This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

Global current account imbalances have recently been singled out by many as a key factor
contributing to the global financial crisis. Current account surpluses in several emerging …

This paper makes a case that the global imbalances of the 2000s and the recent global
financial crisis are intimately connected. Both have their origins in economic policies …

During the pre‐crisis period, Europe experienced substantial cross‐country variation in
domestic credit growth and cross‐border capital flows. We investigate the inter‐relations …

The period preceding the global financial crisis was characterized by a substantial widening
of current account imbalances across the world. Since the onset of the crisis, these …

This paper questions the appropriateness of popular analytical frameworks that focus on
current accounts or net capital flows as a basis for assessing the pattern of cross-border …

In this paper, we first compare house price cycles in advanced and emerging economies
using a new quarterly house price data set covering the period 1990–2012. We find that …

This paper investigates empirically the drivers of financial imbalances ahead of the global
financial crisis. Three factors may have contributed to the build-up of financial imbalances:(i) …

This article asks whether capital inflows bonanzas increase the probability of banking crises
and whether this occurs through a lending boom mechanism. Results indicate that …

Identifying the effects of “flights to safety” on asset prices using pure time-series methods is
difficult because crises are infrequent. We develop a new cross-sectional identification …