Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Borsa Istanbul Review Pub Date : 2023-11-01 DOI:10.1016/j.bir.2023.08.003

Erdal Özmen , Fatma Taşdemir

引用次数: 1

Abstract

We investigate whether the impacts of the main push (global financial conditions, GFC) and pull (growth) factors on capital inflows are invariant to endogenously estimated thresholds for exchange rate regimes (ERRs) in emerging market economies. The impact of GFC is higher under more flexible ERRs for aggregate capital and portfolio inflows. FDI inflows are determined by growth. The sensitivity of aggregate and other investment inflows to growth is higher under more rigid ERRs. Our results also suggest that managed ERRs encourage capital inflows by allowing countries to import the monetary policy credibility of the anchored country and to provide an exchange rate guarantee.

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汇率制度作为门槛：新兴市场经济体资本流入的主要决定因素

我们研究了在新兴市场经济体中，主要推动因素（全球金融形势，全球金融危机）和拉动因素（增长）对资本流入的影响是否与汇率制度（ERRs）的内生估计阈值无关。在资本和投资组合总流入量较灵活的汇率制度下，全球金融风暴的影响更大。外国直接投资流入量由增长决定。在刚性较强的 ERR 下，总投资和其他投资流入对增长的敏感度较高。我们的研究结果还表明，有管理的经济容许率允许各国引进锚定国的货币政策信誉并提供汇率保证，从而鼓励资本流入。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Borsa Istanbul Review Multiple-

CiteScore

7.60

自引率

3.80%

发文量

130

审稿时长

26 days

期刊介绍： Peer Review under the responsibility of Borsa İstanbul Anonim Sirketi. Borsa İstanbul Review provides a scholarly platform for empirical financial studies including but not limited to financial markets and institutions, financial economics, investor behavior, financial centers and market structures, corporate finance, recent economic and financial trends. Micro and macro data applications and comparative studies are welcome. Country coverage includes advanced, emerging and developing economies. In particular, we would like to publish empirical papers with significant policy implications and encourage submissions in the following areas: Research Topics: • Investments and Portfolio Management • Behavioral Finance • Financial Markets and Institutions • Market Microstructure • Islamic Finance • Financial Risk Management • Valuation • Capital Markets Governance • Financial Regulations