The New York Fed is out with a paper on Emerging Market capital flows. In a nutshell: not much. Probably an opportune time to come out with this piece, as even blind orangutangs can see that the European currency crisis is days if not hours away, and someone, somewhere at the Federal Reserve will be taken to task if they did not have at least a theoretical contingency. Of course, the practical reality with EMs, once the commodity euphoria crashes, will be so ugly that a $1 quadrillion IMF bond raise won't help anyone.

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Cross Border Bank Lending Flows