Analysing sectoral capital flows: Covariates, co-movements, and controls
This paper assembles a comprehensive sectoral capital flows dataset for 64 advanced and emerging economies from 2000-18. This includes direct, portfolio and other investments to and from five sectors: central banks (CB), general government (GG), banks (BKs), non-financial corporates (NFCs) and other...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2021
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| Schriftenreihe: | OECD Working Papers on International Investment
no.2021/04 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper assembles a comprehensive sectoral capital flows dataset for 64 advanced and emerging economies from 2000-18. This includes direct, portfolio and other investments to and from five sectors: central banks (CB), general government (GG), banks (BKs), non-financial corporates (NFCs) and other financial corporates (OFCs) and a corresponding dataset on capital controls imposed on these sectors. The paper uses this data to examine the usefulness of a sectoral approach in assessing capital flow covariates, co-movements, and the effectiveness of capital controls. The findings show that: 1) private sectoral flows have varying sensitivities to global financial conditions and different cyclicality with respect to output growth. For instance, unlike other flows, NFCs respond to global commodity prices but not global risk aversion and, unlike banks, OFCs cut foreign investment in periods of domestic investment; 2) co-movements of resident and non-resident OFC sectoral flows add to the observed positive correlation between gross inflows and outflows; and, 3) the tightening of capital controls on NFCs and OFCs appear effective in reducing the volume of flows to these sectors. |
| Beschreibung: | 1 Online-Ressource (50 p.) |
| DOI: | 10.1787/ad9e6b1d-en |
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| spelling | Lepers, Etienne VerfasserIn aut Analysing sectoral capital flows Covariates, co-movements, and controls Etienne, Lepers and Rogelio, Mercado Paris OECD Publishing 2021 1 Online-Ressource (50 p.) Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Working Papers on International Investment no.2021/04 This paper assembles a comprehensive sectoral capital flows dataset for 64 advanced and emerging economies from 2000-18. This includes direct, portfolio and other investments to and from five sectors: central banks (CB), general government (GG), banks (BKs), non-financial corporates (NFCs) and other financial corporates (OFCs) and a corresponding dataset on capital controls imposed on these sectors. The paper uses this data to examine the usefulness of a sectoral approach in assessing capital flow covariates, co-movements, and the effectiveness of capital controls. The findings show that: 1) private sectoral flows have varying sensitivities to global financial conditions and different cyclicality with respect to output growth. For instance, unlike other flows, NFCs respond to global commodity prices but not global risk aversion and, unlike banks, OFCs cut foreign investment in periods of domestic investment; 2) co-movements of resident and non-resident OFC sectoral flows add to the observed positive correlation between gross inflows and outflows; and, 3) the tightening of capital controls on NFCs and OFCs appear effective in reducing the volume of flows to these sectors. Finance and Investment Mercado, Rogelio MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/ad9e6b1d-en Volltext |
| spellingShingle | Lepers, Etienne Analysing sectoral capital flows Covariates, co-movements, and controls Finance and Investment |
| title | Analysing sectoral capital flows Covariates, co-movements, and controls |
| title_auth | Analysing sectoral capital flows Covariates, co-movements, and controls |
| title_exact_search | Analysing sectoral capital flows Covariates, co-movements, and controls |
| title_full | Analysing sectoral capital flows Covariates, co-movements, and controls Etienne, Lepers and Rogelio, Mercado |
| title_fullStr | Analysing sectoral capital flows Covariates, co-movements, and controls Etienne, Lepers and Rogelio, Mercado |
| title_full_unstemmed | Analysing sectoral capital flows Covariates, co-movements, and controls Etienne, Lepers and Rogelio, Mercado |
| title_short | Analysing sectoral capital flows |
| title_sort | analysing sectoral capital flows covariates co movements and controls |
| title_sub | Covariates, co-movements, and controls |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/ad9e6b1d-en |
| work_keys_str_mv | AT lepersetienne analysingsectoralcapitalflowscovariatescomovementsandcontrols AT mercadorogelio analysingsectoralcapitalflowscovariatescomovementsandcontrols |