Changes in China's FX regime have been associated with capital outflows, notably the 2014 band widening and the "step" devaluation in August 2015.

A distinction is often made between hot money and more stable capital flows. We examine which non-resident capital flows to EM look most like hot mone

We recently examined the pattern of EM flows to emerging markets, where our innovation was to control for the role of reinvested earnings, which

We document the resilience of Euro zone bank deposits during past stress episodes. There is only one major Euro zone economy - Greece - where deposit

Foreign direct investment flows to EM look different than you think. This is because reinvested earnings constitute much of the FDI flow to EM, whe

The Argentinian Peso and Turkish Lira have fallen sharply this year, but spillovers to the broader emerging markets complex have been limited. We e

We develop a measure of core capital flows for Saudi Arabia, which has a similar intuition to widely-used core inflation metrics. Core CPI strips o

In a Global Macro Views in December we introduced BoP Nowcasts, "¦ which map commodity prices and capital flows into daily forecasts for the 2018 BoP.

We examine how EM reserve accumulation has fared in recent years. We compare the average pace of reserve accumulation from 2010 - 2014 to that since t