02225cas a2200265 a 4500 AALejournalIMF015305 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513526638 1018-5941 BD-DhAAL BD-DhAAL Cerutti, Eugenio. Push Factors and Capital Flows to Emerging Markets : Why Knowing Your Lender Matters More Than Fundamentals / Eugenio Cerutti, Stijn Claessens, Damien Puy. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (43 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the behavior of gross capital inflows across 34 emerging markets (EMs). We first confirm that aggregate inflows to EMs co-move considerably. We then report three findings: (i) the aggregate co-movement conceals significant heterogeneity across asset types as only bank-related and portfolio bond and equity inflows do co-move; (ii) while global push factors in advanced economies mostly explain the common dynamics, their relative importance varies by type of flow; and (iii) the sensitivity to common dynamics varies significantly across borrower countries, with market structure characteristics (especially the composition of the foreign investor base and the level of liquidity) rather than borrower country's institutional fundamentals strongly affecting sensitivities. Countries relying more on international funds and global banks are found to be more sensitive to push factors. Our findings suggest that EMs need to closely monitor their lenders and investors to assess their inflow exposures to global push factors. Mode of access: Internet Claessens, Stijn. Puy, Damien. IMF Working Papers; Working Paper ; No. 2015/127 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/127/001.2015.issue-127-en.xml IMF e-Library