International capital flows to emerging markets: National and global determinants

Joseph Byrne and Norbert Fiess

Journal of International Money and Finance, 2016, vol. 61, issue C, 82-100

Abstract: Using a novel dataset for emerging markets, we empirically investigate the nature and determinants of aggregate and disaggregate capital inflows. We present formal statistical evidence of commonalities in capital inflows, with the strongest evidence for the level of equity and bank flows. Advanced economy long-run bond yields and commodity prices are identified as determinants of global capital flows. We also consider the national determinants of capital flows, finding that financial openness and institutions matter for country flows. Finally, we identify important commonalities in the volatility of bank inflows.

Keywords: Capital flows; Emerging markets; Global factors; Idiosyncratic flows (search for similar items in EconPapers)
JEL-codes: F32 F34 (search for similar items in EconPapers)
Date: 2016
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Citations: View citations in EconPapers (62)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jimfin:v:61:y:2016:i:c:p:82-100

DOI: 10.1016/j.jimonfin.2015.11.005

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