International capital flows and financial vulnerabilities in emerging market economies: analysis and data gaps

BIS Other  | 
18 August 2016

This note analyses the exposure of emerging market economies to international capital flow risks, paying particular attention to vulnerabilities in the non-financial corporate sector. It stresses the importance of studying the stocks of debt, gross rather than net flows, borrowers' nationality rather than location, and the currency denomination of debt. The note also offers methodological guidance for constructing measures of financial vulnerabilities and points to data gaps.