The liberalization of the capital account of the balance of payments was one of the main reasons of the increasing amount of capital flows that came in into many emerging economies. In the last decades, the restrictions on these capital movements have been eliminated and the world has witnessed...

The global financial system has shown remarkable resilience during the COVID-19 pandemic, despite a sharp decline in economic activity and the initial financial market upheaval in March 2020. This paper takes stock of the factors that contributed to this resilience, focusing on the role of...

Foreign portfolio flows constitute a key component of economic activity in small open economies such as Colombia. The dynamics of these flows are subject to the influence of both external (push) factors and domestic (pull) factors. Consequently, economic crises and episodes of financial distress...

Turkish economic growth depends on capital inflows and access to cheap credit sources. Once the global financial conditions tightened in 2018, Turkey was among the emerging markets that suffered the most. This article analyses the making of Turkey's economic crisis in 2018-2019, while...

We use a new, comprehensive data set on the sovereign debt investor base to document three novel empirical facts: (i) sovereign debt is repatriated - that is, shifted from external private to domestic investors - prior to sovereign defaults; (ii) not all crises are equal: evidence for...

The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans....

This paper reviews the impact of the global economic and financial crisis on two distinct emerging market regions: Central, Eastern and Southeastern Europe (CESEE) and Latin America. Similar to other emerging economies, both regions were initially surprisingly resilient as the crisis gathered...

There are striking similarities between the 'Krach' of 1929 and the current euro area debt crisis concerning the adjustment mechanisms involved overcoming international trade imbalances caused then by the German Transfer Problem and war reparations in general and now by intra-euro-area trade...

This paper briefly describes some features of the situation of the Spanish economy after five years of crisis, a task which is easier now that this period can be analyzed from a certain perspective. The crisis prompted a substantial readjustment of the main Spanish macroeconomic aggregates,...