文章基本信息

标题：Financing development: debt versus equity
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作者：Joël J. van der Weele
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2005
卷号：1
出版社：De Nederlandsche Bank
摘要：In this paper we investigate the impact of the balance between debt and equity finance on the financial stability of developing countries. Employing extreme bounds analysis to deal with model uncertainty, we estimate a model of an exchange rate pressure index depending on various financial capital stocks and flows. We find evidence for a stabilizing effect of FDI and a destabilizing effect of short-term debt and publicly guaranteed flows to commercial banks. We also investigate the path dependency of different types of capital flows controlling for different push and pull factors. In general, we find that existing stocks of short-term debt make it harder for a country to obtain new finance. Furthermore, the level of capital market development has an important impact on the composition of capital flows to a country. JEL codes: C33 C52 F21
关键词：emerging markets, capital flows, currency crises, robust estimation