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The global capital flows cycle: structural drivers and transmission channels
Gespeichert in:
| Personen und Körperschaften: | , |
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| Titel: | The global capital flows cycle: structural drivers and transmission channels/ Maurizio Michael Habib, Fabrizio Venditti |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2019]
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| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2280 (May 2019)
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| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | In this paper, we study the effects of structural shocks that influence global risk - the main factor behind a "global capital flows cycle" - and how risk, in turn, is transmitted to capital flows. Our results show that not all the risk shocks driving the global financial cycle have the same effects on capital flows. Changes in global risk caused by pure financial shocks have the largest impact on the global configuration of capital flows, followed by US monetary policy shocks. As regards the transmission of risk to capital flows, we uncover a traditional “trilemma”, as countries more financially open and adopting a strict peg are more sensitive to global risk. This "trilemma" is mainly driven by one category of cross-border flows, "other investment", confirming the importance of cross-border banking loans in the narrative of the global financial cycle. |
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| Umfang: | 1 Online-Ressource (circa 54 Seiten); Illustrationen |
| ISBN: |
9789289935425
9289935421 |
| DOI: | 10.2866/54331 |