Under the direction of the Asian Consultative Council of the BIS at its February 2019 meeting, the BIS Representative Office for Asia and the Pacific set up a Working Group of regional central banks to examine their policy frameworks, focusing on capital flows, exchange rates, and the joint use...

This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...