Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154385
Authors: 
McQuade, Peter
Schmitz, Martin
Year of Publication: 
2016
Series/Report no.: 
ECB Working Paper 1952
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
Document Type: 
Working Paper

Files in This Item:
File
Size
668.12 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.