ECB paper presents new measure for global financial cycle


A working paper published by the European Central Bank presents a new measure of the global financial cycle, or GFC.

In The global financial cycle and capital flow episodes: a wobbly link? Beatrice Scheubel, Livio Stracca and Cédric Tille investigate whether a ”push factor” associated with the GFC “is a prominent and stable fixture for capital flows and exchange rate pressure, in particular for emerging markets”.

The authors’ measure is based on a “structural factor approach”. They say this

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