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Bilateral Portfolio Dynamics During the Global Financial Crisis

Vahagn Galstyan and Philip Lane

The Institute for International Integration Studies Discussion Paper Series from IIIS

Abstract: There has been considerable bilateral variation in the pattern of portfolio capital flows during the global financial crisis: for a given destination, investors from different countries adjusted their holdings to different degrees. We show that the size of the initial bilateral holding, geographical distance, common language, the level of trade and common institutional linkages help to explain the pattern of adjustment. These bilateral factors are more important for equities than for bonds and for investors from developing countries than for investors from advanced countries.

Keywords: International capital flows; International portfolios; External adjustment (search for similar items in EconPapers)
JEL-codes: F30 F41 G15 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-opm
Date: 2011-08
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Journal Article: Bilateral portfolio dynamics during the global financial crisis (2013) Downloads
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