About this work
Using emerging-market data for 2008–2024, the paper studies how the composition of capital inflows relates to exports of ICT goods and services. Equity FDI is associated with stronger digital exports, particularly after 2017; portfolio flows show a weaker systematic relationship.
Cite this work
Jonathan Fortun, Marcello Estevão (2026). IIF Deep Dive: Capital Flows and Digital Trade in Emerging Markets. Institute of International Finance.