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Are international fund flows pro- or counter-cyclical?

Author

Listed:
  • Suxiao Li
  • Jakob de Haan
  • Bert Scholtens
  • Haizhen Yang

Abstract

We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that fund flows are pro-cyclical ahead of the business cycle and counter-cyclical contemporaneously after the business cycle.

Suggested Citation

  • Suxiao Li & Jakob de Haan & Bert Scholtens & Haizhen Yang, 2015. "Are international fund flows pro- or counter-cyclical?," Applied Economics Letters, Taylor & Francis Journals, vol. 22(5), pages 378-384, March.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:5:p:378-384
    DOI: 10.1080/13504851.2014.943881
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    Cited by:

    1. Suxiao Li & Jakob de Haan & Bert Scholtens, 2019. "Sudden stops of international fund flows: Occurrence and magnitude," Review of International Economics, Wiley Blackwell, vol. 27(1), pages 468-497, February.
    2. Suxiao Li & Jakob de Haan & Bert Scholtens, 2018. "Are International Fund Flows Related to Exchange Rate Dynamics?," Open Economies Review, Springer, vol. 29(1), pages 31-48, February.
    3. Fong, Tom Pak Wing & Sze, Angela Kin Wan & Ho, Edmund Ho Cheung, 2018. "Determinants of equity mutual fund flows – Evidence from the fund flow dynamics between Hong Kong and global markets," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 57(C), pages 231-247.
    4. Chen, Shang-Yu, 2016. "Using the sustainable modified TAM and TPB to analyze the effects of perceived green value on loyalty to a public bike system," Transportation Research Part A: Policy and Practice, Elsevier, vol. 88(C), pages 58-72.

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