Foreign portfolio investment patterns: evidence from a gravity model

Lei Pan (), Rong Hu and Qingyuan Du
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Lei Pan: Curtin University

Empirical Economics, 2022, vol. 63, issue 1, No 13, 415 pages

Abstract: Abstract Cross-country capital flows have been widely studied in the literature; however, why some countries may form more similar foreign investment portfolios than others has not been investigated. Using data for a broad panel of countries during the period 2002–2015, we adopt gravity equations to estimate cross-country foreign portfolio investment patterns. The main empirical results reveal that countries are more likely to form similar foreign portfolio investment patterns if: (i) countries are geographically closer; (ii) countries share the same official language; and (iii) countries adopt fixed exchange rate regimes.

Keywords: Foreign portfolio investment; Gravity; Exchange rate regimes; F21; F31; F34 (search for similar items in EconPapers)
Date: 2022
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DOI: 10.1007/s00181-021-02133-0

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