Portfolio flows to emerging markets make asset prices volatile - IMF paper
Working paper unpicks domestic pull factors versus global push factors
A new paper from the IMF estimates the impact of portfolio flows and the Vix index on three asset prices, namely equity returns, bond yields and exchange rates, in 17 emerging economies – finding portfolio flows have a significant impact on their volatility.
In Portfolio flows, global risk aversion and asset prices in emerging markets, Nasha Ananchotikul and Longmei Zhang show the magnitude of the impact on asset prices correlates with country characteristics, including financial openness, the
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