... flows increases output in most countries, and the increase in output is mostly due to a boom in consumption and investment. The findings, especially for the case of the full sample including the ... that the effects of CAP shocks on CUR and RGDP are invariant to the ordering between CUR and RGDP. On the other hand, capital flows might affect CUR and RGDP within a quarter, and the CUR and ... Korea and Singapore make up one group, and Indonesia, Malaysia and Thailand, another group. These results indicate that there are two different business cycles in the region, even though the...