A Note On Gravity Models And International Investment Patterns

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A Note On Gravity Models And International Investment Patterns

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Author : Filippo Maria Pericoli
language : en
Publisher:
Release Date : 2014

A Note On Gravity Models And International Investment Patterns written by Filippo Maria Pericoli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

We show that recent methodological advances in econometric theory raise questions about the results obtained by some influential contributions on the determinants of international investment patterns, since the seminal paper by Lane and Milesi Ferretti (2008) (LMF). In most such contributions, estimated equations are affected by heteroscedasticity, which may be shown to lead to inconsistent estimates in log-linearized models. Thus, the empirical findings of these works may need to be reassessed. By taking the results in LMF as a benchmark, we use a different methodology, which produces consistent estimates even under heteroscedasticity, and report substantial differences with respect to the traditional methods. Moreover, we extend the dataset over time (over years 2001-2009) to estimate a panel gravity model, which allows to properly account for unobserved heterogeneity through country-pair fixed effects, and further improves on the cross-section analysis, by also reconciling empirical evidence with economic theory. Our panel estimates suggest the relevance of a diversification motive in driving international equity purchases.

The Gravity Model In International Trade

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Author : Peter A. G. van Bergeijk
language : en
Publisher: Cambridge University Press
Release Date : 2010-06-10

The Gravity Model In International Trade written by Peter A. G. van Bergeijk and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-06-10 with Business & Economics categories.

How do borders affect trade? Are cultural and institutional differences important for trade? Is environmental policy relevant to trade? How does one's income or wage relate to the fact that trade partners are nearby or far away? These are just some of the important questions that can be answered using the gravity model of international trade. This model predicts and explains bilateral trade flows in terms of the economic size and distance between trading partners (e.g. states, regions, countries, trading blocs). In recent years, there has been a surge of interest in this model and it is now one of the most widely applied tools in applied international economics. This book traces the history of the gravity model and takes stock of recent methodological and theoretical advances, including new approximations for multilateral trade resistance, insightful analyses of the measurement of economic distance and analyses of foreign direct investment.

Private Equity Cross Border Investments Using The Gravity Model To Evaluate Transaction Patterns Across Countries And Years

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Author : Christian Rosenberger
language : en
Publisher:
Release Date : 2009

Private Equity Cross Border Investments Using The Gravity Model To Evaluate Transaction Patterns Across Countries And Years written by Christian Rosenberger and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.

International Investment Patterns

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Author : Mr.Gian Milesi-Ferretti
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2004-07-01

International Investment Patterns written by Mr.Gian Milesi-Ferretti and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-07-01 with Business & Economics categories.

The paper provides a systematic analysis of bilateral, source and host factors driving portfolio equity investment across countries, using newly-released data on international equity holdings at the end of 2001. It develops a model that links bilateral equity holdings to bilateral trade in goods and services and finds that the data strongly support such a correlation. Larger bilateral positions are also associated with proxies for informational proximity. It further documents that the scale of aggregate foreign equity asset and liability holdings is larger for richer countries and countries with more developed stock markets.

Push Factors And Capital Flows To Emerging Markets

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Author : Mr.Eugenio Cerutti
language : en
Publisher: International Monetary Fund
Release Date : 2015-06-22

Push Factors And Capital Flows To Emerging Markets written by Mr.Eugenio Cerutti and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-06-22 with Business & Economics categories.

This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.

History Gravity And International Finance

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Author : Livia Chițu
language : en
Publisher:
Release Date : 2013

History Gravity And International Finance written by Livia Chițu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Bond market categories.

We analyze patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a "history effect" in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US investors' foreign bond holdings is explained by holdings 70 years ago, plausibly reflecting fixed costs of market entry and exit together with endogenous learning. This effect is twice as large for bonds denominated in currencies other than the dollar, suggesting the existence of even higher fixed costs of initiating US foreign investment in such currencies. Our findings point to history and path dependence as key sources of financial market segmentation.

