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 …

We estimate international spillover effects of US Quantitative Easing (QE) on emerging
market economies (EMEs). Using a Bayesian panel VAR we find that an expansionary US …

This paper studies the transmission of the Global Financial Cycle (GFC) to domestic credit
market conditions in a large emerging market, Turkey, over 2003–13. We use administrative …

The traditional approach to international finance is to view capital flows as the financial
counterpart to savings and investment decisions, assuming further that the GDP boundary …

We examine the role of the international credit channel in Turkey over 2005–2013. We show
that larger, more capitalized banks with higher non-core liabilities increase credit supply …

In emerging market economies, currency appreciation goes hand in hand with compressed
sovereign bond spreads, even for local currency sovereign bonds. This yield compression …

We construct a new quarterly data set of international capital flows broken down by sector:
banks, corporates and sovereigns. Using our novel data set, we establish several key facts …

House prices and exchange rates can potentially amplify the expansionary effect of capital
inflows. We first set up a model of collateralized borrowing in domestic and foreign currency …

The workhorse open-economy macro model suggests that capital inflows are contractionary
because they appreciate the currency and reduce net exports. Emerging market policy …

The divide in the Eurozone between a small set of core economies with strong international
financial positions (North) and a set of debtor states that show periodic vulnerability in …