Name: International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets (en Inglés)
SKU: 59872441
Price: 29650.00 CLP
Availability: InStock
Author: Edison, Hali J. ; Warnock, Francis E. ; United States Federal Reserve Board
ISBN: 9781288729074

portada International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets (en Inglés)

International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Francis E. Warnock

Hali J. Edison

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6x18.9x0.3 cm

Peso

0.10 kg.

ISBN13

9781288729074

Categorías

Política y gobierno

International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets (en Inglés)

United States Federal Reserve Board (Autor) · Francis E. Warnock (Autor) · Hali J. Edison (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets (en Inglés)"

We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border listings, while controlling for traditional global (push) and country-specific (pull) factors. Two important results emerge. First, the cross-listing of an emerging market firm on a U.S. exchange is an important but short-lived capital flows event, suggesting that the cross-listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls were binding. Among the standard push and pull factors, global factors are important---slack U.S. economic activity is associated with increased flows to emerging markets---and U.S. investors appear to chase expected, but not past, returns.