NBER Papers in JEL Code F3: International Finance

w23921 Anusha Chari
Peter Blair Henry
Racha Moussa

Does Capital Scarcity Matter?
w23864 Tamon Asonuma
Dirk Niepelt
Romain Rancière

Sovereign Bond Prices, Haircuts and Maturity
w23886 Valentin Haddad
Serhiy Kozak
Shrihari Santosh

Predicting Relative Returns
w23841 Ambrogio Cesa-Bianchi
Andrea Ferrero
Alessandro Rebucci

International Credit Supply Shocks
w23835 Cristina Arellano
Yan Bai
Gabriel Mihalache

Default Risk, Sectoral Reallocation, and Persistent Recessions
w23764 Kimberly A. Berg
Nelson Mark

Global Macro Risks in Currency Excess Returns
w23773 Hanno Lustig
Robert J. Richmond

Gravity in FX R-Squared: Understanding the Factor Structure in Exchange Rates
w23754 Jeffrey A. Frankel
Ayako Saiki

Does It Matter If Statistical Agencies Frame the Month's CPI Reporton a 1-Month or 12-month Basis?
w23759 Wenxin Du
Joanne Im
Jesse Schreger

The U.S. Treasury Premium
w23726 Ryan Greenaway-McGrevy
Donggyu Sul
Nelson Mark
Jyh-Lin Wu

Identifying Exchange Rate Common Factors
w23699 Eugenio Cerutti
Stijn Claessens
Andrew K. Rose

How Important is the Global Financial Cycle? Evidence from Capital Flows
w23705 Javier Cravino
Samuel E. Haltenhof

Real Exchange Rates, Income per Capita, and Sectoral Input Shares
w23643 Christian Fons-Rosen
Sebnem Kalemli-Ozcan
Bent E. Sorensen
Carolina Villegas-Sanchez
Vadym Volosovych

Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects
w23663 Jeffrey A. Frankel
Systematic Managed Floating
w23671 J. Scott Davis
Eric van Wincoop

Globalization and the Increasing Correlation between Capital Inflows and Outflows
w23628 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
w23599 Jesús Fernández-Villaverde
Tano Santos

Institutions and Political Party Systems: The Euro Case
w23612 Patrick Bolton
Haizhou Huang

The Capital Structure of Nations
w23565 Stefan Avdjiev
Leonardo Gambacorta
Linda S. Goldberg
Stefano Schiaffi

The Shifting Drivers of Global Liquidity
w23562 Richard H. Clarida
The Global Factor in Neutral Policy Rates: Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination
w23536 Mary Amiti
Patrick McGuire
David E. Weinstein

Supply- and Demand-side Factors in Global Banking
w23474 Anusha Chari
Karlye Dilts Stedman
Christian Lundblad

Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows
w23440 Maurice Obstfeld
Alan M. Taylor

International Monetary Relations: Taking Finance Seriously
w23401 Oleg Itskhoki
Dmitry Mukhin

Exchange Rate Disconnect in General Equilibrium
w23407 Laura Alfaro
Gonzalo Asis
Anusha Chari
Ugo Panizza

Lessons Unlearned? Corporate Debt in Emerging Markets
w23409 Javier Cravino
Andrei A. Levchenko

The Distributional Consequences of Large Devaluations
w23359 Fabio Castiglionesi
Fabio Feriozzi
Guido Lorenzoni

Financial Integration and Liquidity Crises
w23363 Philippe Bacchetta
Eric van Wincoop

Gradual Portfolio Adjustment: Implications for Global Equity Portfolios and Returns
w23370 Laura Alfaro
Fabio Kanczuk

Fiscal Rules and Sovereign Default
w23341 Woo Jin Choi
Alan M. Taylor

Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
w23327 Takatoshi Ito
Masahiro Yamada

Did the Reform Fix the London Fix Problem?
w23310 Irem Demirci
Jennifer Huang
Clemens Sialm

Government Debt and Corporate Leverage: International Evidence
w23312 Mark Aguiar
Satyajit Chatterjee
Harold Cole
Zachary Stangebye

Self-Fulfilling Debt Crises, Revisited: The Art of the Desperate Deal
w23314 Cristina Arellano
Yan Bai
Luigi Bocola

Sovereign Default Risk and Firm Heterogeneity
w23316 Falk Bräuning
Victoria Ivashina

Monetary Policy and Global Banking
w23293 Vahid Gholampour
Eric van Wincoop

What can we Learn from Euro-Dollar Tweets?
w23266 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Exchange Rate Policies at the Zero Lower Bound
w23267 Yin-Wong Cheung
Menzie D. Chinn
Antonio Garcia Pascual
Yi Zhang

Exchange Rate Prediction Redux: New Models, New Data, New Currencies
w23246 Raphael A. Auer
Andrei A. Levchenko
Philip Sauré

International Inflation Spillovers Through Input Linkages
w23223 Assaf Razin
Globalized Israel: High Tech Prowess and Buttressing FDI
w23235 Patrick J. Kehoe
Elena Pastorino

Financial Markets and Fiscal Unions
w23206 Joel Hasbrouck
Richard M. Levich

FX Market Metrics: New Findings Based on CLS Bank Settlement Data
w23169 Enrique Alberola
Gianluca Benigno

Revisiting the Commodity Curse: A Financial Perspective
w23205 Tamim Bayoumi
Barry Eichengreen

