Domestic Credit Growth and International Capital Flows*
研究了1993-2008年欧洲国家国内信贷增长与国际资本流动的关系，发现信贷增长与净债务流入强相关，但与净股权流入无关，这一模式在54个发达和新兴经济体中也成立。
Abstract During the pre‐crisis period, Europe experienced substantial cross‐country variation in domestic credit growth and cross‐border capital flows. We investigate the inter‐relations between domestic credit growth and international capital flows during the period 1993–2008, with a special focus on the boom period of 2003–2008. We establish that domestic credit growth in European countries is strongly related to net debt inflows but not to net equity inflows. This pattern also holds for an extended sample of 54 advanced and emerging economies.