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Over the past decade, South Africa has attracted relatively little foreign direct investment (FDI), but considerable amounts of portfolio inflows. In this context, the objective of the paper is twofold: to identify the determinants of the level and composition of capital flows to emerging markets and to draw policy conclusions for South Africa. We estimate a dynamic panel for up to 81 emerging markets using GMM (Generalized Method of Moments) techniques. The results suggest that further trade and capital control liberalization would increase the share of FDI. Additionally, a reduction in exchange rate volatility would affect the composition of capital flows in favor of FDI.

Capital movements -- South Africa. --- Electronic books. -- local. --- Free trade -- South Africa. --- South Africa -- Commercial policy. --- South Africa -- Economic conditions -- 21st century. --- South Africa -- Economic policy. --- South Africa -- Foreign economic relations. --- Exports and Imports --- Finance: General --- Foreign Exchange --- International Investment --- Long-term Capital Movements --- General Financial Markets: General (includes Measurement and Data) --- Finance --- International economics --- Currency --- Foreign exchange --- Foreign direct investment --- Capital flows --- Emerging and frontier financial markets --- Exchange rates --- Capital inflows --- Capital movements --- Investments, Foreign --- Financial services industry --- South Africa --- Free trade --- Economic conditions --- Foreign economic relations. --- Commercial policy. --- Economic policy.