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.
- Capital flows
- Emerging markets
- Global factors
- Idiosyncratic flows
ASJC Scopus subject areas
- Economics and Econometrics
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- School of Social Sciences, Edinburgh Business School - Professor
- School of Social Sciences - Professor
- Research Centres and Themes, The Spatial Economics and Econometrics Centre - Professor
- Research Centres and Themes, Energy Academy - Professor
Person: Academic (Research & Teaching)