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Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?

dc.rights.licenseopenen_US
dc.contributor.authorADLER, Gustavo
hal.structure.identifierLaboratoire d'analyse et de recherche en économie et finance internationales [Larefi]
dc.contributor.authorDJIGBENOU, Marie-Louise
dc.contributor.authorSOSA, Sebastian
dc.date.accessioned2023-01-24T13:46:04Z
dc.date.available2023-01-24T13:46:04Z
dc.date.issued2016-02-01
dc.identifier.issn0261-5606en_US
dc.identifier.urioai:crossref.org:10.2469/dig.v46.n9.11
dc.identifier.urioai:crossref.org:10.5089/9781484353349.001
dc.identifier.urioai:crossref.org:10.1016/j.jimonfin.2015.03.007
dc.identifier.urihttps://oskar-bordeaux.fr/handle/20.500.12278/171761
dc.description.abstractEnWe study the dynamic response of gross capital flows in emerging market economies to different global financial shocks, using a panel vector-autoregressive (PVAR) approach. Our focus lies primarily on the potentially stabilizing role played by domestic investors in offsetting the response of foreign investors to adverse global shocks. We find that, while foreign investors tend to retrench from emerging markets in response to global risk aversion and monetary policy shocks, foreign asset repatriation by resident investors does not always follow suit. Local investors play a meaningful stabilizing role in the face of global risk aversion shocks, with sizeable asset repatriation largely offsetting the retrenchment of non-residents. In contrast, foreign investor retrenchment in response to global monetary policy shocks is not mirrored by asset repatriation. Finally, we find robust evidence that positive global real shocks tend to have a positive impact on net capital inflows to emerging markets. Our results shed light on the likely impact of the Fed's QE tapering on capital flows to emerging market economies.
dc.language.isoENen_US
dc.sourcecrossref
dc.subjectGross capital flows
dc.subjectForeign assets
dc.subjectGlobal financial shocks
dc.subject.enCapital flows
dc.title.enGlobal Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role?
dc.typeArticle de revueen_US
dc.identifier.doi10.1016/j.jimonfin.2015.03.007en_US
dc.subject.halSciences de l'Homme et Société/Economies et financesen_US
dc.subject.jelF - International Economics::F3 - International Finance::F30 - Generalen_US
dc.subject.jelF - International Economics::F3 - International Finance::F32 - Current Account Adjustment; Short-Term Capital Movementsen_US
dc.subject.jelF - International Economics::F4 - Macroeconomic Aspects of International Trade and Finance::F41 - Open Economy Macroeconomicsen_US
dc.subject.jelG - Financial Economics::G1 - General Financial Markets::G15 - International Financial Marketsen_US
bordeaux.journalJournal of International Money and Financeen_US
bordeaux.page8-28en_US
bordeaux.volume60en_US
bordeaux.hal.laboratoriesLaboratoire d'analyse et de recherche en économie et finance internationales (LAREFI) - EA2954en_US
bordeaux.institutionUniversité de Bordeauxen_US
bordeaux.institutionCNRS
bordeaux.peerReviewedouien_US
bordeaux.inpressnonen_US
bordeaux.import.sourcedissemin
hal.identifierhal-03954341
hal.version1
hal.date.transferred2023-01-24T13:46:12Z
hal.exporttrue
workflow.import.sourcedissemin
dc.rights.ccPas de Licence CCen_US
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