Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies

Asian Economic and Financial Review

关键词: capital inflows;    asset prices;    East Asian emerging market economies;    impulse responses to capital inflows shocks;    sterilization;   

学科分类：社会科学、人文和艺术（综合）

来源: Asian Economic and Social Society

【 摘 要 】

This paper aims at providing empirical evidence on the relationship between capital inflows and asset prices, focusing on China, Hong Kong, Indonesia, Korea and Thailand. Main findings are: the positive responses of share prices to portfolio inflows shocks were verified in all the estimated economies, which implies the function of the direct channel into stock market; the indirect channel through domestic money supply appeared to work in the economies with peg regime like Hong Kong, whereas it did not in those with floating regime like Indonesia, Korea and Thailand, due to the sterilization of intervention in foreign exchange markets.

【 授权许可】

CC BY