Foreign investment in times of COVID-19: How strong is the flight to advanced economies?

IF 2.9 3区经济学 Q2 BUSINESS, FINANCE

Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI:10.1016/j.mulfin.2022.100735

Maela Giofré

引用次数: 3

Abstract

This paper investigates the flight to advanced economies by foreign investors at the onset of the COVID pandemic. Amid an overall decline of international positions, countries featuring higher GDPs per capita, and belonging to the groups of advanced, G7, or euro area countries, appear to have been significantly less severely hit by the pandemic than developing countries. Comparing the growth rates of foreign liabilities in the first quarter of 2020, the wedge between advanced and emerging countries is about 3%, and it is at least twice as large for G7 countries. This wedge is paired with evidence of momentum trading by foreign investors. Our results are robust to the inclusion, as controls, of government stringency measures, alternative indicators of the severity of the pandemic, and alternative sample specification and regression methods.

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COVID-19时期的外国投资:流向发达经济体的资金有多强劲?

本文研究了新冠疫情爆发时外国投资者向发达经济体的资金外逃。在国际地位全面下降的情况下，人均国内生产总值较高的国家，以及属于发达国家、七国集团或欧元区国家的国家，受疫情打击的严重程度似乎明显低于发展中国家。对比2020年第一季度的外债增长率，发达国家和新兴国家之间的差距约为3%，而G7国家之间的差距至少是前者的两倍。这一楔形与外国投资者的动量交易证据相吻合。我们的结果对于纳入作为对照的政府严格措施、大流行严重程度的替代指标以及替代样本规格和回归方法具有稳健性。

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

Journal of Multinational Financial Management BUSINESS, FINANCE-

CiteScore

7.30

自引率

4.80%

发文量

审稿时长

30 days

期刊介绍： International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.