Since 2014
Determinants of Foreign Portfolio and Total Investment to Emerging Economies from 2007 to 2014
Brazilian Review of Finance
View Archive Info| Field | Value | |
| Title |
Determinants of Foreign Portfolio and Total Investment to Emerging Economies from 2007 to 2014
Determinantes do Investimento Estrangeiro em Carteira e Total para Economias Emergentes de 2007 a 2014 |
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| Creator |
Schnorrenberger, Richard; Christian-Albrechts-Universität zu Kiel
Meurer, Roberto; Universidade Federal de Santa Catarina |
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| Subject |
Economy; International Finance
Foreign portfolio investment; foreign capital flows; emerging economies. F32, G15, C33. — Investimento estrangeiro em carteira; fluxo de capital estrangeiro; economias emergentes. F32, G15, C33. |
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| Description |
Foreign portfolio investment has been growing since the beginning of the 1990's and the fall in portfolio investment stock due to the global financial crisis in 2008 was reverted after two years. The determinants of foreign portfolio investment and foreign total investment are estimated for dynamic panels of emerging economies from 2007 to 2014 using the Generalized Method of Moments (GMM). With respect to movements in portfolio investment, predictors of sovereign risk, U.S. stock market performance, domestic investment and fiscal performance are statistically significant. In regard to foreign total investment, predictors of sovereign risk, Fed Funds rate, domestic investment, current account balance, fiscal performance and real exchange rates are statistically significant. Domestic and foreign variables are both important to explain capital flows. Hence, in general results show that emerging economies might coordinate economic policy with the adopted external funding strategy.
O estoque de investimento estrangeiro em carteira tem mostrado tendência de crescimento desde o início da década de 1990, visto que a queda ocorrida com a crise financeira global em 2008 fora revertida em dois anos. Os determinantes do investimento estrangeiro em carteira e total são estimados para painéis dinâmicos de países emergentes para o período de 2007 a 2014 usando o método dos momentos generalizado (GMM). Os movimentos no investimento em carteira são estatisticamente explicados por variações no risco país, desempenho do mercado acionário norte-americano, investimento doméstico e resultado fiscal. Em contrapartida, as variáveis de risco país, taxa dos Fed Funds, investimento doméstico, saldo da conta corrente, resultado fiscal e câmbio real são fatores estatisticamente determinantes do investimento estrangeiro total de economias emergentes. Tanto variáveis externas quanto domésticas são importantes para a explicação dos fluxos de capitais estrangeiros. Os resultados são interessantes por mostrarem a necessidade de haver compatibilidade entre a política econômica e a estratégia de financiamento externo adotada pelas economias emergentes. |
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| Publisher |
Link to the Brazilian Society of Finance
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| Contributor |
—
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| Date |
2018-06-20
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| Type |
info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion Double blind reviewed articles Empirical article Avaliado por Pares Artigo Empírico |
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| Format |
application/pdf
application/pdf |
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| Identifier |
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/63437
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| Source |
Brazilian Review of Finance; Vol 15, No 4 (2017): October-December; 605-229
Revista Brasileira de Finanças; Vol 15, No 4 (2017): October-December; 605-229 1984-5146 1679-0731 |
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| Language |
por
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| Relation |
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/63437/72271
http://bibliotecadigital.fgv.br/ojs/index.php/rbfin/article/view/63437/72272 |
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| Rights |
Copyright (c) 2018 Brazilian Review of Finance
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