扭曲。我们将使用分解的数据来告知和进一步发展共同决定资产价格、汇率和资本流动的经济理论。该项目的一项创新将是利用数据的分类性质，将安全级别的信息与投资者特征数据和公司级别的资产负债表数据相匹配。该数据集将更全面地描绘美国投资者持有的全球资产和外国美国负债的情况，并更系统地分析资本流动增加对全球金融市场的影响。考虑到投资者在投资策略、商业模式和资产需求弹性方面的巨大异质性，以及参与国际金融市场的公司在规模、出口、有形和无形投资、定价和生产结构方面的巨大异质性，将资产持有与个人特征联系起来非常重要。该奖项反映了美国国家科学基金会的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

This project will analyze the origins and consequences of capital allocation across countries. There are four broader impacts of this work. First, the project aims to develop new economic frameworks for the determination of international capital flows. Second, the project aims to provide summary statistics and other usable information from a comprehensive dataset on international security holdings at the firm and investor level. Third, the project will disseminate its findings to policy makers and the academic community through papers, reports, presentations in conferences and seminars, and writings in online blogs. Fourth, the project will train graduate students in the field of international finance and macroeconomics. While great progress has been made in understanding capital flows using aggregated data, our project aims to use more disaggregated data from the Federal Reserve System in order to provide further insights on the motives, channels, and distortions that affect the map of capital flows. We will use the disaggregated data to inform and further develop economic theories of the joint determination of asset prices, exchange rates, and capital flows. An innovation of the project will be the use of the disaggregated nature of data to match security-level information with data on investor characteristics and firm-level balance sheet data. The dataset will paint a more comprehensive picture of the global asset holdings of U.S. investors and foreign U.S. liabilities and analyze more systematically the implications of increased capital flows for global financial markets. It is important to relate asset holdings to individual characteristics given the large heterogeneity of investors in terms of investment strategies, business models, and asset demand elasticities and the large heterogeneity of firms participating in international financial markets in terms of size, exporting, tangible and intangible investment, pricing, and production structure.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.