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Push factors and capital flows to emerging markets : why knowing your lender matters more than fundamentals

Author: Eugenio Cerutti; Stijn Claessens; Damien Puy; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2015.
Series: IMF working paper, WP/15/127.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Database:WorldCat
Summary:
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  Read more...
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Genre/Form: Electronic books
Case studies
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Eugenio Cerutti; Stijn Claessens; Damien Puy; International Monetary Fund. Research Department.
ISBN: 9781513562629 1513562622 9781513517568 1513517562
OCLC Number: 912908785
Notes: "June 2015."
"Research Department."
Description: 1 online resource (43 pages) : color illustrations.
Series Title: IMF working paper, WP/15/127.
Responsibility: prepared by Eugenio Cerutti, Stijn Claessens, and Damien Puy.

Abstract:

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 country's institutional fundamentals strongly affecting sensitivities. Countries relying more 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. --Abstract.

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