What drives portfolio capital inflows into emerging market economies? The role of the Fed's and ECB's balance sheet policies

Acharya, 2015, The “greatest” carry trade ever? Understanding eurozone bank risks, J. Financ. Econ., 115, 215, 10.1016/j.jfineco.2014.11.004 Ahmed, 2014, Capital flows to emerging market economies: a brave new world?, J. Int. Money Financ., 48, 221, 10.1016/j.jimonfin.2014.05.015 Alpanda, 2020, International spillovers of large-scale asset purchases, J. Eur. Econ. Assoc., 18, 342, 10.1093/jeea/jvy053 Andrade, 2016, The ECB's asset purchase programme: an early assessment Angelovska-Bezhoska, 2018, The impact of the ECB’s quantitative easing policy in the CESEE region, J. Central Banking Theor. Pract., 2, 25, 10.2478/jcbtp-2018-0011 Avdjiev, 2017, Gross capital flows by banks, corporates and sovereigns Bank for International Settlements, 2019, Unconventional monetary policy tools: a cross-country analysis Bank for International Settlements, 2021, Changing patterns of capital flows Barrot Bergant, 2020, International capital flows at the security level: Evidence from the ECB’s Asset Purchase Programme Bernanke Broner, 2013, Gross capital flows: dynamics and crises, J. Monet. Econ., 60, 113, 10.1016/j.jmoneco.2012.12.004 Bruno, 2015, Cross-border banking and global liquidity, Rev. Econ. Stud., 82, 535, 10.1093/restud/rdu042 Calvo, 1998, Capital flows and capital market crises: the simple economics of sudden stops, J. Appl. Econ., 1, 35, 10.1080/15140326.1998.12040516 Calvo, 1993, Capital inflows and real exchange rate appreciation in Latin America: the role of external factors, Int. Monetary Fund Staff Pap., 40, 108, 10.2307/3867379 Canova, 2005, The transmission of US shocks to Latin America, J. Appl. Econ., 20, 229, 10.1002/jae.837 Cerdeiro, 2019, Financial openness and capital inflows to emerging markets: In search of robust evidence Cerutti, 2019, Push factors and capital flows to emerging markets: why knowing your lender matters more than fundamentals, J. Int. Econ., 119, 133, 10.1016/j.jinteco.2019.04.006 Chinn, 2008, A new measure of financial openness, J. Comp. Pol. Anal., 10, 309 Ciarlone, 2016, Spillovers of the ECB’s non-standard monetary policy into CESEE economies, Ensayos Sobre Polit. Econ., 34, 175 Coeure Davis Davis, 2021, Global drivers of gross and net capital flows, J. Int. Econ., 128, 10.1016/j.jinteco.2020.103397 Driscoll, 1998, Consistent covariance matrix estimation with partially dependent panel data, Rev. Econ. Stat., 80, 549, 10.1162/003465398557825 ECB Eichengreen, 2005, Current account reversals: ALWAYS a problem? Eichengreen, 2015, Tapering talk: the impact of expectations of reduced Federal Reserve security purchases on emerging markets, Emerg. Mark. Rev., 25, 1, 10.1016/j.ememar.2015.07.002 Falagiarda, 2015 Fernández-Arias, 1996, The new wave of private capital inflows: push or pull?, J. Dev. Econ., 48, 389, 10.1016/0304-3878(95)00041-0 Forbes, 2012, Capital flow waves: surges, stops, flight, and retrenchment, J. Int. Econ., 88, 235, 10.1016/j.jinteco.2012.03.006 Fratzscher, 2016, On the spillovers of U.S. quantitative easing, Econ. J., 128, 330, 10.1111/ecoj.12435 Gagnon, 2011, The financial market effects of the federal reserve’s large-scale asset purchases, Int. J. Cent. Bank., 7, 3 Ghosh, 2014, Surges, J. Int. Econ., 92, 266, 10.1016/j.jinteco.2013.12.007 Goodhart, 2014 Holston, 2017, Measuring the natural rate of interest: international trends and determinants, J. Int. Econ., 108, 59, 10.1016/j.jinteco.2017.01.004 IMF, 2012, The liberalization and management of capital flows: an institutional view IMF, 2017, Increasing resilience to large and volatile capital flows: the role of macroprudential policies Koepke, 2019, What drives capital flows to emerging markets? A survey of the empirical literature, J. Econ. Surv., 33, 516, 10.1111/joes.12273 Kolasa, 2020, International spillovers of quantitative easing, J. Int. Econ., 126, 10.1016/j.jinteco.2020.103330 Krippner, 2013, Measuring the stance of monetary policy in zero lower bound environments, Econ. Lett., 118, 135, 10.1016/j.econlet.2012.10.011 Krippner, 2015 Krishnamurthy, 2011 Krugman, 2014, Inflation targets reconsidered Lim, 2014 Lo, 2016, Global corporate bond issuance: what role for US quantitative easing?, J. Int. Money Financ., 60, 114, 10.1016/j.jimonfin.2015.07.013 Maćkowiak, 2007, External shocks, U.S. monetary policy and macroeconomic fluctuations in emerging markets, J. Monet. Econ., 54, 2512, 10.1016/j.jmoneco.2007.06.021 Magud, 2014, Capital inflows, exchange rate, credit, Rev. Dev. Econ., 18, 415, 10.1111/rode.12093 McCauley, 2015, Global dollar credit: links to US monetary policy and leverage, Econ. Policy, 30, 187, 10.1093/epolic/eiv004 Milesi-Ferreti, 2000, Current account reversals and currency crises: Empirical regularities Milesi-Ferretti, 2011, The great retrenchment: international capital flows during the global financial crisis, Econ. Policy, 26, 285, 10.1111/j.1468-0327.2011.00263.x Moore, 2013, Estimating the impacts of U.S. LSAPs on emerging market economies local currency bond markets Nickell, 1981, Biases in dynamic models with fixed effects, Econometrica, 49, 1417, 10.2307/1911408 Rajan, 2015, Competitive monetary easing: is it yesterday once more?, Macroecon. Financ. Emerg. Market Econ., 8, 5 Sarno, 2012, What drives international portfolio flows?, J. Int. Money Financ., 60, 53, 10.1016/j.jimonfin.2015.03.006 Tarashev Thornton, 2014, QE: is there a portfolio balance effect?, Fed. Reserve Bank St. Louis Rev, 96, 55 Tillmann, 2016, Unconventional monetary policy and the spillovers to emerging markets, J. Int. Money Financ., 66, 136, 10.1016/j.jimonfin.2015.12.010 Vayanos, 2021, A preferred-habitat model of the term structure of interest rates, Econometrica, 89, 77, 10.3982/ECTA17440 Verardi, 2012, Productivity premia for German manufacturing firms exporting to the Euro-area and beyond: first evidence from robust fixed effects estimations, World Econ., 35, 694, 10.1111/j.1467-9701.2011.01414.x Woodford, 2012, Methods of policy accommodation at the interest-rate lower bound, 185