Document Type: Auditing Document Report No.: AUD0020743 Document Date: APR 28, 2019

Author: Vemuri,Vinaya Vittal Disclosure Status: Disclosed

Document Type: Disbursement Letter Report No.: Document Date: APR 04, 2019

Author: LEGKL Disclosure Status: Disclosed

This paper assesses the international comovement of gross capital flows in a setting simultaneously encompassing aggregate inflows and outflows. ... See More + It uses as empirical framework a multilevel latent factor model, implemented on flow data for a large sample of countries over more than three decades. On average, common shocks account for over 40 percent of the variance of both inflows and outflows, although with major differences between advanced countries and the rest. Among the former, global and group shocks dominate capital flows, and the same shocks drive gross inflows and outflows. Among the latter countries, idiosyncratic shocks tend to play the leading role, and gross inflows exhibit less commonality with outflows. The latent factors configure an international financial cycle that closely tracks the trends in a handful of global "push" variables. Recursive estimation of the factor model reveals a rising trend in the exposure of countries' flows to the international cycle—especially for advanced economies—up to the global financial crisis. Exposure to the cycle is robustly related to countries' external financial openness and the (lack of) flexibility of their exchange rate regime.  See Less -

Document Type: Report No.: WPS8787 Document Date: MAR 21, 2019

Author: Fernandez Lafuerza,Luis Gonzalo; Serven,Luis Disclosure Status: Disclosed

Document Type: Disbursement Letter Report No.: Document Date: FEB 27, 2019

Author: LEGKL Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0019844 Document Date: FEB 24, 2019

Author: Bhambri,Sonia Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0019778 Document Date: FEB 17, 2019

Author: Vemuri,Vinaya Vittal Disclosure Status: Disclosed

Document Type: Correspondence Report No.: 136726 Document Date: FEB 14, 2019

Author: Auditor General of Pakistan Disclosure Status: Disclosed

Document Type: Auditing Document Report No.: AUD0019406 Document Date: FEB 03, 2019

Author: Khan,Abid Disclosure Status: Disclosed

Document Type: Disbursement Letter Report No.: Document Date: JAN 31, 2019

Author: LEGKL Disclosure Status: Disclosed

Document Type: Disbursement Letter Report No.: Document Date: JAN 29, 2019

Author: LEGKL Disclosure Status: Disclosed