Gross Private Capital Flows to Emerging Markets: Can the Global Financial Cycle Be Tamed?
This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country characteristic...
Gespeichert in:
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2014
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| Schriftenreihe: | IMF Working Papers
Working Paper No. 14/196 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country characteristics in mitigating or amplifying its effect. Using interaction models, we find the effect of the VIX to be non-linear. For low levels of the VIX, capital flows are driven by fundamental factors. During periods of stress, the VIX becomes the dominant driver of capital flows while other determinants, with the exception of interest rate differentials, lose statistical significance. Our results also suggest that the effect of global financial conditions on gross private capital flows increases with the host country's level of financial sector development. Finally, our results imply that countries cannot fully insulate themselves from global financial shocks, unless creating a fragmented global financial system |
| Beschreibung: | 1 Online-Ressource (35 p) |
| ISBN: | 1498351867 9781498351867 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:36Z |
| indexdate | 2024-07-10T09:35:46Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Nier, Erlend Verfasser aut Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? Nier, Erlend Washington, D.C International Monetary Fund 2014 1 Online-Ressource (35 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 14/196 This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country characteristics in mitigating or amplifying its effect. Using interaction models, we find the effect of the VIX to be non-linear. For low levels of the VIX, capital flows are driven by fundamental factors. During periods of stress, the VIX becomes the dominant driver of capital flows while other determinants, with the exception of interest rate differentials, lose statistical significance. Our results also suggest that the effect of global financial conditions on gross private capital flows increases with the host country's level of financial sector development. Finally, our results imply that countries cannot fully insulate themselves from global financial shocks, unless creating a fragmented global financial system Online-Ausg Mondino, Tomas Sonstige oth Saadi Sedik, Tahsin Sonstige oth http://elibrary.imf.org/view/IMF001/22115-9781498351867/22115-9781498351867/22115-9781498351867.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Nier, Erlend Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? |
| title | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? |
| title_auth | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? |
| title_exact_search | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? |
| title_exact_search_txtP | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? |
| title_full | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? Nier, Erlend |
| title_fullStr | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? Nier, Erlend |
| title_full_unstemmed | Gross Private Capital Flows to Emerging Markets Can the Global Financial Cycle Be Tamed? Nier, Erlend |
| title_short | Gross Private Capital Flows to Emerging Markets |
| title_sort | gross private capital flows to emerging markets can the global financial cycle be tamed |
| title_sub | Can the Global Financial Cycle Be Tamed? |
| url | http://elibrary.imf.org/view/IMF001/22115-9781498351867/22115-9781498351867/22115-9781498351867.xml |
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