Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals
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...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2015
|
| Schriftenreihe: | IMF Working Papers: Working Paper No. 15 / 127
|
| 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 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 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 |
| Beschreibung: | 1 Online-Ressource (43 p) |
| ISBN: | 1513526634 9781513526638 |
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| id | DE-604.BV048355669 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:37Z |
| indexdate | 2024-07-10T09:35:47Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers: Working Paper No. 15 / 127 |
| spelling | Cerutti, Eugenio Verfasser aut Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals Cerutti, Eugenio Washington, D.C International Monetary Fund 2015 1 Online-Ressource (43 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers: Working Paper No. 15 / 127 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 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 Online-Ausg Claessens, Stijn Sonstige oth Puy, Damien Sonstige oth http://www.elibrary.imf.org/view/IMF001/22617-9781513526638/22617-9781513526638/22617-9781513526638.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Cerutti, Eugenio Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals |
| title | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals |
| title_auth | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals |
| title_exact_search | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals |
| title_exact_search_txtP | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals |
| title_full | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals Cerutti, Eugenio |
| title_fullStr | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals Cerutti, Eugenio |
| title_full_unstemmed | Push Factors and Capital Flows to Emerging Markets Why Knowing Your Lender Matters More Than Fundamentals Cerutti, Eugenio |
| title_short | Push Factors and Capital Flows to Emerging Markets |
| title_sort | push factors and capital flows to emerging markets why knowing your lender matters more than fundamentals |
| title_sub | Why Knowing Your Lender Matters More Than Fundamentals |
| url | http://www.elibrary.imf.org/view/IMF001/22617-9781513526638/22617-9781513526638/22617-9781513526638.xml |
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