Emerging markets are vulnerable to sudden shifts in investor sentiment, which can lead to pressure on exchange rates and financing conditions. Using panel evidence from 23 emerging markets, this column shows that the sensitivity of portfolio flows to global shocks has weakened since the Global Crisis. However, sensitivity varies widely across countries. Countries with more independent central banks and lower levels of public debt experience lower portfolio outflows during periods of global financial stress. The results highlight that although emerging markets cannot control global factors, they can influence their resilience to these shocks. […]