Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/37376
Authors: 
Pierdzioch, Christian
Kizys, Renatas
Year of Publication: 
2010
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2010: Ökonomie der Familie - Session: Financial Integration and Investment Decisions D9-V2
Abstract: 
We analyzed the links between international equity flows and speculative bubbles in the equity markets of six South-East Asian countries over the period 1991–2006. Based on a cointegration analysis, we found signi?cant equilibrium cointegration links between international equity flows and speculative bubbles. Before the Asian economic and financial crisis, an increase in speculative bubbles was accompanied by a decrease in net capital outflows. Our results are consistent with theories that predict that speculative bubbles absorb domestic savings in financially underdeveloped countries.
Subjects: 
Speculative bubbles
International equity flows
South-East Asia
Cointegration analysis
JEL: 
G15
F37
Document Type: 
Conference Paper

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