This paper reviews the rapidly growing empirical literature on the drivers of capital flows to
emerging markets. The empirical evidence is structured based on the recognition that the …

We survey the literature on global capital allocation. We begin by reviewing the rise of cross-
border investment, the shift toward portfolio investment, and the literature focusing on …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

Compared with China's pre-eminent status in world trade, its role in global finance is poorly
understood. This paper studies the size, terms and destination of Chinese official …

ABSTRACT I show that monetary policy divergence vis-a-vis the US has larger spillover
effects in emerging markets than advanced economies. The monetary policy of the US …

We present a news-based measure of adverse geopolitical events and associated risks. The
geopolitical risk (GPR) index spikes around the two world wars, at the beginning of the …

US monetary policy shocks induce comovements in the international financial variables that
characterize the “Global Financial Cycle.” A single global factor that explains an important …

Global geopolitical risks have soared since Russia's invasion of Ukraine. Investors, market
participants, and policymakers expect that the war will exert a drag on the global economy …

We create a newspaper-based Equity Market Volatility (EMV) tracker that moves with the VIX
and with the realized volatility of returns on the S&P 500. Parsing the underlying text, we find …

This lecture argues that the Global Financial Cycle is a challenge for the validity of the
Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted …