Abstract

http://ssrn.com/abstract=2131699
 
 

References (19)



 
 

Citations (5)



 
 

Footnotes (15)



 


 



Debt- and Equity-Led Capital Flow Episodes


Kristin J. Forbes


Massachusetts Institute of Technology (MIT) - Sloan School of Management; National Bureau of Economic Research (NBER)

Francis E. Warnock


University of Virginia - Darden Business School; National Bureau of Economic Research (NBER)

August 2012

NBER Working Paper No. w18329

Abstract:     
Forbes and Warnock (2012) identify episodes of extreme capital flow movements—surges, stops, flight, and retrenchment—and find that global factors, especially global risk, are significantly associated with extreme capital flow episodes whereas domestic macroeconomic characteristics and capital controls are less important. That analysis leads naturally to the question of which types of capital flows are driving the episodes and if debt- and equity-led episodes differ in material ways. After identifying debt- and equity-led episodes, we find that most episodes of extreme capital flow movements around the world are debt-led and the factors associated with debt-led episodes are similar to the factors behind episodes identified with aggregate capital flow data. In contrast, equity-led episodes are less frequent, more idiosyncratic, and differ in nature from other episodes.

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Number of Pages in PDF File: 34

working papers series


Date posted: August 18, 2012  

Suggested Citation

Forbes, Kristin J. and Warnock, Francis E., Debt- and Equity-Led Capital Flow Episodes (August 2012). NBER Working Paper No. w18329. Available at SSRN: http://ssrn.com/abstract=2131699

Contact Information

Kristin J. Forbes (Contact Author)
Massachusetts Institute of Technology (MIT) - Sloan School of Management ( email )
Room E62-416
Cambridge, MA 02142
United States
617-253-8996 (Phone)
HOME PAGE: http://web.mit.edu/kjforbes/www
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Francis E. Warnock
University of Virginia - Darden Business School ( email )
P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-6076 (Phone)
HOME PAGE: http://faculty.darden.virginia.edu/warnockf/index.htm
National Bureau of Economic Research (NBER) ( email )
1050 Massachusetts Avenue
Cambridge, MA 02138-5398
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References:  19
Citations:  5
Footnotes:  15

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