Flight-to-quality and correlation between currency and stock returns

We document that capital flows in and out of emerging or developed markets are sensitive to global equity market conditions. Capital tends to move out of emerging into developed countries in global down markets, leading to depreciation (appreciation) of emerging (developed) currencies. This generate...

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Veröffentlicht in:	Journal of banking & finance 2016-01, Vol.62, p.191-212
Hauptverfasser:	Cho, Jin-Wan, Choi, Joung Hwa, Kim, Taeyong, Kim, Woojin
Format:	Artikel
Sprache:	eng
Schlagworte:	Capital flows Capital movement Capital movements Correlation analysis Correlation between currency and stock returns Currency Currency devaluation Currency hedging Flight-to-quality Global economy Hedging Studies World economy
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