
January 20, 2023
This paper was originally published as a chapter within the Book, Foreign Exchange Constraint and Developing Economies, published on January 2023 (ISBN 978 1 80088 049 8).
The decade after the global financial crisis (GFC) of 2007–2009 saw signifi- cant changes in the volume and composition of capital flows in the global economy. Portfolio investments and other non-bank financial intermediaries (NBFIs) are behind an increasing share of foreign capital flows, while bank- ing flo ...