EconStor >
Deutsche Bundesbank, Forschungszentrum, Frankfurt am Main >
Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/36662
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorWildmann, Christianen_US
dc.date.accessioned2010-06-04en_US
dc.date.accessioned2010-07-20T13:47:07Z-
dc.date.available2010-07-20T13:47:07Z-
dc.date.issued2010en_US
dc.identifier.isbn978-3-86558-617-9en_US
dc.identifier.urihttp://hdl.handle.net/10419/36662-
dc.description.abstractAfter decades of steady liberalisation and financial market development, emerging capital markets experienced unparalleled capital inflows in the aftermath of the emerging markets crisis in the 1990s. This paper studies portfolio investment decisions of German banks in 30 emerging capital markets using monthly data from 2002 to 2007. The use of a dynamic Time-Series Cross-Section framework and the micro database External Position Report provided by Deutsche Bundesbank, which covers German banks assets and liability positions vis-à-vis foreign countries, allows insights into the various determinants: indicators of financial market development, the portfolio-calculus of investors, investor-specific characteristics, as well as the macroeconomic environment. There is evidence for German banks taking into account the various dimensions of financial market development in their portfolio investment decisions and anticipating the special risks inherent in emerging markets. The implication for policymakers would be to foster financial market development in order to attract and sustain international portfolio investors. However, there is additional evidence for the investor's domestic market environment and global risk aversion exerting a significant influence in times of financial turmoil.en_US
dc.language.isoengen_US
dc.publisherDeutsche Bundesbank Frankfurt am Mainen_US
dc.relation.ispartofseriesDiscussion Paper Series 2: Banking and Financial Studies 2010,04en_US
dc.subject.jelC23en_US
dc.subject.jelF32en_US
dc.subject.jelG11en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordEmerging capital marketsen_US
dc.subject.keywordfinancial market developmenten_US
dc.subject.keywordportfolio investmenten_US
dc.subject.keywordinternational capital flowsen_US
dc.subject.stwBanken_US
dc.subject.stwPortfolio-Investitionen_US
dc.subject.stwDeutschen_US
dc.subject.stwAufstrebende Märkteen_US
dc.subject.stwDeutschlanden_US
dc.subject.stwSchwellenländeren_US
dc.titleWhat drives portfolio investments of German banks in emerging capital markets?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn627400477en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp2:201004-
Appears in Collections:Discussion Paper Series 2: Banking and Financial Studies, Deutsche Bundesbank

Files in This Item:
File Description SizeFormat
627400477.pdf495.18 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.