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Determinants of capital inflows into Asia: The relevance of contagion effects as push factors

Author

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  • Sophie Brana

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

  • Delphine Lahet

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - UB - Université de Bordeaux)

Abstract

This article investigates the impacts of both external factors and domestic fundamentals on the evolution of capital inflows with a panel of four Asian countries over the 1990-2007 period. The objective is to test contagion variables, as defined by Masson (1999), as push factors in order to complete push factor literature and to secure a more integrated point of view of the determinants of capital inflows. Tests show that both push and pull factors are significant. Push factors as carry trade strategies, global liquidity and contagion factors, seem to be major determinants of capital inflows into Asia.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Sophie Brana & Delphine Lahet, 2010. "Determinants of capital inflows into Asia: The relevance of contagion effects as push factors," Post-Print hal-05527530, HAL.
    • Handle: RePEc:hal:journl:hal-05527530
    DOI: 10.1016/j.ememar.2010.03.003
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    2. Thorsten Janus & Daniel Riera-Crichton, 2016. "Banking crises, external crises and gross capital flows," Globalization Institute Working Papers 273, Federal Reserve Bank of Dallas.
    3. Dewandaru, Ginanjar & Masih, Rumi & Masih, A. Mansur M., 2015. "Why is no financial crisis a dress rehearsal for the next? Exploring contagious heterogeneities across major Asian stock markets," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 419(C), pages 241-259.
    4. Beckmann, Joscha & Boonman, Tjeerd M. & Schreiber, Sven, 2024. "Expectations, sentiments and capital flows to emerging market economies," Emerging Markets Review, Elsevier, vol. 62(C).
    5. Walid, Chkili & Chaker, Aloui & Masood, Omar & Fry, John, 2011. "Stock market volatility and exchange rates in emerging countries: A Markov-state switching approach," Emerging Markets Review, Elsevier, vol. 12(3), pages 272-292, September.
    6. Sophie Brana & Delphine Lahet, 2011. "Foreign banks and the stability of foreign and domestic credit in CEECs," Working Papers hal-00637686, HAL.
    7. Kumar, Virender & Dua, Pami, 2024. "What explains foreign portfolio investment inflows to BRICS countries?," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 32-46.
    8. Lim, Jamus Jerome & Mohapatra, Sanket, 2016. "Quantitative easing and the post-crisis surge in financial flows to developing countries," Journal of International Money and Finance, Elsevier, vol. 68(C), pages 331-357.
    9. Lumengo Bonga-Bonga & Tebogo Maake, 2021. "The Relationship between Carry Trade and Asset Markets in South Africa," JRFM, MDPI, vol. 14(7), pages 1-13, July.
    10. Sophie Brana & Delphine Lahet, 2011. "Foreign Banks and the Stability of Foreign and Domestic Credit in CEECs," Larefi Working Papers 201107, Larefi, Université Bordeaux 4.
    11. Erdem, F. Pinar & Geyikci, Utku Bora, 2021. "Local, global and regional shocks indices in emerging exchange rate markets," International Review of Economics & Finance, Elsevier, vol. 73(C), pages 98-113.
    12. Dewandaru, Ginanjar & Masih, Rumi & Masih, A. Mansur M., 2016. "Contagion and interdependence across Asia-Pacific equity markets: An analysis based on multi-horizon discrete and continuous wavelet transformations," International Review of Economics & Finance, Elsevier, vol. 43(C), pages 363-377.
    13. Sophie Brana & Dalila Chenaf-Nicet & Delphine Lahet, 2023. "Drivers of cross‐border bank claims: The role of foreign‐owned banks in emerging countries," Post-Print hal-04569319, HAL.
    14. Dewandaru, Ginanjar & Masih, Rumi & Masih, Mansur, 2017. "Regional spillovers across transitioning emerging and frontier equity markets: A multi-time scale wavelet analysis," Economic Modelling, Elsevier, vol. 65(C), pages 30-40.
    15. Fatma Pinar Erdem & Utku Bora Geyikci, 2018. "Local, Regional and Global FX Shock Indices in Emerging Markets," CBT Research Notes in Economics 1812, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    16. Delphine Lahet & Stéphanie Prat, 2021. "Internationalisation of emerging market currencies and original sin: Empirical evidence," The World Economy, Wiley Blackwell, vol. 44(7), pages 1973-2003, July.
    17. Dewandaru, Ginanjar & Masih, Rumi & Bacha, Obiyathulla Ismath & Masih, A. Mansur M., 2017. "The role of Islamic asset classes in the diversified portfolios: Mean variance spanning test," Emerging Markets Review, Elsevier, vol. 30(C), pages 66-95.
    18. Hardik A. Marfatia, 2016. "The Role of Push and Pull Factors in Driving Global Capital Flows," Applied Economics Quarterly (formerly: Konjunkturpolitik), Duncker & Humblot GmbH, Berlin, vol. 62(2), pages 117-146.
    19. Dolly Sunny & Anupama Unnikrishnan, 2015. "Pattern of capital inflows in BRICS: Aspects to ponder for policy implementation," Journal of Developing Areas, Tennessee State University, College of Business, vol. 49(6), pages 219-234, Special I.
    20. Mina, Wasseem, 2012. "Beyond FDI: The Influence of Bilateral Investment Treaties on Debt," MPRA Paper 51920, University Library of Munich, Germany.
    21. Emanuel Kohlscheen, 2023. "Higher frequency activity indicators and global bond portfolio adjustments," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 159(4), pages 943-964, November.
    22. Hasdi Aimon & Rika Utami Restihani & Anggi Putri Kurniadi*, 2019. "The Interaction of Macroeconomic Variables on Capital Inflow in Emerging Market Countries in ASEAN: Panel Error Correction Model Approach," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 5(9), pages 1357-1364, 09-2019.
    23. Bruno Bonizzi, 2013. "Capital Flows to Emerging Markets: An alternative Theoretical Framework," Working Papers 186, Department of Economics, SOAS University of London, UK.
    24. Avishek Bhandari, 2020. "A wavelet analysis of inter-dependence, contagion and long memory among global equity markets," Papers 2003.14110, arXiv.org.
    25. Figuet, Jean-Marc & Humblot, Thomas & Lahet, Delphine, 2015. "Cross-border banking claims on emerging countries: The Basel III Banking Reforms in a push and pull framework," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 34(C), pages 294-310.

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