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

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  • Hiroyuki Taguchi

Abstract

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.

Suggested Citation

  • Hiroyuki Taguchi, 2012. "Capital Inflows and Asset Prices: The Recent Evidence of Selected East Asian Economies," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 2(8), pages 902-920.
    • Handle: RePEc:asi:aeafrj:v:2:y:2012:i:8:p:902-920:id:939
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    Cited by:

    1. Jorge Ponce, 2012. "Precio de fundamentos para las viviendas en Uruguay," Documentos de trabajo 2012017, Banco Central del Uruguay.
    2. Jorge Ponce, 2015. "Fundamentals for the Price of Housing in Uruguay," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(2), pages 175-201, July-Dece.
    3. Nannan Yuan & Shigeyuki Hamori & Wang Chen, 2014. "House Prices and Stock Prices: Evidence from a Dynamic Heterogeneous Panel in China," Discussion Papers 1428, Graduate School of Economics, Kobe University.

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