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 …

This paper reviews briefly the arguments for capital market liberalization, and identifies their
theoretical and empirical weaknesses. This provides the foundations for the argument for …

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 …

Adjustments in bank leverage act as the linchpin in the monetary transmission mechanism
that works through fluctuations in risk-taking. In the international context, we find evidence of …

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 …

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 …

This paper evaluates the capacity of emerging market economies (EMEs) to moderate the
domestic impact of global financial and monetary forces through their own monetary …

We investigate global factors associated with bank capital flows. We formulate a model of
the international banking system where global banks interact with local banks. The solution …

Throughout history, rich and poor countries alike have been lending, borrowing, crashing--
and recovering--their way through an extraordinary range of financial crises. Each time, the …