Aftershocks of Monetary Unification: Hysteresis with a Financial Twist
w23204 Sebastian Edwards
The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A "Change of Regime" Analysis
w23170 Wenxin Du
Alexander Tepper
Adrien Verdelhan

Deviations from Covered Interest Rate Parity
w23175 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Currency Matters: Analyzing International Bond Portfolios
w23141 Sebastian Edwards
Keynes and the Dollar in 1933
w23143 David Berger
Joseph Vavra

Shocks vs. Responsiveness: What Drives Time-Varying Dispersion?
w23149 Yusuf Soner Baskaya
Julian di Giovanni
Sebnem Kalemli-Ozcan
Mehmet Fatih Ulu

International Spillovers and Local Credit Cycles
w23158 Martin Eichenbaum
Benjamin K. Johannsen
Sergio Rebelo

Monetary Policy and the Predictability of Nominal Exchange Rates
w23135 Ethan Ilzetzki
Carmen M. Reinhart
Kenneth S. Rogoff

The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?
w23134 Ethan Ilzetzki
Carmen M. Reinhart
Kenneth S. Rogoff

Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold?
w23124 Geert Bekaert
Arnaud Mehl

On the Global Financial Market Integration "Swoosh" and the Trilemma
w23116 Stefan Avdjiev
Bryan Hardy
Sebnem Kalemli-Ozcan
Luis Servén

Gross Capital Flows by Banks, Corporates and Sovereigns
w23065 Karen K. Lewis
Edith X. Liu

Disaster Risk and Asset Returns: An International Perspective
w23074 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Large and State-Dependent Effects of Quasi-Random Monetary Experiments
w23032 Joseph E. Stiglitz
Macro-economic Management in an Electronic Credit/Financial System
w23035 Christopher Blattman
Mathilde Emeriau
Nathan Fiala

Do Anti-Poverty Programs Sway Voters? Experimental Evidence from Uganda
w23037 Douglas A. Irwin
The Missing Bretton Woods Debate over Flexible Exchange Rates
w23004 Anton Korinek
Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation
w23010 Gur Aminadav
Elias Papaioannou

Corporate Control around the World
w22874 Claudia M. Buch
Linda Goldberg

Cross-Border Prudential Policy Spillovers: How Much? How Important? Evidence from the International Banking Research Network
w22868 Enrique G. Mendoza
Macroprudential Policy: Promise and Challenges
w22872 Joshua Aizenman
Yin-Wong Cheung
Hiro Ito

The Interest Rate Effect on Private Saving: Alternative Perspectives
w22847 Mark Aguiar
Manuel Amador
Hugo Hopenhayn
Iván Werning

Take the Short Route: Equilibrium Default and Debt Maturity
w22844 Kris James Mitchener
Gonçalo Pina

Pegxit Pressure: Evidence from the Classical Gold Standard
w22812 Xuehui Han
Shang-Jin Wei

International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma
w22820 Takatoshi Ito
Masahiro Yamada

Puzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased Pricing by Banks
w22819 Graciela L. Kaminsky
International Borrowing Cycles: A New Historical Database
w22806 Matthieu Chavaz
Andrew K. Rose

Political Borders and Bank Lending in Post-Crisis America
w22790 Tarek A. Hassan
Thomas M. Mertens
Tony Zhang

Currency Manipulation
w22751 Ricardo J. Caballero
Alp Simsek

A Model of Fickle Capital Flows and Retrenchment
w22755 Takatoshi Ito
A New Financial Order in Asia: Will a RMB bloc emerge?
w22758 Richard H. Clarida
Ildikó Magyari

International Financial Adjustment in a Canonical Open Economy Growth Model
w22737 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Balance Sheet Effects on Monetary and Financial Spillovers: The East Asian Crisis Plus 20
w22741 Kristin Forbes
Ida Hjortsoe
Tsvetelina Nenova

Current Account Deficits During Heightened Risk: Menacing or Mitigating?
w22694 Luigi Bocola
Alessandro Dovis

Self-Fulfilling Debt Crises: A Quantitative Analysis
w22705 Marina Azzimonti
The Politics of FDI Expropriation
w22678 Andrew K. Rose
Why Do Estimates of the EMU Effect On Trade Vary so Much?
w22645 Jose Berrospide
Ricardo Correa
Linda Goldberg
Friederike Niepmann

International Banking and Cross-border Effects of Regulation: Lessons from the United States
w22592 Wenxin Du
Carolin E. Pflueger
Jesse Schreger

Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
w22576 Jacob Boudoukh
Jordan Brooks
Matthew Richardson
Zhikai Xu

The Complexity of Liquidity: The Extraordinary Case of Sovereign Bonds
w22539 Yin-Wong Cheung
Menzie Chinn
Xin Nong

Estimating Currency Misalignment Using the Penn Effect: It's Not as Simple As It Looks
w22506 Craig Benedict
Mario J. Crucini
Anthony Landry

On What States Do Prices Depend? Answers From Ecuador
w22509 Pablo D'Erasmo
Enrique G. Mendoza

Optimal Domestic (and External) Sovereign Default
w22466 Vahagn Galstyan
Philip R. Lane
Caroline Mehigan
Rogelio Mercado

The Holders and Issuers of International Portfolio Securities
w22388 Olivier Blanchard
Currency Wars, Coordination, and Capital Controls
w22395 Melissa Dell
Pablo Querubin

Nation Building Through Foreign Intervention: Evidence from Discontinuities in Military Strategies
w22377 Roberto Chang
Andrés Fernández
Adam Gulan

Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy
w22370 Pierre-Olivier Gourinchas
Thomas Philippon
Dimitri Vayanos

The Analytics of the Greek Crisis
w22330 Harold Cole
Daniel Neuhann
Guillermo Ordoñez

Debt Crises: For Whom the Bell Tolls
w22336 Marina Azzimonti
Does Partisan Conflict Deter FDI Inflows to the US?
w22298 Manuel Amador
Javier Bianchi
Luigi Bocola
Fabrizio Perri

Reverse Speculative Attacks
w22299 Gauti B. Eggertsson
Neil R. Mehrotra
Sanjay R. Singh
Lawrence H. Summers

A Contagious Malady? Open Economy Dimensions of Secular Stagnation
w22295 Emmanuel Farhi
Matteo Maggiori

A Model of the International Monetary System
w22268 Joshua Aizenman
Hiro Ito

East Asian Economies and Financial Globalization In the Post-Crisis World
w22270 Benjamin Hébert
Jesse Schreger

The Costs of Sovereign Default: Evidence from Argentina
w22271 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

A Model of Safe Asset Determination
w22224 Gianluca Benigno
Huigang Chen
Christopher Otrok
Alessandro Rebucci
Eric R. Young

Optimal Capital Controls and Real Exchange Rate Policies: A Pecuniary Externality Perspective
w22198 Nicholas Ford
Charles Yuji Horioka

The 'Real' Explanation of the PPP Puzzle
w22169 Nicola Cetorelli
Linda S. Goldberg

Organizational Complexity and Balance Sheet Management in Global Banks
w22172 Gauti B. Eggertsson
Neil R. Mehrotra
Lawrence H. Summers

Secular Stagnation in the Open Economy
w22161 Zhi Da
Borja Larrain
Clemens Sialm
José Tessada

Coordinated Noise Trading: Evidence from Pension Fund Reallocations
w22125 Mark Aguiar
Satyajit Chatterjee
Harold Cole
Zachary Stangebye

Quantitative Models of Sovereign Debt Crises
w22139 Olivier Jeanne
Damiano Sandri

Optimal Reserves in Financially Closed Economies
w22111 Alberto Cavallo
Roberto Rigobon

The Billion Prices Project: Using Online Prices for Measurement and Research
w22119 Mary Amiti
Oleg Itskhoki
Jozef Konings

International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
w22097 Joshua Aizenman
Optimal Currency Area: A 20th Century Idea For the 21st Century?
w22081 Nicholas Ford
Charles Yuji Horioka

The "Real" Explanation of the Feldstein-Horioka Puzzle
w22017 Zhiguo He
Arvind Krishnamurthy
Konstantin Milbradt

What Makes US Government Bonds Safe Assets?
w22023 Hanno Lustig
Adrien Verdelhan

Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates?
w22044 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Safe Asset Scarcity and Aggregate Demand
w21979 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

Conditional PPP and Real Exchange Rate Convergence in the Euro Area
w21981 Anya Kleymenova
Andrew K. Rose
Tomasz Wieladek

Does Government Intervention Affect Banking Globalization?
w21993 Markus K. Brunnermeier
Luis Garicano
Philip Lane
Marco Pagano
Ricardo Reis
Tano Santos
David Thesmar
Stijn Van Nieuwerburgh
Dimitri Vayanos

The Sovereign-Bank Diabolic Loop and ESBies
w21954 Takatoshi Ito
Japanization: Is it Endemic or Epidemic?
w21977 Urban J. Jermann
Financial Markets' Views about the Euro-Swiss Franc Floor
w21938 Shin-ichi Fukuda
Strong Sterling Pound and Weak European Currencies in the Crises: Evidence from Covered Interest Parity of Secured Rates
w21948 Alessandro Dovis
Mikhail Golosov
Ali Shourideh

Political Economy of Sovereign Debt: A Theory of Cycles of Populism and Austerity
w21884 Barry Eichengreen
Romain Lafarguette
Arnaud Mehl

Cables, Sharks and Servers: Technology and the Geography of the Foreign Exchange Market
w21898 Jonathan Heathcote
Fabrizio Perri

On the Desirability of Capital Controls
w21843 Emmanuel Farhi
Jean Tirole

Deadly Embrace: Sovereign and Financial Balance Sheets Doom Loops
w21852 Hélène Rey
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
w21813 Jeffrey Frankel
The Plaza Accord, 30 Years Later
w21817 Nicolas Coeurdacier
Hélène Rey
Pablo Winant

Financial Integration and Growth in a Risky World
w21805 Carmen M. Reinhart
Christoph Trebesch

The International Monetary Fund: 70 Years of Reinvention
w21791 Michael B. Devereux
Eric R. Young
Changhua Yu

A New Dilemma: Capital Controls and Monetary Policy in Sudden Stop Economies
w21793 Joshua Aizenman
International Coordination and Precautionary Policies
w21773 David Backus
Chase Coleman
Axelle Ferriere
Spencer Lyon

Pareto Weights as Wedges in Two-Country Models
w21734 Charles Yuji Horioka
Akiko Terada-Hagiwara
Takaaki Nomoto

Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited
w21737 Ryan Banerjee
Michael B. Devereux
Giovanni Lombardo

Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows
w21744 Lee E. Ohanian
Paulina Restrepo-Echavarria
Mark L. J. Wright

Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America
w21722 Silvia Miranda-Agrippino
Hélène Rey

World Asset Markets and the Global Financial Cycle
w21662 Joshua Aizenman
Mahir Binici

Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal
w21664 Carmen M. Reinhart
Christoph Trebesch

The Pitfalls of External Dependence: Greece, 1829-2015
w21670 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Global Imbalances and Currency Wars at the ZLB.
w21674 Eduardo Borensztein
Eduardo Cavallo
Olivier Jeanne

The Welfare Gains from Macro-Insurance Against Natural Disasters
w21574 Pablo D'Erasmo
Enrique G. Mendoza
Jing Zhang

What is a Sustainable Public Debt?
w21518 Takatoshi Ito
Masahiro Yamada

Was the Forex Fixing Fixed?
w21535 Reuven Glick
Andrew K. Rose

Currency Unions and Trade: A Post-EMU Mea Culpa
w21445 Tarek Alexander Hassan
Thomas Mertens
Tony Zhang

Not so Disconnected: Exchange Rates and the Capital Stock
w21456 Cristina Arellano
Andrew Atkeson
Mark Wright

External and Public Debt Crises
w21413 Michael B. Devereux
Ben Tomlin
Wei Dong

Exchange Rate Pass-Through, Currency of Invoicing and Market Share
w21427 Olivier Blanchard
Gustavo Adler
Irineu de Carvalho Filho

Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
w21380 Sebastian Edwards
Academics as Economic Advisers: Gold, the 'Brains Trust,' and FDR
w21333 Carmen M. Reinhart
Miguel Angel Santos

From Financial Repression to External Distress: The Case of Venezuela
w21350 Carmen M. Reinhart
The Antecedents and Aftermath of Financial Crises as told by Carlos F. Díaz Alejandro
w21287 Michael D. Bordo
Christopher M. Meissner

Growing Up to Stability? Financial Globalization, Financial Development and Financial Crises
w21162 Hélène Rey
Dilemma not Trilemma: The global Financial Cycle and Monetary Policy Independence
w21172 Evgenia Passari
Hélène Rey

Financial Flows and the International Monetary System
w21150 Andrea Beltratti
René M. Stulz

Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis
w21159 Menzie D. Chinn
Yi Zhang

Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
w21128 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions
w21122 Takatoshi Ito
Masahiro Yamada

High-frequency, Algorithmic Spillovers Between NASDAQ and Forex
w21075 Chunxin Jia
Yaping Wang
Wei Xiong

Social Trust and Differential Reactions of Local and Foreign Investors to Public News
w21040 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Exchange Rate Exposure and Risk Management: The case of Japanese Exporting Firms
w21039 Alan M. Taylor
Credit, Financial Stability, and the Macroeconomy
w21042 Charles Engel
Exchange Rates, Interest Rates, and the Risk Premium
w21019 Joshua Aizenman
Eduardo Cavallo
Ilan Noy

Precautionary Strategies and Household Saving
w21026 Juan Carlos Conesa
Timothy J. Kehoe

Gambling for Redemption and Self-Fulfilling Debt Crises
w20970 Andrés Fernández
Michael W. Klein
Alessandro Rebucci
Martin Schindler
Martín Uribe

Capital Control Measures: A New Dataset
w20964 Sebastian Edwards
Sovereign Default, Debt Restructuring, and Recovery Rates: Was the Argentinean "Haircut" Excessive?
w20951 Charles Engel
Macroprudential Policy in a World of High Capital Mobility: Policy Implications from an Academic Perspective
w20943 Joshua Aizenman
The Internationalization of the RMB, Capital Market Openness, and Financial Reforms in China
w20896 Yan Bai
Seon Tae Kim
Gabriel P. Mihalache

The Maturity and Payment Schedule of Sovereign Debt
w20901 Daqing Yao
John Whalley

An Evaluation of the Impact of the China (Shanghai) Pilot Free Trade Zone (SPFTZ)
w20872 Alessandra Fogli
Fabrizio Perri

Macroeconomic Volatility and External Imbalances
w20893 Sebastian Edwards
Monetary Policy Independence under Flexible Exchange Rates: An Illusion?
w20857 Rabah Arezki
Valerie A. Ramey
Liugang Sheng

News Shocks in Open Economies: Evidence from Giant Oil Discoveries
w20860 Kristin Forbes
Marcel Fratzscher
Roland Straub

Capital Flow Management Measures: What Are They Good For?
w20820 Agustín S. Bénétrix
Philip R. Lane
Jay C. Shambaugh

International Currency Exposures, Valuation Effects, and the Global Financial Crisis
w20822 Gurnain Pasricha
Matteo Falagiarda
Martin Bijsterbosch
Joshua Aizenman

Domestic and Multilateral Effects of Capital Controls in Emerging Markets
w20803 Markus K. Brunnermeier
Yuliy Sannikov

International Credit Flows and Pecuniary Externalities
w20805 Anton Korinek
Damiano Sandri

Capital Controls or Macroprudential Regulation?
w20786 Raquel Fernández
Alberto Martin

The Long and the Short of It: Sovereign Debt Crises and Debt Maturity
w20755 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

The Evolution of the Federal Reserve Swap Lines since 1962
w20726 Laura Alfaro
Anusha Chari
Fabio Kanczuk

The Real Effects of Capital Controls: Firm-Level Evidence from a Policy Experiment
w20685 Sebastian Edwards
Economic Development and the Effectiveness of Foreign Aid: A Historical Perspective
w20634 C. Fritz Foley
Kalina Manova

International Trade, Multinational Activity, and Corporate Finance
w20646 Joshua Aizenman
Daniel Riera-Crichton

