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Has the unprecedented financial globalization of recent years changed the behavior of capital flows across countries? Using a newly constructed database of gross and net capital flows since 1980 for a sample of nearly 150 countries, this paper finds that private capital flows are typically volatile for all countries, advanced or emerging, across all points in time. This holds true across most types of flows, including bank, portfolio debt, and equity flows. Advanced economies enjoy a greater substitutability between types of inflows, and complementarity between gross inflows and outflows, than do emerging markets, which reduces the volatility of their total net inflows despite higher volatility of the components. Capital flows also exhibit low persistence, across all economies and across most types of flows. Inflows tend to rise temporarily when global financing conditions are relatively easy. These findings suggest that fickle capital flows are an unavoidable fact of life to which policymakers across all countries need to continue to manage and adapt.

Capital movements. --- International finance. --- International monetary system --- International money --- Finance --- International economic relations --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Exports and Imports --- Finance: General --- International Investment --- Long-term Capital Movements --- Current Account Adjustment --- Short-term Capital Movements --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- General Financial Markets: General (includes Measurement and Data) --- International economics --- Emerging and frontier financial markets --- Foreign direct investment --- Private capital flows --- Capital inflows --- Financial markets --- Capital movements --- Financial services industry --- Investments, Foreign --- United States

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For a sample of 83 financial institutions during 2003–2011, this paper attempts to answer three questions: first, what is the evolution of banks’ stock price exposure to country-level and global risk factors as approximated by equity indices; second, which bank-specific characteristics explain these risk exposures; third, are there clusters of banks with equity price linkages beyond market risk factors. The paper finds a rise in sensitivities to both country and global risk factors in 2011, although on average to levels still below those of the subprime crisis. The average sensitivity to European risk, specifically, has been steadily rising since 2008. Banks that are reliant on wholesale funding, have weaker capital levels and low valuations, and higher exposures to crisis countries are found to be the most vulnerable to shocks. The analysis of bank-to-bank linkages suggests that any “globalization” of the euro area crisis is likely to be channelled through U.K. and U.S. banks, with little evidence of direct spillover effects to other regions.

Risk management. --- 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 --- Insurance --- Management --- Banks and Banking --- Finance: General --- Financial Risk Management --- Investments: Stocks --- Macroeconomics --- International Financial Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Finance Forecasting and Simulation --- Financial Crises --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Externalities --- General Financial Markets: General (includes Measurement and Data) --- Financial Institutions and Services: Government Policy and Regulation --- Banking --- Economic & financial crises & disasters --- Investment & securities --- Finance --- Financial services law & regulation --- Financial crises --- Stocks --- Spillovers --- Stock markets --- Financial institutions --- Financial sector policy and analysis --- Financial markets --- Capital adequacy requirements --- Financial regulation and supervision --- Banks and banking --- Stock exchanges --- Asset requirements --- United States

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Denmark’s public expenditure as a share of GDP is the highest in the OECD. The main difference between Denmark and the median OECD country is the larger amount of social protection expenditure. The public health expenditure of Denmark is the second highest in the OECD. Following years of strong public capital accumulation in facilities as well as in training, education, and research, Denmark’s expenditure on public investment is now low. The composition of Denmark’s expenditures is broadly in line with the high expenditure countries.

Economic indicators --- Economic developments --- Business indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Economic history --- Quality of life --- Economic forecasting --- Index numbers (Economics) --- Social indicators --- Capital movements --- Competition --- Banks and banking --- Capital flight --- Capital flows --- Capital inflow --- Capital outflow --- Flight of capital --- Flow of capital --- Movements of capital --- Balance of payments --- Foreign exchange --- International finance --- Agricultural banks --- Banking --- Banking industry --- Commercial banks --- Depository institutions --- Finance --- Financial institutions --- Money --- Competition (Economics) --- Competitiveness (Economics) --- Economic competition --- Commerce --- Conglomerate corporations --- Covenants not to compete --- Industrial concentration --- Monopolies --- Open price system --- Supply and demand --- Trusts, Industrial --- Evaluation --- Economic aspects --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Denmark --- Dacia (Kingdom) --- Dania --- Daniė --- Danie Korolygʺo --- Danii︠a︡ --- Danii︠a︡lʺul Khanlʺi --- Danimārk --- Danimarka --- Danimarka Krallığı --- Daniyah --- Danmark --- Dannemarc --- Danska --- Danyah --- Denemarke --- Denemarken --- Denemearc --- Denemearc þæt Cynerīce --- Denmaakʻŭ --- Dennemarck --- Dinamarca --- Kingdom of Denmark --- Kongeriget Danmark --- Koninkryk van Denemarke --- Ndinamayka --- Reino de Dinamarca --- Даниэ --- Дания --- Даниялъул Ханлъи --- Дание --- Дание Королыгъо --- دنمارك --- Economic conditions. --- Economic policy. --- Appropriations and expenditures. --- E-books --- Economic development --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Banks and Banking --- Budgeting --- Labor --- Public Finance --- Production and Operations Management --- Industries: Financial Services --- Finance: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- National Government Expenditures and Related Policies: General --- Wages, Compensation, and Labor Costs: General --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Public finance & taxation --- Labour --- income economics --- Macroeconomics --- Budgeting & financial management --- Expenditure --- Government liabilities --- Labor costs --- Labor productivity --- Public financial management (PFM) --- Loans --- Expenditures, Public --- Budget --- Income economics