The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis

Hui Tong, Shang-Jin Wei

NBER Working Paper No. 15207
Issued in August 2009

---- Acknowledgements -----

We thank Anusha Chari, Stijn Claessens, Todd Gormley, David Romer, Heather Tookes and seminar participants at the IMF, HKMA, University of Illinois at Chicago, the 16th Mitsui Finance Symposium at University of Michigan, and the Yale/RFS Financial Crisis Conference for helpful comments, and Elif Aksoy, John Klopfer, and Jane Yoo for excellent research assistance. The views in the paper are those of the authors, and do not necessarily reflect those of the IMF or the National Bureau of Economic Research.

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