Information and capital flows revisited: The Internet as a determinant of transactions in financial assets

被引：22

作者：

Choi, Changkyu ^{[1
]}

Rhee, Dong-Eun ^{[2
]}

Oh, Yonghyup ^{[3
]}

机构：

[1] Myongji Univ, Dept Econ, Seoul 120728, South Korea

[2] Korea Inst Int Econ Policy, Dept Int Macroecon & Finance, Seoul, South Korea

[3] Club Rome EU Chapter CoR EU, B-1150 Brussels, Belgium

来源：

ECONOMIC MODELLING | 2014年 / 40卷

关键词：

The Internet; Cross-border portfolio flows; Gravity equation; Information asymmetries; Home bias;

D O I：

10.1016/j.econmod.2014.03.027

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We extend Pones et al. (2001) by introducing the Internet as a variable, and we test the model empirically by using cross-country panel data on portfolio flows between the United States and other countries from 1990 to 2008. Asymmetric information accounts for the strong negative relationship between international asset transactions and distance. The Internet plays an important role in mitigating information asymmetry between countries and increases the volume of cross-border portfolio flows. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：191 / 198

页数：8

共 14 条

[1] Information costs and home bias: an analysis of US holdings of foreign equities [J].