000	02221nam  2200385zi 4500
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008	230919t20232023oncd    ob   f|0| 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
041	|aeng|beng|bfre
043	|an-cn---
086	1 |aFB3-5/2023-31E-PDF
100	1 |aSander, Nick, |eauthor.
245	14|aThe macroeconomic effects of portfolio equity inflows / |cby Nick Sander.
264	1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2023.
264	4|c©2023
300	|a1 online resource (ii, 67 pages) : |bcharts.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |x1701-9397 ; |v2023-31
500	|a"Last updated: June 9, 2023."
504	|aIncludes bibliographical references.
520	|a"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.
546	|aIncludes abstract in French.
650	0|aGross domestic product|xEconometric models.
650	0|aStocks|xRate of return.
650	6|aProduit intérieur brut|xModèles économétriques.
650	6|aActions (Titres de société)|xTaux de rendement.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2023-31.|w(CaOODSP)9.806221
856	40|qPDF|s2.44 MB|uhttps://publications.gc.ca/collections/collection_2023/banque-bank-canada/FB3-5-2023-31-eng.pdf