TY  - BOOK
AU  - Bluedorn,John C.
AU  - Duttagupta,Rupa
AU  - Guajardo,Jaime
AU  - Topalova,Petia
TI  - Capital Flows are Fickle: Anytime, Anywhere 
T2  - IMF Working Papers; Working Paper
SN  - 1484389042 :
SN  - 1018-5941
PY  - 2013///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Capital Inflows
KW  - imf
KW  - Comovement
KW  - Global Factors
KW  - International Capital Flows
KW  - Net Capital Flows
KW  - Persistence
KW  - Antigua and Barbuda
KW  - Bahrain
KW  - Greece
KW  - Saint Vincent and the Grenadines
KW  - Slovak Republic
N2  - Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nearly 150 countries, this paper finds that private capital flows are typically volatile for all countries, advanced or emerging, across all points in time. This holds true across most types of flows, including bank, portfolio debt, and equity flows. Advanced economies enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily when global financing conditions are relatively easy. These findings suggest that fickle capital flows are an unavoidable fact of life to which policymakers across all countries need to continue to manage and adapt
UR  - http://elibrary.imf.org/view/IMF001/20759-9781484389041/20759-9781484389041/20759-9781484389041.xml
UR  - http://www.imfbookstore.org/IMFORG/9781484389041
ER  -