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E-book
Author Cerutti, Eugenio, author.

Title Push factors and capital flows to emerging markets : why knowing your lender matters more than fundamentals / prepared by Eugenio Cerutti, Stijn Claessens, and Damien Puy
Published [Washington, D.C.] : International Monetary Fund, ©2015

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Description 1 online resource (43 pages) : color illustrations
Series IMF working paper, 1018-5941 ; WP/15/127
IMF working paper ; WP/15/127.
Contents Cover Page -- Title Page -- Copyright Page -- Contents -- Tables -- Figures -- I. Introduction -- II. Data and Methodology -- A. Dataset -- 1. Sample of Countries -- 1. Inflows to EMs � BOP Raw Data -- 2. Variable Definitions, Frequency and Sources -- 3. Raw Statistics -- B. Econometric Framework -- III. Results -- A. Factor Estimations, Factor Loadings and Variance Decompositions -- 2. Common EM Factors � Gross vs. Disaggregated Flows -- 3. Estimated Betas -- 4. Variance Decompositions -- B. What Drives the EM Common Dynamics?
5. Drivers of the Estimated EM Common Factors4. Estimated Common Factor in Total Gross Inflows vs. VIX -- C. What Drives the Impact of Global Push Factors Across Countries? -- 6. Explaining Countries� Sensitivities to Push Factors -- D. Robustness -- 5. The Model vs. the GFC and vs. the Taper Tantrum -- 7. Bayesian Averaging Results -- 6. Institutional Quality vs. Correlations -- IV. Conclusion and Policy Implications -- References -- Footnotes
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 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
Notes "June 2015."
"Research Department."
Bibliography Includes bibliographical references (pages 19-21)
Notes Online resource; title from pdf title page (IMF.org Web site, viewed July 2, 2015)
Subject Capital movements -- Developing countries -- Case studies
Mutual funds -- Developing countries -- Case studies
Banks and banking, International -- Developing countries -- Case studies
Banks and banking, International
Capital movements
Mutual funds
Developing countries
Genre/Form Case studies
Form Electronic book
Author Claessens, Stijn, author.
Puy, Damien, author.
International Monetary Fund. Research Department.
ISBN 9781513562629
1513562622
9781513517568
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9781513526638
1513530003
9781513530000