Liquidity and Foreign Asset Management Challenges for Latin American Countries
w20650 Russell Cooper
Antoine Camous

Monetary Policy and Debt Fragility
w20567 Brent Glover
Seth Richards-Shubik

Contagion in the European Sovereign Debt Crisis
w20564 Joshua Aizenman
Gunnar Gunnarsson

Fiscal Challenges in Multilayered Unions: An Overview and Case Study
w20571 John D. Burger
Rajeswari Sengupta
Francis E. Warnock
Veronica Cacdac Warnock

U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
w20572 Philippe Martin
Thomas Philippon

Inspecting the Mechanism: Leverage and the Great Recession in the Eurozone
w20577 Carmen M. Reinhart
Christoph Trebesch

A Distant Mirror of Debt, Default, and Relief
w20545 Richard Clarida
Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers
w20526 Michael B. Devereux
Changhua Yu

International Financial Integration and Crisis Contagion
w20510 Martin Berka
Michael B. Devereux
Charles Engel

Real Exchange Rates and Sectoral Productivity in the Eurozone
w20454 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

The Revived Bretton Woods System's First Decade
w20433 Kent Daniel
Robert J. Hodrick
Zhongjin Lu

The Carry Trade: Risks and Drawdowns
w20391 Peter Benczur
Cosmin L. Ilut

Evidence for Relational Contracts in Sovereign Bank Lending
w20386 Joshua Aizenman
Yin-Wong Cheung
Hiro Ito

International Reserves Before and After the Global Crisis: Is There No End to Hoarding?
w20286 Claudia M. Buch
Linda S. Goldberg

International Banking and Liquidity Risk Transmission: Lessons from Across Countries
w20314 Seunghoon Na
Stephanie Schmitt-Grohé
Martin Uribe
Vivian Z. Yue

The Twin Ds: Optimal Default and Devaluation
w20316 Barry Eichengreen
Ugo Panizza

A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
w20285 Ricardo Correa
Linda S. Goldberg
Tara Rice

Liquidity Risk and U.S. Bank Lending at Home and Abroad
w20294 Tarek A. Hassan
Rui C. Mano

Forward and Spot Exchange Rates in a Multi-currency World
w20228 Michael D. Bordo
Ehsan U. Choudhri
Giorgio Fazio
Ronald MacDonald

The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered
w20252 Michael B. Devereux
James Yetman

Globalisation, Pass-through and the Optimal Policy Response to Exchange Rates
w20267 Barry Eichengreen
Arnaud J. Mehl
Livia Chițu
Gary Richardson

Mutual Assistance between Federal Reserve Banks, 1913-1960 as Prolegomena to the TARGET2 Debate
w20236 Nikhil Patel
Zhi Wang
Shang-Jin Wei

Global Value Chains and Effective Exchange Rates at the Country-Sector Level
w20242 Joshua Aizenman
The Eurocrisis: Muddling Through, or On the Way to a More Perfect Euro Union?
w20220 Kris James Mitchener
Kirsten Wandschneider

Capital Controls and Recovery from the Financial Crisis of the 1930s
w20225 Alberto Cavallo
Brent Neiman
Roberto Rigobon

The Price Impact of Joining a Currency Union: Evidence from Latvia
w20200 Enrique G. Mendoza
Linda L. Tesar
Jing Zhang

Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies
w20121 Murillo Campello
Rafael Perez Ribas
Yan Wang

Is the Stock Market Just a Side Show? Evidence from a Structural Reform
w20033 Galina Hale
Maurice Obstfeld

The Euro and The Geography of International Debt Flows
w20042 Graciela L. Kaminsky
Pablo Vega-García

Systemic and Idiosyncratic Sovereign Debt Crises
w20046 Kamran Bilir
Davin Chor
Kalina Manova

Host-Country Financial Development and Multinational Activity
w19985 Anne-Laure Delatte
Julien Fouquau
Richard Portes

Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts
w19967 Olivier Jeanne
Macroprudential Policies in a Global Perspective
w19980 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
w19963 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock
Jon Wongswan

Uncovered Equity Parity and Rebalancing in International Portfolios
w19909 Juan Carlos Conesa
Timothy J. Kehoe

Is It Too Late to Bail Out the Troubled Countries in the Eurozone?
w19854 Xavier Gabaix
Matteo Maggiori

International Liquidity and Exchange Rate Dynamics
w19791 Matthieu Bussière
Gong Cheng
Menzie D. Chinn
Noëmie Lisack

For a Few Dollars More: Reserves and Growth in Times of Crises
w19786 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

Political Risk Spreads
w19739 Joshua Aizenman
Yothin Jinjarak
Nancy P. Marion

China's Growth, Stability, and Use of International Reserves
w19748 Luis Felipe Céspedes
Andrés Velasco

Was This Time Different? Fiscal Policy in Commodity Republics
w19717 Mark Aguiar
Manuel Amador

Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities
w19718 Jorge Braga de Macedo
Urho Lempinen

Exchange rate dynamics revisited
w19706 Conghui Hu
Wei Xiong

Are Commodity Futures Prices Barometers of the Global Economy?
w19676 Fernando Broner
Aitor Erce
Alberto Martin
Jaume Ventura

Sovereign Debt Markets in Turbulent Times: Creditor Discrimination and Crowding-Out Effects
w19671 Andrés Fernández
Alessandro Rebucci
Martín Uribe

Are Capital Controls Prudential? An Empirical Investigation
w19635 Alejandro Justiniano
Giorgio Primiceri
Andrea Tambalotti

