Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/154385 
Year of Publication: 
2016
Series/Report no.: 
ECB Working Paper No. 1952
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
This paper highlights a recent ‘great moderation’ in global capital flows, characterised by smaller volumes and lower volatility of cross-border transactions. However, there are substantial differences across countries and regions which we analyse by comparing the level of international capital flows observed in 2005-06, immediately prior to the onset of the global financial crisis, to the post-crisis period of 2013-14, when global flows arguably settled at a ‘new normal’. We find that since the pre-crisis period, gross capital inflows recovered more for economies with smaller pre-crisis external and internal imbalances, lower per capita income, improving growth expectations, a less severe impact of the global financial crisis and less stringent macroprudential policy. On the asset side, countries with a more accommodative monetary policy, a milder impact of the crisis and oil exporters managed to increase gross capital outflows in the post-crisis period.
Subjects: 
external imbalances
global financial crisis
international capital flows
monetary
JEL: 
F15
F21
F32
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2200-5
Document Type: 
Working Paper

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