It is common to assume that the composition, direction, and volume of capital flows to emerging markets are determined by global 'push' factors. Since the Global Financial Crisis in 2008-2009, quantitative easing and low interest rates in the advanced economies have pushed investors hungry for yield into emerging market bonds, equities, and local currency markets. Yet, political risk is increasingly important, as demonstrated by the on-going trade war between the US and China. During 2020, it is even more likely that domestic 'pull' factors will be the focus of attention, in terms of the country-level composition of ... (full story)