Surges of international fund flows
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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.
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
Journal of International Money and Finance
© 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
DescriptionThis research is supported by National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013, 71703182).
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