Gross Capital Flows by Banks, Corporates, and Sovereigns
This paper constructs a new dataset of quarterly capital flows by sector and establishes four facts. First, the co-movement of capital inflows and outflows is driven by banks. Second, procyclicality of capital inflows is driven by banks and corporates, whereas sovereigns' external liabilities m...
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| creator | Avdjiev, Stefan Hardy, Bryan Kalemli-Ozcan, Sebnem Serven, Luis |
| description | This paper constructs a new dataset of
quarterly capital flows by sector and establishes four
facts. First, the co-movement of capital inflows and
outflows is driven by banks. Second, procyclicality of
capital inflows is driven by banks and corporates, whereas
sovereigns' external liabilities move acyclically in
advanced and countercyclically in emerging countries. Third,
procyclicality of capital outflows is driven by advanced
countries' banks and emerging countries'
sovereigns (reserves). Fourth, capital inflows and outflows
decline for banks and corporates when global risk aversion
increases, whereas sovereigns' flows show no response.
These facts are inconsistent with a large class of
theoretical models. |
| format | Article |
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quarterly capital flows by sector and establishes four
facts. First, the co-movement of capital inflows and
outflows is driven by banks. Second, procyclicality of
capital inflows is driven by banks and corporates, whereas
sovereigns' external liabilities move acyclically in
advanced and countercyclically in emerging countries. Third,
procyclicality of capital outflows is driven by advanced
countries' banks and emerging countries'
sovereigns (reserves). Fourth, capital inflows and outflows
decline for banks and corporates when global risk aversion
increases, whereas sovereigns' flows show no response.
These facts are inconsistent with a large class of
theoretical models.</description><language>eng</language><publisher>World Bank, Washington, DC</publisher><subject>BUSINESS CYCLE ; CAPITAL FLOWS ; EMERGING MARKET ECONOMIES ; EXTERNAL DEBT ; INTERNATIONAL CAPITAL MARKETS ; SOVEREIGN DEBT ; SYSTEMIC RISK ; VIX</subject><creationdate>2018-07</creationdate><rights>CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank</rights><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>776,780,18961</link.rule.ids><linktorsrc>$$Uhttps://hdl.handle.net/10986/29987$$EView_record_in_World_Bank$$FView_record_in_$$GWorld_Bank$$Hfree_for_read</linktorsrc></links><search><creatorcontrib>Avdjiev, Stefan</creatorcontrib><creatorcontrib>Hardy, Bryan</creatorcontrib><creatorcontrib>Kalemli-Ozcan, Sebnem</creatorcontrib><creatorcontrib>Serven, Luis</creatorcontrib><title>Gross Capital Flows by Banks, Corporates, and Sovereigns</title><description>This paper constructs a new dataset of
quarterly capital flows by sector and establishes four
facts. First, the co-movement of capital inflows and
outflows is driven by banks. Second, procyclicality of
capital inflows is driven by banks and corporates, whereas
sovereigns' external liabilities move acyclically in
advanced and countercyclically in emerging countries. Third,
procyclicality of capital outflows is driven by advanced
countries' banks and emerging countries'
sovereigns (reserves). Fourth, capital inflows and outflows
decline for banks and corporates when global risk aversion
increases, whereas sovereigns' flows show no response.
These facts are inconsistent with a large class of
theoretical models.</description><subject>BUSINESS CYCLE</subject><subject>CAPITAL FLOWS</subject><subject>EMERGING MARKET ECONOMIES</subject><subject>EXTERNAL DEBT</subject><subject>INTERNATIONAL CAPITAL MARKETS</subject><subject>SOVEREIGN DEBT</subject><subject>SYSTEMIC RISK</subject><subject>VIX</subject><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2018</creationdate><recordtype>article</recordtype><sourceid>VO9</sourceid><recordid>eNqdyz0OAiEQQGEaC6PegQNo4l8UWomrvfZkNrAbsoQhM0Syt5fCE1i913xLoR6EzNJADgWi7CJWlv0sb5Am3kqDlJGg-PaQnHzhx5MPY-K1WAwQ2W9-XYlzd3-b564iRdc3bjH7NCWs0buxqYwcCtJsD3utLvaotbqe_mRfjSs-fA</recordid><startdate>201807</startdate><enddate>201807</enddate><creator>Avdjiev, Stefan</creator><creator>Hardy, Bryan</creator><creator>Kalemli-Ozcan, Sebnem</creator><creator>Serven, Luis</creator><general>World Bank, Washington, DC</general><scope>VO9</scope></search><sort><creationdate>201807</creationdate><title>Gross Capital Flows by Banks, Corporates, and Sovereigns</title><author>Avdjiev, Stefan ; Hardy, Bryan ; Kalemli-Ozcan, Sebnem ; Serven, Luis</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-worldbank_openknowledgerepository_10986_299873</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2018</creationdate><topic>BUSINESS CYCLE</topic><topic>CAPITAL FLOWS</topic><topic>EMERGING MARKET ECONOMIES</topic><topic>EXTERNAL DEBT</topic><topic>INTERNATIONAL CAPITAL MARKETS</topic><topic>SOVEREIGN DEBT</topic><topic>SYSTEMIC RISK</topic><topic>VIX</topic><toplevel>online_resources</toplevel><creatorcontrib>Avdjiev, Stefan</creatorcontrib><creatorcontrib>Hardy, Bryan</creatorcontrib><creatorcontrib>Kalemli-Ozcan, Sebnem</creatorcontrib><creatorcontrib>Serven, Luis</creatorcontrib><collection>Open Knowledge Repository</collection></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext_linktorsrc</fulltext></delivery><addata><au>Avdjiev, Stefan</au><au>Hardy, Bryan</au><au>Kalemli-Ozcan, Sebnem</au><au>Serven, Luis</au><format>book</format><genre>document</genre><ristype>GEN</ristype><atitle>Gross Capital Flows by Banks, Corporates, and Sovereigns</atitle><date>2018-07</date><risdate>2018</risdate><volume>8514</volume><abstract>This paper constructs a new dataset of
quarterly capital flows by sector and establishes four
facts. First, the co-movement of capital inflows and
outflows is driven by banks. Second, procyclicality of
capital inflows is driven by banks and corporates, whereas
sovereigns' external liabilities move acyclically in
advanced and countercyclically in emerging countries. Third,
procyclicality of capital outflows is driven by advanced
countries' banks and emerging countries'
sovereigns (reserves). Fourth, capital inflows and outflows
decline for banks and corporates when global risk aversion
increases, whereas sovereigns' flows show no response.
These facts are inconsistent with a large class of
theoretical models.</abstract><pub>World Bank, Washington, DC</pub><oa>free_for_read</oa></addata></record> |
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| subjects | BUSINESS CYCLE CAPITAL FLOWS EMERGING MARKET ECONOMIES EXTERNAL DEBT INTERNATIONAL CAPITAL MARKETS SOVEREIGN DEBT SYSTEMIC RISK VIX |
| title | Gross Capital Flows by Banks, Corporates, and Sovereigns |
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