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What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature

Robin Koepke

MPRA Paper from University Library of Munich, Germany

Abstract: This paper reviews the rapidly growing empirical literature on the drivers of capital flows to emerging markets. The empirical evidence is structured based on the recognition that the drivers of capital flows vary over time and across different types of capital flows. The drivers are classified using the traditional “push vs. pull” framework, which is augmented by a distinction between cyclical and structural factors. Push factors are found to matter most for portfolio flows, somewhat less for banking flows, and least for FDI. Pull factors matter for all three components, but most for banking flows. A historical perspective suggests that the recent literature may have overemphasized the importance of cyclical factors at the expense of longer-term structural trends.

Keywords: Determinants of EM Capital Flows; Push and Pull; FDI; Portfolio Flows; Bank Lending (search for similar items in EconPapers)
JEL-codes: F21 F32 F34 F41 F42 G1 (search for similar items in EconPapers)
Date: 2015-04-23
New Economics Papers: this item is included in nep-ifn and nep-opm
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https://mpra.ub.uni-muenchen.de/62770/1/MPRA_paper_62770.pdf original version (application/pdf)
https://mpra.ub.uni-muenchen.de/73269/8/MPRA_paper_73269.pdf revised version (application/pdf)
https://mpra.ub.uni-muenchen.de/75887/15/MPRA_paper_75887.pdf revised version (application/pdf)

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