The Resource Asset allocation and monetary policy : evidence from the eurozone, Harald Hau and Sandy Lai, (electronic resource)

Asset allocation and monetary policy : evidence from the eurozone, Harald Hau and Sandy Lai, (electronic resource)

Label
Asset allocation and monetary policy : evidence from the eurozone
Title
Asset allocation and monetary policy
Title remainder
evidence from the eurozone
Statement of responsibility
Harald Hau and Sandy Lai
Creator
Contributor
Author
Subject
Language
eng
Summary
The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by either real short-term interest rates or Taylor rule residuals varied substantially across countries in the period from 2003-2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its influence on equity and money market flows. In line with a powerful risk-shifting channel, we find that fund investors in countries with decreased real interest rates shift their portfolio investment out of the money market and into the riskier equity market. A ten-basis-point lower real short-term interest rate is associated with a 0.8% incremental money market outflow and a 1% incremental equity market inflow by local investors relative to asset under management. The latter produces the strongest equity price increase in countries where domestic institutional investors represent a large share of the countries' stock market capitalization
Member of
Cataloging source
GZM
http://library.link/vocab/creatorDate
1966-
http://library.link/vocab/creatorName
Hau, Harald
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Lai, Sandy
  • Centre for Economic Policy Research (Great Britain)
Series statement
  • Discussion paper series,
  • Financial economics
  • International macroeconomics
Series volume
no. 9581
http://library.link/vocab/subjectName
  • Monetary policy
  • Eurozone
Label
Asset allocation and monetary policy : evidence from the eurozone, Harald Hau and Sandy Lai, (electronic resource)
Link
http://www.cepr.org.ezproxy.eui.eu/content/discussion-papers
Instantiates
Publication
Note
  • "August 2013."
  • "Submitted 24 July 2013."
Bibliography note
Includes bibliographical references (pages 29-32)
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb1746819x
Extent
1 online resource (42 pages)
Form of item
online
Media category
computer
Media MARC source
rdamedia.
Media type code
c
Other physical details
illustrations.
Specific material designation
remote
System control number
(OCoLC)855672082
Label
Asset allocation and monetary policy : evidence from the eurozone, Harald Hau and Sandy Lai, (electronic resource)
Link
http://www.cepr.org.ezproxy.eui.eu/content/discussion-papers
Publication
Note
  • "August 2013."
  • "Submitted 24 July 2013."
Bibliography note
Includes bibliographical references (pages 29-32)
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb1746819x
Extent
1 online resource (42 pages)
Form of item
online
Media category
computer
Media MARC source
rdamedia.
Media type code
c
Other physical details
illustrations.
Specific material designation
remote
System control number
(OCoLC)855672082

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