12  See Eichengreen and Gupta (2013) and Mishra, Moriyama, N’Diaye, and Nguyen (2014). BIS central bankers’ speeches  3  their deeper markets may draw more flows in, and these liquid markets may be where selling takes place when conditions in advanced economies turn.
13 Macro-prudential measures have little traction against the deluge of inflows – Spain had a housing boom despite its countercyclical provisioning. Recipient countries should adjust, of course, but credit and flows mask the magnitude and timing of needed adjustment.