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(WP4/2020) Sectoral Capital Flows: Covariates, Co-movements, and Controls

Publish Date: : June 2020
Authors:: Etienne Lepers, Rogelio Mercado, Jr

Summary

This paper assembles a comprehensive sectoral capital flows dataset for 64 advanced and emerging economies from 2000-18, including direct, portfolio, and other investment to and from central banks (CB), general government (GG), banks (BKs), non-financial corporates (NFCs) and other financial corporates (OFCs) and a corresponding dataset on capital controls imposed on these sectors. Using these datasets, this paper illustrates the usefulness of a sectoral approach in assessing capital flow covariates, co-movements, and the effectiveness of capital controls. The findings underscore the sensitivity and cyclicality of OFC flows; and offer new evidence on the impact of sectoral controls on BKs, NFCs, and OFCs in lowering gross inflows to these sectors.

The South East Asian Central Banks (SEACEN)Research and Training Centre 198201000672 (80416-M)

 

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