Are international fund flows pro- or counter-cyclical?
We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that fund flows are pro-cyclical ahead of the business cycle and counter-cyclical contemporaneously after the business cycle.
Year of publication: |
2015
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Authors: | Li, Suxiao ; Haan, Jakob de ; Scholtens, Bert ; Yang, Haizhen |
Published in: |
Applied Economics Letters. - Taylor & Francis Journals, ISSN 1350-4851. - Vol. 22.2015, 5, p. 378-384
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Publisher: |
Taylor & Francis Journals |
Saved in:
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