... 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 RGDP shocks may ... Philippines, and Thailand), China, Singapore, Taiwan, Hong Kong, Japan, Australia and New Zealand. Section 4 provides an empirical analysis of the relationship between capital flows and business ... correlations for capital flow shocks and cumulative capital flow shocks, with and without the crisis period, are positive, except for only two cases. This result suggests that capital flow shocks...