Redirigiendo al acceso original de articulo en 20 segundos...
ARTÍCULO
TITULO

European portfolio investment outflows: the impact of the European Monetary Union

Fernando Seabra    
Tatiana Santos    

Resumen

The objective of this paper is to analyse the main determinants of bilateral foreign portfolio investment (FPI) from European countries to host countries, including European Union countries, other developed countries and emerging markets. An FPI model based on an extended gravity equation is estimated from a panel data set over the period 2001-2006. Among the explanatory variables are interest rate differentials, the expected exchange rate uncertainty ? estimated by an autoregressive conditional heteroskedasticity (ARCH) model ? a dummy variable for the European Monetary Union (EMU) and gravity variables. The results give support for the asymmetric information hypothesis since the EMU variable and geographical and institutional distances are estimated to be significant, indicating a regional ?home bias? effect for European portfolio holdings.

 Artículos similares

       
 
Yilmaz Bayar and Marius Dan Gavriletea    
Foreign direct investment (FDI) inflows have increased considerably in the globalized world as of the mid-1980s. The main objective of this research is to analyze interactions between FDI inflows and financial sector development in Central and Eastern Eu... ver más

 
Annika Westphal    
This paper draws on network theory to investigate European banks? sovereign debt exposures. Banks? holdings of sovereign debt build a network of financial linkages with European countries that exhibits a long-tail distribution of node degrees. A highly c... ver más

 
Yaman O. Erzurumlu,Giray Gozgor     Pág. 457 - 464
This paper empirically examines short- and long-run relationships between foreign direct investments (FDI) and volatility of foreign portfolio investments (FPI) in 12 Central and Eastern European (CEE) countries. We use the Generalized Autoregressive Con... ver más

 
Didar ERDINÇ,Eda ABAZI     Pág. 112 - 125
The emerging Europe has been hardest hit by the surge in the non-performing loans (NPLs) in the aftermath of the global financial turbulence and the crisis-induced recession. The surge in the NPLs generated a severe banking distress, and left a legacy of... ver más

 
Giovanni Andrea Cornia    
The paper first summarizes the theoretical and empirical literature on the growth and income inequality impact of the liberalization of trade, FDI, portfolio flows, and migration over 1980-2000. It then compares the inequality and growth performance rec... ver más