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How international financial flows affect stock markets?

Hongwei Chuang and Navruzbek Karamatov

Applied Economics Letters, 2018, vol. 25, issue 21, 1535-1546

Abstract: Relying on the IMF Coordinated Portfolio Investment Survey, which reports countries’ bilateral investments in financial assets at end-2001 to end-2015, this article shows that a country’s stock market growth is not only spatially correlated with those of nearby countries, but also positively associated with the magnitude of connectedness of the country’s international investments in debt within a dynamic financial investment flow network. The positive relation arises because debts have become an increasingly important source of capital for developing countries.

Date: 2018
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Handle: RePEc:taf:apeclt:v:25:y:2018:i:21:p:1535-1546