A Microstructure Approach to Gross Portfolio Inflows. The Case of Chile

Barbara Ulloa, Carlos Saavedra and Carola Moreno

Working Papers Central Bank of Chile from Central Bank of Chile

Abstract: 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.

Date: 2015-07
New Economics Papers: this item is included in nep-lam
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Persistent link: https://EconPapers.repec.org/RePEc:chb:bcchwp:760

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