A Microstructure Approach to Gross Portfolio Inflows. The Case of Chile
In this paper we explore the determinants of portfolio equity gross inflows (foreign liabilities) to the Chilean economy in dimensions that are novel to the literature. Using a unique dataset proprietary to the Central Bank of Chile that records each transactio n of foreign investors on domestic portfolio equity instruments, we analyze aggregated and disaggregated flows, the latter identifying the type of foreign investor behind the flow. Our findings indicate that inward, and not outward, flows are those that r espond to the traditional push/pull factors. Moreover, some pull factors that appear to be statistically non - significant for aggregate flows, become important to flows from specific investor types, and the economic relevance of these factors also varies am ong investors.
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- Hui Tong & Shang-Jin Wei, 2011.
"The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis,"
Review of Financial Studies,
Society for Financial Studies, vol. 24(6), pages 2023-2052.
- Hui Tong & Shang-Jin Wei, 2009. "The Composition Matters; Capital Inflows and Liquidity Crunch During a Global Economic Crisis," IMF Working Papers 09/164, International Monetary Fund.
- Hui Tong & Shang-Jin Wei, 2010. "The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis," Working Papers 172010, Hong Kong Institute for Monetary Research.
- Hui Tong & Shang-Jin Wei, 2009. "The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis," NBER Working Papers 15207, National Bureau of Economic Research, Inc.
- Chotibhak Jotikasthira & Christian Lundblad & Tarun Ramadorai, 2012. "Asset Fire Sales and Purchases and the International Transmission of Funding Shocks," Journal of Finance, American Finance Association, vol. 67(6), pages 2015-2050, December.
- Elif C Arbatli, 2011. "Economic Policies and FDI Inflows to Emerging Market Economies," IMF Working Papers 11/192, International Monetary Fund.
- Marco Morales & Carola Moreno & Camilo Vio, 2014. "Foreign Shocks on Chilean Financial Markets: Spillovers and Comovements Between Bonds and Equity Markets," Working Papers Central Bank of Chile 724, Central Bank of Chile.
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