rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international … asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes a global risk … response index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion …

assetportfolio considerations. Based on the modified exchange market pressure index, the paperalso proposes the Global Risk Response … Index, which reflects the country-specific sensitivityof capital flow pressures to measures of global risk aversion. For a … large sample of countriesover time, we demonstrate time variation in the effects of global risk on exchange marketpressures …

rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international … asset portfolio considerations. Based on the modified exchange market pressure index, the paper also proposes a global risk … response index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk aversion …

by policy responses. This paper presents a theory-based measure of capital flow pressures, a new Exchange Market Pressure … policy changes. We use the index to identify so called safe-haven and risk-on status currencies and investigate the drivers …

rate adjustments. The formulation is theory-based, relying on balance of payments equilibrium conditions and international … Risk Response Index, which reflects the country-specific sensitivity of capital flow pressures to measures of global risk … aversion. For a large sample of countries over time, we demonstrate time variation in the effects of global risk on exchange …