Munich Personal RePEc Archive

From Capital Flow Bonanza to Financial Crash

Reinhart, Carmen and Reinhart, Vincent (2008): From Capital Flow Bonanza to Financial Crash. Published in: VoxEU-CEPR (August 2008): pp. 1-9.

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The standard pattern: capital flows into the new “hot” nation, but then stop or reverses forcing painful adjustment. This column presents research based on such episodes from 181 nations during 1980-2007 and for a subset of 66 nations for the 1960-2007 period. If the pattern of the past few decades holds true, emerging market economies may be facing a darkening future.

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