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Bussière, Matthieu
Schmidt, Julia
Valla, Natacha
Year of Publication: 
Series/Report no.: 
EIB Working Papers No. 2016/02
This paper documents recent trends in international financial flows, based on a newly assembled dataset covering 40 advanced and emerging countries. It highlights four stylized facts: first, the "Great Retrenchment" that took place during the crisis has proved very persistent; second, this fall can predominantly be related to advanced economies, especially in Western Europe; third, net flows have fallen substantially relative to the years preceding the crisis; and fourth, profound changes have occurred in the composition of international financial flows in ways which should help to strengthen resilience and deliver genuine cross-border risk-sharing. This paper then turns to possible explanations for and likely implications of these changes, with regard to international financial stability issues.
Document Type: 
Working Paper

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