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首页> 外文期刊>The Singapore economic review >CAPITAL FLOW SURGES AS BUBBLES: BEHAVIORAL FINANCE AND MCKINNON'S OVER-BORROWING SYNDROME EXTENDED
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CAPITAL FLOW SURGES AS BUBBLES: BEHAVIORAL FINANCE AND MCKINNON'S OVER-BORROWING SYNDROME EXTENDED

机译：资本流动以气泡的形式出现：行为财务状况和麦金农的过度借贷综合症

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摘要

This paper explores how behavioral finance and complexity economics, along with imperfect information, faulty mental models and perverse incentive structures can cast light on the factors that generate the international capital flow surges and sudden stops that McKinnon described as the over-borrowing syndrome. While there has been a great deal of empirical research on this topic in recent years, there has been much less theoretical analysis of why these flows too often behave in such a volatile manner. Developing a better understanding of the forces driving capital flows should help us identify situations where capital flow surges are particularly likely to end in costly sudden stops and help policy makers decide how best to respond to such flows.
机译：本文探讨了行为金融和复杂性经济学，以及不完善的信息，错误的思维模式和不正当的激励结构，如何阐明导致国际资本流动激增和麦金农形容为过度借贷综合症的突然停止的因素。尽管近年来对此主题进行了大量的实证研究，但对于这些流动为什么经常以这种不稳定的方式表现的理论分析却很少。更好地了解推动资本流动的因素，应该有助于我们确定资本流动激增特别容易以代价高昂的突然停止而结束的情况，并帮助政策制定者决定如何最好地应对此类流动。

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