Sorties de capitaux : le vrai péché originel des pays émergents

This paper highlights the role of capital outflows in creating periods of turbulence by forcing emerging economies to raise massive funds abroad. First, we present stylised facts related to the capital outflows from the emerging economies. Then, we carry out a breakdown of the balance of payments which enables us to define new aggregates. The latter show the contribution of capital outflows to the growth of external debt and bring out common tendencies linking outflows to the dynamics of public and private external debt. Finally, we revisit recent episodes of emerging crises by drawing out two serious configurations related to massive capital outflows.