Risk-on

In a risk-on environment, they then sell those currencies and use the proceeds to buy risk assets with greater price appreciation potential. In a risk-off environment, they're compelled to sell their risk assets and buy back those funding currencies that they previously sold.

Source: wiktionary

The higher the value of c1 (i.e., the higher the value of α), the faster the transition from a risk-off to a risk-on mode.

Source: wiktionary

Capital flows have, however, continued to exhibit their well-known volatility, given the risk-on and risk-off scenario driven by investors' perception of the macroeconomic and financial developments in the source countries rather than the recipient countries.

Source: wiktionary