کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964817 | 930618 | 2009 | 22 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
On the determinants of net international portfolio flows: A global perspective
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
In a panel covering a large number of countries from 1970 to 2003, we show that population ageing, institutions, money and deviations from the Uncovered Interest Parity (UIP) influence developments in net capital flows. Population ageing is associated with net equity inflows, net outflows in debt instruments and current account deficits. Better institutions favor net capital inflows. Higher money to GDP ratio – associated with lower interest rates – enhances international investments in domestic stocks to the detriment of the less attractive domestic bonds. As for the deviations from the UIP, a rise in the short-term domestic interest rate above its trend brings about an equilibrating portfolio shift away from domestic debt instruments.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 28, Issue 5, September 2009, Pages 880–901
Journal: Journal of International Money and Finance - Volume 28, Issue 5, September 2009, Pages 880–901
نویسندگان
Roberto A. De Santis, Melanie Lührmann,