The Shifting Composition of External Liabilities
利用新数据集分析各国外部负债中股权类负债（如外国直接投资和证券投资）占比的决定因素，发现经济体越大、越开放、制度质量越高，股权占比越高；国内金融改革力度大的国家股权融资增长更快。
What determines the composition of external liabilities, both across countries and over time? More specifically, which countries account for the massive increase in equity-like liabilities (foreign direct investment and portfolio equity), especially since the mid 1990s? The empirical analysis draws on the newly released “External Wealth of Nations Mark II” dataset. In the cross-section, we find that larger, more open economies with a better institutional quality score have a greater equity share in external liabilities, which is also positively related to natural resource production. Along the time-series dimension, we find that the shift towards equity financing is stronger among those countries that have undertaken a greater degree of domestic financial reform.