Skip navigation

Measuring and explaining the volatility of capital flows towards emerging countries

624,75 kB
Issue Date
Physical description
34 p. : gráf., tab.
This paper analyzes the determinants of the volatility of different types of capital inflows to emerging countries. After calculating a variable that proxies capital flows volatility, we study its possible causality relations with a set of explanatory variables by type of flow through a panel data model. We show that in recent years the significance of global factors, beyond the control of emerging economies, has increased at the expense of that of country specific factors. In addition, various factors exhibit a non-robust effect on the volatility of the three different categories of capital flows, which poses additional challenges for policy-makers
Publish on
Documentos de trabajo / Banco de España, 0817
Appears in Collections: