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International Capital Flows: Patterns and Drivers

de Looz Corswarem, Gauthier
(2019)

Files

delooz_13321700_2019.pdf
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  • 2.17 MB
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Details

Supervisors
Bodart, Vincent
Faculty
Faculté des sciences économiques, sociales, politiques et de communication
Degree label
Master [120] en sciences économiques, orientation générale
Abstract
This thesis investigates the drivers of capital flows to both emerging markets and advanced economies. Recent patterns and evolution of the composition of flows are highlighted. Capital flows are found to be large and volatile for both types of economies. Emerging market capital and advanced economies inflows respond procyclically to the domestic business cycle, and gross capital outflows in advanced economies are procyclical as well. A theoretical model shows that capital flows to emerging markets are likely to respond to both domestic and external factors. The empirical analysis finds that global push factors are the most important factors for both advanced and emerging market economies, namely global interest rates, global liquidity and the US corporate spread. The growth differential is also a key contributor.