The global financial cycle and capital flows: Taking stock
综述了全球金融周期（GFCy）的文献，分析其如何影响国际资本流动，发现对非居民投资者驱动的资本流动影响尤其显著，且该影响在金融危机后有所减弱。
Abstract Since the global financial crisis, a rich and expanding literature on the so‐called global financial cycle (GFCy) has emerged. This has fueled a debate in academic and policy circles on how to measure the GFCy, and how it impacts international capital flows, possibly in a time‐varying way. We review the literature that has shown the relevance of the GFCy, as well as the heterogeneity of its impact on capital flows and its variations over time. We assess how various indicators of the GFCy affect episodes of large capital flows, and find a robust effect especially on episodes driven by non‐resident investors. Non‐linearity and instability over time, notably a less strong impact after the global financial crisis, are found at least for some GFCy indicators.