scholarly journals Emerging market capital flows: the role of fund manager portfolio allocation

2021 ◽  
Author(s):  
Georgia Bush ◽  
Carlos Cañon ◽  
Daniel Gray
Keyword(s):  
Capital Flows ◽  
Emerging Market ◽  
Portfolio Allocation ◽  
Pull Factors ◽  
Fund Manager ◽  
Push Factors

Empleamos datos desagregados de las tenencias de los fondos de inversión globales para distinguir entre las dos razones por las que pueden cambiar las tenencias de bonos de economías de mercado emergentes (EMEs) por parte de los fondos: (i) el monto invertido en el fondo puede cambiar y (ii) el administrador del fondo puede modificar la asignación del portafolio. Encontramos que la respuesta de los fondos a las condiciones macroeconómicas globales, "push factors", se explica por las decisiones de los inversionistas del fondo. Por otro lado, la respuesta de los fondos a las condiciones macroeconómicas locales, "pull factors", se explica por las reasignaciones en las tenencias por cuenta de los administradores de los fondos. Adicionalmente, identificamos otros factores instituciones que impactan las decisiones de reasignación: cambios en el apalancamiento, su índice de referencia, y su apetito de riesgo (los fondos reasignan recursos hacia EMEs más seguros ante incrementos en factores globales de riesgo).

scholarly journals DEBT-CREATING CAPITAL FLOWS AND SHOCK SPILLOVERS IN AN EMERGING ECONOMY (UKRAINE’S EXAMPLE)

2020 ◽  
pp. 114-139
Author(s):  
Tetiana BOGDAN
Keyword(s):  
Business Cycle ◽  
Capital Flows ◽  
Dominant Role ◽  
Emerging Market ◽  
Emerging Economy ◽  
Growth Effect ◽  
Global Business ◽  
Pull Factors ◽  
Push Factors ◽  
Empirical Estimates

This paper investigates the financial channels of shocks transmission and crises diffusion in an emerging market economy and highlights the role of debtcreating capital flows. Analysing the determinants of capital flows, author decomposes them into the contribution of global «push» factors and country-specific «pull» factors and estimates their significance on Ukraine’s example. Author argues, that «push» factors play a major role in driving capital flows as long as a business cycle in emerging economy is synchronized with a global business cycle; however, being affected by local or regional crisis, emerging economy is getting decoupled from the global developments and «pull» factors are gaining the dominant role. Author also considers the macroeconomic implications of debtcreating capital flows and external debt in emerging market economies and provides empirical estimates of economic growth effect in Ukraine. JEL: F34, F62, F37.

Capital Flows: the Role of Fund Manager Portfolio Reallocation

2020 ◽  
Author(s):  
Georgia R. Bush ◽  
Carlos Cañón ◽  
Daniel Gray
Keyword(s):  
Capital Flows ◽  
Fund Manager

Push vs.  Pull Factors of Capital Flows Revisited: A Cross-country Analysis

2019 ◽  
Vol 18 (1) ◽  
pp. 39-60 ◽  
Author(s):  
Tae Soo Kang ◽  
Kyunghun Kim
Keyword(s):  
Interest Rates ◽  
Capital Flows ◽  
Emerging Market ◽  
Capital Inflows ◽  
Pull Factors ◽  
Empirical Examination ◽  
Advanced Economies ◽  
Alternative Measures ◽  
Country Analysis ◽  
Push And Pull

This paper examines the major determinants of net capital inflows. To account for meaningful differences in responses, 47 countries used for the empirical analysis are divided into advanced economies (AEs) and emerging market economies (EMEs). These countries are further divided into subgroups to consider the heterogeneous determinants for AEs and EMEs. Our empirical examination reveals notable heterogeneity across country groups. Both push and pull factors are statistically significant in AEs, but push factors play a larger role for EMEs, though pull factor influence is observed in a few EME subgroups. Our empirical findings are robust to alternative model specifications, alternative measures of capital flows and interest rates, as well as the use of an alternative sample period.

scholarly journals The Macroprudential Role of International Reserves

2016 ◽  
Vol 106 (5) ◽  
pp. 570-573 ◽  
Author(s):  
Olivier Jeanne
Keyword(s):  
Financial Crisis ◽  
Capital Flows ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Capital Controls ◽  
International Reserves ◽  
International Banking ◽  
Flow Management ◽  
The Global Financial Crisis

There has been a lot of interest since the global financial crisis in policies allowing emerging market economies to smooth the effects of the global financial cycle. Although the literature has focused mostly on capital controls emerging market governments have relied mostly on international reserves management. This paper discusses the role of reserves in capital flow management based on a simple welfare-based model of capital flows with international banking frictions.

