@article{Scheubel:302746,
      recid = {302746},
      author = {Scheubel, Beatrice and Stracca, Livio and Tille, Cédric},
      title = {The global financial cycle and capital flows taking stock},
      address = {2024},
      number = {ARTICLE},
      abstract = {Since the global financial crisis, a rich and expanding  literature on the so-called global financial cycle (GFCy)  has emerged. This has fueled a debate in academic and  policy circles on how to measure the GFCy, and how it  impacts international capital flows, possibly in a  time-varying way. We review the literature that has shown  the relevance of the GFCy, as well as the heterogeneity of  its impact on capital flows and its variations over time.  We assess how various indicators of the GFCy affect  episodes of large capital flows, and find a robust effect  especially on episodes driven by non-resident investors.  Non-linearity and instability over time, notably a less  strong impact after the global financial crisis, are found  at least for some GFCy indicators.},
      url = {http://repository.graduateinstitute.ch/record/302746},
      doi = {https://doi.org/10.1111/joes.12621},
}