The Effects of the Saving and Banking Glut on the U.S. Economy
w19651 David Berger
Joseph S. Vavra

Volatility and Pass-through
w19652 Carmen M. Reinhart
Takeshi Tashiro

Crowding Out Redefined: The Role of Reserve Accumulation
w19655 Carmen M. Reinhart
Asia Chartbook: Crises, Credit and Debt, 1835-2013
w19623 Hanno Lustig
Andreas Stathopoulos
Adrien Verdelhan

The Term Structure of Currency Carry Trade Risk Premia
w19632 Andrew K. Rose
Surprising Similarities: Recent Monetary Regimes of Small Economies
w19588 David Cook
Michael B. Devereux

The Optimal Currency Area in a Liquidity Trap
w19596 Charles Y. Horioka
Takaaki Nomoto
Akiko Terada-Hagiwara

Why Has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
w19561 Ángel Estrada
Jordi Galí
David López-Salido

Patterns of Convergence and Divergence in the Euro Area
w19537 Matthias Doepke
Martin Schneider

Money as a Unit of Account
w19548 Cristina Arellano
Yan Bai

Linkages across Sovereign Debt Markets
w19516 Mark Aguiar
Manuel Amador
Emmanuel Farhi
Gita Gopinath

Crisis and Commitment: Inflation Credibility and the Vulnerability to Sovereign Debt Crises
w19523 Linda S. Goldberg
Christian Grisse

Time Variation in Asset Price Responses to Macro Announcements
w19497 Linda S. Goldberg
Banking Globalization, Transmission, and Monetary Policy Autonomy
w19506 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

Sovereigns versus Banks: Credit, Crises, and Consequences
w19477 Pablo D'Erasmo
Enrique G. Mendoza

Distributional Incentives in an Equilibrium Model of Domestic Sovereign Default
w19448 Joshua Aizenman
Hiro Ito

Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries
w19461 Michael W. Klein
Jay C. Shambaugh

Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy
w19371 Robert Ready
Nikolai Roussanov
Colin Ward

Commodity Trade and the Carry Trade: a Tale of Two Countries
w19388 Mark Aguiar
Manuel Amador

Sovereign Debt: A Review
w19362 Anton Korinek
Enrique G. Mendoza

From Sudden Stops to Fisherian Deflation: Quantitative Theory and Policy Implications
w19325 Ralph S.J. Koijen
Tobias J. Moskowitz
Lasse Heje Pedersen
Evert B. Vrugt

w19336 Charles Engel
Exchange Rates and Interest Parity
w19339 Timothy J. Kehoe
Kim J. Ruhl
Joseph B. Steinberg

Global Imbalances and Structural Change in the United States
w19288 Ricardo Reis
The Portuguese Slump and Crash and the Euro Crisis
w19291 Qingyuan Du
Shang-Jin Wei
Peichu Xie

Roads and the Real Exchange Rate
w19228 Guido Lorenzoni
Ivan Werning

Slow Moving Debt Crises
w19229 René M. Stulz
Dimitrios Vagias
Mathijs A. van Dijk

Do Firms Issue more equity when markets are more liquid?
w19239 J. Bradford Jensen
Dennis P. Quinn
Stephen Weymouth

Global Supply Chains, Currency Undervaluation, and Firm Protectionist Demands
w19240 Pierre-Olivier Gourinchas
Hélène Rey

External Adjustment, Global Imbalances and Valuation Effects
w19205 Yothin Jinjarak
Ilan Noy
Huanhuan Zheng

Capital Controls in Brazil - Stemming a Tide with a Signal?
w19190 Joshua Aizenman
Yothin Jinjarak

Real Estate Valuation, Current Account and Credit Growth Patterns, Before and After the 2008-9 Crisis
w19125 Joshua Aizenman
Mahir Binici
Michael M. Hutchison

Credit Ratings and the Pricing of Sovereign Debt during the Euro Crisis
w19098 Laura Alfaro
Fabio Kanczuk

Debt Redemption and Reserve Accumulation
w19084 Valentina Bruno
Hyun Song Shin

Assessing Macroprudential Policies: Case of Korea
w19091 Michael B. Devereux
James Yetman

Capital Controls, Global Liquidity Traps and the International Policy Trilemma
w19067 Joshua Aizenman
Ilan Noy

Saving and the Long Shadow of Macroeconomic Shocks
w19072 Enrique G. Mendoza
Katherine A. Smith

Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
w19024 Manmohan Agarwal
John Whalley

The 1991 Reforms, Indian Economic Growth, and Social Progress
w19038 Valentina Bruno
Hyun Song Shin

Capital Flows, Cross-Border Banking and Global Liquidity
w19039 Viral V. Acharya
Sascha Steffen

The "Greatest" Carry Trade Ever? Understanding Eurozone Bank Risks
w19017 Randall Morck
Bernard Yeung
Wayne Yu

R-squared and the Economy
w18971 Peter Boone
Ila Fazzio
Kameshwari Jandhyala
Chitra Jayanty
Gangadhar Jayanty
Simon Johnson
Vimala Ramachandrin
Filipa Silva
Zhaoguo Zhan

The Surprisingly Dire Situation of Children's Education in Rural West Africa: Results from the CREO Study in Guinea-Bissau (Comprehensive Review of Education Outcomes)
w18985 Linda S. Goldberg
Cédric Tille

A Bargaining Theory of Trade Invoicing and Pricing
w18956 Jonathan Heathcote
Fabrizio Perri

