Testing the Flow-Oriented vs. Portfolio Balance Hypotheses: Beyond Trade Channel Evidence of Balance Sheet Effects Dominance in Asia-Pacific OECD Equity and FX Markets

David Umoru; Beauty Igbinovia; Muhammed Adamu Obomeghie; Emoabino Muhammed; Imran Enike Abu

doi:10.55578/jift.2608.011

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Research Article 14 August 2026

Testing the Flow-Oriented vs. Portfolio Balance Hypotheses: Beyond Trade Channel Evidence of Balance Sheet Effects Dominance in Asia-Pacific OECD Equity and FX Markets

David Umoru ¹

david.umoru@edouniversity.edu.ng

, Beauty Igbinovia ¹ , Muhammed Adamu Obomeghie ² , Emoabino Muhammed ¹ , Imran Enike Abu ¹ show author's information

1 : Edo State University, Department of Economics, Uzairue, Iyamho, Edo State, Nigeria
2 : Auchi Polytechnic, Department of Statistics, Auchi, Nigeria

DOI: 10.55578/jift.2608.011

Keywords: Stock Market Prices, Exchange Rates, Asia-Pacific OECD, Currency Depreciation, Interest Rate Hikes, Market Volatility, Bear Markets, CS-ARDL, Quantile Regression, Portfolio Balance Model, Balance Sheet Effect, Asymmetric P-ARDL, Frequency-Domain Causality, TVP-P-VAR

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