Financial Liberalization and Foreign Portfolio Investment in the United Kingdom

Nigel Pain

Oxford Economic Papers, 1993, vol. 45, issue 1, 83-102

Abstract: In recent years, cross-border portfolio investment has become an increasingly important feature of global capital markets, with capital controls being relaxed and transactions costs declining in many securities markets. This paper contains an empirical analysis of aggregate foreign portfolio investment in U.K. equities and bonds over the period since the middle of the 1970s. The stock of such investments is shown to be related to expected relative returns; world financial wealth; and measures of financial liberalization, notably a constructed exchange control index based on the freedom of Japanese financial institutions to invest overseas. Copyright 1993 by Royal Economic Society.

Date: 1993
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