Share
International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets
United States Federal Reserve Board
(Author)
·
Francis E. Warnock
(Author)
·
Hali J. Edison
(Author)
·
Bibliogov
· Paperback
International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets - Edison, Hali J. ; Warnock, Francis E. ; United States Federal Reserve Board
Choose the list to add your product or create one New List
✓ Product added successfully to the Wishlist.
Go to My Wishlists
Origin: U.S.A.
(Import costs included in the price)
It will be shipped from our warehouse between
Friday, July 19 and
Friday, July 26.
You will receive it anywhere in United Kingdom between 1 and 3 business days after shipment.
Synopsis "International Finance Discussion Papers: Cross-Border Listings, Capital Controls, and Equity Flows to Emerging Markets"
We analyze capital flows to emerging markets in a framework that incorporates two quantitative measures of financial integration, the intensity of capital controls and the extent of cross-border listings, while controlling for traditional global (push) and country-specific (pull) factors. Two important results emerge. First, the cross-listing of an emerging market firm on a U.S. exchange is an important but short-lived capital flows event, suggesting that the cross-listed stock is in effect a new security that U.S. investors quickly bring into their portfolios. Second, the effect of financial liberalization on capital flows is more nuanced than is suggested by event studies: A reduction in capital controls results in increased inflows only when the controls were binding. Among the standard push and pull factors, global factors are important---slack U.S. economic activity is associated with increased flows to emerging markets---and U.S. investors appear to chase expected, but not past, returns.
