TY  - UNPD
A1  - Beck, Roland
T1  - The volatility of capital flows to emerging markets and financial services trade
T2  - Institut für Kapitalmarktforschung (Frankfurt am Main): CFS working paper series ; No. 2000,11
N2  - This paper examines empirically the question whether the presence of foreign banks and a liberal trade regime with regard to financial services can contribute to a stabilization of capital flows to emerging markets. Since foreign banks, so the argument goes, provide better information to foreign investors and increase transparency, the danger of herding is reduced. Previous findings by Kono and Schuknecht (1998) confirmed empirically that such an effect does exist. This study expands their data set with respect to the length of the time period and the number of countries. Contrary to Kono and Schuknecht, it is found that foreign bank penetration tends to rather increase the volatility of capital flows. The trade regime variables are not significant in explaining cross-country variations in the volatility of capital flows. This result does not change significantly when alternative measures of volatility are considered. This paper was presented at the conference ''Financial crisis in transition countries: recent lessons and problems yet to solve'' on 13-14 July 2000 at the Institute for Economic Research (IWH) in Halle, Germany.
T3  - CFS working paper series - 2000, 11 
KW  - corporate rating
KW  - long-term lending
KW  - financial intermediation
KW  - information aggregation
KW  - credit risk management
KW  - Schwellenländer
KW  - Finanzdienstleistung
KW  - Dienstleistungsverkehr
KW  - Unsichtbarer Handel
KW  - Internationale Bank
KW  - Internationale Kapitalbewegung
KW  - Kapitalmobilität
KW  - Volatilität
KW  - Kapitalmarkt
KW  - Regulierung
KW  - Kreditmarkt
KW  - Emerging Market
KW  - Schätzung
Y1  - 2000
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4520
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-9751
N1  - Revised Version published in: Russian and East European Finance and Trade, Vol. 37, No. 3, (May-June 2001).
IS  - August 2000
ER  -