TY  - GEN
AB  - 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.
AU  - Scheubel, Beatrice
AU  - Stracca, Livio
AU  - Tille, Cédric
DA  - 2024
DO  - 10.1111/joes.12621
DO  - doi
ID  - 302746
KW  - Finance and Investment
L1  - https://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf
L2  - https://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf
L4  - https://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf
LK  - https://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf
N2  - 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.
PY  - 2024
T1  - The global financial cycle and capital flowstaking stock
TI  - The global financial cycle and capital flowstaking stock
UR  - https://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf
Y1  - 2024
ER  -