with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …

in a countercyclical way, that is they tend to be positive (negative) when the domestic economy is growing more slowly … (rapidly) than the rest of the world. Countries with more countercyclical net capital gains experience improved consumption …