Abstract
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 language | English |
|---|---|
| Pages (from-to) | 378-384 |
| Number of pages | 7 |
| Journal | Applied Economics Letters |
| Volume | 22 |
| Issue number | 5 |
| Early online date | 15 Aug 2014 |
| DOIs | |
| Publication status | Published - 24 Mar 2015 |
Keywords
- International fund flows
- Concordance index
- Equity flows
- Bond flows
- E32
- F30
- F32
- G15
- G23