Net Equity and Debt Flows to Emerging Market and Developing Economies in the Post-Crisis Era

Pyun Ju Hyun

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Net Equity and Debt Flows to Emerging Market and Developing Economies in the Post-Crisis Era

机译：后危机时代流入新兴市场和发展中经济体的净股本和债务流量

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摘要

We investigate the determinants of net equity and debt flows into 60 emerging and developing countries during 1986-2012, with a special focus on the period following the onset of the global financial crisis (GFC). Our results controlling for endogeneity show that net equity flows to emerging markets were mostly influenced by global risk factors, while net debt flows were affected by country-specific factors. We further distinguish the factors that were more pronounced in determining net portfolio flows to emerging markets since the GFC. The US real interest rate had significant spillover effects on net equity flows after the GFC. An increase in country's domestic credit attracted net debt inflows before the GFC, while it was associated with net equity outflows after the GFC. We also find that capital controls moderated net debt flows since the GFC.

机译：我们调查了1986-2012年期间流入60个新兴国家和发展中国家的净股权和债务净额的决定因素，特别关注了全球金融危机（GFC）爆发后的时期。我们控制内生性的结果表明，流入新兴市场的净股本净值主要受全球风险因素的影响，而净债务净额则受特定国家因素的影响。自全球金融危机以来，我们进一步区分了在确定流入新兴市场的净投资组合中更为明显的因素。在全球金融危机之后，美国实际利率对净股本流动产生重大溢出效应。国家国内信贷的增加吸引了全球金融危机之前的净债务流入，而这与全球金融危机之后的净股本流出相关。我们还发现，自全球金融危机以来，资本管制减缓了净债务流动。

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《Emerging Markets Finance & Trade》 |2016年第12期|2473-2494|共22页
作者
Pyun Ju Hyun;
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作者单位

Korea Univ, Sch Business, 145 Anam Ro, Seoul 136701, South Korea;

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正文语种 eng
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Capital controls; emerging markets; equity and debt; international portfolio flows; private domestic credit; three-stage least squares; US monetary policy; F21; F32;

机译：资本管制;新兴市场;股本和债务;国际投资组合流动;私人国内信贷;三个阶段的最小二乘方;美国货币政策;F21;F32;

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3. The transmission of global monetary and credit shocks on exchange market pressure in emerging markets and developing economies [J] . Keefe Helena Glebocki Journal of International Financial Markets, Institutions & Money . 2021,第May期

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4. Modelling the relationship between developed equity markets and emerging equity markets [C] . Kostanjcar Zvonko, Jeren Branko, Juretic Zeljan IEEE Conference on Computational Intelligence for Financial Engineering Economics . 2014

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5. Equity market liberalization in emerging market economies. [D] . Jayasuriya, Shamila Aruni. 2003

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6. Risk aversion connectedness in developed and emerging equity markets before and after the COVID-19 pandemic [O] . Athanasios P. Fassas 2020

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机译：金融发展和货币政策的分配效应货币政策的分配后果是否取决于金融发展的程度？各国的最优货币政策应该不同吗？为了回答这些问题，我们开发了一个具有异构代理的货币增长生产模型。在我们的经济中，最优政策需要权衡两个群体的政策效应 - 资本所有者和持有流动资产的个人。虽然银行帮助限制通胀风险，但存在限制，因为资金减轻了私人信息的摩擦和有限的沟通。在这种环境下，我们比较两个经济体在各个方面都是相同的，除了它们的金融发展水平。在金融发展有限的国家，缺乏股票市场。另一方面，股票市场活跃。在任一经济体中，通胀都会对资本形成和产出产生不利影响持有流动资产的个人总是受到通货膨胀的不利影响，但资本所有者的态度取决于金融发展的水平。特别是，在股票市场存在的情况下，通货膨胀对资本所有者福利的影响是非单调的。尽管如此，在较高的金融发展水平下，最优货币政策总是更加保守。

Net Equity and Debt Flows to Emerging Market and Developing Economies in the Post-Crisis Era

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