BIS paper finds sound economy may not prevent capital outflows
Emerging markets could use pre-emptive macro-prudential policies to safeguard against capital outflows, researchers say
Financial stress in large lender countries can be a major driver of banking outflows from emerging market economies (EMEs), a new Bank for International Settlements paper finds.
Ilhyock Shim and Kwanho Shin use bank and sovereign credit default swap spreads, and US dollar-denominated corporate bond spreads, as measures for financial stress in the lender countries. They examine the ‘financial stress’ data from 66 banks headquartered in 29 lender countries against the capital outflows from EMEs.
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