Loans Versus Bonds as Emerging Market Credit
"Lastly, a literature has developed on whether the new portfolio flows are ""hot money"", in that they may exhibit high volatility relative to other forms of capital such as direct investment. Some authors question whether portfolio flows are hot money. None look at more specific categories, however. Accordingly, various estimations and tests are performed on loans and bonds to determine which series exhibits more volatility. Here the results clearly show that bonds are the more volatile inflow."
University of Illinois - Urbana-Champaign
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University of Illinois at Urbana-Champaign