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 …

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 examines the claim that exchange rate regimes are of little salience in the
transmission of global financial conditions to domestic financial and macroeconomic …

This paper empirically investigates the various effects that source and destination countries'
financial development (SFD and DFD respectively) have on foreign direct investment (FDI) …

This paper examines when and why capital sometimes surges to emerging market
economies (EMEs). Using data on net capital flows for 56 EMEs over 1980− 2011, we find …

We use a panel of annual data for over 100 develo** countries from 1971 through 1992 to
characterize currency crashes. We define a currency crash as a large change of the nominal …

Half a decade has passed since the resurgence of international capital flows to many
develo** countries and history has, once again, shown that foreign investment is prone to …

The central concern of this paper is to respond to the question: why do FDI inflows go where
they do in African countries? An understanding of such factors will assist African …

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 …