Ride the Wild Surf : An Investigation of the Drivers of Surges in Capital Inflows

Over the past 15 years, gross inflows to industrial and developing countries have enjoyed a wild ride. After reaching record highs in the run-up to the global financial crisis, they collapsed dramatically in 2008-09. As signs of global recovery rea...

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Bibliographic Details
Main Authors:	Calderón, César, Kubota, Megumi
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	ACCOUNTING ADVANCED COUNTRIES ADVANCED ECONOMIES ASSET POSITION ASSET PRICE ASSET PRICES ASYMMETRIC INFORMATION BALANCE OF PAYMENTS BALANCE SHEETS BANK POLICY BANKING CRISES BANKING CRISIS BOND BOND FUNDS BONDS BOOM-BUST CYCLES BROKERS CAPITAL ACCOUNT CAPITAL FLOW CAPITAL FLOWS CAPITAL INFLOW CAPITAL INFLOWS CAPITAL MOBILITY CAPITAL MOVEMENTS CENTRAL BANK CENTRAL BANKS COMMODITY COMMODITY PRICES CONSUMER PRICE INDEX COUNTRY RISK CREDIT EXPANSION CREDIT EXPANSIONS CREDIT GROWTH CREDIT MARKETS CREDITWORTHINESS CURRENCY CURRENCY CRISIS CURRENT ACCOUNT BALANCE CURRENT ACCOUNT BALANCES CURRENT ACCOUNT DEFICIT CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUSES DEBT DEBT CRISIS DEBT FLOWS DEBT RELIEF DEBT SECURITIES DEVALUATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DEVELOPMENT BANK DOMESTIC CREDIT DOMESTIC CURRENCIES DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKETS DOMESTIC INVESTORS DOMESTIC MARKETS DUMMY VARIABLE EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITY FLOWS EQUITY FUNDS EQUITY SECURITIES EXCESS LIQUIDITY EXCHANGE RATE EXCHANGE RATE REGIME EXCHANGE RATES EXPORTERS EXTERNAL FINANCE EXTERNAL FINANCING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL ASSET FINANCIAL CONTAGION FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENTS FINANCIAL FACTORS FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INSTABILITY FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL MARKETS FINANCIAL OPENNESS FINANCIAL REFORM FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCIAL SYSTEMS FINANCIAL TRANSACTIONS FISCAL POLICIES FLEXIBLE EXCHANGE RATE FLEXIBLE EXCHANGE RATE REGIMES FLOATING RATES FLOW OF CAPITAL FLOW OF FUNDS FOREIGN ASSET FOREIGN ASSET POSITION FOREIGN ASSETS FOREIGN CAPITAL FOREIGN DEBT FOREIGN DIRECT INVESTMENT FOREIGN FINANCING FOREIGN INTEREST FOREIGN INVESTMENT FOREIGN INVESTORS GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GLOBAL ECONOMY GLOBAL MARKETS GLOBAL RISK GLOBAL STOCK MARKETS GLOBALIZATION GOVERNMENT POLICIES GROWTH RATE HUMAN RESOURCE IMPLIED VOLATILITY INCOME INCOME DIFFERENTIALS INDUSTRIAL COUNTRIES INFLATION INFLATION CRISIS INFLATION RATE INFLOWS OF CAPITAL INTEREST RATE INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CAPITAL MARKET INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INTEREST INTERNATIONAL TRADE INVESTMENT FLOWS INVESTMENT OPPORTUNITIES LIABILITY LIQUIDITY LIQUIDITY PROBLEMS LOAN LOCAL CURRENCIES LOCAL CURRENCY LOCAL INVESTORS MACROECONOMIC INSTABILITY MACROECONOMIC POLICY MARKET RETURN MATURITY MATURITY MISMATCHES MICRO DATA MIDDLE-INCOME COUNTRIES MONETARY AUTHORITY MONETARY POLICY MONETARY STABILITY MONEY MARKET MONEY MARKET RATE MUTUAL FUNDS NATURAL RESOURCE NATURAL RESOURCES NEGATIVE SHOCK NET CAPITAL NET DEBT OPEN ECONOMIES OUTPUT POLICY RESPONSES PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIO RISK PORTFOLIOS POSITIVE COEFFICIENT PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PROPERTY RIGHTS PUSH FACTOR PUSH FACTORS RAPID EXPANSION REAL ECONOMIC ACTIVITY REAL EXCHANGE RATE REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REAL INTEREST RATES REGULATORY FRAMEWORK RESERVE RETURN RETURNS RISK AVERSION SHARE OF EQUITY SHORT-TERM LIABILITIES SOVEREIGN DEFAULT SOVEREIGN RISK STOCK MARKET STOCK MARKET VOLATILITY STOCK MARKETS STOCK RETURN STOCK RETURNS SYSTEMIC RISKS TAX TAX CODE TRADE BALANCE TRADING WORLD DEVELOPMENT INDICATORS WORLD ECONOMY WORLD FINANCIAL MARKETS WORLD STOCK MARKETS
Online Access:	http://documents.worldbank.org/curated/en/2014/01/18834369/ride-wild-surf-investigation-drivers-surges-capital-inflows http://hdl.handle.net/10986/16824