Traditional theory of external vulnerability holds that the source of a country's external vulnerability comes from imbalance of current account. However,in line with the rapid rise of the level of global financial deepening,the impact of gross capital flow resulting from cross border asset purchases and sales to the external vulnerability of a country becomes more and more significant. After the global financial crisis, many scholars begins to focus on the dynamic characteristics,driving forces and economic impact of gross capital flows,and they include gross capital flow into the regulation system of a country. This line of research has greatly changed people's understanding of the external vulnerability theory. This paper attempts to give a systematic review of the latest progress of the research on gross capital flow,and to offer a new research perspective for scholars who are interested in macro-financial risk and crisis warning.
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