Excerpt
Excerpt
Capital Flow Cycles: A Long, Global View. Carmen Reinhart, October 31, 2017, Paper, "This paper develops a new, extensive database on international capital flows over the past 200 years by combining long-run data on international debt issuance, the current account, and central bank reserves across countries. We show that crossborder financial flows from financial centers to the periphery are cyclical, with similar patterns over time. We document the interaction between the capital flow cycle, the commodity price super-cycle, and short-term interest rates." Link