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International Capital Flows

The research on international capital flows studies the following type of questions: 

  • Why does capital flow from rich to poor countries? 
  • How do capital flows to developing countries behave?
  • What are the effects of those flows? 
  • Who channel those flows? 
  • What should governments do to manage capital flows safely?

Resource persons

Publications and Working Papers

Journal articles, book chapters, and other publications
This page lists recent scholarly publications by staff working in the area of Macroeconomics and Growth.  Publications are organized by topic and appear in reverse chronological order.

Policy Research Working Papers 

For more policy research working papers from the World Bank's institutional archives, search here using author’s last name, title or working paper number (“wpsxxxx”).

WPS6072On the international transmission of shocks : micro-evidence from mutual fund portfoliosRaddatz, Claudio; Schmukler, Sergio L.2012/05
WPS5700Deconstructing herding : evidence from pension fund investment behaviorRaddatz, Claudio; Schmukler, Sergio L.2011/06
WPS5174Valuation effects with transitory and trend productivity shocksNguyen, Ha Minh2010/01
WPS4872Multilateral debt relief through the eyes of financial marketsRaddatz, Claudio2009/03
WPS4807Are all the sacred cows dead ? implications of the financial crisis for macro and financial policiesDemirguc-Kunt, Asli; Serven, Luis2009/01
WPS4184Stock market development under globalization : whither the gains from reforms ?de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.2007/04
WPS4156Capital market development : whither Latin America ?de la Torre, Augusto; Gozzi, Juan Carlos; Schmukler, Sergio L.2007/03
WPS3320Country PortfoliosKraay, Aart; Loayza, Norman; Serven, Luis; Ventura, Jaume2004/06
WPS3200When is external debt sustainable?Kraay, Aart; Nehru, Vikram2004/02
WPS3192Greenfield foreign direct investment and mergers and acquisitions - feedback and macroeconomic effectsCalderon, Cesar; Loayza, Norman; Serven, Luis2004/01
WPS3059Do capital flows respond to risk and return?Calderon, Cesar; Loayza, Norman; Serven, Luis2003/05
WPS3060World market integration through the lens of foreign direct investorsAlbuquerque, Rui; Loayza, Norman; Serven, Luis2003/05
WPS2529Mutual fund investment in emerging markets - an overviewKaminsky, Graciela; Lyons, Richard; Schmukler, Sergio2001/01
WPS2424Global transmission of interest rates : monetary independence and the currency regimeFrankel, Jeffrey; Schmukler, Sergio; Serven, Luis2000/08
WPS2398Determinants of current account deficits in developing countriesCalderon, Cesar; Chong, Alberto; Loayza, Norman2000/07
WPS2399Managers, investors, and crises : mutual fund strategies in emerging marketsKaminsky, Graciela; Lyons, Richard; Schmukler, Sergio2000/07
WPS2309What drives private saving around the world?Loayza, Norman; Schmidt-Hebbel, Klaus; Serven, Luis2000/03
WPS2281External sustainability : a stock equilibrium perspectiveCalderon, Cesar; Loayza, Norman; Serven, Luis2000/01
WPS2050Measuring aid flows : a new approachChang, Charles C.; Fernandez-Arias, Eduardo; Serven, Luis1999/02
WPS1948Comparative advantage and the cross-section of business cyclesKraay, Aart; Ventura, Jaume1998/07
WPS1886Country funds and asymmetric informationFrankel, Jeffrey A.; Schmukler, Sergio L.1998/02
WPS1825Current accounts in debtor and creditor countriesKraay, Aart; Ventura, Jaume1997/09
WPS1306Capital flows and long-term equilibrium real exchange rates in ChileElbadawi, Ibrahim A.; Soto, Raimundo1994/06

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