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RISS 인기검색어
- 검색키워드
- 저자 : Joseph J. French (검색결과 2 건)
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Joseph J. French,Michael Martin,Wei-Xuan Li People&Global Business Association 2014 Global Business and Finance Review Vol.19 No.2
This paper analyzes the simultaneous linkages between remittances and macroeconomic variables using a panel vector autoregression (PVAR) for 33 Sub-Saharan Africa (SSA) countries from 1973 to 2011. We document the strong impact of inflation on explaining remittances to SSA. Approximately 20% of the variance in remittances is attributed to unexpected inflation shocks. This supports the notion that remittances compensate local incomes. This paper also documents a strong positive impact of remittances on growth in SSA. These results demonstrate that remittances can aid in overcoming liquidity constraints in nations with poor financial institutions. Our findings shed light on the important role of remittances in explaining macroeconomic variability in SSA.
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Determinants of U.S .Equity Flows to Brazil
Joseph J. French 사람과세계경영학회 2012 Global Business and Finance Review Vol.17 No.1
This research investigates the impact of global and financial variables on American equity flows to Brazil. Portfolio flows to Brazil increased 159% in 2009. This rapid increase of foreign investment prompted the Brazilian government to impose a 2% tax on some types of foreign portfolio investment. This paper dissects the factors that predict U.S. equity flows into Brazil. Consistent with existing literature on other countries, this research finds that U.S. equity flows follow high local market returns. It is further documented that U.S. equity flows to Brazil are negatively related to returns on the S&P 500 and U.S. prime interest rates. Finally, this paper uncovers two new variables that predict equity flows to Brazil: 1) an increase in the Brazilian equity market volatility negatively forecasts U.S. equity flows to Brazil; and 2) increases in commodity prices positively predict U.S. investment in Brazil where a 1% increase in commodity prices predicts a 0.5% increase in U.S. purchases of Brazilian equities as a percentage of market capitalization.
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