ECB paper analyses factors driving portfolio flows

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A working paper, published by the European Central Bank (ECB) on September 18, studies how the determinants of capital flows to emerging market countries change over time.

The author, Marco Lo Duca, analyses data from around 16,000 equity funds over the period 2007–12. The paper finds that capital flows vary according to important shocks, with investors paying closer attention to regional development when market tensions are high.

However, the author also finds that beyond a certain threshold

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