Gross Capital Flows : Dynamics and Crises

This paper analyzes the joint behavior of international capital flows by foreign and domestic agents -- gross capital flows -- over the business cycle and during financial crises. The authors show that gross capital flows are very large and volatil...

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Main Authors:	Broner, Fernando, Didier, Tatiana, Erce, Aitor, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCOUNTING ASSET PRICING ASYMMETRIC INFORMATION BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LIQUIDITY BANK LOANS BANKING CRISES BOND BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MOVEMENTS CAPITAL OUTFLOWS CENTRAL BANK CREDITORS CRISIS COUNTRY CRISIS EPISODES CURRENCY CURRENCY CRASHES CURRENCY CRISES CURRENCY CRISIS CURRENT ACCOUNT CYCLICAL BEHAVIOR DATA AVAILABILITY DEBT DEBT CONTRACTS DEBT CRISES DEBT FLOWS DEBT SERVICE DEBT SERVICE PAYMENTS DEBTORS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC ASSETS DOMESTIC CAPITAL DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC EQUITY DOMESTIC INVESTORS DOMESTIC MARKETS DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC RESIDENTS ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC OUTLOOK ECONOMIC REVIEW ECONOMICS RESEARCH EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EMPIRICAL EVIDENCE EQUITY FLOWS EQUITY INFLOWS EXCHANGE RATE EXCHANGE RATES EXPECTED RETURNS EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL FINANCE FINANCIAL ACCOUNT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVES FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL TRANSACTIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN HOLDERS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTORS GDP GLOBALIZATION GROWTH RATES HOLDINGS INCOME INCOME GROUPS INCOME LEVEL INCOME LEVELS INCOMPLETE MARKETS INFORMATIONAL ASYMMETRY INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTMENT INTERNATIONAL INVESTORS INTERNATIONAL MACROECONOMICS INTERNATIONAL MONETARY FUND INTERNATIONAL PORTFOLIO INTERNATIONAL PORTFOLIOS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT FLOWS LEADING INDICATORS LESS DEVELOPED COUNTRIES LIABILITY LIQUIDITY LIQUIDITY CRISES LOCAL CURRENCY LONG-TERM CAPITAL LOW-INCOME COUNTRIES MACRO MODELS MACROECONOMICS MARKET VALUATIONS MEDIAN VALUE MIDDLE INCOME COUNTRIES MIDDLE-INCOME COUNTRIES MONETARY FUND NATIONAL INCOME NET CAPITAL NET CAPITAL FLOWS NET FLOWS OFFICIAL FLOWS OFFSHORE FINANCIAL CENTERS OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT GAP OUTPUT LOSSES PARTICULAR COUNTRIES PARTICULAR COUNTRY POLICY REFORM POLICY RESEARCH POLITICAL ECONOMY PORTFOLIO PORTFOLIO CHOICE PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS POST-CRISIS PERIOD POST-CRISIS PERIODS PREVIOUS CRISIS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PROBABILITY OF DEFAULT PRODUCTIVITY PROPERTY RIGHTS REAL EXCHANGE REAL GDP RETURN RISK AVERSION SECONDARY MARKETS SMALL COUNTRIES SOVEREIGN RISK STANDARD DEVIATION STOCK MARKET SYSTEMIC BANKING CRISES TAX TRADE BALANCE TRADE CREDIT TRADING TURNOVER VALUATION VENTURE CAPITALIST VOLATILE CAPITAL VOLATILE CAPITAL FLOWS VOLATILE FLOW VOLATILITY WEALTH WORLD DEVELOPMENT INDICATORS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822093834 http://hdl.handle.net/10986/3531

id	okr-10986-3531
recordtype	oai_dc
