Across the world before the crisis hit, inflows and outflows of capital came to just under 33 percent of world GDP. The vast majority of this was accounted for not by transactions between the advanced world and emerging markets but by flows between advanced economies. At the height of the crisis, between the last quarter of 2008 and the first quarter of 2009, those flows collapsed by 90 percent to less than 3 percent of global GDP.
