Are international fund flows pro- or counter-cyclical?

S. Li, J. de Haan, B. Scholtens, H. Yang

Research output: Contribution to journalArticlepeer-review

6 Citations (Scopus)


We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that fund flows are pro-cyclical ahead of the business cycle and counter-cyclical contemporaneously after the business cycle.
Original languageEnglish
Pages (from-to)378-384
Number of pages7
JournalApplied Economics Letters
Issue number5
Early online date15 Aug 2014
Publication statusPublished - 24 Mar 2015


  • International fund flows
  • Concordance index
  • Equity flows
  • Bond flows
  • E32
  • F30
  • F32
  • G15
  • G23


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