External Asset Liability Structure and Financial Crisis
This paper first discusses the impact of different asset-liability allocation on country's financial crisis from theo-retical mechanism,and then conducts an empirical analysis using cross-country panel data combined with Logit model.The re-sults show that equity liabilities represented by FDI,debt assets and official reserves based on stock measurement can signifi-cantly reduce the probability of country's financial crisis;while equity assets represented by OFDI and debt liabilities can in-crease the probability of financial crisis outbreak.Further analysis reveals that the impact of asset-liability structure on financial crisis varies among countries with different economic development and financial integration levels.From the perspective of the channels and moderating effects through which the asset-liability structure induces financial crises,the increase in valuation ef-fect and net investment income weakens the positive effect of OFDI on probability of financial crises.The rise in asset volatility magnifies the positive effect of OFDI on the probability of domestic financial crisis,while weakens the effect of debt assets and reserve assets on reducing the probability of the outbreak of domestic financial crisis.
International Investment PositionAssetLiabilityFinancial Crisis
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NSTL
万方数据
