The CDMN-definition identifies overall 259 surge episodes in gross inflows –of which 75 episodes take place in industrial economies and 184 in developing countries. Approximately, 80 percent of overall surge episodes (208) are debt-driven while only 51 surge episodes (19.7 %) are equity-driven surges in gross inflows. When we look at the FW-defined episodes, 77.3 percent of surges in overall inflows are debt-driven (157) while 22.7 percent of episodes are equity-driven (46). Our identification of surges in capital inflows shows that regardless of the definition or group of countries, surges are mainly driven by surges in debt-based gross inflows. Figure 2 summarizes the information of different country groups presented above by depicting the percentage of debt-driven vis-à-vis equity-driven inflow surges. Regardless of the definition of inflow surges, we find that about 77-80 percent of overall surge episodes are debt-driven while approximately 20-23 percent is equity-driven. Figure 3 shows that developing countries hold more debt-driven inflow surges (78 percent) than ones in industrial countries. Among developing countries 2/3 of inflow surges are debt-driven compared to 4/5 of debt-driven inflow surges in EMEs.

Our results of surges in **net inflows** show that there are fewer episodes of surges in net inflows than surges in gross inflows. For instance, we identify 259 episodes of surges in gross inflows using the CDMN criteria vis-à-vis 203 episodes of surges in net inflows. Consequently, this finding is driven by the greater amount of episodes of surges in gross inflows relative to net inflows found in emerging markets. Since the 2000s more intense two-way capital flows in these countries could identify surges in gross rather than net inflows. Most of the episodes of surges in gross inflows are driven by surges in debt rather than equity inflows —as we shown above. However, equity inflows play a larger in driving surges in net inflows. Equity-driven inflows explain 44 percent of the surges in net inflows for all countries. This share is even larger for the sample of development countries —approximately 61 percent (75 out of 123 episodes).When looking at surges in gross private inflows, on the one hand, the CDMN criterion finds 248 episodes —of which 71 episodes take place in industrial economies and 177 in developing countries. This implies that 73 percent of surge episodes in gross private inflows are debt-driven while 27 percent of episodes are equity-driven. Zooming into the different country groups, 4 in 5 surge episodes are driven by debt-type inflows among industrial countries whereas 2 out of 3 are explained by debt inflows among developing countries. For surges in net inflows we find that almost half of all surges episodes for all countries are driven by increases in equity inflows (97 out of 201 episodes).

On the other hand, the FW-definition identifies 198 surge episodes in gross private inflows for all countries (of which 54 episodes are for industrial countries and of which 146 episodes are for developing counties). Approximately, 68 percent of the total surges are driven by debt-type inflows while the remaining 32 percent is driven by equity-type inflows. Regardless of any definition of inflow surges about 68-73 percent of episode in gross private inflows are debtdriven while about 27-32 percent of surge episodes are equity-driven. We also find 169 episodes of surges in net inflows using the FW criterion —with 90 of these episodes being driven by 12