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Business and Economics > Investments: Stocks

You are looking at 1 - 2 of 2 items for :

  • Type: Journal Issue x
  • Departmental Papers x
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Cover Departmental Papers
Is South Africa Receiving More than Its Fair Share of Portfolio Flows?
Mr. Gavin Gray
and
Mr. Tamon Asonuma
This paper develops an empirical model of the drivers of portfolio flows, and concludes that South Africa has indeed received greater bond flows than can be explained by macroeconomic fundamentals. Bond flows in the four quarters through 2010:Q3 not only exceeded the average over the past 10 years, but also deviated significantly from the amount implied by explanatory variables, including the fiscal balance, the difference between the country's and world GDP growth rates and a summary indicator of external vulnerabilities. Some capital market factors specific to South Africa irrelevant to macro variables, such as size of capital market, which are reflected in remarkably high fixed effect compared to other emerging countries, have contributed to attracting equity flow.
Keywords:
DPPP; DP; growth rate; flow share; GDP; world GDP; flow-to-GDP ratio; volatility series; index number; GDP dispersion; bond share; flows-to-GDP ratio; Stocks; Bonds; Exchange rates; Emerging and frontier financial markets; Inflation; Africa; Global
Cover Departmental Papers
Who's Driving Whom? Analyzing External and Intra-Regional Linkages in the Americas
Mr. Jeromin Zettelmeyer
,
Mr. Martin Mühleisen
, and
Mr. Shaun K. Roache
In a global economy beset by concerns over a growth recession, financial volatility, and rising inflation, countries in the Western Hemisphere have been among the few bright spots in recent years. This has not come as a surprise to those following the significant progress achieved by many countries in recent years, both in macroeconomic management and on the structural and institutional front. Hence, there can be little doubt, as this book argues, that economic and financial linkages between Latin America, the United States, and other important regions of the world economy have undergone profound change.
Keywords:
DPPP; DP; exchange rate; dividend yield; federal funds rate; real interest rate; commodity price; business cycle; sovereign bond; treasury bill; emerging market; monetary policy; nominal exchange rate; base period; bond issue; Inflation; Commodity prices; Stocks; Stock markets; Oil prices; Central America; Global; Caribbean; South America; North America