Global factors have greater impact on EM inflows

The significance of global factors on the volatility of capital flows to emerging countries have increased in recent years relative to country-specific factors, a new paper from the Bank of Spain finds.

The authors show that factors such as the global economic growth, the S&P stock index, US interest rates and US inflation, are more important in determining flows volatility possessing a serious challenge to policymakers in emerging markets who try to stabilise capital flows.

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