Data and Code for: “The Financial Center Leverage Cycle: Does it Spread around the World?”
- Kaminsky, Graciela (George Washington University)
- Medina, Leandro (International Monetary Fund)
- Wang, Shiyi (George Washington University)
National Science Foundation
- Award Number: 1023681
Institute for New Economic Thinking
- Award Number: INO14-00009)
AbstractWith a novel database, we examine the evolution of capital flows since the collapse of the Bretton Woods System in the early 1970s. We decompose capital flows into global, regional, and idiosyncratic factors. In contrast to previous findings, which mostly use data from the 2000s, we find that booms and busts in capital flows are mainly explained by regional factors and not the global factor. We link leverage in the financial center to regional capital flows and the cost of borrowing in international capital markets to examine the drivers of capital flow bonanzas and busts.
1973-01-01 / 2017-12-31Time Period: Mon Jan 01 00:00:00 EST 1973--Sun Dec 31 00:00:00 EST 2017
Capital Flows to Asia, Europe, and Latin America
Is version of
Kaminsky, Graciela Laura, Leandro Medina, and Shiyi Wang. “The Financial Center Leverage Cycle: Does It Spread around the World?” AEA Papers and Proceedings 110 (May 1, 2020): 504–10. https://doi.org/10.1257/pandp.20201009.
- ID: 10.1257/pandp.20201009 (DOI)
Update Metadata: 2020-07-29 | Issue Number: 1 | Registration Date: 2020-07-29