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Cross-border portfolio diversification under trade linkages
Khalil, Makram - 2017
This study uncovers a cross-border financial diversification motive related to goods and services trade. Using the IMF CPIS panel data set for a broad set of country pairs and for the period 2001-2012, I find empirical evidence that the share of equity in a bilateral portfolio decreases with...
Persistent link: https://www.econbiz.de/10011590598
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Safe Asset Demand, Global Capital Flows and Wealth Concentration
Kim, Taehoon - 2022
The US economy is often referred to as the “banker to the world,” due to its unique role in supplying global reserve …
Persistent link: https://www.econbiz.de/10013306735
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Does financial openness affect economic growth in Asian economies? : a case study in selected Asian economies, 1980 - 2010
Wei, Hsinrong P. - 2014
In recent decades, financial liberalization has been one of the most important strategies for Asian countries to promote growth. However, debate emerges following several financial crises on whether liberalizing financial markets and allowing for free access to international capital markets,...
Persistent link: https://www.econbiz.de/10010462236
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Financial Openness and the Size of the Public Sector : A Portfolio Approach
Erauskin-Iurrita, Iñaki - 2008
is clearly restrictive in a world with increasingly integrated financial markets. This paper offers an alternative view …
Persistent link: https://www.econbiz.de/10012723151
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A Reappraisal of the Allocation Puzzle Through the Portfolio Approach
Benhima, Kenza - 2010
Paradoxically, high-investment and high-growth developing countries tend to experience capital outflows. This paper shows that this allocation puzzle can be explained simply by introducing uninsurable idiosyncratic investment risk in the neoclassical growth model. Using a sample of 67 countries...
Persistent link: https://www.econbiz.de/10013141147
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Equity home bias, financial integration, and regulatory reforms : implications for emerging Asia
Park, Cyn-Young; Mercado, Rogelio V. <Jr.> - 2014
With increasing financial integration and improving regulatory quality, we expect equity home bias to decline. Drawing on the supportive evidence for such trends in advanced economies, this paper investigates the links between financial integration and regulatory quality; and equity home bias in...
Persistent link: https://www.econbiz.de/10010367363
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Reversals in Global Market Integration and Funding Liquidity
Akbari, Amir; Carrieri, Francesca; Malkhozov, Aytek - 2017
This paper looks at the reversals in global financial integration through the funding liquidity lens. First, we construct a segmentation indicator based on differences in funding liquidity across countries as measured by the performance of betting-against-beta strategies. Second, we find that...
Persistent link: https://www.econbiz.de/10014122252
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International financial market integration, asset compositions and the falling exchange rate pass-through : conference paper
Enders, Zeno; Enders, Almira; Hoffmann, Mathias - 2014 - Preliminary
This paper provides an explanation for the observed decline of exchange rate pass-through into import prices by modeling the effects of financial market integration on the optimal choice of the pricing currency in the context of rigid nominal goods prices. Contrary to previous literature, the...
Persistent link: https://www.econbiz.de/10010486033
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(Asymmetric) Trade Costs, Real Exchange Rate Hedging, and Equity Home Bias in a Multi-Country Model
Pyun, Ju Hyun - 2017
There has been controversy between (two-country) theory and the empirics about whether hedging against real exchange … rate fluctuations in the goods market influences foreign equity holdings. This study reconciles the theory with the … exchange rate fluctuations. Further, our theory calls for a country's covariance-variance ratio to be constructed as the sum of …
Persistent link: https://www.econbiz.de/10012947564
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International Investment Positions and Risk Sharing : An Empirical Analysis on the Coordinated Portfolio Investment Survey
Pericoli, Filippo Maria - 2012
By using data from nine waves of the IMF Coordinated Portfolio Investment Survey, we explore the determinants of bilateral portfolio investments and their dynamics. The main goal of our analysis is that of understanding whether a diversifi cation motive can be found, among the various...
Persistent link: https://www.econbiz.de/10013114181