This paper assesses empirically the key drivers of private capital flows to a large sample of emerging market economies in the last decade. It analyzes the effect of the global financial cycle, measured by the VIX, on capital flows and investigates the role of fundamentals and country...

Prior to the recent global financial crisis, the Bank of England last provided emergency liquidity assistance to banks in the early 1990s. This was intended to prevent contagion from a group of small banks to larger, systemically important financial institutions. The Bank of England is now in a...

Over the past quarter of a century, emerging market economies (EMEs) have defaulted on their sovereign debts frequently. This article assesses the size and types of costs that have been associated with these defaults. It emphasises that costs, measured by the fall in output, are particularly...