We construct a new quarterly data set of international capital flows broken down by sector—banks, corporates, and sovereigns—and demonstrate the importance of distinguishing capital flows by the sector of domestic borrowers and lenders. We document four new sets of facts. First, banks account for the largest part of the external debt (stocks and flows) in advanced economies, whereas in emerging markets, banks, corporates, and sovereigns have roughly equal shares.
Gross Capital Flows by Banks, Corporates, and SovereignsStefan Avdjiev, Bryan Hardy, Sebnem Kalemli-Ozcan, Luis Serven ,
5( 20 )
Journal of the European Economic Association