Are international fund flows pro- or counter-cyclical?

Suxiao Li, Jakob de Haan, Bert Scholtens and Haizhen Yang

Applied Economics Letters, 2015, vol. 22, issue 5, 378-384

Abstract: We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that fund flows are pro-cyclical ahead of the business cycle and counter-cyclical contemporaneously after the business cycle.

Date: 2015
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DOI: 10.1080/13504851.2014.943881

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