Exchange rate regimes as thresholds: The main determinants of capital inflows in emerging market economies
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Tarih
2023
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
We investigate whether the impacts of the main push (global financial conditions, GFC) and pull (growth) factors on capital inflows are invariant to endogenously estimated thresholds for exchange rate regimes (ERRs) in emerging market economies. The impact of GFC is higher under more flexible ERRs for aggregate capital and portfolio inflows. FDI inflows are determined by growth. The sensitivity of aggregate and other investment inflows to growth is higher under more rigid ERRs. Our results also suggest that managed ERRs encourage capital inflows by allowing countries to import the monetary policy credibility of the anchored country and to provide an exchange rate guarantee. Copyright (c) 2023 Borsa Istanbul Anonim S,irketi. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).
Açıklama
Anahtar Kelimeler
Capital inflows, Emerging market economies, Exchange rate regimes, Global financial conditions, Panel threshold model
Kaynak
Borsa Istanbul Review
WoS Q Değeri
Q1
Scopus Q Değeri
Q1
Cilt
23
Sayı
6
