The residence-based framework of measuring international exposure is increasingly less informative, as a growing number of firms locate in low-tax jurisdictions and issue securities through offshore subsidiaries. This has clouded the view of capital flows and investor exposures from standard...

In this note, we document the large and growing distortions in official capital flows and investment statistics as a result of globalization. We provide a series of stylized facts about the extent and causes of these distortions, and also include data files containing U.S. portfolio holdings...

This paper analyzes the drivers of international waves in capital flows. We build on the literature on “sudden stops” and “bonanzas” to develop a new methodology for identifying episodes of extreme capital flow movements using quarterly data on gross inflows and gross outflows,...