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Surges of international fund flows

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Scholtens_2018_JIMF_Surges_AAM.pdf (1.601Mb)
Date
04/2018
Author
Li, Suxiao
de Haan, Jakob
Scholtens, Bert
Keywords
International fund flows
Surges
Push and pull factors
Bond flows
Equity flows
HG Finance
3rd-NDAS
BDC
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Abstract
We examine the determinants of the occurrence and magnitude of surges of fund flows, i.e. aggregate cross-border investments in local equity and bond markets by global funds, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. Our analysis, based on monthly data for 55 countries, suggests that although most global factors are significant, they can only explain a small part of the surges in fund flows. Domestic pull factors and contagion factors increase the explanatory power of the model. Our results also suggest that notably domestic factors affect the magnitude of surges.
Citation
Li , S , de Haan , J & Scholtens , B 2018 , ' Surges of international fund flows ' , Journal of International Money and Finance , vol. 82 , pp. 97-119 . https://doi.org/10.1016/j.jimonfin.2018.01.002
Publication
Journal of International Money and Finance
Status
Peer reviewed
DOI
https://doi.org/10.1016/j.jimonfin.2018.01.002
ISSN
0261-5606
Type
Journal article
Rights
© 2018 Elsevier Ltd. 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 https://doi.org/10.1016/j.jimonfin.2018.01.002
Description
This research is supported by National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013, 71703182).
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  • University of St Andrews Research
URI
http://hdl.handle.net/10023/18088

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