How does terms-of-trade behavior shape international financial integration in primary-commodity exporting economies?

被引：1

作者：

Al-Abri, Almukhtar Saif ^{[1
]}

机构：

[1] Sultan Qaboos Univ, Dept Econ & Finance, Muscat 123, Oman

来源：

JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2014年 / 33卷

关键词：

Terms-of-trade; Financial globalization; International investment positions; Foreign direct investment; Portfolio investment; Developing countries; MEDIAN-UNBIASED ESTIMATION; REAL EXCHANGE-RATE; CAPITAL FLOWS; VOLATILITY; SHOCKS; GLOBALIZATION; MARKETS; GROWTH;

D O I：

10.1016/j.intfin.2014.09.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper presents empirical evidence suggesting that the volatility, trend-growth, and shock-duration of terms-of-trade (TOT) are important drivers of the degree and composition of international financial integration (IFI). Our results are based on a panel of 55 primary-commodity exporting countries during 1980-2007. The findings reveal that TOT trend-growth has larger impact on IFI compared to TOT volatility. Also, higher TOT volatility is robustly associated with greater cross-holdings of foreign assets and lower cross-holdings of foreign liabilities. Another notable finding is that longer duration of TOT shocks seems to shift IFI towards equity assets. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：335 / 353

页数：19