Push vs. Pull Factors of Capital Flows Revisited: A Cross-country Analysis*

Tae Soo Kang () and Kyunghun Kim ()
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Tae Soo Kang: Korea Institute for International Economic Policy (KIEP) Building C, Sejong National Research Complex, 370 Sicheongdaero, Sejong-si 30147, Korea
Kyunghun Kim: Korea Institute for International Economic Policy (KIEP) Building C, Sejong National Research Complex, 370 Sicheongdaero, Sejong-si 30147, Korea

Asian Economic Papers, 2019, vol. 18, issue 1, 39-60

Abstract: This paper examines the major determinants of net capital inflows. To account for meaningful differences in responses, 47 countries used for the empirical analysis are divided into advanced economies (AEs) and emerging market economies (EMEs). These countries are further divided into subgroups to consider the heterogeneous determinants for AEs and EMEs. Our empirical examination reveals notable heterogeneity across country groups. Both push and pull factors are statistically significant in AEs, but push factors play a larger role for EMEs, though pull factor influence is observed in a few EME subgroups. Our empirical findings are robust to alternative model specifications, alternative measures of capital flows and interest rates, as well as the use of an alternative sample period.

Date: 2019
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