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(WP2/2024) Multi-Sector Bond Funds: New Evidence on Global and Domestic Drivers and Effectiveness of Capital Account Measures

Publish Date: : April 2024
Authors:: Rogelio Mercado Jr. and Luca Sanfilippo

Summary

This paper uses MSBF flows dataset to assess capital flows push and pull factors and to provide new evidence on the effectiveness of capital account tightening measures. The results show: (i) higher U.S. monetary policy rates and global risk aversion significantly reduce aggregate MSBF flows and those in hard currencies, while stronger global commodity price growth and global liquidity significantly increase them; (ii) global and domestic GDP growth have a countercyclical impact on MSBF flows, and, (iii) capital account tightening measures that target fixed income investment funds are effective in reducing MSBF flows to EDMEs.
 

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