enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do … emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital … flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily …

volatility and (the lack of) persistence implies that when one excludes volatile items relevant information is likely to be … volatility and persistence. The evidence shows that such measures far outperform those based on either volatility or persistence … show high persistence, and one certainly does not want to disregard persistent price changes. The non-equivalence between …

volatility. And for the global community, enhanced global cooperation, including a strong global financial safety net, offers … emerging markets effective protection against excessive volatility. …