What are the determinants of capital flows to emerging countries?

Capital flows to or from emerging countries are very important for economic activity in these countries. We therefore seek to identify the determinants of capital flows to emerging countries , and at first sight we can think of: The level of risk aversion ; The economic outlook for these countries; The level of dollar interest rates and dollar liquidity. We see that the following are significant: Risk aversion; The growth outlook for emerging countries; But not US monetary policy , which is surprising .