00000nam 2200000zi 4500 9.927510 CaOODSP 20230919134143 m o d f cr |n||||||||| 230919t20232023oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2023-31E-PDF Sander, Nick, author. The macroeconomic effects of portfolio equity inflows / by Nick Sander. [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 1 online resource (ii, 67 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-31 "Last updated: June 9, 2023." Includes bibliographical references. "I provide evidence that portfolio equity inflows can have expansionary effects on GDP and inflation if not offset by monetary policy. I use a shift-share instrument to estimate equity inflows based on plausibly exogenous timing of inflows into mutual funds with heterogeneous country portfolios. For countries with fixed exchange rates, GDP rises for at least two years following an exogenous inflow with a peak effect of 0.8 percent after 18 months. This is driven by rises in investment and exports, where the latter response is inconsistent with standard expenditure switching channel mechanisms. Non-fixing countries maintain GDP roughly at the same pre-shock levels but achieve this with higher interest rates"--Abstract. Includes abstract in French. Gross domestic product Econometric models. Stocks Rate of return. Produit intérieur brut Modèles économétriques. Actions (Titres de société) Taux de rendement. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2023-31. (CaOODSP)9.806221 PDF 2.44 MB https://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-31-eng.pdf