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dc.contributor.authorBeck, Rolanden_US
dc.date.accessioned2009-07-24T13:34:24Z-
dc.date.available2009-07-24T13:34:24Z-
dc.date.issued2000en_US
dc.identifier.piurn:nbn:de:hebis:30-9751-
dc.identifier.urihttp://hdl.handle.net/10419/25372-
dc.description.abstractThis paper examines empirically the question whether the presence of foreign banks and a liberal trade regime with regard to financial services can contribute to a stabilization of capital flows to emerging markets. Since foreign banks, so the argument goes, provide better information to foreign investors and increase transparency, the danger of herding is reduced. Previous findings by Kono and Schuknecht (1998) confirmed empirically that such an effect does exist. This study expands their data set with respect to the length of the time period and the number of countries. Contrary to Kono and Schuknecht, it is found that foreign bank penetration tends to rather increase the volatility of capital flows. The trade regime variables are not significant in explaining cross-country variations in the volatility of capital flows. This result does not change significantly when alternative measures of volatility are considered.en_US
dc.language.isoengen_US
dc.publisherCenter for Financial Studies Frankfurt, Mainen_US
dc.relation.ispartofseriesCFS Working Paper 2000/11en_US
dc.subject.jelF13en_US
dc.subject.jelF30en_US
dc.subject.jelG20en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial Services Tradeen_US
dc.subject.keywordCapital Flowsen_US
dc.titleThe volatility of capital flows to emerging markets and financial services tradeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn326511105en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:cfswop:200011-
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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