Global Economic Divergence and Portfolio Capital Flows to Emerging Markets
研究了发达国家经济活动与政策的全球及区域差异如何驱动组合资本流向新兴市场，发现全球经济活动正向影响，而美国和亚洲货币政策负向影响，区域差异的贡献大于全球差异。
Abstract This paper studies the role of global and regional variations in economic activity and policy in developed world in driving portfolio capital flows (PCFs) to emerging markets (EMs). Results suggest that PCFs to EMs depend mainly on economic activity at the global level and monetary policy in America and Asia, positively on the former and negatively on the latters. PCFs are procyclical with respect to global activity, but countercyclical to regional activity. In aggregate, regional variations contribute more than global variations. This implies that economic divergence in the developed world can have significant effects on EMs via PCFs.