Gravity And Spatial Interaction Models

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Author : Kingsley E. Heynes
language : en
Publisher:
Release Date : 1984

Gravity And Spatial Interaction Models written by Kingsley E. Heynes and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with categories.

Haynes and Fotheringham provide a comprehensive introduction to the four basic forms of gravity models. Gravity and spatial interaction -- extensively applied in forecasting -- has provided a major contribution to social science literature. The authors trace the different applications of the gravity model to market area analysis including: determining the boundaries of market areas, determining the demand for goods or services, and examining problems of operating the retail model. Six fully-developed, real-life examples of the use of these models are presented: planning a new service, defining retail shopping boundaries, forecasting migration and voting patterns, examining university enrollment by area, determining the optimal size of a shopping complex, and locating a facility to maximize custom. The discussion is kept at an elementary mathematical level and is aimed primarily at those unacquainted with the finer workings of gravity and spatial interaction models.

The Trade Impact Of European Union Preferential Policies

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Author : Luca De Benedictis
language : en
Publisher: Springer Science & Business Media
Release Date : 2011-06-21

The Trade Impact Of European Union Preferential Policies written by Luca De Benedictis and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-06-21 with Business & Economics categories.

The book investigates the EU preferential trade policy and, in particular, the impact it had on trade flows from developing countries. It shows that the capability of the "trade as aid" model to deliver its expected benefits to these countries crucially differs between preferential schemes and sectors. The book takes an eclectic but rigorous approach to the econometric analysis by combining different specifications of the gravity model. An in-depth presentation of the gravity model is also included, providing significant insights into the distinctive features of this technique and its state-of-art implementation. The evidence produced in the book is extensively applied to the analysis of the EU preferential policies with substantial suggestions for future improvement. Additional electronic material to replicate the book's analysis (datasets and Gams and Stata 9.0 routines) can be found in the Extra Materials menu on the website of the book.

Technology And Bilateral Trade

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Author : Jonathan Eaton
language : en
Publisher:
Release Date : 1997

Technology And Bilateral Trade written by Jonathan Eaton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with Diffusion of innovations categories.

We develop a Ricardian model to explore the role of trade in spreading the benefits of" innovation. The theory delivers an equation for bilateral trade that gravity specification, but identifies underlying parameters of technology. We estimate the" equation using trade in manufactures among the OECD. The parameter estimates allow us to" simulate the model to investigate the role of trade in spreading the benefits of innovation and to" examine the effects of lower trade barriers. Typically foreigners benefit by only a tenth as much" as the innovating country, but in some cases the benefits to close neighbors approach those of the" innovator.

A Practical Guide To Trade Policy Analysis

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Author : Marc Bacchetta
language : en
Publisher:
Release Date : 2012

A Practical Guide To Trade Policy Analysis written by Marc Bacchetta and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012 with Political Science categories.

Trade flows and trade policies need to be properly quantified to describe, compare, or follow the evolution of policies between sectors or countries or over time. This is essential to ensure that policy choices are made with an appropriate knowledge of the real conditions. This practical guide introduces the main techniques of trade and trade policy data analysis. It shows how to develop the main indexes used to analyze trade flows, tariff structures, and non-tariff measures. It presents the databases needed to construct these indexes as well as the challenges faced in collecting and processing these data, such as measurement errors or aggregation bias. Written by experts with practical experience in the field, A Practical Guide to Trade Policy Analysis has been developed to contribute to enhance developing countries' capacity to analyze and implement trade policy. It offers a hands-on introduction on how to estimate the distributional effects of trade policies on welfare, in particular on inequality and poverty. The guide is aimed at government experts engaged in trade negotiations, as well as students and researchers involved in trade-related study or research. An accompanying DVD contains data sets and program command files required for the exercises. Copublished by the WTO and the United Nations Conference on Trade and Development