文章基本信息

标题：340 - Net Foreign Asset (Com)position: Does Financial Development Matter?
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作者：Jakob de Haan ; Robert Vermeulen
期刊名称：DNB Working Papers / De Nederlandsche Bank
出版年度：2012
卷号：1
出版社：De Nederlandsche Bank
摘要：We investigate the relationship between a country’s domestic financial development and the (composition of its) net foreign asset position using a pooled mean group estimator and data for 51 countries during the period 1970-2007. The results show that financial development reduces a country’s long-run net foreign asset position. In addition, financial development leads to higher net equity and lower net debt positions. These findings confirm the theoretical predictions of Mendoza et al. (2009). The results are robust to using different indicators of financial development and inclusion of the level of development of a country in the cointegrating relationship.
关键词：net foreign assets, financial development, financial integration, pooled mean group estimator. JEL classification: F30, F41, G15.