Surges of international fund flows

Suxiao Li, Jakob de Haan, Bert Scholtens

Research output: Contribution to journalArticlepeer-review

7 Citations (Scopus)


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 languageEnglish
Pages (from-to)97-119
Number of pages23
JournalJournal of International Money and Finance
Early online date12 Jan 2018
Publication statusPublished - Apr 2018


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


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