International capital flows to emerging markets: National and global determinants

Joseph Paul Byrne*, Norbert Fiess

*Corresponding author for this work

    Research output: Contribution to journalArticlepeer-review

    38 Citations (Scopus)

    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.

    Original languageEnglish
    Pages (from-to)82-100
    Number of pages19
    JournalJournal of International Money and Finance
    Volume61
    Early online date1 Dec 2015
    DOIs
    Publication statusPublished - Mar 2016

    Keywords

    • Capital flows
    • Emerging markets
    • Global factors
    • Idiosyncratic flows

    ASJC Scopus subject areas

    • Economics and Econometrics
    • Finance

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