Net Equity and Debt Flows to Emerging Market and Developing Economies in the Post-Crisis Era
- Authors
- Pyun, Ju Hyun
- Issue Date
- 2016
- Publisher
- ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
- Keywords
- Capital controls; emerging markets; equity and debt; international portfolio flows; private domestic credit; three-stage least squares; US monetary policy; F21; F32
- Citation
- EMERGING MARKETS FINANCE AND TRADE, v.52, no.11, pp.2473 - 2494
- Indexed
- SSCI
SCOPUS
- Journal Title
- EMERGING MARKETS FINANCE AND TRADE
- Volume
- 52
- Number
- 11
- Start Page
- 2473
- End Page
- 2494
- URI
- https://scholar.korea.ac.kr/handle/2021.sw.korea/90175
- DOI
- 10.1080/1540496X.2016.1162150
- ISSN
- 1540-496X
- Abstract
- We investigate the determinants of net equity and debt flows into 60 emerging and developing countries during 1986-2012, with a special focus on the period following the onset of the global financial crisis (GFC). Our results controlling for endogeneity show that net equity flows to emerging markets were mostly influenced by global risk factors, while net debt flows were affected by country-specific factors. We further distinguish the factors that were more pronounced in determining net portfolio flows to emerging markets since the GFC. The US real interest rate had significant spillover effects on net equity flows after the GFC. An increase in country's domestic credit attracted net debt inflows before the GFC, while it was associated with net equity outflows after the GFC. We also find that capital controls moderated net debt flows since the GFC.
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Collections - Korea University Business School > Department of Business Administration > 1. Journal Articles
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