Asset Fire Sales and Purchases and the International Transmission of Funding Shocks

We identify a new channel for the transmission of shocks across international markets. Investor flows to funds domiciled in developed markets force significant changes in these funds' emerging market portfolio allocations. These forced trades or "fire sales" affect emerging market equ...

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Bibliographic Details
Published in:The Journal of finance (New York) 2012-12, Vol.67 (6), p.2015-2050
Main Authors: JOTIKASTHIRA, CHOTIBHAK, LUNDBLAD, CHRISTIAN, RAMADORAI, TARUN
Format: Article
Language:English
Subjects:
Certificates of deposit
Correlations
Economic shock
Emerging markets
Equity
Financial portfolios
International finance
International market
International markets
Internet
Investors
Liquidity
Market capitalization
Market prices
Markets
Ownership
Portfolios
Prices
Sales
Securities trading
Spillovers
Statistical significance
Stock prices
Studies
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