The financial stability implications of increased capital flows for emerging market economies

Abstract

Deepening economic and financial integration between emerging and advanced economies has become one of the salient features of global economic developments over the past decade. It has manifested itself, among other ways, in the recent surge in private capital flows from advanced economies to emerging markets, but also in the reverse flows of capital from emerging market countries running large external surpluses to some advanced economies and developing countries. Along with many economic and financial benefits, increased capital flows have brought with them considerable policy challenges.

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