DEBT-CREATING CAPITAL FLOWS AND SHOCK SPILLOVERS IN AN EMERGING ECONOMY (UKRAINE’S EXAMPLE)
Journal: JOURNAL OF EUROPEAN ECONOMY
Year: 2020

This paper investigates the financial channels of shocks transmission and crises diffusion in an emerging market economy and highlights the role of debtcreating capital flows. Analysing the determinants of capital flows, author decomposes them into the contribution of global «push» factors and country-specific «pull» factors and estimates their significance on Ukraine’s example. Author argues, that «push» factors play a major role in driving capital flows as long as a business cycle in emerging