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Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns about overheating and financial stability. This paper documents the size and composition of the most recent surge to Asian emerging markets from a historical perspective and compares developments in the broader economy, asset prices, and corporate variables across the different episodes of strong inflows. We find little evidence of a significant build-up of imbalances and resource misallocation during the most recent surge. We also review country experiences in managing the risks associated with inflows and argue that Asian countries have used regulatory measures during past surges, although there is not strong evidence of their efficacy without supporting monetary and fiscal policies.

Capital movements --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Econometric models. --- Exports and Imports --- Macroeconomics --- Statistics --- Central Banks and Their Policies --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- International Financial Markets --- Financial Institutions and Services: Government Policy and Regulation --- Financial Crises --- International economics --- Economic & financial crises & disasters --- Econometrics & economic statistics --- Capital inflows --- Global financial crisis of 2008-2009 --- Balance of payments statistics --- Private capital flows --- Financial crises --- Economic and financial statistics --- Global Financial Crisis, 2008-2009 --- Hong Kong Special Administrative Region, People's Republic of China