How international financial flows affect stock markets?
How international financial flows affect stock markets?
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DOI：
10.1080/13504851.2018.1430325
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发表时间：
2018-01
影响因子：
1.6
通讯作者：
H. Chuang;Navruzbek Karamatov
中科院分区：
文献类型：
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作者：
H. Chuang;Navruzbek Karamatov
摘要：本文依据国际货币基金组织（IMF）的协调证券投资调查（该调查报告了2001年末至2015年末各国在金融资产方面的双边投资情况）指出，一国的股票市场增长不仅在空间上与周边国家相关，而且在动态金融投资流动网络中与该国国际债务投资的关联程度呈正相关。这种正相关关系的产生是因为债务已成为发展中国家日益重要的资本来源。
ABSTRACT Relying on the IMF Coordinated Portfolio Investment Survey, which reports countries’ bilateral investments in financial assets at end-2001 to end-2015, this article shows that a country’s stock market growth is not only spatially correlated with those of nearby countries, but also positively associated with the magnitude of connectedness of the country’s international investments in debt within a dynamic financial investment flow network. The positive relation arises because debts have become an increasingly important source of capital for developing countries.