CAPITAL INFLOWS AND ASSET PRICES: THE RECENT EVIDENCE OF SELECTED EAST ASIAN ECONOMIES
Journal Title: Asian Economic and Financial Review - Year 2012, Vol 2, Issue 8
Abstract
This paper aims at providing empirical evidence on the relationship between capital inflows and asset prices, focusing on China, Hong Kong, Indonesia, Korea and Thailand. Main findings are: the positive responses of share prices to portfolio inflows shocks were verified in all the estimated economies, which implies the function of the direct channel into stock market; the indirect channel through domestic money supply appeared to work in the economies with peg regime like Hong Kong, whereas it did not in those with floating regime like Indonesia, Korea and Thailand, due to the sterilization of intervention in foreign exchange markets.
Authors and Affiliations
Hiroyuki Taguchi| Cabinet Office, Government of Japan Nakamachidai Tsuzuki-ku Yokohama 224-0041 Japan
Keywords
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