Assessing International Efficiency
w18963 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

Fundamentals and Sovereign Risk of Emerging Markets
w18942 Valentina Bruno
Hyun Song Shin

Capital Flows and the Risk-Taking Channel of Monetary Policy
w18906 Michael Sockin
Wei Xiong

Informational Frictions and Commodity Markets
w18911 Qingyuan Du
Shang-Jin Wei

A Theory of the Competitive Saving Motive
w18920 Christian Fons-Rosen
Sebnem Kalemli-Ozcan
Bent E. Sørensen
Carolina Villegas-Sanchez
Vadym Volosovych

Quantifying Productivity Gains from Foreign Investment
w18866 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

On Returns Differentials
w18867 Man Lung Chan
Kalina Manova

Financial Development and the Choice of Trade Partners
w18879 Joshua Aizenman
Gurnain Kaur Pasricha

Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
w18855 Michael Tomz
Mark L. J. Wright

Empirical Research on Sovereign Debt and Default
w18839 Alberto Alesina
Bryony Reich

Nation Building
w18844 Martin Lettau
Matteo Maggiori
Michael Weber

Conditional Risk Premia in Currency Markets and Other Asset Classes
w18771 Alan M. Taylor
The Future of International Liquidity and the Role of China
w18726 Richard H. Clarida
Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
w18730 Ricardo Reis
The Mystique Surrounding the Central Bank's Balance Sheet, Applied to the European Crisis
w18737 Ricardo J. Caballero
Emmanuel Farhi

A Model of the Safe Asset Mechanism (SAM): Safety Traps and Economic Policy
w18741 Massimiliano Caporin
Loriana Pelizzon
Francesco Ravazzolo
Roberto Rigobon

Measuring Sovereign Contagion in Europe
w18716 John B. Taylor
International Monetary Coordination and the Great Deviation
w18697 Livia Chițu
Barry Eichengreen
Arnaud J. Mehl

History, Gravity and International Finance
w18670 Itay Goldstein
Assaf Razin

Three Branches of Theories of Financial Crises
w18672 Martin Feldstein
Coordination in the European Union
w18627 Karen K. Lewis
Sandy Lai

Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
w18646 A. Craig Burnside
Jeremy J. Graveline

On the Asset Market View of Exchange Rates
w18644 Ricardo J. Caballero
Joseph B. Doyle

Carry Trade and Systemic Risk: Why are FX Options so Cheap?
w18653 Jiandong Ju
Kang Shi
Shang-Jin Wei

Trade Reforms and Current Account Imbalances: When Does the General Equilibrium Effect Overturn a Partial Equilibrium Intuition?
w18615 Mary Amiti
Oleg Itskhoki
Jozef Konings

Importers, Exporters, and Exchange Rate Disconnect
w18600 Jennie Bai
Shang-Jin Wei

When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
w18606 Alan M. Taylor
External Imbalances and Financial Crises
w18569 Luis Felipe Céspedes
Andrés Velasco

Macroeconomic Performance During Commodity Price Booms and Busts
w18557 Sebastian Edwards
The Federal Reserve, Emerging Markets, and Capital Controls: A High Frequency Empirical Investigation
w18561 Kalina Manova
Zhihong Yu

How Firms Export: Processing vs. Ordinary Trade with Financial Frictions
w18563 Alberto Cavallo
Brent Neiman
Roberto Rigobon

Currency Unions, Product Introductions, and the Real Exchange Rate
w18541 Takatoshi Ito
Kenta Yamada
Misako Takayasu
Hideki Takayasu

Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
w18531 Eugenio Cerutti
Stijn Claessens
Patrick McGuire

Systemic Risks in Global Banking: What Available Data can tell us and What More Data are Needed?
w18526 Michael W. Klein
Capital Controls: Gates versus Walls
w18527 Joshua Aizenman
Ilan Noy

Macroeconomic Adjustment and the History of Crises in Open Economies
w18528 Victoria Ivashina
David S. Scharfstein
Jeremy C. Stein

Dollar Funding and the Lending Behavior of Global Banks
w18497 Daniel Riera-Crichton
Carlos A. Vegh
Guillermo Vuletin

Tax Multipliers: Pitfalls in Measurement and Identification
w18498 Rudolfs Bems
Robert C. Johnson

Value-Added Exchange Rates
w18465 Kristin Forbes
The "Big C": Identifying Contagion
w18480 Guillermo A. Calvo
Fabrizio Coricelli
Pablo Ottonello

Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries
w18482 Menzie D. Chinn
Saad Quayyum

Long Horizon Uncovered Interest Parity Re-Assessed
w18454 Alberto Martin
Jaume Ventura

Financial Reforms and Capital Flows: Insights from General Equilibrium
w18431 Luis Felipe Céspedes
Roberto Chang
Andrés Velasco

Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy
w18428 Joon-Ho Hahm
Hyun Song Shin
Kwanho Shin

Non-Core Bank Liabilities and Financial Vulnerability
w18404 Olivier Jeanne
Capital Account Policies and the Real Exchange Rate
w18377 Russell Cooper
Debt Fragility and Bailouts
w18380 C. Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment
w18382 Charles Engel
Nelson C. Mark
Kenneth D. West

Factor Model Forecasts of Exchange Rates
w18357 Ravi Bansal
Ivan Shaliastovich

A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets
w18363 Gerardo della Paolera
Alan M. Taylor

