International capital flows, known as gross capital flows, are large and volatile, especially compared to net flows. During economic expansions, foreigners invest more in a country while domestic agents invest more abroad. In contrast, during financial crises, total gross flows decrease as both foreign investments and domestic investments abroad decrease. This pattern holds true for different types of capital flows and crises. The evidence suggests that crises affect domestic and foreign agents differently, possibly due to sovereign risk or information imbalances.