We studied how the effect of global and domestic factors on capital flows towards emerging market economies has changed in the last 25 years. We find that both the global financial crisis and the so-called “taper tantrum” (TT) event, defined as the point in time when investors perceived the end of the US Federal Reserve's unconventional monetary policy, triggered changes in the sensitivity of capital inflows to their main drivers. In particular, we provide evidence that international investors devoted growing attention to global factors. Moreover, we show that the TT marked the beginning of a new phase, characterized by increased sensitivity to both global conditions and government borrowing by recipient countries.

中文翻译：

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新兴国家资本流入及其对全球金融周期的敏感性

我们研究了过去 25 年来全球和国内因素对新兴市场经济体资本流动的影响如何变化。我们发现，全球金融危机和所谓的“缩减恐慌”（TT）事件（定义为投资者感知到美联储非常规货币政策结束的时间点）都引发了资本流入敏感性的变化给他们的主要驱动力。特别是，我们提供的证据表明，国际投资者越来越关注全球因素。此外，我们表明，TT 标志着一个新阶段的开始，其特点是对全球状况和受援国政府借款的敏感性增加。