Surges of international fund flows

Suxiao Li; Jakob de Haan; Bert Scholtens

doi:10.1016/j.jimonfin.2018.01.002

Surges of international fund flows

Suxiao Li, Jakob de Haan, Bert Scholtens

Centre for Responsible Banking and Finance

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Abstract

We examine the determinants of the occurrence and magnitude of surges of fund flows, i.e. aggregate cross-border investments in local equity and bond markets by global funds, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. Our analysis, based on monthly data for 55 countries, suggests that although most global factors are significant, they can only explain a small part of the surges in fund flows. Domestic pull factors and contagion factors increase the explanatory power of the model. Our results also suggest that notably domestic factors affect the magnitude of surges.

Original language	English
Pages (from-to)	97-119
Number of pages	23
Journal	Journal of International Money and Finance
Volume	82
Early online date	12 Jan 2018
DOIs	https://doi.org/10.1016/j.jimonfin.2018.01.002
Publication status	Published - Apr 2018

Keywords

International fund flows
Surges
Push and pull factors
Bond flows
Equity flows

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10.1016/j.jimonfin.2018.01.002

Scholtens_2018_JIMF_Surges_AAM
© 2018 Elsevier Ltd. This work has been made available online in accordance with the publisher’s policies. This is the author created, accepted version manuscript following peer review and may differ slightly from the final published version. The final published version of this work is available at https://doi.org/10.1016/j.jimonfin.2018.01.002
Accepted author manuscript, 1.6 MBLicence: CC BY-NC-ND

Bert Scholtens
- ljrsst-andrews.acuk
Person: Academic

Cite this

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title = "Surges of international fund flows",

abstract = "We examine the determinants of the occurrence and magnitude of surges of fund flows, i.e. aggregate cross-border investments in local equity and bond markets by global funds, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. Our analysis, based on monthly data for 55 countries, suggests that although most global factors are significant, they can only explain a small part of the surges in fund flows. Domestic pull factors and contagion factors increase the explanatory power of the model. Our results also suggest that notably domestic factors affect the magnitude of surges. ",

keywords = "International fund flows, Surges, Push and pull factors, Bond flows, Equity flows",

author = "Suxiao Li and {de Haan}, Jakob and Bert Scholtens",

note = "This research is supported by National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013, 71703182). ",

year = "2018",

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doi = "10.1016/j.jimonfin.2018.01.002",

language = "English",

volume = "82",

pages = "97--119",

journal = "Journal of International Money and Finance",

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TY - JOUR

T1 - Surges of international fund flows

AU - Li, Suxiao

AU - de Haan, Jakob

AU - Scholtens, Bert

N1 - This research is supported by National Natural Science Foundation of China (NSFC Grant Numbers: 71273257, 71532013, 71703182).

PY - 2018/4

Y1 - 2018/4

N2 - We examine the determinants of the occurrence and magnitude of surges of fund flows, i.e. aggregate cross-border investments in local equity and bond markets by global funds, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. Our analysis, based on monthly data for 55 countries, suggests that although most global factors are significant, they can only explain a small part of the surges in fund flows. Domestic pull factors and contagion factors increase the explanatory power of the model. Our results also suggest that notably domestic factors affect the magnitude of surges.

AB - We examine the determinants of the occurrence and magnitude of surges of fund flows, i.e. aggregate cross-border investments in local equity and bond markets by global funds, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. Our analysis, based on monthly data for 55 countries, suggests that although most global factors are significant, they can only explain a small part of the surges in fund flows. Domestic pull factors and contagion factors increase the explanatory power of the model. Our results also suggest that notably domestic factors affect the magnitude of surges.

KW - International fund flows

KW - Surges

KW - Push and pull factors

KW - Bond flows

KW - Equity flows

U2 - 10.1016/j.jimonfin.2018.01.002

DO - 10.1016/j.jimonfin.2018.01.002

M3 - Article

SN - 0261-5606

VL - 82

SP - 97

EP - 119

JO - Journal of International Money and Finance

JF - Journal of International Money and Finance

ER -

Surges of international fund flows

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Bert Scholtens

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