000302746 001__ 302746 000302746 005__ 20250220163406.0 000302746 0247_ $$2doi$$a10.1111/joes.12621 000302746 037__ $$aARTICLE 000302746 245__ $$aThe global financial cycle and capital flows$$btaking stock 000302746 269__ $$a2024 000302746 336__ $$aJournal Articles 000302746 520__ $$aSince 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. 000302746 542__ $$fOpen access article, Creative Commons Attribution-NonCommercial-NoDerivatives (CC BY-NC-ND) licence$$uhttp://creativecommons.org/licenses/by-nc-nd/4.0/ 000302746 580__ $$aIn: Journal of Economic Surveys. - 2024, pages 1-27 000302746 6531_ $$aFinance and Investment$$0319126 000302746 700__ $$aScheubel, Beatrice 000302746 700__ $$aStracca, Livio 000302746 700__ $$aTille, Cédric 000302746 8564_ $$9f5140790-78b7-48c8-addc-758918b46e81$$s824280$$uhttps://repository.graduateinstitute.ch/record/302746/files/Journal%20of%20Economic%20Surveys%20-%202024%20-%20Scheubel%20-%20The%20global%20financial%20cycle%20and%20capital%20flows%20Taking%20stock.pdf 000302746 901__ $$uInternational Economics Department$$0319285 000302746 901__ $$uCentre for Finance and Development 000302746 901__ $$uGlobal Governance Centre$$0319297 000302746 909CO $$ooai:repository.graduateinstitute.ch:302746$$pGLOBAL_SET$$pIHEID:Explore 000302746 981__ $$aoverwrite