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标题：International capital flows to emerging and developing countries: national and global determinants"
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作者：Joseph P. Byrne ; Norbert Fiess
期刊名称：Departmental Discussion Papers / University of Glasgow, Department of Economics
出版年度：2011
卷号：1
出版社：University of Glasgow, Department of Economics
摘要：This paper examines international capital flows to emerging and developing countries. We assess whether commonalities exist, the permanence of shocks to commonalities and their determinants. Also, we consider individual country coherence with global capital flows and we measure the extent of co-movements in the volatility of capital flows. Our results suggest there are commonalities in capital inflows, although aggregate or disaggregate capital flows respond differently to shocks. We find that the US long run real interest rate is an important determinant of global capital flows, and real commodity prices are relevant but to a lesser extent. We also find a role for human capital in explaining why some countries can successfully ride the wave of financial globalisation
关键词：Capital Flows; Emerging Markets; Developing Countries; Global Factors