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	ACCOUNTING ASSET PRICING ASYMMETRIC INFORMATION BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LIQUIDITY BANK LOANS BANKING CRISES BOND BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MOVEMENTS CAPITAL OUTFLOWS CENTRAL BANK CREDITORS CRISIS COUNTRY CRISIS EPISODES CURRENCY CURRENCY CRASHES CURRENCY CRISES CURRENCY CRISIS CURRENT ACCOUNT CYCLICAL BEHAVIOR DATA AVAILABILITY DEBT DEBT CONTRACTS DEBT CRISES DEBT FLOWS DEBT SERVICE DEBT SERVICE PAYMENTS DEBTORS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC ASSETS DOMESTIC CAPITAL DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC EQUITY DOMESTIC INVESTORS DOMESTIC MARKETS DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC RESIDENTS ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC OUTLOOK ECONOMIC REVIEW ECONOMICS RESEARCH EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EMPIRICAL EVIDENCE EQUITY FLOWS EQUITY INFLOWS EXCHANGE RATE EXCHANGE RATES EXPECTED RETURNS EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL FINANCE FINANCIAL ACCOUNT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVES FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL TRANSACTIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN HOLDERS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTORS GDP GLOBALIZATION GROWTH RATES HOLDINGS INCOME INCOME GROUPS INCOME LEVEL INCOME LEVELS INCOMPLETE MARKETS INFORMATIONAL ASYMMETRY INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTMENT INTERNATIONAL INVESTORS INTERNATIONAL MACROECONOMICS INTERNATIONAL MONETARY FUND INTERNATIONAL PORTFOLIO INTERNATIONAL PORTFOLIOS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT FLOWS LEADING INDICATORS LESS DEVELOPED COUNTRIES LIABILITY LIQUIDITY LIQUIDITY CRISES LOCAL CURRENCY LONG-TERM CAPITAL LOW-INCOME COUNTRIES MACRO MODELS MACROECONOMICS MARKET VALUATIONS MEDIAN VALUE MIDDLE INCOME COUNTRIES MIDDLE-INCOME COUNTRIES MONETARY FUND NATIONAL INCOME NET CAPITAL NET CAPITAL FLOWS NET FLOWS OFFICIAL FLOWS OFFSHORE FINANCIAL CENTERS OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT GAP OUTPUT LOSSES PARTICULAR COUNTRIES PARTICULAR COUNTRY POLICY REFORM POLICY RESEARCH POLITICAL ECONOMY PORTFOLIO PORTFOLIO CHOICE PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS POST-CRISIS PERIOD POST-CRISIS PERIODS PREVIOUS CRISIS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PROBABILITY OF DEFAULT PRODUCTIVITY PROPERTY RIGHTS REAL EXCHANGE REAL GDP RETURN RISK AVERSION SECONDARY MARKETS SMALL COUNTRIES SOVEREIGN RISK STANDARD DEVIATION STOCK MARKET SYSTEMIC BANKING CRISES TAX TRADE BALANCE TRADE CREDIT TRADING TURNOVER VALUATION VENTURE CAPITALIST VOLATILE CAPITAL VOLATILE CAPITAL FLOWS VOLATILE FLOW VOLATILITY WEALTH WORLD DEVELOPMENT INDICATORS
spellingShingle	ACCOUNTING ASSET PRICING ASYMMETRIC INFORMATION BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LIQUIDITY BANK LOANS BANKING CRISES BOND BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MOVEMENTS CAPITAL OUTFLOWS CENTRAL BANK CREDITORS CRISIS COUNTRY CRISIS EPISODES CURRENCY CURRENCY CRASHES CURRENCY CRISES CURRENCY CRISIS CURRENT ACCOUNT CYCLICAL BEHAVIOR DATA AVAILABILITY DEBT DEBT CONTRACTS DEBT CRISES DEBT FLOWS DEBT SERVICE DEBT SERVICE PAYMENTS DEBTORS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC ASSETS DOMESTIC CAPITAL DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC EQUITY DOMESTIC INVESTORS DOMESTIC MARKETS DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC RESIDENTS ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC OUTLOOK ECONOMIC REVIEW ECONOMICS RESEARCH EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EMPIRICAL EVIDENCE EQUITY FLOWS EQUITY INFLOWS EXCHANGE RATE EXCHANGE RATES EXPECTED RETURNS EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL FINANCE FINANCIAL ACCOUNT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVES FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL TRANSACTIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN HOLDERS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTORS GDP GLOBALIZATION GROWTH RATES HOLDINGS INCOME INCOME GROUPS INCOME LEVEL INCOME LEVELS INCOMPLETE MARKETS INFORMATIONAL ASYMMETRY INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTMENT INTERNATIONAL INVESTORS INTERNATIONAL MACROECONOMICS INTERNATIONAL