Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
The COVID-19 pandemic triggered a sudden funding squeeze manifested in major disruptions in international capital flows, the most dramatic of the wave of extreme capital flow episodes since the global financial crisis (GFC). This paper contributes to efforts to better understand this extreme episode...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2021
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| Schriftenreihe: | OECD Working Papers on International Investment
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| Zusammenfassung: | The COVID-19 pandemic triggered a sudden funding squeeze manifested in major disruptions in international capital flows, the most dramatic of the wave of extreme capital flow episodes since the global financial crisis (GFC). This paper contributes to efforts to better understand this extreme episode in the context of post-GFC structural financial changes. To do so, it presents a new monthly dataset of gross capital flows for 41 countries, better suited to the identification of sudden shocks than quarterly Balance of Payments data. Leveraging on this dataset, the paper first develops a more precise identification of extreme capital flow episodes since the GFC and revisit their drivers, asking whether COVID-19 episode significantly changed recent findings of the weaker role of global factors. The answer is no. Rather, the role of global factors may have further lost explanatory power in the post-GFC period including COVID. On the other hand, pull factors such as pre-COVID vulnerabilities and country-specific and pandemic-specific factors appear key to explaining the identified cross-country heterogeneity |
| Beschreibung: | 1 Online-Ressource (48 Seiten) |
| DOI: | 10.1787/d557b9c4-en |
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| spelling | de Crescenzio, Annamaria Verfasser aut Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data Annamaria de Crescenzio and Etienne Lepers Paris OECD Publishing 2021 1 Online-Ressource (48 Seiten) txt rdacontent c rdamedia cr rdacarrier OECD Working Papers on International Investment The COVID-19 pandemic triggered a sudden funding squeeze manifested in major disruptions in international capital flows, the most dramatic of the wave of extreme capital flow episodes since the global financial crisis (GFC). This paper contributes to efforts to better understand this extreme episode in the context of post-GFC structural financial changes. To do so, it presents a new monthly dataset of gross capital flows for 41 countries, better suited to the identification of sudden shocks than quarterly Balance of Payments data. Leveraging on this dataset, the paper first develops a more precise identification of extreme capital flow episodes since the GFC and revisit their drivers, asking whether COVID-19 episode significantly changed recent findings of the weaker role of global factors. The answer is no. Rather, the role of global factors may have further lost explanatory power in the post-GFC period including COVID. On the other hand, pull factors such as pre-COVID vulnerabilities and country-specific and pandemic-specific factors appear key to explaining the identified cross-country heterogeneity Finance and Investment Lepers, Etienne ctb https://doi.org/10.1787/d557b9c4-en Verlag kostenfrei Volltext |
| spellingShingle | de Crescenzio, Annamaria Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data Finance and Investment |
| title | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data |
| title_auth | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data |
| title_exact_search | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data |
| title_exact_search_txtP | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data |
| title_full | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data Annamaria de Crescenzio and Etienne Lepers |
| title_fullStr | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data Annamaria de Crescenzio and Etienne Lepers |
| title_full_unstemmed | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 An exploration with monthly data Annamaria de Crescenzio and Etienne Lepers |
| title_short | Extreme capital flow episodes from the Global Financial Crisis to COVID-19 |
| title_sort | extreme capital flow episodes from the global financial crisis to covid 19 an exploration with monthly data |
| title_sub | An exploration with monthly data |
| topic | Finance and Investment |
| topic_facet | Finance and Investment |
| url | https://doi.org/10.1787/d557b9c4-en |
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