A Study On The Influencing Factors Of International Capital Flow Anomalies

In 90 s of last century,because of the degree of financial liberalization and integration deepening,international capitalflows and volatility are showing a growing phenomenon.The phenomenon is more prominent,especially for emerging economies.In these 20 years the international capital into emerging economies has gone through two cycles.In early 90 s,international capital flows to emerging economies flourishing,due to the relaxation of capital regulation in emerging markets and the opening of capital account.Large capital inflows into this phenomenon may be suspended,even appearing the phenomenon of capital flight in 1997 Southeast Asian financial crisis.In the early twenty-first Century,as a result of the economic growth rate is significantly higher than the developed economies,emerging economies attracted a lot of money and many investors to take this opportunity to reap huge returns,which is the second round.Emerging economies have experienced this wave of international capital flows and it ended in 2007,because of the outbreaking of the U.S.subprime mortgage crisis.The subprime crisis makes the capital inflows reduce sharply in size from 2008 to 2009.After entering in 2010,the capital flow of emerging economies has become more frequent,which has brought a serious impact on the stability of a country's financial system,and even affected the sustainable development of a country's economy.Therefore,international capital flow has attracted the attention of many scholars and become the focus of their research.However,some scholars have found that capital flows sudden stops,flight,such as a surge in abnormal state is not only reflected in the pre crisis foreign large-scale capital inflows and sudden withdrawal after the inflow,but also in the capital flight and return,each kind of abnormal condition can promote the spread of financial turmoil and expand.However,most of the previous studies are only limited to sudden stops,but not enough for other studies.This article from the surge,sudden stops,and return flight four capital to the abnormal state,in-depth analysis of direct investment,securities investment and other investment of three different types of capital flows,in reference to domestic and foreign scholars on the basis of international capital surge and sudden stops on the study,from 1988 to 2013 93 in emerging economies volume data as samples,the influence factors of abnormal capital flow were analyzed,results showed that the domestic economic environment has great influence on capital flight and capital return,surges in capital and capital suddenly stopped on the international economic environment more sensitive;capital abnormal flow is more affected by international factors,and FDI abnormal flow is more affected by the change of fundamental economic factors at home and abroad;the domestic economic growth rate is the most important influencing factor,global liquidity is The most important international factor.At the end of this paper,the author puts forward some policy suggestions to better prevent the impact of abnormal capital flow on the stability of the financial system of the emerging economies.