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Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gros

The volatility of capital flows to emerging markets continues to pose challenges to policymakers. In this paper, we propose a new framework to answer critical p

Managing Capital Flows provides analyses that can help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic

Superficial examination of aggregate gross cross-border capital inflow data suggests that there was no substitution between portfolio inflows and bank loans in

The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including