文章基本信息

标题：Frontier and Emerging Markets: A Perspective from Portfolio Flows and Financial Integration
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作者：Nordine Abidi ; Burcu Hacibedel ; Mwanza Nkusu 等
期刊名称：Journal of Banking and Financial Economics
电子版ISSN：2353-6845
出版年度：2019
卷号：2019
期号：1
页码：19-45
DOI：10.7172/2353-6845.jbfe.2019.1.2
语种：English
出版社：Uniwersytet Warszawski * Wydzial Zarzadzania,University of Warsaw, Faculty of Management
摘要：This paper investigates to what extent low-income developing countries (LIDCs) characterized as frontier markets (FMs) have begun to be subject to capital flows dynamics typically associated with emerging markets (EMs). Using a sample of developing countries covering the period 2000–14, we show that: (i) average annual portfolio flows to FMs as a share of gross domestic product (GDP) outstripped those to EMs by about 0.6 percentage points of GDP; (ii) during years of heightened stress in global financial markets, portfolio flows to FMs dried up like those to EMs; and that (iii) FMs have become more integrated into international financial markets. Our findings confirm that, in terms of portfolio flows, FMs have become more similar to EMs than to the rest of LIDCs and are therefore more vulnerable to swings in global financial markets conditions. Accordingly, it is important to have in place frameworks to strengthen FMs’ resilience to adverse capital flows shocks.