MONETARY FUND INTERNATIONAL PORTFOLIO INTERNATIONAL PORTFOLIOS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT FLOWS LEADING INDICATORS LESS DEVELOPED COUNTRIES LIABILITY LIQUIDITY LIQUIDITY CRISES LOCAL CURRENCY LONG-TERM CAPITAL LOW-INCOME COUNTRIES MACRO MODELS MACROECONOMICS MARKET VALUATIONS MEDIAN VALUE MIDDLE INCOME COUNTRIES MIDDLE-INCOME COUNTRIES MONETARY FUND NATIONAL INCOME NET CAPITAL NET CAPITAL FLOWS NET FLOWS OFFICIAL FLOWS OFFSHORE FINANCIAL CENTERS OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT GAP OUTPUT LOSSES PARTICULAR COUNTRIES PARTICULAR COUNTRY POLICY REFORM POLICY RESEARCH POLITICAL ECONOMY PORTFOLIO PORTFOLIO CHOICE PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS POST-CRISIS PERIOD POST-CRISIS PERIODS PREVIOUS CRISIS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PROBABILITY OF DEFAULT PRODUCTIVITY PROPERTY RIGHTS REAL EXCHANGE REAL GDP RETURN RISK AVERSION SECONDARY MARKETS SMALL COUNTRIES SOVEREIGN RISK STANDARD DEVIATION STOCK MARKET SYSTEMIC BANKING CRISES TAX TRADE BALANCE TRADE CREDIT TRADING TURNOVER VALUATION VENTURE CAPITALIST VOLATILE CAPITAL VOLATILE CAPITAL FLOWS VOLATILE FLOW VOLATILITY WEALTH WORLD DEVELOPMENT INDICATORS Broner, Fernando Didier, Tatiana Erce, Aitor Schmukler, Sergio L. Gross Capital Flows : Dynamics and Crises
geographic_facet	The World Region The World Region
relation	Policy Research working paper ; no. WPS 5768,Paper is funded by the Knowledge for Change Program (KCP)
description	This paper analyzes the joint behavior of international capital flows by foreign and domestic agents -- gross capital flows -- over the business cycle and during financial crises. The authors show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents tend to invest abroad, and vice versa. Gross capital flows are also pro-cyclical, with foreigners investing more in the country and domestic agents investing more abroad during expansions. During crises, especially during severe ones, there is retrenchment, that is, a reduction in both capital inflows by foreigners and capital outflows by domestic agents. This evidence sheds light on the nature of shocks driving capital flows and helps discriminate among existing theories. The findings seem consistent with shocks that affect foreign and domestic agents asymmetrically, such as sovereign risk and asymmetric information.
format	Publications & Research :: Policy Research Working Paper
author	Broner, Fernando Didier, Tatiana Erce, Aitor Schmukler, Sergio L.
author_facet	Broner, Fernando Didier, Tatiana Erce, Aitor Schmukler, Sergio L.
author_sort	Broner, Fernando
title	Gross Capital Flows : Dynamics and Crises
title_short	Gross Capital Flows : Dynamics and Crises
title_full	Gross Capital Flows : Dynamics and Crises
title_fullStr	Gross Capital Flows : Dynamics and Crises
title_full_unstemmed	Gross Capital Flows : Dynamics and Crises
title_sort	gross capital flows : dynamics and crises
publishDate	2012
url	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822093834 http://hdl.handle.net/10986/3531
_version_	1764387152323411968
spelling	okr-10986-35312021-04-23T14:02:10Z Gross Capital Flows : Dynamics and Crises Broner, Fernando Didier, Tatiana Erce, Aitor Schmukler, Sergio L. ACCOUNTING ASSET PRICING ASYMMETRIC INFORMATION BALANCE OF PAYMENT BALANCE OF PAYMENTS BANK LIQUIDITY BANK LOANS BANKING CRISES BOND BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MOVEMENTS CAPITAL OUTFLOWS CENTRAL BANK CREDITORS CRISIS COUNTRY CRISIS EPISODES CURRENCY CURRENCY CRASHES CURRENCY CRISES CURRENCY CRISIS CURRENT ACCOUNT CYCLICAL BEHAVIOR DATA AVAILABILITY DEBT DEBT CONTRACTS DEBT CRISES DEBT FLOWS DEBT SERVICE DEBT SERVICE PAYMENTS DEBTORS DEVELOPING COUNTRIES DEVELOPING ECONOMIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DOMESTIC ASSETS DOMESTIC CAPITAL DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC