23 In particular, financial globalisation in assets with longer maturity and state-contingent payoffs – such as equity  and foreign direct investment (FDI) – has been shown to be less volatile than one based on short-term bank or portfolio flows.
FDI is also more desirable as it is much less sensitive to global push factors, such as global risk aversion or monetary policy in major economies. The evidence for positive growth effects of FDI in the 8/9  BIS central bankers' speeches  literature is much more robust than for portfolio flows. 24 See Cœuré, B. (2016, op. cit.) and the references given there.