Over the past few decades, we have witnessed a surge in the volume of international capital flows, in particular into developing countries. Capital flows have both positive and negative effects on the economy. In order to maximize the benefits of capital flows and at the same time minimize the costs of capital flows, we first need to understand which factors affect capital flows for certain countries. (The rest is omitted.)

I. Introduction

II. Theoretical Overview
II.1. Push Factors
II.2. Pull Factors
II.3. Methodology

III. Trend and Composition of Capital Flows
III.1. Overview of Capital Flows in East Asia
III.2. Trend and Composition of Capital Flows in Korea

IV. Data and Empirical Methodology

V. Empirical Results
V.1. Determinants of Overall Capital Account
V.2. Determinants of Each Component of Capital Account
V.3. Determinants of Short-Term Assets and Liabilities Ratios
V.4. Comparison of Push Factors: U.S. vs. Japan

VI. Conclusion and Policy Implications