کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
8942358 | 1645074 | 2018 | 63 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Fed policy expectations and portfolio flows to emerging markets
ترجمه فارسی عنوان
انتظارات فدرال رزرو و جریانهای نمونه کارها به بازارهای نوظهور
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
چکیده انگلیسی
The empirical literature has long established that U.S. interest rates are an important driver of international portfolio flows, with lower rates “pushing” foreign capital to EMs. On this basis, it is often argued that Fed tightening is likely to weigh on EM portfolio flows in coming years. This paper offers a different interpretation of the literature and provides empirical evidence that it is mainly the surprise element of monetary policy that affects EM portfolio inflows. A shift in market expectations towards easier future U.S. monetary policy leads to greater EM portfolio inflows, while an upward shift in interest rate expectations reduces such flows.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 55, July 2018, Pages 170-194
Journal: Journal of International Financial Markets, Institutions and Money - Volume 55, July 2018, Pages 170-194
نویسندگان
Robin Koepke,