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RISS 인기검색어
- 검색키워드
- 저자 : Rogelio V. Mercado Jr. (검색결과 2 건)
- 무료
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- 유료
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What Drives Different Types of Capital Flows and their Volatilities in Developing Asia?
Rogelio V. Mercado Jr.,Cyn-Young Park 한국국제경제학회 2011 International Economic Journal Vol.25 No.4
Understanding the determinants of capital inflows is essential to designing an effective policy framework to manage volatile capital flows and their disruptive potential. This paper aims to identify factors that explain the size and volatility of various types of capital flows to developing Asia, vis-à-vis other emerging market economies. The estimates for a panel dataset show that per capita income growth, trade openness, and change in stock market capitalization are important determinants of capital inflows to developing Asia. Trade openness increases the volatility of all types of capital inflows; while change in stock market capitalization, global liquidity growth and institutional quality lowers the volatility. A regional factor plays an important role in determining the size and volatility of capital inflows in emerging Europe and emerging Latin America, suggesting that regional economic cooperation and policy coordination may be an important element in designing a policy framework to manage capital inflows.
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Emerging Asia Equity Home Bias and Financial Integration
Rogelio V. Mercado Jr. 한국국제경제학회 2013 International Economic Journal Vol.27 No.4
Equity home bias remains a phenomenon and a puzzle. Recent studies show the importance of financial integration in explaining the observed decline of equity home bias in advanced economies. This paper takes a step in understanding this relationship in the context of Emerging Asia. Stock market ratios and the mean-variance approach are used to construct measures of equity home bias; while foreign direct investments and time-varying global betas are used to derive measures of financial integration. These measures provide evidence that equity home bias has declined in recent years and progress has been made toward greater financial integration in the region. Fixed-effects panel regression was used to determine whether the factors that contribute to the decline of the bias in advanced economies – including financial integration – are relevant for Emerging Asia. Results show that a higher initial level of equity home bias and a greater financial integration lower the bias; while a larger stock market raises it. These findings concur with those for advanced economies. As in advanced economies, better quality of institutions and larger bank assets generally lower equity home bias, although insignificantly. However, unlike in advanced economies, country-specific risks are important in explaining the decline of the bias in Emerging Asia.
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