期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：This paper highlights a recent ‘great moderation’ in global capital flows, characterisedby smaller volumes and lower volatility of cross-border transactions. However, there aresubstantial differences across countries and regions which we analyse by comparing thelevel of international capital flows observed in 2005-06, immediately prior to the onset ofthe global financial crisis, to the post-crisis period of 2013-14, when global flows arguablysettled at a ‘new normal’. We find that since the pre-crisis period, gross capital inflows recoveredmore for economies with smaller pre-crisis external and internal imbalances, lower percapita income, improving growth expectations, a less severe impact of the global financialcrisis and less stringent macroprudential policy. On the asset side, countries with a moreaccommodative monetary policy, a milder impact of the crisis and oil exporters managed toincrease gross capital outflows in the post-crisis period.
关键词：International capital flows; global financial crisis; external imbalances; monetary;policy; macroprudential policy
