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 …

The causes of the 2008 collapse and subsequent surge in global capital flows remain an
open and highly controversial issue. Employing a factor model coupled with a dataset of …

This paper analyzes the behavior of international capital flows by foreign and domestic
agents, dubbed gross capital flows, over the business cycle and during financial crises. We …

The rapid growth of international reserves, a development concentrated in the emerging
markets, remains a puzzle. In this paper, we suggest that a model based on financial stability …

This paper studies how financial stress, defined as periods of impaired financial
intermediation, is transmitted from advanced to emerging economies using a new financial …

Many emerging market economies have relied on foreign exchange intervention (FXI) in
response to gross capital inflows. In this paper, we study whether FXI has been an effective …

This paper describes the stylized facts characterizing periods of exceptionally large capital
inflows in a sample of 70 middle-and high-income countries over the last 35 years. We …

Using a sample of 110 developed and developing countries for the period 1990-2004 we
analyze the empirical characteristics of systemic sudden stops (3S) in capital flows …

Financial globalization had a rocky start in emerging economies hit by Sudden Stops.
Foreign reserves have grown very rapidly since then, as if those countries were practicing a …

Using a novel dataset for emerging markets, we empirically investigate the nature and
determinants of aggregate and disaggregate capital inflows. We present formal statistical …