Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?
We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of foreign...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/60 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of foreign investors to global shocks. We find evidence of such role, but its existence and magnitude depend on the nature of the shock. Local investors play a meaningful stabilizing role in the face of global uncertainty shocks, as well as shocks to long-term U.S. interest rates. However, while in the former case, sizeable asset repatriation largely offsets the retrenchment of non-residents, in the latter case the extent of the offsetting is much more limited. Meanwhile, residents and non-resident behave alike in response to short-term U.S. interest rate shocks, pulling capital away from emerging markets, although magnitudes are not economically significant. The results shed light on the potential impact of the Fed's QE tapering on emerging market economies |
| Beschreibung: | 1 Online-Ressource (31 p) |
| ISBN: | 148435334X 9781484353349 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:35Z |
| indexdate | 2024-07-10T09:35:45Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Adler, Gustavo Verfasser aut Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? Adler, Gustavo Washington, D.C International Monetary Fund 2014 1 Online-Ressource (31 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/60 We study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) setting. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of foreign investors to global shocks. We find evidence of such role, but its existence and magnitude depend on the nature of the shock. Local investors play a meaningful stabilizing role in the face of global uncertainty shocks, as well as shocks to long-term U.S. interest rates. However, while in the former case, sizeable asset repatriation largely offsets the retrenchment of non-residents, in the latter case the extent of the offsetting is much more limited. Meanwhile, residents and non-resident behave alike in response to short-term U.S. interest rate shocks, pulling capital away from emerging markets, although magnitudes are not economically significant. The results shed light on the potential impact of the Fed's QE tapering on emerging market economies Online-Ausg Djigbenou, Marie-Louise Sonstige oth Sosa, Sebastian Sonstige oth http://elibrary.imf.org/view/IMF001/21265-9781484353349/21265-9781484353349/21265-9781484353349.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Adler, Gustavo Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? |
| title | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? |
| title_auth | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? |
| title_exact_search | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? |
| title_exact_search_txtP | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? |
| title_full | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? Adler, Gustavo |
| title_fullStr | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? Adler, Gustavo |
| title_full_unstemmed | Global Financial Shocks and Foreign Asset Repatriation Do Local Investors Play a Stabilizing Role? Adler, Gustavo |
| title_short | Global Financial Shocks and Foreign Asset Repatriation |
| title_sort | global financial shocks and foreign asset repatriation do local investors play a stabilizing role |
| title_sub | Do Local Investors Play a Stabilizing Role? |
| url | http://elibrary.imf.org/view/IMF001/21265-9781484353349/21265-9781484353349/21265-9781484353349.xml |
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