Capital flight to Germany: Two alternative measures
DC Element | Wert | Sprache |
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dc.contributor.author | Cheung, Yin-Wong | |
dc.contributor.author | Steinkamp, Sven | |
dc.contributor.author | Westermann, Frank | |
dc.date.accessioned | 2021-12-23T16:09:55Z | - |
dc.date.available | 2021-12-23T16:09:55Z | - |
dc.date.issued | 2020 | |
dc.identifier.issn | 02615606 | |
dc.identifier.uri | https://osnascholar.ub.uni-osnabrueck.de/handle/unios/9058 | - |
dc.description.abstract | We use two measures to study two capital flight channels for Germany. One measure is based on the concept of trade misinvoicing and one on net claims and liabilities in the Eurosystem of central banks. For both measures, we propose refinements to enhance the assessment of capital flight. We find that capital flight towards Germany via these two channels has been quite sizable in the recent decade and can tally to about 2% of GDP annually. Regarding their determinants, we show that the two capital flight measures are driven by both common and measure-specific factors. Traditional determinants such as covered interest differentials only play a limited role, while crisis-specific factors such as economic policy uncertainty, the ECB collateral policy, as well as currency misalignment are driving factors of the investors' apparent flight-to-safety behavior. (C) 2019 Elsevier Ltd. All rights reserved. | |
dc.description.sponsorship | Hung Hing Ying and Leung Hau Ling Charitable Foundation; Deutsche Bundesbank's Regional Office in Bremen, Lower Saxony and Saxony-Anhalt; We thank Charles Engel, Maurizio Habib, Michael Hutchison, Filippo Natoli, Pavlos Petroulas, Kishen Rajan, Martin Schmitz, Matthew Yiu, and the participants of the Conference on Global Safe Assets, International Reserves, and Capital Flow, 2019 for their comments and suggestions. We received further helpful comments at the 2019 annual meetings of the European Economic Association and the Verein fur Socialpolitik. Of course, we are responsible for any remaining deficiencies or errors. Cheung gratefully acknowledges the Hung Hing Ying and Leung Hau Ling Charitable Foundation for its support through the Hung Hing Ying Chair Professorship of International Economics. Westermann acknowledges the support from the Deutsche Bundesbank's Regional Office in Bremen, Lower Saxony and Saxony-Anhalt. | |
dc.language.iso | en | |
dc.publisher | ELSEVIER SCI LTD | |
dc.relation.ispartof | JOURNAL OF INTERNATIONAL MONEY AND FINANCE | |
dc.subject | AFRICA | |
dc.subject | BALANCES | |
dc.subject | Business & Economics | |
dc.subject | Business, Finance | |
dc.subject | CHINA | |
dc.subject | CORRUPTION | |
dc.subject | CURRENT ACCOUNT | |
dc.subject | DEBT | |
dc.subject | DETERMINANTS | |
dc.subject | Economic policy uncertainty | |
dc.subject | Flight-to-safety | |
dc.subject | Illicit capital flight | |
dc.subject | TARGET2 | |
dc.subject | TARGET2 balance | |
dc.subject | TARIFF EVASION | |
dc.subject | TRADE | |
dc.subject | Trade misinvoicing | |
dc.title | Capital flight to Germany: Two alternative measures | |
dc.type | journal article | |
dc.identifier.doi | 10.1016/j.jimonfin.2019.102095 | |
dc.identifier.isi | ISI:000510611600001 | |
dc.description.volume | 102 | |
dc.description.issue | SI | |
dc.contributor.orcid | 0000-0002-1426-2736 | |
dc.contributor.researcherid | AAC-9875-2019 | |
dc.identifier.eissn | 18730639 | |
dc.publisher.place | THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND | |
dcterms.isPartOf.abbreviation | J. Int. Money Finan. | |
dcterms.oaStatus | Green Submitted | |
crisitem.author.dept | FB 09 - Wirtschaftswissenschaften | - |
crisitem.author.deptid | fb09 | - |
crisitem.author.parentorg | Universität Osnabrück | - |
crisitem.author.netid | WeFr948 | - |
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geprüft am 06.06.2024