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[연구]Net Equity and Debt Flows to Emerging Market and Developing Economies in the Post-Crisis Era
2016.11.01 Views 720 경영학연구분석센터
Emerging Markets Finance and Trade
Volume 52, Issue 11, 1 November 2016, Pages 2473-2494
Pyun, J.H.
Korea University Business School, Seoul, South Korea
http://www.tandfonline.com/doi/full/10.1080/1540496X.2016.1162150
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. Copyright © Taylor & Francis Group, LLC.
Author keywords
Capital controls
emerging markets
equity and debt
international portfolio flows
private domestic credit
three-stage least squares
US monetary
Volume 52, Issue 11, 1 November 2016, Pages 2473-2494
Pyun, J.H.
Korea University Business School, Seoul, South Korea
http://www.tandfonline.com/doi/full/10.1080/1540496X.2016.1162150
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. Copyright © Taylor & Francis Group, LLC.
Author keywords
Capital controls
emerging markets
equity and debt
international portfolio flows
private domestic credit
three-stage least squares
US monetary