|Credit<br>In<br>Out<br>.067<br>.013<br>.091<br>.054<br>.099<br>.053<br>.190<br>.065<br>.178<br>.085<br>.176<br>.087<br>.187<br>.100<br>.054<br>.067<br>.195<br>.246<br>.211<br>.274<br> from 6<br> sample<br> (2017c)<br>ti et al.<br>d using<br>dicates<br>yearly<br>param-<br>s that 2<br>than 10<br> Cerutti<br> Cerutti<br>nd total|
|---|
|Portf. Debt<br>In<br>Out<br>.041<br>.053<br>.083<br>.051<br>.089<br>.051<br>.094<br>.089<br>.102<br>.087<br>.109<br>.089<br>.119<br>.083<br>.111<br>.059<br>.206<br>.133<br>.180<br>.132<br>r estimated <br>ntries. The <br>erutti et al. <br>=1 in Cerut<br>ors estimate<br>; "Yearly’"in<br>ted with the<br>P flter with<br> 2" indicate<br>s with less <br>gure A7 of <br>, following <br>ank credit a|
|Portf. Eq.<br>In<br>Out<br>.015<br>.047<br>.064<br>.060<br>.069<br>.063<br>.065<br>.084<br>.096<br>.100<br>.096<br>.103<br>.111<br>.116<br>.025<br>.040<br>.154<br>.115<br>.176<br>.156<br> on a facto<br>erging cou<br>r ad=1 in C<br> by nonbig<br>nds for fact<br>re summed<br>eing estima<br>d using H<br>Curr."; "PC<br> Regression<br> those in f<br>pes" shows<br>olio debt, b|
|Flow<br>Freq.<br>Scaling<br>Sample<br>All types<br>FDI<br>type<br>GDP<br>Both<br>In<br>Out<br>In<br>Out<br>Disaggr.<br>Quart.<br>Curr.<br>Small<br>.054<br>.055<br>.054<br>.104<br>.122<br>Disaggr.<br>Quart.<br>Curr.<br>Small<br>.075<br>.085<br>.064<br>.093<br>.102<br>Disaggr.<br>Quart.<br>Trend<br>Small<br>.085<br>.094<br>.075<br>.104<br>.114<br>Aggr.<br>Quart.<br>Curr.<br>Small<br>.125<br>.159<br>.087<br>Aggr.<br>Quart.<br>Trend<br>Small<br>.133<br>.173<br>.089<br>Disaggr.<br>Yearly’<br>Curr.<br>Small<br>.121<br>.128<br>.113<br>.176<br>.244<br>Disaggr.<br>Yearly’<br>Trend<br>Small<br>.127<br>.138<br>.117<br>.205<br>.217<br>Disaggr.<br>Yearly<br>Curr.<br>Small<br>.130<br>.140<br>.119<br>.210<br>.225<br>Disaggr.<br>Yearly<br>Trend<br>Small<br>.164<br>.178<br>.150<br>.264<br>.250<br>Aggr.<br>Yearly<br>Curr.<br>Small<br>.201<br>.258<br>.139<br>Aggr.<br>Yearly<br>Trend<br>Small<br>.215<br>.279<br>.146<br>Aggr.<br>Yearly<br>Curr.<br>Small<br>.274<br>.323<br>.220<br>Disaggr.<br>Quart.<br>Curr.<br>Adv<br>.073<br>.071<br>.075<br>.065<br>.143<br>Disaggr.<br>Yearly<br>Curr.<br>Adv<br>.183<br>.191<br>.175<br>.228<br>.250<br>Disaggr.<br>Yearly<br>Trend<br>Adv<br>.213<br>.211<br>.214<br>.261<br>.291<br>Aggr.<br>Yearly<br>Curr.<br>Adv<br>.408<br>.463<br>.348<br>Aggr.<br>Yearly<br>Trend<br>Adv<br>.435<br>.473<br>.393<br>Aggr.<br>Yearly<br>Curr.<br>Adv<br>.471<br>.498<br>.441<br>Aggr.<br>Yearly<br>Trend<br>Adv<br>.448<br>.460<br>.436<br>Aggr.<br>Yearly<br>Nom<br>All<br>.265<br>.323<br>.201<br>Aggr.<br>Yearly<br>Trend<br>All<br>.281<br>.339<br>.218<br>Aggr.<br>Yearly<br>Nom<br>All<br>.324<br>.370<br>.274<br>Aggr.<br>Yearly<br>Trend<br>All<br>.319<br>.361<br>.273<br>1: Average of the adjusted _R_2 from regressing the fows shown<br>ral advanced countries and another factor estimated from 12 em<br>orresponds to advanced countries (characterized by nonbig=0 o<br>hile "Small" correspond to 63 non-large countries (characterized<br> "CCR" uses the factors provided in Cerutti et al. (2017c); "PC" sta<br>ipal components estimator; "Aggr." indicates that all fow types a<br>quarterly factors are aggregated to the annual level (rather than b<br>rend" indicates that fows are normalized by trend GDP (compute<br> at yearly frequency), as opposed to current GDP, indicated as "<br>rom advanced and 2 factors from emerging countries are used. <br>of freedom are excluded. Values in the frst row correspond to<br>17c). When using disaggregated fow data, the column "All ty<br>17c), the average the adjusted_R_2over FDI, portfolio equity, portf<br>(portfolio debt plus portfolio equity).|
|Factors<br>CCR<br>PC<br>PC<br>PC<br>PC<br>CCR<br>PC<br>PC<br>PC<br>PC<br>PC<br>PC 2<br>CCR<br>PC<br>PC<br>PC<br>PC<br>PC 2<br>PC 2<br>PC<br>PC<br>PC2<br>PC2<br>Table C.<br>non-cent<br>"Adv." c<br>data), w<br>(2017c)). <br>the princ<br>that the<br>data); "T<br>eter 100 <br>factors f<br>degrees <br>et al. (20<br>et al. (20<br>portfolio|

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