Essays on international capital flows and benchmarked investors
This thesis provides an empirical investigation of international capital flows and how they affect financial markets and economic activity, with a focus on capital flows from benchmarked investors. In the first chapter, I study different channels through which well-known benchmark indexes impact fin...
| Autor: | |
|---|---|
| Tipo de recurso: | tesis doctoral |
| Estado: | Versión publicada |
| Fecha de publicación: | 2017 |
| País: | España |
| Institución: | CBUC, CESCA |
| Repositorio: | TDR. Tesis Doctorales en Red |
| OAI Identifier: | oai:www.tdx.cat:10803/403952 |
| Acceso en línea: | http://hdl.handle.net/10803/403952 |
| Access Level: | acceso abierto |
| Palabra clave: | International capital flows Benchmarking Benchmarks 33 |
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Essays on international capital flows and benchmarked investors |
| title |
Essays on international capital flows and benchmarked investors |
| spellingShingle |
Essays on international capital flows and benchmarked investors Williams, Tomás International capital flows Benchmarking Benchmarks 33 |
| title_short |
Essays on international capital flows and benchmarked investors |
| title_full |
Essays on international capital flows and benchmarked investors |
| title_fullStr |
Essays on international capital flows and benchmarked investors |
| title_full_unstemmed |
Essays on international capital flows and benchmarked investors |
| title_sort |
Essays on international capital flows and benchmarked investors |
| dc.creator.none.fl_str_mv |
Williams, Tomás |
| author |
Williams, Tomás |
| author_facet |
Williams, Tomás |
| author_role |
author |
| dc.contributor.none.fl_str_mv |
Broner, Fernando Martin, Alberto Universitat Pompeu Fabra. Departament d'Economia i Empresa |
| dc.subject.none.fl_str_mv |
International capital flows Benchmarking Benchmarks 33 |
| topic |
International capital flows Benchmarking Benchmarks 33 |
| description |
This thesis provides an empirical investigation of international capital flows and how they affect financial markets and economic activity, with a focus on capital flows from benchmarked investors. In the first chapter, I study different channels through which well-known benchmark indexes impact financial markets across countries. Exogenous, changes in benchmarks affect the asset allocation by international mutual funds, and by doing so they impact capital flows, asset prices and exchange rates. In the second chapter, I show that government access to foreign credit increases private access to credit. I use a natural experiment that increased the capital inflows by benchmarked investors to Colombia’s sovereign debt market. Results show that after this event, commercial banks in Colombia reduced their exposure to government debt, and increased credit to the private sector, suggesting positive effects on the real economy. In the third chapter, I argue that because of the way financial globalization is often measured, it has led to the misperception that financial globalization in emerging markets has been growing in recent years. Using alternative measures I find that, financial globalization has grown only marginally and international portfolio diversification has been limited. |
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2017 |
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2017 2017 2017 |
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info:eu-repo/semantics/doctoralThesis info:eu-repo/semantics/publishedVersion |
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doctoralThesis |
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publishedVersion |
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http://hdl.handle.net/10803/403952 |
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http://hdl.handle.net/10803/403952 |
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Inglés |
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Inglés |
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info:eu-repo/semantics/openAccess |
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openAccess |
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182 p. application/pdf application/pdf |
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Universitat Pompeu Fabra |
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Universitat Pompeu Fabra |
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TDX (Tesis Doctorals en Xarxa) reponame:TDR. Tesis Doctorales en Red instname:CBUC, CESCA |
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CBUC, CESCA |
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TDR. Tesis Doctorales en Red |
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TDR. Tesis Doctorales en Red |
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1869410047477415936 |
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Essays on international capital flows and benchmarked investorsWilliams, TomásInternational capital flowsBenchmarkingBenchmarks33This thesis provides an empirical investigation of international capital flows and how they affect financial markets and economic activity, with a focus on capital flows from benchmarked investors. In the first chapter, I study different channels through which well-known benchmark indexes impact financial markets across countries. Exogenous, changes in benchmarks affect the asset allocation by international mutual funds, and by doing so they impact capital flows, asset prices and exchange rates. In the second chapter, I show that government access to foreign credit increases private access to credit. I use a natural experiment that increased the capital inflows by benchmarked investors to Colombia’s sovereign debt market. Results show that after this event, commercial banks in Colombia reduced their exposure to government debt, and increased credit to the private sector, suggesting positive effects on the real economy. In the third chapter, I argue that because of the way financial globalization is often measured, it has led to the misperception that financial globalization in emerging markets has been growing in recent years. Using alternative measures I find that, financial globalization has grown only marginally and international portfolio diversification has been limited.Esta tesis es un estudio empírico de los flujos de capitales internacionales y como afectan los mercados financieros y la actividad económica, con un enfoque especial en los flujos de capital de inversores que hacen benchmarking. En el primer capítulo, estudio los diferentes canales por los cuales famosos índices benchmarks impactan los mercados financieros a través de países. Cambios exógenos en benchmarks afectan las asignación de activos de fondos de inversión internacional, y al hacerlo, impactan los flujos de capitales, los precios de los activos, y los tipos de cambio. En el segundo capítulo, muestro que el acceso del gobierno al crédito externo aumenta el acceso al crédito por parte del sector privado. Uso un experimento natural que aumento los flujos de capitales por parte de inversores haciendo benchmarking al mercado de deuda soberana en Colombia. Los resultados muestran que después de este evento, los bancos comerciales en Colombia redujeron su exposición a la deuda del gobierno, e incrementaron el crédito al sector privado, sugiriendo efectos positivos para la economía real. En el tercer capítulo, argumento que la manera en que la globalización financiera es normalmente medida, ha llevado a la percepción equivocada que la globalización financiera ha crecido sustancialmente en los años recientes. Usando medidas alternativas muestro que la globalización financiera solo ha crecido marginalmente, y la diversificación internacional de portafolio ha sido limitada.Programa de doctorat en Economia, Finances i EmpresaUniversitat Pompeu FabraBroner, FernandoMartin, AlbertoUniversitat Pompeu Fabra. Departament d'Economia i Empresa201720172017info:eu-repo/semantics/doctoralThesisinfo:eu-repo/semantics/publishedVersion182 p.application/pdfapplication/pdfhttp://hdl.handle.net/10803/403952TDX (Tesis Doctorals en Xarxa)reponame:TDR. Tesis Doctorales en Redinstname:CBUC, CESCAInglésADVERTIMENT. L'accés als continguts d'aquesta tesi doctoral i la seva utilització ha de respectar els drets de la persona autora. Pot ser utilitzada per a consulta o estudi personal, així com en activitats o materials d'investigació i docència en els termes establerts a l'art. 32 del Text Refós de la Llei de Propietat Intel·lectual (RDL 1/1996). Per altres utilitzacions es requereix l'autorització prèvia i expressa de la persona autora. En qualsevol cas, en la utilització dels seus continguts caldrà indicar de forma clara el nom i cognoms de la persona autora i el títol de la tesi doctoral. No s'autoritza la seva reproducció o altres formes d'explotació efectuades amb finalitats de lucre ni la seva comunicació pública des d'un lloc aliè al servei TDX. Tampoc s'autoritza la presentació del seu contingut en una finestra o marc aliè a TDX (framing). Aquesta reserva de drets afecta tant als continguts de la tesi com als seus resums i índexs.info:eu-repo/semantics/openAccessoai:www.tdx.cat:10803/4039522026-06-14T12:46:07Z |
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15,301603 |