ECONOMY DOMESTIC EQUITY DOMESTIC INVESTORS DOMESTIC MARKETS DOMESTIC PRICE DOMESTIC PRICE LEVEL DOMESTIC RESIDENTS ECONOMIC ACTIVITY ECONOMIC DOWNTURNS ECONOMIC OUTLOOK ECONOMIC REVIEW ECONOMICS RESEARCH EMERGING MARKET EMERGING MARKET PORTFOLIOS EMERGING MARKETS EMPIRICAL EVIDENCE EQUITY FLOWS EQUITY INFLOWS EXCHANGE RATE EXCHANGE RATES EXPECTED RETURNS EXTERNAL ASSETS EXTERNAL DEBT EXTERNAL FINANCE FINANCIAL ACCOUNT FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DERIVATIVES FINANCIAL DISTRESS FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL TRANSACTIONS FOREIGN ASSETS FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN CURRENCY DEBT FOREIGN DIRECT INVESTMENT FOREIGN DIRECT INVESTMENTS FOREIGN EQUITY FOREIGN HOLDERS FOREIGN INVESTMENTS FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTORS GDP GLOBALIZATION GROWTH RATES HOLDINGS INCOME INCOME GROUPS INCOME LEVEL INCOME LEVELS INCOMPLETE MARKETS INFORMATIONAL ASYMMETRY INTERNATIONAL BANK INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTMENT INTERNATIONAL INVESTORS INTERNATIONAL MACROECONOMICS INTERNATIONAL MONETARY FUND INTERNATIONAL PORTFOLIO INTERNATIONAL PORTFOLIOS INTERNATIONAL RESERVE INTERNATIONAL RESERVES INVESTING INVESTMENT ASSETS INVESTMENT FLOWS LEADING INDICATORS LESS DEVELOPED COUNTRIES LIABILITY LIQUIDITY LIQUIDITY CRISES LOCAL CURRENCY LONG-TERM CAPITAL LOW-INCOME COUNTRIES MACRO MODELS MACROECONOMICS MARKET VALUATIONS MEDIAN VALUE MIDDLE INCOME COUNTRIES MIDDLE-INCOME COUNTRIES MONETARY FUND NATIONAL INCOME NET CAPITAL NET CAPITAL FLOWS NET FLOWS OFFICIAL FLOWS OFFSHORE FINANCIAL CENTERS OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT GAP OUTPUT LOSSES PARTICULAR COUNTRIES PARTICULAR COUNTRY POLICY REFORM POLICY RESEARCH POLITICAL ECONOMY PORTFOLIO PORTFOLIO CHOICE PORTFOLIO FLOWS PORTFOLIO INVESTMENT PORTFOLIO INVESTMENTS PORTFOLIOS POST-CRISIS PERIOD POST-CRISIS PERIODS PREVIOUS CRISIS PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PROBABILITY OF DEFAULT PRODUCTIVITY PROPERTY RIGHTS REAL EXCHANGE REAL GDP RETURN RISK AVERSION SECONDARY MARKETS SMALL COUNTRIES SOVEREIGN RISK STANDARD DEVIATION STOCK MARKET SYSTEMIC BANKING CRISES TAX TRADE BALANCE TRADE CREDIT TRADING TURNOVER VALUATION VENTURE CAPITALIST VOLATILE CAPITAL VOLATILE CAPITAL FLOWS VOLATILE FLOW VOLATILITY WEALTH WORLD DEVELOPMENT INDICATORS This paper analyzes the joint behavior of international capital flows by foreign and domestic agents -- gross capital flows -- over the business cycle and during financial crises. The authors show that gross capital flows are very large and volatile, especially relative to net capital flows. When foreigners invest in a country, domestic agents tend to invest abroad, and vice versa. Gross capital flows are also pro-cyclical, with foreigners investing more in the country and domestic agents investing more abroad during expansions. During crises, especially during severe ones, there is retrenchment, that is, a reduction in both capital inflows by foreigners and capital outflows by domestic agents. This evidence sheds light on the nature of shocks driving capital flows and helps discriminate among existing theories. The findings seem consistent with shocks that affect foreign and domestic agents asymmetrically, such as sovereign risk and asymmetric information. 2012-03-19T18:04:06Z 2012-03-19T18:04:06Z 2011-08-01 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110822093834 http://hdl.handle.net/10986/3531 English Policy Research working paper ; no. WPS 5768,Paper is funded by the Knowledge for Change Program (KCP) CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Publications & Research :: Policy Research Working Paper The World Region The World Region

Gross Capital Flows : Dynamics and Crises

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