Capital Flows, Cross-Border Banking and Global Liquidity
---- Acknowledgements -----
We thank Maurice Obstfeld for his comments as discussant at the 2012 NBER Summer Institute. We also thank Franklin Allen, Tam Bayoumi, Rodrigo Cifuentes, Stijn Claessens, Marcel Fratzscher, Pierre-Olivier Gourinchas, Refet Gurkaynak, Karen Lewis, Loretta Mester, Gian Maria Milesi-Ferretti, Francesco Spadafora, Greg Nini, Amir Yaron and workshop participants at Berkeley, BIS/ECB global liquidity conference, Princeton, Stanford, Wharton, IMF, 2013 San Diego AFA meeting and the Central Bank of Chile for comments on an earlier draft. We thank Daniel Lewis and Linda Zhao for research assistance. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.