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International Capital Flows and Speculation

Hayward, R and Gregoriou, A (2021) International Capital Flows and Speculation. Journal of Risk and Financial Management, 14 (5). ISSN 1911-8066

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In response to questions about the relative importance of different types of capital flow for international competitiveness, we develop a structural vector auto-regressive model of the real exchange rate and international capital flows. We reveal that innovations to speculative sentiment cause changes in competitiveness. We report that speculation replaces the effect of equity, bond and most of the interest rate effect. The results show that international speculative sentiment is an important contributor to exchange rate and that monetary and regulatory authorities should find ways of measuring and understanding banking and financial flows.

Item Type: Article
Subjects: H Social Sciences > HF Commerce > HF5001 Business
Divisions: Liverpool Business School
Publisher: MDPI
SWORD Depositor: A Symplectic
Date Deposited: 01 Jul 2024 13:20
Last Modified: 01 Jul 2024 13:30
DOI or ID number: 10.3390/jrfm14050197
URI: https://researchonline.ljmu.ac.uk/id/eprint/23670
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