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  • Barry Eichengreen and Pipat Luengnaruemitchai, International Financial Issues in the Pacific Rim: Global Imbalances, Financial Liberalization, and Exchange Rate Policy (University of Chicago Press, 2008), chap. 9, https://www.nber.org/books-and-chapters/international-financial-issues-pacific-rim-global-imbalances-financial-liberalization-and-exchange/bond-markets-conduits-capital-flows-how-does-asia-compare.

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We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure...

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