Are International Fund Flows Related to Exchange Rate Dynamics?

被引：0
作者：
Suxiao Li
Jakob de Haan
Bert Scholtens
机构：
[1] Postdoctoral workstation,School of Economics and Management
[2] Industrial and Commercial Bank of China,undefined
[3] University of Groningen,undefined
[4] University of Chinese Academy of Sciences,undefined
[5] De Nederlandsche Bank,undefined
[6] CESifo,undefined
[7] University of Saint Andrews,undefined
来源：
Open Economies Review | 2018年 / 29卷
关键词：
International fund flows; Exchange rates; Exchange rate regime; Dynamic panel data model; E44; F30; F31; G15; G23;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Employing monthly data for 53 countries between 1996 and 2015, we investigate the relationship between international fund flows and exchange rate dynamics. We find strong co-movement between funds flows (as measured with the EPFR Global data base) and bilateral real exchange rates vis-à-vis the USD. This holds both for equity flows and bond flows. However, bond flows have a more significant relationship with RER appreciation than equity flows in developing countries, while in developed countries equity flows play a more important role. Under a more flexible exchange rate regime the real exchange rate appreciation associated with fund flows is higher.
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页码：31 / 48
页数：17
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