Gli investimenti di portafoglio nelle economie di mercato emergenti:tendenze, dimensioni e problemi (Portfolio Investment in Emerging Market Economies: Trends, Dimensions and Issues)

Authors

  • Dilip K. Das

DOI:

https://doi.org/10.13133/2037-3651/9799

Keywords:

Capital Flows, Financial Flows, Portfolio

Abstract

Securitised financial flows to emerging market economies have become an important feature of the global capital flows. The principal focus of this paper is on an in-depth analysis of current trends in securitised financial flows. It lays special emphasis on private portfolio equity investment into the emerging market economies. The paper begins with the analysis of the process of stimulation of these flows, and identifies the institutional, structural and non-cyclical factors behind them. One of the points it emphasises is the progressively important role of institutional investors, which is the causal factor behind a significant increase in the quantum of portfolio investment into the emerging market economies. These flows were adversely affected by the financial crises of the 1990s. The subject matter of this paper also includes two of the most important policy issues, namely, the "hot money and cold money" issue and the volatility issue.     

 

 

JEL Codes: G11, O16, F32, P33

Keywords: Capital Flows, Financial Flows, Portfolio

References

ALBA, P., A. BHATTACHARYA, S. CLAESSENS, S. GHOSH e L. HERMENDEZ (1998), "Volatility and contagion in a financially integrated world", World Bank Policy Research Working Paper, no. 2008, November.

BOSWORTH, B.P. e S.M. COLLINS (1999), "Capital flows to developing economies: implications for saving and investment", Brpokings Papers on Economic Activity, no. 1, pp. 143-80.

CARDOSO, E.A. e R. DORNBUSCH (1989), "Foreign private capital flows", in H.B. Chenery e T.N. Srinivasan, eds, Handbook of Development Economics, vol. 2, North Holland, Amsterdam and New York, pp. 214-48.

CLAESSENS, S., M.P. DOOLEY e A. WARNER (1995), "Portfolio capital flows: hot or cold?", The World Bank Research Review, vol. 9, no. 1, pp. 153-74.

COOPER, R.N. e T. TRUMAN (1971), "An analysis of the role of international capital markets in providing funds to developing countries", Weltwirtschaftliches Archiv, Bd. 106, Nr. 24, pp. 153-83.

DAS, D.K. (1986), Migration of Financial Flows to Developing Countries, The Macmillan Press Ltd, London.

DAS, D.K. (1989), "Brady Plan and the international banks", The Business Standard, Bombay, August 24, p. 6.

DAS, D.K. (1996), "Emerging markets and macroeconomic stabilization", Journal of the Asia Pacific Economy, vol. 1, no. 3, pp. 319-46.

DAS, D.K. (1999), "Private capital flows and speculative runs in emerging market economies", Journal of the Asia Pacific Economy, vol. 4, no. 3, pp. 313-30.

DE LAROSIÈRE, J. (1996), "Financing development in a world of private capital flows", The Per Jacobsson Lecture, Washington, September 29.

EICHENGREEN, B. e A. FISHLOW (1998), "Contending with capital flows: what is different about the 1990s", in M. Mahler ed., Capital Flows and Financial Crisis, Cornell University Press, Ithaca and New York, pp. 23-68.

GOLDSTEIN, M. and D. FOLKERTS-LANDAU (1994), International Capital Markets: Systemic Issues in International Finance, Part II, International Monetary Fund, Washington.

GOOPTU, S. (1993), "Portfolio investment lows to emerging markets", in S. Claessens and S. Gooptu eds, Portfolio Investment in Developing Economies, The World Bank, Washington, pp. 45-77.

GRENVILLE, S. (1999), "Capital flows and crises", Asian-Pacific Economic Literature, vol. 13, no. 2, pp. 1-15.

IIF - INSTITUTE OF INTERNATIONAL FINANCE, INC. (1997), "Spreads and risk in emerging markets lending", IIF Research Paper, no. 97-1, December, Washington.