Book Reviews

2012 ◽  
Vol 50 (3) ◽  
pp. 821-823
Keyword(s):  
Capital Flows ◽  
Financial Stability ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Emerging Market ◽  
Central Banking ◽  
Financial Policies ◽  
Global Affairs ◽  
The Global Financial Crisis

Ashoka Mody of International Monetary Fund reviews “Growth with Financial Stability: Central Banking in an Emerging Market” by Rakesh Mohan. The EconLit abstract of the reviewed work begins: Explores the evolving roles of fiscal, monetary, and financial policies in India and their interaction and adaptation since India's independence, focusing on reforms since the early 1990s. Discusses the growth record of the Indian economy -- a story of sustained savings and investment; sustaining growth with stability -- the role of fiscal and monetary policies; innovation and growth -- role of the financial sector; development of banking and financial markets in India -- fostering growth while containing risk; development of the Indian debt market; financial inclusion in India; communication in central banks -- a perspective; volatile capital flows and Indian monetary policy; liberalization and regulation of capital flows -- lessons for emerging market economies; the global financial crisis -- causes, impact, policy responses, and lessons; emerging contours of financial regulation -- challenges and dynamics; and economic reforms in India --where we are and where we go. Mohan is Professor in the Practice of International Economics and Finance with the School of Management and Senior Fellow at the Jackson Institute of Global Affairs at Yale University. Index.

scholarly journals The mediating effect of tourist satisfaction among pull and push factors on tourists’ behavioural intentions; the study case of international tourists in Dili, Timor-Leste

1970 ◽  
Vol 2 ◽  
pp. 66-70
Author(s):  
Estaneslau Antonio Baptista ◽  
Estanislau Sousa Saldanha ◽  
Manuel Vong
Keyword(s):  
Mediating Effect ◽  
Behavioural Intention ◽  
Pull Factors ◽  
Push Factors ◽  
Push And Pull Factors ◽  
Tourist Satisfaction ◽  
Timor Leste ◽  
Study Case ◽  
Push And Pull

The objectives of this study are: (1) To identify and explain the push and pull factors which influence on tourists’ behavioural intention (2) To identify the influence of push and pull factors on tourist satisfaction; (3) To investigate and explain regarding role of tourist satisfaction as the mediation that will have an effect between push and pull factors on tourists’ behavioural intention. The findings show that push factors positively significant on tourists’ behavioural intention, but pull factors is not significant on tourists’ behavioural intention. Furthermore, the push factors are not significant influencing on tourist satisfaction, however, pull factors significantly influence the tourist satisfaction, and tourist satisfaction positevly significant on tourists’ behavioural intention. In medition effect test, the result indicated that tourist satisfaction significantly mediated the relationships between push factors and tourists’ behavioural intention. On the other hand, tourist satisfaction is also significantly mediating pull factors and tourists’ behavioural intention.

scholarly journals De-Leveraging and Mitigating Pro-Cyclicality of Capital Flows in Emerging Market Economies: Role of Macro-Prudential Policies

2013 ◽  
Author(s):  
Tolga Dağlaroğlu ◽  
Baki Demirel ◽  
Serdar Varlık
Keyword(s):  
Interest Rates ◽  
Capital Flows ◽  
Foreign Currency ◽  
Emerging Market ◽  
Capital Inflows ◽  
Emerging Market Economies ◽  
Strongly Correlated ◽  
International Capital ◽  
Market Economies

International capital flows have been on an unprecedented roller-coaster ride in recent years. Capital flows to emerging market economies have been strongly correlated with changes in global financing conditions, rising sharply during periods with relatively low global interest rates and low VIX (called risk-on) and shrinking afterward. In open emerging market economies, interest rate increases can attract excessive capital inflows appreciating the exchange rate, and leading to excessive borrowing in foreign currency, and encouraging leverage. A well-designed macro prudential policy prevents credit –driven bubble and mitigating pro-cyclicality of capital flows.

Taiwan's Experience in Dealing with the Asian Financial Crisis and Examination of the Role of Short-term Capital Flows in the Emerging Market Economy

2000 ◽  
Vol 03 (04) ◽  
pp. 557-564 ◽  
Author(s):  
Paul C. H. Chiu
Keyword(s):  
Financial Crisis ◽  
Market Economy ◽  
Capital Flows ◽  
Emerging Market ◽  
Asian Financial Crisis ◽  
Short Term ◽  
The Third

This paper is divided into three parts as follows. The first part explains why Taiwan was relatively unscathed by the Asian Financial Crisis, including the short term countermeasures that were taken. The second part examines the role of short-term capital flows in the emerging market economy, and the third part concludes the paper.

scholarly journals Benchmark-Driven Investments in Emerging Market Bond Markets

2020 ◽  
Vol 20 (192) ◽  
Author(s):  
Serkan Arslanalp ◽  
Dimitris Drakopoulos ◽  
Rohit Goel ◽  
Robin Koepke
Keyword(s):  
Capital Flows ◽  
Policy Making ◽  
Emerging Market ◽  
Recipient Country ◽  
External Factors ◽  
Bond Markets ◽  
Investment Funds ◽  
Local Currency ◽  
Bond Indices

This paper reviews the role of benchmark-driven investments in EM local bond markets. We provide an overview of how key EM bond benchmark indices are constructed, how they affect the behavior of investment funds, and what are the likely implications for capital flows and policy-making. Several methods are presented suggesting that the amount of assets benchmarked against widely followed EM local-currency bond indices have risen fivefold since the mid-2000s to around $300 billion. Our review suggests that the benefits of index membership may be tempered by portfolio outflow risks for some countries. This is because benchmark-driven investments may increase the importance of external factors at the expense of domestic factors, raising the risks of outflows unrelated to recipient country fundamentals. Some countries may be disproportionately exposed to these risks, reflecting the way the indices are constructed.

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