Paper challenges Rey’s ideas on global financial cycle
Study contests idea that capital flows are mainly the result of common shocks or developments in the US
Emerging markets may be less beholden to the tides of global capital than previously thought, according to recent research by Eugenio Cerutti, Stijn Claessens and Andrew Rose.
Published on August 31 as a Bank for International Settlements working paper, the study sets out to test the influential claim made by Hélène Rey, among others, that countries are beholden to externally-driven, volatile flows of capital.
The argument is typically expressed in terms of a “global financial cycle”, driven
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