NY Fed paper measures global capital flow pressures
Authors’ method allows them to estimate how sensitive countries are to changes in global risk aversion
Research published by the Federal Reserve Bank of New York seeks to create a more nuanced measure of global capital flow pressures.
Linda Goldberg of the New York Fed and Signe Krogstrup of the International Monetary Fund note that capital flow pressures are not always manifested in actual flows – some are absorbed by exchange rate or interest rate movements. Furthermore, data on flows can be imprecise and incomplete.
To overcome these problems, in their staff report they outline a measure of
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