This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We
use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for …

Has the occurrence of “extreme capital flow movements”—episodes of sudden surges,
stops, flight and retrenchment—changed since the Global Financial Crisis (GFC)? And was …

Countries' gross capital inflows are not equally affected by changes in global conditions.
Analyzing 21 advanced countries (ACs) and 33 emerging markets (EMs) between 2001 and …

This paper reviews the role of benchmark-driven investments in EM local bond markets. We
provide an overview of how key EM bond benchmark indices are constructed, how they …

The world economy has experienced four global recessions over the past seven decades: in
1975, 1982, 1991, and 2009. During each of these episodes, annual real per capita global …

By the end of 2018 Turkey had entered a new economic crisis and a lengthy recession
period. In contrast to the previous financial crises of 1994, 2001 and 2009, when the …

The sensitivities of the main global liquidity components, international loan and bond flows,
to global factors varied considerably over the past decade. The estimated sensitivity to US …

This paper reviews the literature that discusses how liberalization affects emerging stock
markets on the cost of equity, stock volatility, stock liquidity, and informational efficiency. The …

We construct a new quarterly data set of international capital flows broken down by sector—
banks, corporates, and sovereigns—and demonstrate the importance of distinguishing …

We propose a new quantile regression framework to predict the entire future probability
distribution of capital flows to emerging markets, based on changes in global financial …