全球智库信息集成服务系统(G2TT): Capital flows to emerging market and developing economies: global liquidity and uncertainty versus country-specific pull factors

G2TT

来源类型	Discussion Paper
规范类型	工作论文
DOI	10.23661/dp23.2018
ISBN	978-3-96021-080-1
	Capital flows to emerging market and developing economies: global liquidity and uncertainty versus country-specific pull factors
	Belke, Ansgar; Ulrich Volz
发表日期	2018
出版年	2018
概述	This study empirically analyses the push- and pull factors of different types of capital flows to emerging market and developing economies, with a particular focus on the role of economic policy uncertainty and global liquidity.
摘要	This paper investigates the empirical significance of push- and pull factors of different types of capital flows – FDI, portfolio and “others” (including loans) – to emerging market and developing economies. Based on an extensive quarterly mixed time-series panel dataset for 32 emerging market and developing economies from 2009 to 2017, we rigorously test down broadly specified empirical models for the three types of capital inflows to parsimonious final models in a Hendry-type fashion. Regarding push factors, our study focuses on the relative importance of global liquidity and economic policy uncertainty vis-à-vis country-specific pull factors when assessing the drivers of capital flows to a broad set of emerging market and developing economies. Global liquidity, economic policy uncertainty and other risk factors, such as the US yield spread, turn out to be the most significant drivers of portfolio flows, but are also relevant to the other two categories of flows. Our capital flow-type specific estimation results underscore the need for policymakers to analyse the composition of observed capital inflows to assess vulnerabilities related to external financing and safeguard financial stability.
URL	https://www.die-gdi.de/en/discussion-paper/article/capital-flows-to-emerging-market-and-developing-economies-global-liquidity-and-uncertainty-versus-country-specific-pull-factors/
来源智库	German Development Institute (Germany)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/499997
推荐引用方式 GB/T 7714	Belke, Ansgar,Ulrich Volz. Capital flows to emerging market and developing economies: global liquidity and uncertainty versus country-specific pull factors. 2018.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
csm_DP_23.2018_a7ac0（2KB）	智库出版物		限制开放	CC BY-NC-SA	浏览
DP_23.2018.pdf（833KB）	智库出版物		限制开放	CC BY-NC-SA	浏览