Do investors disproportionately shed assets of distant countries during global financial crises?: The role of increased uncertainty
The global crisis of 2008-09 went hand in hand with sharp fluctuations in capital flows. To some extent, these fluctuations may have been attributable to uncertainty-averse investors indiscriminately selling assets about which they had poor information, including those in geographically distant loca...
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| Format: | Elektronisch Buchkapitel |
| Sprache: | Englisch |
| Veröffentlicht: |
Paris
OECD Publishing
2013
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| Links: | https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc |
| Zusammenfassung: | The global crisis of 2008-09 went hand in hand with sharp fluctuations in capital flows. To some extent, these fluctuations may have been attributable to uncertainty-averse investors indiscriminately selling assets about which they had poor information, including those in geographically distant locations. Using a gravity equation setup, this article shows that the impact of distance increases with investors' uncertainty aversion. Consistent with a sudden increase in uncertainty, the negative impact of distance on foreign holdings increased during the global financial crisis of 2008-09. Host-country structural policies enhancing the quality of information available to foreign investors, such as strict disclosure requirements and prudential bank regulation, tended to mitigate withdrawals |
| Umfang: | 1 Online-Ressource (20 Seiten) 21 x 28cm |
| DOI: | 10.1787/eco_studies-2012-5k4dpmw9hphc |
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| spelling | Ahrend, Rudiger Verfasser aut Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty Rudiger Ahrend and Cyrille Schwellnus Paris OECD Publishing 2013 1 Online-Ressource (20 Seiten) 21 x 28cm txt rdacontent c rdamedia cr rdacarrier The global crisis of 2008-09 went hand in hand with sharp fluctuations in capital flows. To some extent, these fluctuations may have been attributable to uncertainty-averse investors indiscriminately selling assets about which they had poor information, including those in geographically distant locations. Using a gravity equation setup, this article shows that the impact of distance increases with investors' uncertainty aversion. Consistent with a sudden increase in uncertainty, the negative impact of distance on foreign holdings increased during the global financial crisis of 2008-09. Host-country structural policies enhancing the quality of information available to foreign investors, such as strict disclosure requirements and prudential bank regulation, tended to mitigate withdrawals Economics Schwellnus, Cyrille ctb https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Ahrend, Rudiger Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty Economics |
| title | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty |
| title_auth | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty |
| title_exact_search | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty |
| title_full | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty Rudiger Ahrend and Cyrille Schwellnus |
| title_fullStr | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty Rudiger Ahrend and Cyrille Schwellnus |
| title_full_unstemmed | Do investors disproportionately shed assets of distant countries during global financial crises? The role of increased uncertainty Rudiger Ahrend and Cyrille Schwellnus |
| title_short | Do investors disproportionately shed assets of distant countries during global financial crises? |
| title_sort | do investors disproportionately shed assets of distant countries during global financial crises the role of increased uncertainty |
| title_sub | The role of increased uncertainty |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/eco_studies-2012-5k4dpmw9hphc |
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