“…Such a problem has also been reported by other studies (such as Cerutti et al, (2019) and the references therein), which underlines the difficulty of empirically modeling capital flows within the "push-pull" framework. Second, if we reduce the number of EMs, we can consider alternative data sources in the literature, such as daily data (as in Griffin et al, 2004;Richards, 2005;Ülkü and Weber, 2014;Ülkü, 2015;and Fuertes et al, 2019), monthly TIC data sources (as in Fuertes et al, 2016;Sarno et al, 2016;Yan et al, 2016), and quarterly international financial statistics (IFS) data sources. Data with higher frequency may provide a better fit for shortterm flows.…”