ECB paper on changing trend of capital inflows

Euro sign, Frankfurt

A European Central Bank paper, published on Wednesday, shows that capital flow movements have been driven by volatile global liquidity and risk conditions since the financial crisis.

Marcel Fratzscher, the paper's author, uses high-frequency database of fund-level flows to analyse drivers behind the collapse in global portfolio capital flows and surge over the past few years.

The results show that changes to global liquidity and risk conditions have exerted a substantial effect on global capital

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