How ETFs Amplify the Global Financial Cycle in Emerging Markets

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dc.conicet.fuenteCrossref
dc.conicet.organizacionNo especifíca
dc.conicet.organizacionUniversidad Torcuato Di Tella. Escuela de Gobierno
dc.conicet.organizacionConsejo Nacional de Investigaciones Científicas y Técnicas
dc.conicet.organizacionThe George Washington University
dc.conicet.paisOrganizacion
dc.conicet.paisOrganizacionArgentina
dc.conicet.paisOrganizacionArgentina
dc.conicet.paisOrganizacionEstados Unidos
dc.conicet.produccionid11969402
dc.contributor.authorConverse, Nathan
dc.contributor.authorLevy Yeyati, Eduardo Luis
dc.contributor.authorWilliams, Tomas
dc.date.accessioned2024-09-10T12:08:36Z
dc.date.available2024-09-10T12:08:36Z
dc.date.issued2023-09
dc.date.updated2024-09-09T10:52:58Z
dc.description.abstractWe study how the growth of exchange-traded funds (ETFs) affects the sensitivity ofinternational capital flows to the global financial cycle. Using comprehensive fund-leveldata on investor flows, we show that their sensitivity to global financial conditions for equity(bond) ETFs is 2.5 (2.25) times higher than for equity (bond) mutual funds. This highersensitivity can be directly linked to ETFs underlying shorter-trading-horizon clientele thattrades more often in response to shocks. Using country-level data, we find that where ETFshold a larger share of financial assets, equity inflows and prices become more sensitive toglobal risk.es
dc.description.filFil: Converse, Nathan. No especifíca;
dc.description.filFil: Levy Yeyati, Eduardo Luis. Universidad Torcuato Di Tella. Escuela de Gobierno; Argentina. Consejo Nacional de Investigaciones Científicas y Técnicas; Argentina
dc.description.filFil: Williams, Tomas. The George Washington University; Estados Unidos
dc.formatapplication/pdfes
dc.identifier.citationConverse, Nathan; Levy Yeyati, Eduardo Luis; Williams, Tomas; How ETFs Amplify the Global Financial Cycle in Emerging Markets; Oxford University Press; The Review of Financial Studies; 36; 9; 9-2023; 3423-3462es
dc.identifier.eissn1465-7368es
dc.identifier.institucionalCONICET
dc.identifier.issn0893-9454es
dc.identifier.repoCONICET Digital
dc.identifier.urihttp://hdl.handle.net/11336/243937
dc.journal.number9es
dc.journal.pagination3423-3462es
dc.journal.paisReino Unidoes
dc.journal.titleThe Review of Financial Studieses
dc.journal.volume36es
dc.language.isoenges
dc.publisherOxford University Presses
dc.relation.alternativeidinfo:eu-repo/semantics/altIdentifier/url/https://academic.oup.com/rfs/article/36/9/3423/7048682
dc.relation.alternativeidinfo:eu-repo/semantics/altIdentifier/doi/http://dx.doi.org/10.1093/rfs/hhad014
dc.rightsinfo:eu-repo/semantics/openAccess*
dc.rights.urihttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/*
dc.subjectETFes
dc.subjectArbitrajees
dc.subjectLiquidezes
dc.subjectCrisises
dc.subject.classificationOtras Economía y Negocioses
dc.subject.classificationEconomía y Negocioses
dc.subject.classificationCIENCIAS SOCIALESes
dc.titleHow ETFs Amplify the Global Financial Cycle in Emerging Marketses
dc.typeinfo:eu-repo/semantics/article
dc.typeinfo:ar-repo/semantics/artículo
dc.typeinfo:eu-repo/semantics/publishedVersion

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