Essays on international capital flows
Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2008.
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| Format: | Thesis |
| Language: | eng |
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Massachusetts Institute of Technology
2009
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| Online Access: | http://hdl.handle.net/1721.1/45917 |
| _version_ | 1811083545859325952 |
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| author | Brandão, Tatiana Glindmeier Didier |
| author2 | Ricardo Caballero and Guido Lorenzoni. |
| author_facet | Ricardo Caballero and Guido Lorenzoni. Brandão, Tatiana Glindmeier Didier |
| author_sort | Brandão, Tatiana Glindmeier Didier |
| collection | MIT |
| description | Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2008. |
| first_indexed | 2024-09-23T12:34:47Z |
| format | Thesis |
| id | mit-1721.1/45917 |
| institution | Massachusetts Institute of Technology |
| language | eng |
| last_indexed | 2024-09-23T12:34:47Z |
| publishDate | 2009 |
| publisher | Massachusetts Institute of Technology |
| record_format | dspace |
| spelling | mit-1721.1/459172019-04-12T09:59:37Z Essays on international capital flows Brandão, Tatiana Glindmeier Didier Ricardo Caballero and Guido Lorenzoni. Massachusetts Institute of Technology. Dept. of Economics. Massachusetts Institute of Technology. Dept. of Economics. Economics. Thesis (Ph. D.)--Massachusetts Institute of Technology, Dept. of Economics, 2008. Includes bibliographical references. This dissertation consists of three chapters on international capital flows. Chapter 1 emphasizes the importance of innovations in the investment opportunity set, captured by changes in expected asset returns, as an important mechanism to explain international capital flows. More specifically, it analyzes the implications of time-varying portfolio shares on the dynamics of the current account. The predictions of a partial-equilibrium model of the current account, with dynamic portfolio choices, are evaluated using data for the U.S. and Japan. We show that variations in investment opportunities change agents' optimal portfolios in a direction consistent with the actual bilateral current account movements. Chapter 2 focuses on two questions related to international investment and access to international capital markets. First, does the structural change in the U.S. mutual fund industry toward more "aggregation" (favoring funds that invest globally over funds that invest in specific countries or regions) affect firms in other countries? And second, are investors forgoing gains from international diversification by shifting toward more global funds? The empirical evidence presented suggests that the answer is yes to both questions. Chapter 3 investigates the relation between information asymmetries and institutional investor mandate. The results suggest that information asymmetries vary across institutional investor mandates, being significantly more pronounced for funds with broader mandates. by Tatiana Glindmeier Didier Brandão. Ph.D. 2009-06-30T16:37:48Z 2009-06-30T16:37:48Z 2008 2008 Thesis http://hdl.handle.net/1721.1/45917 320774920 eng M.I.T. theses are protected by copyright. They may be viewed from this source for any purpose, but reproduction or distribution in any format is prohibited without written permission. See provided URL for inquiries about permission. http://dspace.mit.edu/handle/1721.1/7582 173 p. application/pdf Massachusetts Institute of Technology |
| spellingShingle | Economics. Brandão, Tatiana Glindmeier Didier Essays on international capital flows |
| title | Essays on international capital flows |
| title_full | Essays on international capital flows |
| title_fullStr | Essays on international capital flows |
| title_full_unstemmed | Essays on international capital flows |
| title_short | Essays on international capital flows |
| title_sort | essays on international capital flows |
| topic | Economics. |
| url | http://hdl.handle.net/1721.1/45917 |
| work_keys_str_mv | AT brandaotatianaglindmeierdidier essaysoninternationalcapitalflows |