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Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows
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Orientador(es)
Resumo(s)
We consider a new dataset that provides a description of the population of financial equity
flows between developed countries from 2001 to 2018. We follow the standard practice of
controlling for pull and push factors as well as gravity-style variables, while also accounting
for the business cycle, public debt and sovereign ratings. Our key findings are as follows: (i)
equity flows are more intense between countries at the same stage of the business cycle (ii)
increased equity flows to countries with a relatively lower public debt deficit as a ratio of
GDP (iii) financial and macroeconomic variables are important for big equity flows, while
institutional variables are important for the small flows. Overall, this new dataset provides
novel evidence on the importance of the business cycle, government debt and sovereign
ratings scores.
Descrição
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Contexto Educativo
Citação
Afonso, António ... [et al.] (2022). "Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows". REM Working paper series, nº 0235/2022
Editora
ISEG - REM - Research in Economics and Mathematics