Our study revisits the drivers of capital flow movement by considering push, pull, and contagion factors for two distinct economic areas: BRICS and a group of European countries. This research was prompted by intensified regional integration and geopolitical challenges, which led to a concentration of regional investments. Major geopolitical events, such as Russian sanctions and the US–China conflict, have spurred capital shifts from affected areas. Based on our regional perspective analysis, we introduce capital flow constraints as an additional driver of capital movement. Our panel data analysis reveals two key insights: Firstly, unlike Europe, which mainly generates outflows, BRICS nations primarily attract capital inflows driven by internal and global influences. Secondly, BRICS exhibits higher sensitivity to capital inflow constraints, whereas Europe is more responsive to outflow constraints. Overall, our research highlights the distinct capital flow trends in BRICS and Europe, driven by their unique economic and geopolitical contexts.

中文翻译：

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重新审视资本流动驱动因素：区域动态、约束和地缘政治影响

我们的研究通过考虑两个不同经济领域（金砖国家和欧洲国家集团）的推力、拉力和传染因素，重新审视了资本流动运动的驱动因素。这项研究是由区域一体化加剧和地缘政治挑战推动的，这导致了区域投资的集中。俄罗斯制裁和中美冲突等重大地缘政治事件刺激了受影响地区的资本转移。根据我们的区域视角分析，我们引入资本流动限制作为资本流动的额外驱动因素。我们的面板数据分析揭示了两个关键见解：首先，与主要产生资本外流的欧洲不同，金砖国家主要通过内部和全球影响力吸引资本流入。其次，金砖国家对资本流入限制的敏感性更高，而欧洲对资本流出限制的反应更敏感。总体而言，我们的研究强调了金砖国家和欧洲在其独特的经济和地缘政治背景的推动下，呈现出独特的资本流动趋势。