Discussion Paper Details

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Title: Transparency and International Portfolio Holdings

Author(s): Gaston Gelos and Shang-Jin Wei

Publication Date: July 2004

Keyword(s): international portfolio investment and opacity

Programme Area(s): Financial Economics, Institutions and Economic Performance and Transition Economics

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.

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Bibliographic Reference

Gelos, G and Wei, S. 2004. 'Transparency and International Portfolio Holdings'. London, Centre for Economic Policy Research.