IDEAS home Printed from https://ideas.repec.org/a/bla/jecsur/v39y2025i3p779-805.html
   My bibliography  Save this article

The global financial cycle and capital flows: Taking stock

Author

Listed:
  • Beatrice Scheubel
  • Livio Stracca
  • Cédric Tille

Abstract

Since the global financial crisis, a rich and expanding literature on the so‐called global financial cycle (GFCy) has emerged. This has fueled a debate in academic and policy circles on how to measure the GFCy, and how it impacts international capital flows, possibly in a time‐varying way. We review the literature that has shown the relevance of the GFCy, as well as the heterogeneity of its impact on capital flows and its variations over time. We assess how various indicators of the GFCy affect episodes of large capital flows, and find a robust effect especially on episodes driven by non‐resident investors. Non‐linearity and instability over time, notably a less strong impact after the global financial crisis, are found at least for some GFCy indicators.

Suggested Citation

  • Beatrice Scheubel & Livio Stracca & Cédric Tille, 2025. "The global financial cycle and capital flows: Taking stock," Journal of Economic Surveys, Wiley Blackwell, vol. 39(3), pages 779-805, July.
    • Handle: RePEc:bla:jecsur:v:39:y:2025:i:3:p:779-805
    DOI: 10.1111/joes.12621
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/joes.12621
    Download Restriction: no
    File URL: https://libkey.io/10.1111/joes.12621?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jecsur:v:39:y:2025:i:3:p:779-805. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.