The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis

Swarnali Hannan

Journal of International Commerce, Economics and Policy (JICEP), 2017, vol. 08, issue 02, 1-28

Abstract: The paper studies the determinants of various instruments of capital flows, using 34 emerging markets and developing economies over 2009Q3–2015Q4. The regressions are extended to focus on quarters with flows that are one standard deviation above/below mean. Overall, the capital flow slowdown in recent years is due to lower growth prospects of recipient countries and worsening global risk sentiment. However, there are considerable differences across instruments. The sensitivity of some flows, towards push/pull factors, increases during periods of extreme capital flows. The gap between the US long- and short-term maturity bond yields — insignificant during normal times — is important during high capital flow episodes.

Keywords: Capital flows; emerging market economies; global financial crisis (GFC); push and pull factors (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (28)

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DOI: 10.1142/S1793993317500090

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