We explore the possible existence and behavior of hot money in six categories of disaggregated bilateral capital flows (equity inflows, equity outflows, bond inflows, bond outflows, banking credit inflows, and banking credit outflows) for 12 emerging markets vis-à-vis the U.S. from 1995 to 2012...

We empirically gauge the relative importance of global and domestic determinants of foreign flows to 51 Emerging Markets across quantiles. We propose a quantile regression dynamic panel model with fixed effects, to reconcile mixed results in the literature. We find that push factors are...

This paper investigates the relative importance of hot money in bank credit and portfolio flows from the US to 18 emerging markets over the period 1988-2012. We deploy state-space models à la Kalman filter to identify the unobserved hot money as the temporary component of each type of flow. The...