Details of a Researcher - Ichiue, Hibiki

Ichiue, Hibiki

写真a

Affiliation: Faculty of Economics （Mita）

Position: Professor

Related Websites

https://sites.google.com/site/hichiue/english?authuser=0

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Changes in the global investor base and the stability of portfolio flows to emerging markets

Brandao-Marques L., Gelos G., Ichiue H., Oura H.

Journal of Banking and Finance （Journal of Banking and Finance) 144 2022.11

ISSN 03784266

　View Summary

The role of mutual funds in intermediating capital flows to emerging markets has grown, and the composition of types of funds has changed. Based on insights from the literature, we hypothesize that due to behavior of end investors, mutual fund flows are more sensitive to push- and pull factors when the assets held by funds are less liquid and the end investors are smaller, and when end investors can purchase or redeem funds more easily. Our empirical results based on fund-level asset allocation data across emerging markets are largely consistent with the hypotheses. Particularly, we find robust evidence that bond fund flows are more sensitive to pull- and push factors than equity fund flows. Since the share of fund types with higher sensitivities has tended to rise, the sensitivity of overall fund flows has likely increased. Our result also suggests that bond fund managers amplify selling pressure from end investors.
- Access to Document (DOI)
Assessing the Impact of Basel III: Evidence from Structural Macroeconomic Models

JG Sahuc, O de Bandt, H Ichiue, B Durdu, J Mohimont, K Nikolov, ...

EconomiX Working Papers 2022
Too-big-to-fail Reforms and Systemic Risk

K Furukawa, H Ichiue, Y Kimura, N Shiraki

Bank of Japan Working Paper Series 2021
How Does Climate Change Interact with the Financial System? A Survey

K Furukawa, H Ichiue, N Shiraki

Bank of Japan Working Paper Series 2020
Consumers' Price Beliefs, Central Bank Communication, and Inflation Dynamics

K Aoki, H Ichiue, T Okuda

Bank of Japan 2019