Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets:
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two import...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2003
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 03/236 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two important results emerge. First, the cross listing of an emerging market firm on a U.S. exchange is an important but short lived capital flows event, suggesting that the cross listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls are binding. Among the standard push and pull factors, global factors are important-slack U.S. economic activity is associated with increased flows to emerging markets-and U.S. investors appear to chase expected, but not past, returns |
| Beschreibung: | 1 Online-Ressource (43 p) |
| ISBN: | 1451875703 9781451875706 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:29Z |
| indexdate | 2024-07-10T09:35:38Z |
| institution | BVB |
| isbn | 1451875703 9781451875706 |
| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Edison, Hali J. Verfasser aut Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets Edison, Hali J Washington, D.C International Monetary Fund 2003 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 03/236 We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross border listings, while controlling for traditional global (push) and country specific (pull) factors. Two important results emerge. First, the cross listing of an emerging market firm on a U.S. exchange is an important but short lived capital flows event, suggesting that the cross listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls are binding. Among the standard push and pull factors, global factors are important-slack U.S. economic activity is associated with increased flows to emerging markets-and U.S. investors appear to chase expected, but not past, returns Online-Ausg Warnock, Francis E. Sonstige oth http://elibrary.imf.org/view/IMF001/01457-9781451875706/01457-9781451875706/01457-9781451875706.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Edison, Hali J. Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title_auth | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title_exact_search | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title_exact_search_txtP | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title_full | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets Edison, Hali J |
| title_fullStr | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets Edison, Hali J |
| title_full_unstemmed | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets Edison, Hali J |
| title_short | Cross-Border Listings, Capital Controls, and U.S. Equity Flows to Emerging Markets |
| title_sort | cross border listings capital controls and u s equity flows to emerging markets |
| url | http://elibrary.imf.org/view/IMF001/01457-9781451875706/01457-9781451875706/01457-9781451875706.xml |
| work_keys_str_mv | AT edisonhalij crossborderlistingscapitalcontrolsandusequityflowstoemergingmarkets AT warnockfrancise crossborderlistingscapitalcontrolsandusequityflowstoemergingmarkets |