The global capital flows cycle and its drivers: Not only a US monetary policy story (VOX)

There is global cycle in capital flows that is intimately connected to global risk. This column argues that, contrary to common wisdom, US monetary policy is not the only factor, or even the main factor, behind global risk and this global cycle. Financial shocks matter more than US monetary policy. Domestic policies may still mitigate the cycle of global capital flows at the country level.

https://voxeu.org/article/global-capital-flows-cycle-and-its-drivers

Maurizio Michael Habib, Fabrizio Venditti

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