What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature

Sgherri, Silvia

doi:10.1111/joes.12273

Cited by 282 publications

(247 citation statements)

References 107 publications

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“…Ini termasuk perkembangan ekonomi, sosial dan politik di kedua negara baik negara penerima maupun negara pemberi modal, dan dapat secara luas dibagi menjadi dua kategori utama yaitu push factors (faktor eksternal) dan pull factors (faktor internal). Tinjauan literatur menunjukkan terdapat faktor-faktor domestik sebagai penarik (pull factors) dan faktor-faktor global sebagai pendorong (push factors) aliran modal asing (Koepke, 2015). Dalam kaitan push factor mencakup pertumbuhan ekonomi dunia, suku bunga luar negeri, dan premi risiko di pasar keuangan global, sementara pull factor meliputi pertumbuhan ekonomi domestik, tingkat hasil investasi (suku bunga dan deviden), nilai tukar dan indikator risiko dalam negeri.…”

Section: Sumber: Bank Indonesia 2017unclassified

Analisis aliran modal asing ke indonesia dengan Pull and push factors

Bado

Samudera²,

Ma’ruf³

2019

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ABSTRAKTujuan penelitian ini menganalisis tentang aliran modal asing ke Indonesia dengan pull dan push factors. Determinan yang digunakan pada Pull dan Push factors adalah GDP Domestik. GDP Global, Suku bunga domestic, suku bunga internasional dan resiko politik negara. Penelitian menggunakan pendekatan kuantitatif dengan menggunakan data time series dengan rentang waktu 20 tahun pasca krisis moneter di Indonesia (1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017). Analisis data menggunakan persamaan regresi linear berganda. Hasil penelitian menemukan bahwa ternyata faktor yang dominan mempengaruhi aliran modal asing adalah pull factors baik jenis portofolio investment dan foreign direct investment. Variabel yang paling dominan mempengaruhi aliran modal asing di Indonesia yaitu variabel risiko politik domestik. Risiko politik domestik erat kaitannya dengan iklim investasi. Disisi lain pengaruh aliran modal asing signifikan dan positif dalam menjelaskan pertumbuhan ekonomi di Indonesia. ABSTRACTThe purpose of this study is to analyze the flow of foreign capital into Indonesia with pull and push factors. Determinants used on Pull and Push factors are Domestic GDP. Global GDP, domestic interest rates, international interest rates and the country's political risks. The study uses a quantitative approach using time series data with a span of 20 years after the monetary crisis in Indonesia (1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014)(2015)(2016)(2017). Data analysis using multiple linear regression equations. The results of the study found that it turned out that the dominant factors influencing foreign capital flows were pull factors both the type of portfolio investment and foreign direct investment. The most dominant variable affecting the flow of foreign capital in Indonesia is the domestic political risk variable. Domestic political risk is closely related to the investment climate. On the other hand the influence of foreign capital flows is significant and positive in explaining economic growth in Indonesia.

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Section: Sumber: Bank Indonesia 2017unclassified

Analisis aliran modal asing ke indonesia dengan Pull and push factors

Bado

Samudera²,

Ma’ruf³

2019

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“…An extensive empirical literature has sought to explain the determinants of crossborder capital flows, focusing on gross inflows and/or net flows. GDP growth rate differentials and global risk aversion have typically emerged as the most robust statistically significant determinants of aggregate capital flows to emerging market economies (see Ahmed & Zlate, 2013;Nier, Sedik, & Mondino 2014;Koepke, 2015;and IMF, 2016a).…”

Section: Literature Reviewmentioning

confidence: 99%

Late to the Game? Capital Flows to the Western Balkans

Kóczán

2018

CES

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The boom and bust in capital flows to the New Member States (NMS) has received considerable attention, relatively little has, however, been written about capital flows to the Western Balkans, often perceived to be 'late arrivals' to large capital flows. We find that while financial integration took off later in the Western Balkans, it has increased rapidly, despite lower capital account openness. Capital inflows are (perhaps surprisingly) diverse in terms of source countries, but broadly similar in terms of drivers and composition, though with equity shares higher than they were in the NMS at comparable levels of development.

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“…Recent contributions include Fratzscher (2011), Forbes and Warnock (2012), Broner et al (2013), Bruno andShin (2015a), andCerutti, Claessens, andRatnovski (2017). Koepke (2015) provides a recent review of some 40 papers; see also . While results vary, typically a worsening in global risk conditions, as measured by the VIX, is found to lower capital flows, especially to emerging markets.…”

Section: Push-pullmentioning

confidence: 99%

How Important is the Global Financial Cycle? Evidence from Capital Flows

Cerutti¹,

Claessens²,

Rose³

2017

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This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for 85 countries, and conventional techniques, models and metrics. Since the GFCy is an unobservable concept, we use two methods to represent it: directly observable variables in center economies often linked to it, such as the VIX, and indirect manifestations, proxied by common dynamic factors extracted from actual capital flows. Our evidence seems mostly inconsistent with a significant and conspicuous GFCy, in that both methods combined rarely explain more than a quarter of the variation in capital flows. Succinctly, most variation in capital flows does not seem to be the result of common shocks nor stem from observables in a central country like the United States.

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What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature

Cited by 282 publications

References 107 publications

Analisis aliran modal asing ke indonesia dengan Pull and push factors

Analisis aliran modal asing ke indonesia dengan Pull and push factors

Late to the Game? Capital Flows to the Western Balkans

How Important is the Global Financial Cycle? Evidence from Capital Flows

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