Drivers of Portfolio Flows into Chinese Debt Securities Amidst China's Bond Market Development  

作　　者：Tuuli McCully 

机构地区：[1]Bank of Finland-Institute for Emerging Economies

出　　处：《China Finance and Economic Review》2024年第3期64-82,共19页中国财政与经济研究（英文）

摘　　要：The paper focuses on China's onshore bond market and the drivers of non-resident net portfolio flows into Chinese debt securities.Following a review of China's bond market,a simple theoretical model of push and pull factors driving bond fiows is built.It represents a foundation for the empirical analysis on drivers of bond flows into China.Static and time-varying models are estimated to explain the importance of push and pull factors in China's bond market.While China-specific pull factors,such as domestic economic growth and asset returns,are important drivers of flows,the results reveal that global push factors,such as US interest rates and risk aversion,have recently gained significance as drivers of flows into China.The results confirm China's continued bond market deepening and integration with the rest of the world,which may have financial stability implications.Therefore,increased awareness regarding bond market developments in China is warranted.

关 键 词：capital flows financial openness portfolio flows pull factors push factors 

分 类 号：F812.5[经济管理—财政学]