Transparency and International Portfolio Holdings

52 Pages Posted: 11 Aug 2004

See all articles by Gaston Gelos

Gaston Gelos

Bank for International Settlements; Centre for Economic Policy Research (CEPR)

Shang-Jin Wei

Columbia University - Columbia Business School, Finance; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

Date Written: July 2004

Abstract

Does country transparency affect international portfolio investment? We examine this question by constructing new measures of transparency and by making use of a unique micro dataset on portfolio holdings of emerging market funds around the world. We distinguish between government and corporate transparency. There is clear evidence that funds invest systematically less in less transparent countries. There is also some evidence that during crises, funds flee from non-transparent countries to a greater extent.

Keywords: Opacity, international portfolio investment

JEL Classification: I20

Suggested Citation

Gelos, R. Gaston and Wei, Shang-Jin, Transparency and International Portfolio Holdings (July 2004). Available at SSRN: https://ssrn.com/abstract=575004

R. Gaston Gelos

Bank for International Settlements ( email )

Centralbankplatz 2
Basel, 4002
Switzerland
0612808201 (Phone)

HOME PAGE: http://https://www.bis.org/author/gaston_gelos.htm

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Shang-Jin Wei (Contact Author)

Columbia University - Columbia Business School, Finance ( email )

3022 Broadway
New York, NY 10027
United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Centre for Economic Policy Research (CEPR)

London
United Kingdom

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