We investigate international investment income flows in 26 emerging market countries during the period of 1998–2015. Net investment income registered a deficit for this group of countries of between 2% and 3% of GDP during this period. This deficit has been dominated by payments on foreign direct investment liabilities, which is consistent with the change in the composition of the external liabilities of these countries. Our results indicate that both capital account and trade openness are associated with the deficits on direct investment income. In addition, there was a small deficit in portfolio investment income, which is affected by the development of domestic financial markets and investor protection. Other investments’ income and the income from foreign exchange reserves have a negligible role in total investment income.

中文翻译：

---

新兴市场经济体国际投资收益的来源

我们调查了 26 个新兴市场国家在 1998-2015 年期间的国际投资收入流动。在此期间，这组国家的净投资收入出现赤字，占 GDP 的 2% 至 3%。这一赤字主要是对外直接投资负债的支付，这与这些国家对外负债构成的变化是一致的。我们的研究结果表明，资本账户和贸易开放都与直接投资收入的赤字有关。此外，受国内金融市场发展和投资者保护等因素影响，证券投资收益出现小幅逆差。其他投资收益和外汇储备收益在总投资收益中的作用可以忽略不计。