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Vincoli sugli afflussi di capitale: un rimedio per le crisi finanziarie?

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  • Paolo Spada

    (Università "Bocconi", Milano)

Abstract

Questo lavoro analizza le due ipotesi che sostengono l'introduzione dei vincoli sugli afflussi di capitale in caso di crisi finanziaria: la prima è che le crisi siano legate ad un eccessivo indebitamento di breve periodo, la seconda è che i vincoli asimmetrici alterino la maturità del debito. Il modello teorico evidenzia come la probabilità di crisi sia connessa con il debito di breve. In questo ambiente i vincoli riducono il debito di breve senza ridurre l'ammontare totale di afflussi. L'analisi empirica conferma l'esistenza di un legame tra crisi finanziarie e debito di breve periodo, mentre il debito di medio-lungo periodo è correlato negativamente con la probabilità di crisi.

Suggested Citation

  • Paolo Spada, 2001. "Vincoli sugli afflussi di capitale: un rimedio per le crisi finanziarie?," Rivista di Politica Economica, SIPI Spa, vol. 91(9), pages 145-196, November-.
    • Handle: RePEc:rpo:ripoec:v:91:y:2001:i:9:p:145-196
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    JEL classification:

    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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