Seminar

Past

Capital Flows in Risky Times: Risk-on Risk-off and Emerging Market Tail Risk

Karlye Stedman

  • Date22 June 2026
  • Time 11h30 - 12h30
  • Room Online and in Room 4

Résumé

Risk-on risk-off shocks have pronounced distributional impacts on capital flows, with managed funds playing an increasingly pivotal role in amplifying these effects. This paper demonstrates that among managed funds, passive funds, with their limited discretion and benchmarking mandates, significantly heighten susceptibility to extreme outflow realizations compared to active funds. These tail realizations create abnormal co-movements in emerging market flows and returns, resulting in outsized aggregate outcomes. This study highlights the distinct dynamics of passive fund flows in the face of changes in global investor risk bearing capacity and provides new insights into the changing mechanisms driving emerging market tail risks.

Other seminars

What Do 12 Billion Card Transactions Say About House Prices and Consumption?

  • Seminar

  • Banque de France - TSE Macroeconomics Seminars

  • Date 1 December 2026

  • Place online and room 4 great hall

  • Speaker or organiser Ragnar Enger Juelsrud (Norges Bank)

Détails

Quantitative Easing and Government Debt Sustainability

  • Seminar

  • Banque de France - TSE Macroeconomics Seminars

  • Date 17 November 2026

  • Place Online and room 6 Great Hall

  • Speaker or organiser Sebastian Merkel (University of Bristol)

Détails

Past

Inflation Expectations and Wage Setting: The Role of Downward Nominal Wage Rigidity

  • Seminar

  • Banque de France - TSE Macroeconomics Seminars

  • Date 3 November 2026

  • Place Online and room E336

  • Speaker or organiser Sarah Lein (University of Basel)

Détails