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Exchange rate fluctuations and international portfolio rebalancing in Thailand /
We present empirical evidence that the Thai baht's value is driven in part by investors' cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005 and 2006...
| 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/12/214. |
| Temas: | |
| Acceso en línea: | Texto completo |
| Sumario: | We present empirical evidence that the Thai baht's value is driven in part by investors' cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005 and 2006. Higher returns in the stock market relative to a reference stock market are associated with net sales of equities by these investors and a depreciation of the Thai baht. Net purchases of Thai equities lead to an appreciation of the Thai baht. Foreign investors do not appear to hedge the foreign exchange risk related to their stock market positions. |
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| Notas: | Title from PDF title page (IMF Web site, viewed Aug. 31, 2012). "Institute for Capacity Development." "September 2012." |
| Descripción Física: | 1 online resource (19 pages) |
| Bibliografía: | Includes bibliographical references. |
| ISBN: | 9781475539899 1475539894 9781475505641 1475505647 9781475551051 1475551053 |