01801cas a2200265 a 4500 AALejournalIMF012128 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475505641 1018-5941 BD-DhAAL BD-DhAAL Gyntelberg, Jacob. Exchange Rate Fluctuations and International Portfolio Rebalancing in Thailand / Jacob Gyntelberg, Subhanij Tientip, Mico Loretan. Washington, D.C. : International Monetary Fund, 2012. 1 online resource (19 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students We present empirical evidence that the Thai baht's value is driven in part by investors' cross-border equity portfolio rebalancing decisions. Our results are based on comprehensive datasets of FX and stock market transactions undertaken by nonresident investors in Thailand in 2005 and 2006. Higher returns in the stock market relative to a reference stock market are associated with net sales of equities by these investors and a depreciation of the Thai baht. Net purchases of Thai equities lead to an appreciation of the Thai baht. Foreign investors do not appear to hedge the foreign exchange risk related to their stock market positions. Mode of access: Internet Loretan, Mico. Tientip, Subhanij. IMF Working Papers; Working Paper ; No. 2012/214 Full text available on IMF http://elibrary.imf.org/view/journals/001/2012/214/001.2012.issue-214-en.xml IMF e-Library