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 …

China's transformation into a dynamic private-sector-led economy and its integration into the
world economy have been among the most dramatic global economic developments of …

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 article explores the effect of news shocks in open economies using worldwide giant oil
and gas discoveries as a directly observable measure of news shocks about future output …

IN 2000–0i THE CURRENT account deficit of Portugal reached 10 percent of its GDP, up
from 2–3 percent at the start of the 1990s. These deficits are forecast to continue in the 8–9 …

We document the recent phenomenon of" uphill" flows of capital from nonindustrial to
industrial countries and analyze whether this pattern of capital flows has hurt growth in …

We examine the determinants of external crises, focusing on the role of foreign liabilities and
their composition. Using a variety of statistical tools and comprehensive data spanning 1970 …

We provide an overview of the recent developments of the literature on the determinants of
long-term capital flows, global imbalances, and valuation effects. We present the main …

The period preceding the global financial crisis was characterized by a substantial widening
of current account imbalances across the world. Since the onset of the crisis, these …

We critically assess several of the key assertions underlying the global saving glut
hypothesis. First, we investigate whether the behavior of the US current account is …