with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as …. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …

financial conditions in EMEs, and, whether it is transmitted through portfolio flows. We find that a U.S. UMP shock … easing of their own monetary policy stance in response to an expansionary U.S. shock. …

direct impact predominantly on U.S. sectors and then propagate to the rest of the world through the global production network …

shocks, where the persistence of this shock is important, as well as by an external shock. This external shock is strongly … the post-crisis period, the impact of both the external shock and the inflation targeting shock on exchange rates and …