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Environmental factors and capital flows to emerging markets
This paper examines the impact of environmental factors on international capital flows - specifically portfolio, bank, and foreign direct investment (FDI) inflows - to emerging market economies (EMEs). Using two complementary approaches, we first analyse how recipient country factors influence capital flows for 21 EMEs, finding that EMEs with lower exposure to extreme weather events, a greener energy mix, more and stronger climate-related policies tend to attract greater capital inflows. Second, using bilateral data for FDI and bank flows, we explore the role of sending country factors (advanced economies, AEs) in determining capital inflows to EMEs. The results suggest that stricter environmental regulations in AEs lead to increased capital inflows to EMEs with weaker green regulations. This suggests an ＂emission shifting＂ effect. At the same time, though, they also route more investment to EMEs with a greener energy mix. These findings underscore the significance of environmental factors in shaping international capital flows.
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