Which Net Capital Flows Matter?

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This article classifies extreme net capital flow episodes into four types and analyzes the macroeconomic impacts of each type. First, we find that all types of episodes increased drastically in the 2000s relative to previous years. Second, we conclude that liability-flow-driven episodes have more significant macroeconomic impacts than do asset-flow-driven episodes. Third, we show that only drastic positive net capital flows that were driven by liability flows were associated with a higher probability of banking crises in the 2000s. The results suggest that the detailed classification of extreme net capital flows provides insight into these movements' macroeconomic impacts and policy implementations.
Publisher
Taylor & Francis
Issue Date
2017
Language
English
Article Type
Article
Keywords

SUDDEN STOPS; ECONOMIC-GROWTH; LATIN-AMERICA; ASSET PRICES; COUNTRIES; INFLOWS; CRISES; LIQUIDITY; SURGES; FLIGHT

Citation

EMERGING MARKETS FINANCE AND TRADE, v.53, no.2, pp.289 - 305

ISSN
1540-496X
DOI
10.1080/1540496X.2016.1212705
URI
http://hdl.handle.net/10203/223362
Appears in Collection
IE-Journal Papers(저널논문)
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