NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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How Important is the Global Financial Cycle? Evidence from Capital Flows

Eugenio Cerutti, Stijn Claessens, Andrew K. Rose

NBER Working Paper No. 23699
Issued in August 2017

---- Acknowledgments ----

Cerutti is Assistant to the Director, IMF Research Department, Claessens is Head of Financial Stability Policy, BIS Monetary and Economic Department, and CEPR Research Fellow, and Rose is Rocca Professor at Berkeley-Haas, ABFER Senior Fellow, CEPR Research Fellow, and NBER Research Associate. We thank Nathan Converse and Carmen Reinhart for providing data, and Tamim Bayoumi, Olivier Blanchard, Antoine Bouveret, Steve Davis, Robin Koepke, Maurice Obstfeld, David Reeb, Hyun Song Shin, Anand Srinivasan, Johan Sulaeman, Shang-Jin Wei and workshop participants at ABFER and NUS for comments. Rose thanks the National University of Singapore for hospitality during the course of this research. A current version of the paper, the data set and key output are freely available at Rose’s website. All opinions expressed in this paper are those of the authors, and not of the institutions they are affiliated with. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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