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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 , ' Cyclical behavior of international fund flows ' , Research in International Business and Finance , vol. 43 , pp. 99-112 .
dc.identifier.otherPURE: 250560300
dc.identifier.otherPURE UUID: af034a09-6b3b-41c1-bcca-804fd14e4835
dc.identifier.otherRIS: urn:EBD41BE52676F6126D7DE0EA1D321371
dc.identifier.otherScopus: 85026460038
dc.identifier.otherWOS: 000416975300010
dc.identifier.otherORCID: /0000-0001-5774-5191/work/69834997
dc.descriptionThis research is supported by National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013).en
dc.description.abstractWe investigate the cyclicality of international fund flows employing correlation and regression analysis using monthly data for almost 70 countries between 1996 and 2013. International fund flows are cross-border investments by global funds. Our results suggest that contemporaneously international fund flows are counter-cyclical: fund flows are above trend when output is below trend. Bond flows are more counter-cyclical than equity flows. Furthermore, the counter-cyclical behavior of fund flows has become more pronounced after the global financial crisis. Fund flows into non-OECD countries are mainly driven by global factors while fund flows into OECD countries are more influenced by country-specific factors.
dc.relation.ispartofResearch in International Business and Financeen
dc.rights© 2017 Elsevier Ltd. All rights reserved. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at
dc.subjectInternational fund flowsen
dc.subjectEquity flowsen
dc.subjectBond flowsen
dc.subjectPush and pull factorsen
dc.subjectHG Financeen
dc.titleCyclical behavior of international fund flowsen
dc.typeJournal articleen
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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