Afonso, António; Alves, José; Beck, Krzysztof; … - 2022
-style variables, while also accounting for the business cycle, public debt and sovereign ratings. Our key findings are as follows: (i …) equity flows are more intense between countries at the same stage of the business cycle (ii) increased equity flows to … countries with a relatively lower public debt deficit as a ratio of GDP (iii) financial and macroeconomic variables are …