Global capital allocation

S Florez-Orrego, M Maggiori, J Schreger… - Annual Review of …, 2023 - annualreviews.org
We survey the literature on global capital allocation. We begin by reviewing the rise of cross-
border investment, the shift toward portfolio investment, and the literature focusing on …

What drives capital flows to emerging markets? A survey of the empirical literature

R Koepke - Journal of Economic Surveys, 2019 - Wiley Online Library
This paper reviews the rapidly growing empirical literature on the drivers of capital flows to
emerging markets. The empirical evidence is structured based on the recognition that the …

The green corporate bond issuance premium

J Caramichael, AC Rapp - Journal of Banking & Finance, 2024 - Elsevier
We study a global panel of green and conventional corporate bonds to assess the borrowing
cost advantage at issuance for green bond issuers. We find that, on average, green …

Push factors and capital flows to emerging markets: why knowing your lender matters more than fundamentals

E Cerutti, S Claessens, D Puy - Journal of international economics, 2019 - Elsevier
Countries' gross capital inflows are not equally affected by changes in global conditions.
Analyzing 21 advanced countries (ACs) and 33 emerging markets (EMs) between 2001 and …

The implications of passive investing for securities markets

V Sushko, G Turner - BIS Quarterly Review, March, 2018 - papers.ssrn.com
The popularity of passive investing through index mutual funds and exchange-traded funds
(ETFs) has grown substantially over recent years, displacing higher-cost active investment …

Global portfolio rebalancing and exchange rates

N Camanho, H Hau, H Rey - The Review of Financial Studies, 2022 - academic.oup.com
We examine international equity allocations at the fund level and show how excess foreign
returns influence portfolio rebalancing, capital flows, and currencies. Our equilibrium model …

Capital flows at risk: Taming the ebbs and flows

G Gelos, L Gornicka, R Koepke, R Sahay… - Journal of International …, 2022 - Elsevier
We propose a new quantile regression framework to predict the entire future probability
distribution of capital flows to emerging markets, based on changes in global financial …

Capital market internationalization and firms' ESG performance: Evidence from the inclusion of China A-shares in the MSCI Emerging Market Index

P Zhao, X Yao, R Shen - Energy Economics, 2024 - Elsevier
This paper explores the impact of capital market internationalization on firms' ESG
performance, utilizing the event that China A-shares were officially included in the MSCI …

Capital flow data—A guide for empirical analysis and real‐time tracking

R Koepke, S Paetzold - International Journal of Finance & …, 2024 - Wiley Online Library
This paper provides an analytical overview of the most widely used capital flow datasets.
The paper is written as a guide for academics who embark on empirical research projects …

Global risk, non-bank financial intermediation, and emerging market vulnerabilities

A Chari - Annual Review of Economics, 2023 - annualreviews.org
Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …