Analysis Of The Impact Of Global Uncertainty On Abnormal Cross Border Capital Flows
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Analysis of the Impact of Global Uncertainty on Abnormal Cross-Border Capital Flows
Author | : Chuang Deng |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
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This paper econometrically analyzes the effects of policy and financial uncertainty on abnormal cross-border capital flows with the panel probit model, further exploring the drivers of abnormal cross-border capital flows and their heterogeneity across economies. Results reveal that the occurrence of abnormal cross-border capital flows is clustered during periods of high uncertainty. Rising financial uncertainty significantly increases the probability of capital stops and retrenchments, whereas policy uncertainty does not have a positive impact on them. Abnormal cross-border capital flows in developed economies are more evenly driven by uncertainty, international and domestic factors than those in emerging economies, which are mainly affected by uncertainty.