The macroeconomic effects of portfolio equity inflows / by Nick Sander. : FB3-5/2023-31E-PDF
"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.
Lien permanent pour cette publication :
publications.gc.ca/pub?id=9.927510&sl=1
| Ministère/Organisme | Bank of Canada, issuing body. |
|---|---|
| Titre | The macroeconomic effects of portfolio equity inflows / by Nick Sander. |
| Titre de la série | Staff working paper = Document de travail du personnel, 1701-9397 ; 2023-31 |
| Type de publication | Série - Voir l'enregistrement principal |
| Langue | [Anglais] |
| Format | Électronique |
| Document électronique | |
| Note(s) | "Last updated: June 9, 2023." Includes bibliographical references. Includes abstract in French. |
| Information sur la publication | [Ottawa] : Bank of Canada = Banque du Canada, 2023. ©2023 |
| Auteur / Contributeur | Sander, Nick, author. |
| Description | 1 online resource (ii, 67 pages) : charts. |
| Numéro de catalogue |
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| Descripteurs | Gross domestic product -- Econometric models. Stocks -- Rate of return. Produit intérieur brut -- Modèles économétriques. Actions (Titres de société) -- Taux de rendement. |
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