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Private information, capital flows, and exchange rates /
We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investors' stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign investors'...
| Clasificación: | Libro Electrónico |
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| Autores principales: | , , |
| Autor Corporativo: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
©2012.
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| Colección: | IMF working paper ;
WP/12/213. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | We demonstrate empirically that not all capital flows influence exchange rates equally: Capital flows induced by foreign investors' stock market transactions have both an economically significant and a permanent impact on exchange rates, whereas capital flows induced by foreign investors' transactions in government bond markets do not. We relate these differences in the price impact of capital flows to differences in the amounts of private information conveyed by these flows. Our empirical findings are based on novel, daily-frequency datasets on prices and quantities of all transactions of foreign investors in the stock, bond, and onshore FX markets of Thailand. |
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| Notas: | Title from PDF title page (IMF Web site, viewed Aug. 30, 2012). "Institute for Capacity Development." "September 2012." |
| Descripción Física: | 1 online resource (29 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 1475562853 9781475562859 1475519567 9781475519563 1475547773 9781475547771 |