Working Paper

Gross Capital Flows by Banks, Corporates, and Sovereigns

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Avdjiev, Stefan
dc.contributor.author
Hardy, Bryan
dc.contributor.author
Kalemli-Ozcan, Sebnem
dc.contributor.author
Serven, Luis
dc.date.accessioned
2018-07-16T13:21:36Z
dc.date.available
2018-07-16T13:21:36Z
dc.date.issued
2018-07
dc.date.lastModified
2021-06-08T14:42:46Z
dc.description.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.
en
dc.identifier
http://documents.worldbank.org/curated/en/277751531244010849/Gross-capital-flows-by-banks-corporates-and-sovereigns
dc.identifier.uri
http://hdl.handle.net/10986/29987
dc.language
English
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper;No. 8514
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo
dc.subject
CAPITAL FLOWS
dc.subject
BUSINESS CYCLE
dc.subject
EXTERNAL DEBT
dc.subject
SOVEREIGN DEBT
dc.subject
VIX
dc.subject
SYSTEMIC RISK
dc.subject
EMERGING MARKET ECONOMIES
dc.subject
INTERNATIONAL CAPITAL MARKETS
dc.title
Gross Capital Flows by Banks, Corporates, and Sovereigns
en
dc.type
Working Paper
en
okr.crossref.title
Gross Capital Flows by Banks, Corporates, and Sovereigns
okr.date.disclosure
2018-07-10
okr.doctype
Publications & Research
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.docurl
http://documents.worldbank.org/curated/en/277751531244010849/Gross-capital-flows-by-banks-corporates-and-sovereigns
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-8514
okr.identifier.externaldocumentum
090224b085d66a3e_1_0
okr.identifier.internaldocumentum
30247843
okr.identifier.report
WPS8514
okr.imported
true
en
okr.language.supported
en
okr.pdfurl
http://documents.worldbank.org/curated/en/277751531244010849/pdf/WPS8514.pdf
en
okr.statistics.dr
277751531244010849
okr.topic
Finance and Financial Sector Development :: Capital Markets and Capital Flows
okr.topic
International Economics and Trade :: Capital Flows
okr.topic
Macroeconomics and Economic Growth :: Business Cycles and Stabilization Policies
okr.topic
Macroeconomics and Economic Growth :: Economic Conditions and Volatility
okr.unit
Development Research Group, Development Economics

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