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Mr. Robin Koepke and Simon Paetzold
This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address common misconceptions about capital flow data and discuss differences between high-frequency proxies for portfolio flows. In a nowcasting “horse race” we show that high-frequency proxies have significant predictive content for portfolio flows from the balance of payments (BoP). We also construct a new dataset for academic use, consisting of monthly portfolio flows broadly consistent with BoP data.
Mr. Robin Koepke and Simon Paetzold

This paper provides an analytical overview of the most widely used capital flow datasets. The paper is written as a guide for academics who embark on empirical research projects and for policymakers who need timely information on capital flow developments to inform their decisions. We address common misconceptions about capital flow data and discuss differences between high-frequency proxies for portfolio flows. In a nowcasting “horse race” we show that high-frequency proxies have significant predictive content for portfolio flows from the balance of payments (BoP). We also construct a new dataset for academic use, consisting of monthly portfolio flows broadly consistent with BoP data.

Mr. Ravi Balakrishnan, Mr. Tamim Bayoumi, and Mr. Volodymyr Tulin

investment position with estimates based on balance of payments and various official sources. International bond flows data are from IMF, Balance of Payments Statistical Yearbook , and other official sources. Stocks of foreign exchange international reserves are from the IMF, International Financial Statistics , but flows are from the IMF, Balance of Payments Statistical Yearbook . We add 60 percent of foreign exchange reserves to foreign portfolio debt holdings and 60 percent of the change in international reserves to bond purchases. While for the industrial countries

International Monetary Fund. Asia and Pacific Dept

global financial crisis. Figure 2.2. Emerging Asia: Net Private Capital Flows 1 (In percent of GDP; 4-quarter moving average) Sources: CEIC Data Company Ltd.; and IMF, Balance of Payments Statistic, WEO database, and staff calculations. 1 Missing historical observations have been approximated by annual data obtained from WEO database. Overall net capital flows to emerging Asia as a share of GDP have been generally lower than in previous surges. As a share of regional GDP, net capital inflows peaked at about 4¼ percent of GDP in the last quarter

Mr. Thomas William Dorsey, Ms. Zuzana Brixiova, Sukhwinder Singh, and Mr. Helaway Tadesse
This paper reviews trends in capital flows and capital-like flows such as official grants and remittances to low-income countries over the period 1981-2006. The survey reveals a broadbased increase in such flows as a share of low-income country GDP across major regions, countries with differing commodity export composition, and countries with differing debt relief status. The increase in inflows is dominated by an increase in private sector inflows, mostly in the form of private transfers and foreign direct investment. Official sector inflows have remained comparatively constant as a share of low-income country GDP and even declined in the most recent years. The paper concludes with some tentative policy conclusions and has a discussion of data issues in the annexes.
Mr. Ravi Balakrishnan, Mr. Volodymyr Tulin, and Mr. Tamim Bayoumi

data on international investment position with estimates based on balance of payments and various official sources. International bond flows data are from the IMF Balance of Payments Statistical Yearbook and other official sources. Table A.1. List of Countries Industrial Countries Emerging Markets Offshore Centers Middle Eastern Oil Exporters Austria Argentina Bahamas Bahrain Australia Brazil Bermuda Iran Belgium China, P.R.: Hong Kong Cayman Islands Iraq Canada China, P.R.: Mainland Netherlands

Mr. Ravi Balakrishnan, Mr. Volodymyr Tulin, and Mr. Tamim Bayoumi
This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empirically. Perhaps surprisingly, financial deepening and falling home bias in industrialized countries explain a large share of external financing. The savings glut hypothesis (including difficult-to-track petrodollar recycling) and U.S. financial innovation are also important, in part as a cause of declining home bias in industrialized countries. The latter underscores the importance of not looking at these factors in isolation, but rather as a constellation of forces that can be self-reinforcing.
International Monetary Fund
This Selected Issues paper is a wide-ranging survey of the conditions for, and obstacles to, the growth in Mexico. It frames the issue of Mexico’s growth record, and presents the paper’s prior assumptions and approach. It highlights the main observations and conclusions emerging from the survey of growth conditions in Mexico. It also presents an overview of remittances in Mexico, motivated by their recent increase and possible macroeconomic implications.
Mr. Dominique Desruelle, Mr. Robert A Feldman, Mr. Klaus-Stefan Enders, Mr. Karim A. Nashashibi, Mr. Peter Allum, Heliodoro Temprano-Arroyo, Mr. Roger Nord, and Mr. Robert Brandon Kahn

.3 67 86 Memorandum items: All CEE countries (in US$ billion) 0.5 2.3 3.1 4.0 3.3 9.1 7.6 8.1 … 286 Mediterranean countries above (in US$ billion) 0.5 0.9 0.8 0.6 0.5 2.3 2.7 3.5 … 1,087 All developing and transition countries (in US$ billion) 23.7 32.9 45.3 65.6 86.9 101.5 119.0 120.4 … … Sources: IMF, Balance of Payments Statistical Yearbook 1997, and IMF staff estimates. For aggregate data for developing and transition countries. World Bank