An ARDL and cointegration approach for analysing determinants of foreign portfolio investors' in India
by Parul Kumar; R.K. Sharma; Sunil Kumar
International Journal of Monetary Economics and Finance (IJMEF), Vol. 12, No. 2, 2019

Abstract: This paper examines the relationship of FPI Net flows domestic with international financial and macroeconomic indicators. The time frame covered by the study is from January 2000 till December 2017. Auto regressive distributed lag (ARDL) method along with the Co-integration Analysis is used. Results highlighted that the major determinants of FPI in India are, Nifty returns, wholesale price index (WPI), index of industrial production (IIP), rupee dollar exchange rate, NSE market capitalisation, foreign exchange reserves and in terms of international factors are S&P 500 returns and MSCI emerging market returns. LIBOR, CMR, broad money and MSCI World Index returns are not significant in explaining the variations in FPI to India.

Online publication date: Sun, 23-Jun-2019

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