During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By...

This paper assesses the international comovement of gross capital flows in a setting simultaneously encompassing aggregate inflows and outflows. It uses as empirical framework a multilevel latent factor model, implemented on flow data for a large sample of countries over more than three decades....

Financial sector strategies enable financial policy makers and stakeholders to take a holistic view of the financial development needs in their country and formulate balanced financial policies. They help policy makers consider the systemic risk that different development policies involve and...