How important is the global financial cycle? Evidence from capital flows
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 …
use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for …
Push factors and capital flows to emerging markets: why knowing your lender matters more than fundamentals
Countries' gross capital inflows are not equally affected by changes in global conditions.
Analyzing 21 advanced countries (ACs) and 33 emerging markets (EMs) between 2001 and …
Analyzing 21 advanced countries (ACs) and 33 emerging markets (EMs) between 2001 and …
Capital flows at risk: Taming the ebbs and flows
We propose a new quantile regression framework to predict the entire future probability
distribution of capital flows to emerging markets, based on changes in global financial …
distribution of capital flows to emerging markets, based on changes in global financial …
Gross capital flows by banks, corporates and sovereigns
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 …
banks, corporates and sovereigns. Using our novel data set, we establish several key facts …
Global drivers of gross and net capital flows
Prior to the global financial crisis the empirical international capital flow literature focused on
net capital flows (the current account), but since the crisis there has been an increased focus …
net capital flows (the current account), but since the crisis there has been an increased focus …
The real effects of capital inflows in emerging markets
We examine the association between capital inflows and industry growth in a sample of 22
emerging market economies from 1998 to 2010. We expect more external-finance …
emerging market economies from 1998 to 2010. We expect more external-finance …
Global liquidity: changing instrument and currency patterns
International (cross-border and foreign currency) credit, a key indicator of global liquidity,
has continued to expand in recent years to 38% of global GDP. This growth has been driven …
has continued to expand in recent years to 38% of global GDP. This growth has been driven …
[PDF][PDF] The Global Financial Cycle: Quantities versus Prices
E Cerutti, S Claessens - 2024 - imf.org
We quantify the importance of the Global Financial Cycle (GFCy) in domestic credit and
various local asset prices and compare it with that in capital flows. Using 2000-2021 data for …
various local asset prices and compare it with that in capital flows. Using 2000-2021 data for …
The spillovers from easy liquidity and the implications for multilateralism
Exchange rate appreciation in capital-receiving countries, induced by easy monetary policy
in funding countries, increases the expected net worth of firms in receiving countries and …
in funding countries, increases the expected net worth of firms in receiving countries and …
[BOOK][B] Chinese Banks and Their EMDE Borrowers: Have Their Relationships Changed in Times of Geoeconomic Fragmentation?
C Casanova, MEM Cerutti, SK Pradhan - 2024 - books.google.com
While Chinese banks have become the top cross-border lender to EMDEs, their expansion
has slowed recently, both in terms of volume and market share. Also, the strong correlation …
has slowed recently, both in terms of volume and market share. Also, the strong correlation …