IIF - INSTITUTE OF INTERNATIONAL FINANCE, INC. (1999), Report of the Working Group on Financial Crisis in Emerging Markets, January, Washington.

lIP - INSTITUTE OF INTERNATIONAL FINANCE, INC. (2000), Capital Flows to Emerging Market Economies, 24 January, Washington.

IFC - INTERNATIONAL FINANCE CORPORATION (1999), Emerging Market Data Base: 1999 Factbook, Washington.

IMF - INTERNATIONAL MONETARY FUND (1995), Private Market Financing for Developing Countries, Washington.

IMF - INTERNATIONAL MONETARY FUND (1995), International Capital Markets: Developments, Prospects and Key Policy Issues, August, Washington.

IMF - INTERNATIONAL MONETARY FUND (1998), International Capital Markets: Developments, Prospects and Key Policy Issues, September, Washington.

IMF - INTERNATIONAL MONETARY FUND (1999), World Economic Outlook, October, Washington.

IMF - INTERNATIONAL MONETARY FUND (1999), International Capital Markets: Developments, Prospects and Key Policy Issues, September, Washington.

ITO, T. (1999), "Capital flows to Asia", National Bureau of Economic Research Working Paper, no. 7134, Cambridge, Mass.

LOPEZ-MEJIA, A. (1999), "Large capital flows: a survey of the causes, consequences, and policy responses", IMF Working Paper, no. 99/17, February, Washington.

MCKINSEY GLOBAL INSTITUTE (1994), The Global Capital Market: Supply Demand, Pricing, and Allocation, Washington.

MONTIEL, P.J. e C. REINHART (1997), "The dynamics of capital movements to emerging economies during the 1990s", United Nations University, World Institute for Development Economic Research, Helsinki, mimeo.

MONTIEL, P.J. (1999), "Policy response to volatile capital flows", lavoro presentato alla conferenza organizzata da World Bank/IMF/WTO su "Capital Flows, Financial Crises, and Policies", 15-16 aprile, Washington.

MUSSA, M. e A. RICHARD (1999), "Capital flows in the 1990s before and after the Asian crisis", lavoro presentato alla conferenza organizzata da World Bank/IMF/WTO su "Capital Flows, Financial Crises, and Policies", 15-16 apri-le, Washington.

OBSTFELD, M. (1998), "The global capital market: benefactor or menace?", National Bureau of Economic Research Working Paper, no. 6559, Cambridge, Mass.

OECD - ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (1971), Development Assistance, Paris.

OECD - ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (1990), Liberalization of Capital Movements and Financial Services in the OECD Areas, Paris.

PORTES, R. e H. REY (1999), "The determinants of cross-border equity flows", National Bureau of Economic Research Working Paper, no. 7336, Cambridge, Mass.

REISEN, H. (1994), "On the wealth of nations and retirees", in Finance and International Economy, no. 8, Prize Essay in Memory of Robert Marjolin, Oxford University Press for American Express Bank, New York.

RODRIK, D. (1999), "Short-term capital flows", National Bureau of Economic Research Working Paper, no. 7364, Cambridge, Mass.

SOROS, G. (1998), The Crisis of Global Capitalism, Public Affairs, New York.

TURNER, P. (1991), "Capital flows in the 1980s: a survey of major trends", BIS Economics Paper, no. 30, April.

UNCTAD - UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT (1998), "The growth of domestic capital markets and its relationship with foreign portfolio investment", TD/B/COM.2/EM.4/2, mimeo, Geneva.

WIDER - WORLD INSTITUTE FOR DEVELOPMENT ECONOMICS RESEARCH (1990), For-eignortfolio Investment in Emerging Markets, Study Group Series, no. 5, Helsinki.

WORLD BANK (1997), Private Capital Flows to Developing Countries, Oxford University Press, New York.

WORLD BANK (1999), Global Development Finance: Analysis and Summary Tables, Washington.

WORLD BANK (2000), Global Development Finance 2000, Washington.

Published

2012-04-19

Issue

Section

Articoli