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Push vs Pull Factors of Capital Flows Revisited: A Cross-country Analysis(KIEP Working Paper 19-01)
Tae Soo KangKyunghun Kim
出版KIEP, 2019-02-20
ISBN89322428369788932242835
URLhttp://books.google.com.hk/books?id=tLl7wwEACAAJ&hl=&source=gbs_api
註釋This paper examines the major determinants of net capital inflows. The forty-seven countries used for the empirical analysis are divided into advanced economies (AEs) and emerging market economies (EMEs). These countries are further divided into subgroups in order to consider the heterogeneity that exists in AEs and EMEs. Our empirical result shows that sizable heterogeneity exists across country groups. Both push and pull factors are statistically significant in AEs, but push factors play a larger role in EMEs, though some pull factors partly affect capital flows to a few EME subgroups. Our empirical result is robust to alternative model specifications, alternative capital flow and interest rate measures, and an alternative sample period.