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dc.contributor.authorLi, Suxiao
dc.contributor.authorde Haan, Jakob
dc.contributor.authorScholtens, Bert
dc.identifier.citationLi , S , de Haan , J & Scholtens , B 2018 , ' Are international fund flows related to exchange rate dynamics? ' , Open Economies Review , vol. 29 , no. 1 , pp. 31-48 .
dc.identifier.otherPURE: 251098058
dc.identifier.otherPURE UUID: 3b6fcbb3-20ae-4cdb-8bd0-0cf3ac8673de
dc.identifier.otherScopus: 85031785039
dc.identifier.otherWOS: 000423355500002
dc.identifier.otherORCID: /0000-0001-5774-5191/work/69835013
dc.descriptionThis research is supported by the National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013, 71703182).en
dc.description.abstractEmploying monthly data for 53 countries between 1996 and 2015, we investigate the relationship between international fund flows and exchange rate dynamics. We find strong co-movement between funds flows (as measured with the EPFR Global data base) and bilateral real exchange rates vis-à-vis the USD. This holds both for equity flows and bond flows. However, bond flows have a more significant relationship with RER appreciation than equity flows in developing countries, while in developed countries equity flows play a more important role. Under a more flexible exchange rate regime the real exchange rate appreciation associated with fund flows is higher.
dc.relation.ispartofOpen Economies Reviewen
dc.rights© The Author(s) 2017. Open Access. This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (, which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.en
dc.subjectInternational fund flowsen
dc.subjectExchange rateen
dc.subjectExchange rate regimeen
dc.subjectDynamic panel data modelen
dc.subjectHB Economic Theoryen
dc.titleAre international fund flows related to exchange rate dynamics?en
dc.typeJournal articleen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.description.statusPeer revieweden

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