Introduction: the impact of pull or push factors on capital flows has become an especially relevant issue due to the increasing importance of emerging countries in the growth of world welfare. Objectives: to identify the impact of global and domestic economic factors on portfolio capital flows to emerging markets. Methods: the work is based on applied statistical and econometric methods of regression analysis. Panel regression estimation was carried out by two-step least squares methods (instrumental variables), generalized method of moments according to the methodology of Arellano–Bond and Arellano–Bover/Blundell– Bond. The study contains a total of 2,240 observations. Results: two hypotheses were put forward: (1) global indicators of USA monetary policy have a greater impact on the inflow of portfolio investments in developing countries in crisis years than domestic factors; (2) the difference between the receiving country’s interest rate and the US rate has the most significant effect on the inflow of portfolio investment to emerging market economies among the domestic factors. The impact of the factors on portfolio investment flows was assessed using macroeconomic data for 28 developing countries, based on quarterly observations for the period 2000–2019. Conclusions: there is empirical evidence that global factors are more important in times of crisis than specific country ones. The second hypothesis was not confirmed. It was revealed that the flows of portfolio capital are most influenced by the level of international reserves and domestic political stability in the country.

The subject/topic. The article examines and evaluates the parameters of state policy aimed at regulating the state of the environment for different groups of countries. Goals/Objectives. The aim of the work is to study the impact of government policy measures on the volume of CO2 emissions. Methodology. Authors studied and analyzed the trends in the state measures development in the field of environmental protection by groups of 30 developed and emerging countries for the period 2009-2018 and relevant scientific papers on the stated issues. In the empirical part of the study, models were built and evaluated to establish the relationship between CO2 emissions and government spending on environmental protection, tax revenues from pollution, production of environmental services and a number of control variables. The Results. An N-shaped relationship between tax revenues from environmental pollution and CO2 emissions was revealed, investments in environmental protection projects is significant for both groups of countries (they reduce emissions more strongly in developed economies), the hypothesis of the Kuznets Ecological Curve and the «pollution harbor» effect were confirmed for emerging countries. Conclusions/significance. Based on the results, authors formulated recommendations for improving environmental policy. Application. The empirical estimates of the environmental policy effectiveness parameters give the necessary information for sustainable control and management of pollution levels.

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