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- W1278974842 abstract "This paper studies the business cycle implications of ∞uctuations in foreign capital in∞ows driven by exogenous world interest-rate changes in a small open economy endowed with a ‘neoclassical’ banking technology. Banks are the only domestic agents with access to international capital markets. They intermediate capital in∞ows by borrowing abroad and lending to domestic flrms and households in a competitive credit market. Whereas flrms demand credit to flnance their working capital, households use credit for consumption smoothing. Calibrating difierent versions of the model to the Argentine economy for the period 1970-1999, quantitative results indicate that a demand for working capital is not enough to break the neutrality of business cycles to interest-rate shocks. Only when banks’ supply of funds is not inflnitely elastic, the model produces a volatility of domestic credit consistent with actual statistics. The standard small open economy RBC model, even when augmented to include neoclassical banks and working capital, is unable to reproduce the kind of output swings associated with capital out∞ows that are observed in actual" @default.
- W1278974842 created "2016-06-24" @default.
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- W1278974842 date "2004-01-01" @default.
- W1278974842 modified "2023-09-27" @default.
- W1278974842 title "Intermediation of Capital In∞ows: The Macroeconomic Implications of Neoclassical Banks and Working Capital" @default.
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