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Push Factors and Capital Flows to Emerging Markets

2015-06-22 Business & Economics
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Release : 2015-06-22
Genre : Business & Economics
Kind : eBook
Book Rating : 634/5 ( reviews)

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Book Synopsis Push Factors and Capital Flows to Emerging Markets by : Mr.Eugenio Cerutti

Download or read book Push Factors and Capital Flows to Emerging Markets written by Mr.Eugenio Cerutti. This book was released on 2015-06-22. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country’s institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors.

Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature

2018-09-28 Business & Economics
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Release : 2018-09-28
Genre : Business & Economics
Kind : eBook
Book Rating : 288/5 ( reviews)

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Book Synopsis Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature by : Swarnali Ahmed Hannan

Download or read book Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature written by Swarnali Ahmed Hannan. This book was released on 2018-09-28. Available in PDF, EPUB and Kindle. Book excerpt: This paper documents the evolution of gross and net capital flows to emerging market economies and surveys the large literature on the potential drivers. While the capital flow landscape has been shaped by the evolution of both global and country-specific factors, the relative importance of these factors has varied over time and differs depending on the type of capital flows. The findings from the survey of the literature thus underscores the importance of policies in both source and recipient countries in shaping capital flows.

Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets

2005
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Release : 2005
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Kind : eBook
Book Rating : 966/5 ( reviews)

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Book Synopsis Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets by : Williamson, John

Download or read book Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets written by Williamson, John. This book was released on 2005. Available in PDF, EPUB and Kindle. Book excerpt:

The Volatility of Capital Flows in Emerging Markets

2017-03-07 Business & Economics
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Release : 2017-03-07
Genre : Business & Economics
Kind : eBook
Book Rating : 25X/5 ( reviews)

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Book Synopsis The Volatility of Capital Flows in Emerging Markets by : Maria Sole Pagliari

Download or read book The Volatility of Capital Flows in Emerging Markets written by Maria Sole Pagliari. This book was released on 2017-03-07. Available in PDF, EPUB and Kindle. Book excerpt: Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments. Second, we perform panel regressions to understand the determinants of volatility. The measures show that the volatility of all instruments is prone to bouts, rising sharply during global shocks like the taper tantrum episode. Capital flow volatility thus remains a challenge for policy makers. The regression results suggest that push factors can be more important than pull factors in explaining volatility, illustrating that the characteristics of volatility can be different from those of the flows levels.

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

2017-03-13 Business & Economics
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Release : 2017-03-13
Genre : Business & Economics
Kind : eBook
Book Rating : 787/5 ( reviews)

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Book Synopsis The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis by : Swarnali Ahmed Hannan

Download or read book The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis written by Swarnali Ahmed Hannan. This book was released on 2017-03-13. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of 34 emerging markets and developing economies over the period 2009Q3-2015Q4, the paper employs a panel framework to study the determinants of capital flows, both net and gross, across a wide range of instruments. The baseline regressions are then extended to focus on high and low episodes – quarters with flows one standard deviation above/below mean. Overall, the results suggest that the capital flow slowdown witnessed in recent years is due to a combination of lower growth prospects of recipient countries and worse global risk sentiment. However, the determinants of flows can be considerably different across instruments and across the type of flows considered, net or gross. The sensitivity of certain types of flows, towards push and pull factors, increases during periods of high and low capital flows. Moreover, some variables may not necessarily be significant during normal times, but can be important drivers during such episodes, and vice versa. Indicators like the gap between the U.S. long- and short-term maturity bond yields – not significant during normal times – can be an important driver during high episodes.

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