Capital inflows to emerging countries and their sensitivity to the global financial cycle

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-11-28 DOI:10.1111/infi.12442

Ines Buono, Flavia Corneli, Enrica Di Stefano

引用次数: 0

Abstract

We studied how the effect of global and domestic factors on capital flows towards emerging market economies has changed in the last 25 years. We find that both the global financial crisis and the so-called “taper tantrum” (TT) event, defined as the point in time when investors perceived the end of the US Federal Reserve's unconventional monetary policy, triggered changes in the sensitivity of capital inflows to their main drivers. In particular, we provide evidence that international investors devoted growing attention to global factors. Moreover, we show that the TT marked the beginning of a new phase, characterized by increased sensitivity to both global conditions and government borrowing by recipient countries.

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新兴国家的资本流入及其对全球金融周期的敏感性

我们研究了过去25年全球和国内因素对新兴市场经济体资本流动的影响是如何变化的。我们发现，全球金融危机和所谓的“缩减恐慌”(taper tantrum，简称TT)事件(定义为投资者认为美联储(fed)非常规货币政策结束的时间点)都引发了资本流入对主要驱动因素敏感性的变化。特别是，我们提供的证据表明，国际投资者越来越关注全球因素。此外，我们表明，TT标志着一个新阶段的开始，其特点是对全球形势和受援国政府借款的敏感性都有所提高。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.