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Financial Liberalization and Foreign Portfolio Investment in the United Kingdom

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  • Pain, Nigel

Abstract

In recent years, cross-border portfolio investment has become an increasingly important feature of global capital markets, with capital controls being relaxed and transactions costs declining in many securities markets. This paper contains an empirical analysis of aggregate foreign portfolio investment in U.K. equities and bonds over the period since the middle of the 1970s. The stock of such investments is shown to be related to expected relative returns; world financial wealth; and measures of financial liberalization, notably a constructed exchange control index based on the freedom of Japanese financial institutions to invest overseas. Copyright 1993 by Royal Economic Society.

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  • Pain, Nigel, 1993. "Financial Liberalization and Foreign Portfolio Investment in the United Kingdom," Oxford Economic Papers, Oxford University Press, vol. 45(1), pages 83-102, January.
    • Handle: RePEc:oup:oxecpp:v:45:y:1993:i:1:p:83-102
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    Cited by:

    1. Ma, Yue & Morikawa, Koichiro & Shone, Ronald, 2000. "A macroeconomic model of direct investment in foreign affiliates of Japanese firms," Japan and the World Economy, Elsevier, vol. 12(4), pages 311-335, December.
    2. Nicole B. Simpson & Marc Tomljanovich & George S. Georgiev, 2005. "Macroeconomic Fundamentals and Net Portfolio Investment Between Developed Regions," International Finance, Wiley Blackwell, vol. 8(2), pages 303-327, August.
    3. D. Peter Broer & W. Jos Jansen, 1998. "Dynamic Portfolio Adjustment and Capital Controls: A Euler Equation Approach," Southern Economic Journal, John Wiley & Sons, vol. 64(4), pages 902-921, April.

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