Sovereign Debt in Latin America, 1820-1913
w18368 Katherine Casey
Rachel Glennerster
Edward Miguel

Healing the Wounds: Learning from Sierra Leone's Post-war Institutional Reforms
w18372 Julien Bengui
Enrique G. Mendoza
Vincenzo Quadrini

Capital Mobility and International Sharing of Cyclical Risk
w18331 Paul R. Bergin
Reuven Glick
Jyh-Lin Wu

Mussa Redux and Conditional PPP
w18330 Tanya Molodtsova
David Papell

Taylor Rule Exchange Rate Forecasting During the Financial Crisis
w18312 Lauren Cohen
Umit G. Gurun
Christopher J. Malloy

Resident Networks and Firm Trade
w18329 Kristin J. Forbes
Francis E. Warnock

Debt- and Equity-Led Capital Flow Episodes
w18285 Guillermo A. Calvo
The Price Theory of Money, Prospero's Liquidity Trap, and Sudden Stop: Back to Basics and Back
w18283 Jeffrey A. Frankel
Jesse Schreger

Over-optimistic Official Forecasts in the Eurozone and Fiscal Rules
w18280 Ivan Werning
Emmanuel Farhi

Fiscal Unions
w18256 Richard M. Levich
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets
w18260 Ling Feng
Zhiyuan Li
Deborah L. Swenson

The Connection between Imported Intermediate Inputs and Exports: Evidence from Chinese Firms
w18247 Kenneth D. West
Econometric Analysis of Present Value Models When the Discount Factor Is near One
w18219 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Optimal Holdings of International Reserves: Self-Insurance against Sudden Stop
w18209 Sebnem Kalemli-Ozcan
Elias Papaioannou
Fabrizio Perri

Global Banks and Crisis Transmission
w18199 Emmanuel Farhi
Ivan Werning

Dealing with the Trilemma: Optimal Capital Controls with Fixed Exchange Rates
w18176 Joshua Aizenman
Yothin Jinjarak

Income inequality, tax base and sovereign spreads
w18138 Joshua Aizenman
The Euro and the global crises: finding the balance between short term stabilization and forward looking reforms
w18143 Olivier Jeanne
The Dollar and its Discontents
w18097 Livia Chitu
Barry Eichengreen
Arnaud J. Mehl

When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets
w18052 Kristin Forbes
Marcel Fratzscher
Thomas Kostka
Roland Straub

Bubble Thy Neighbor: Portfolio Effects and Externalities from Capital Controls
w18057 Tarek Alexander Hassan
Country Size, Currency Unions, and International Asset Returns
w18067 Chiara Franzoni
Giuseppe Scellato
Paula Stephan

Foreign Born Scientists: Mobility Patterns for Sixteen Countries
w18028 Joshua Aizenman
Yothin Jinjarak
Minsoo Lee
Donghyun Park

Developing countries' financial vulnerability to the euro crisis: An event study of equity and bond markets
w18036 Javier Bianchi
Emine Boz
Enrique G. Mendoza

Macro-Prudential Policy in a Fisherian model of Financial Innovation
w18015 Carmen M. Reinhart
Vincent R. Reinhart
Kenneth S. Rogoff

Debt Overhangs: Past and Present
w18004 Asli Demirguc-Kunt
Erik Feyen
Ross Levine

The Evolving Importance of Banks and Securities Markets
w17997 Farley Grubb
Is Paper Money Just Paper Money? Experimentation and Variation in the Paper Monies Issued by the American Colonies from 1690 to 1775
w17998 Domenico Ferraro
Kenneth S. Rogoff
Barbara Rossi

Can Oil Prices Forecast Exchange Rates?
w17984 Michael D. Bordo
Owen Humpage
Anna J. Schwartz

Epilogue: Foreign-Exchange-Market Operations in the Twenty-First Century
w17978 Mario J. Crucini
Christopher I. Telmer

Microeconomic Sources of Real Exchange Rate Variability
w17941 Carmen M. Reinhart
A Series of Unfortunate Events: Common Sequencing Patterns in Financial Crises
w17944 Pierpaolo Benigno
Federica Romei

Debt Deleveraging and The Exchange Rate
w17913 Ruud de Mooij
Michael Keen

'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times
w17919 Chunding Li
John Whalley

Indirect Tax Initiatives and Global Rebalancing
w17908 Russell Cooper
Exit from a Monetary Union through Euroization: Discipline without Chaos
w17907 Paul R. Bergin
Ju Hyun Pyun

International Portfolio Diversification and Multilateral Effects of Correlations
w17877 Maurice Obstfeld
Does the Current Account Still Matter?
w17894 Joshua Aizenman
Kenta Inoue

Central Banks and Gold Puzzles
w17872 Karen K. Lewis
Edith X. Liu

International Consumption Risk Is Shared After All: An Asset Return View
w17873 Nicola Cetorelli
Linda S. Goldberg

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
w17822 Shekhar Aiyar
Charles W. Calomiris
Tomasz Wieladek

Does Macro-Pru Leak? Evidence from a UK Policy Experiment
w17839 John Ammer
Sara B. Holland
David C. Smith
Francis E. Warnock

U.S. International Equity Investment
w17815 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Noisy Information, Distance and Law of One Price Dynamics Across US Cities
w17806 Joshua Aizenman
Hiro Ito

Trilemma Policy Convergence Patterns and Output Volatility
w17812 Mario J. Crucini
Anthony Landry

Accounting for Real Exchange Rates Using Micro-data
w17794 Nathan Nunn
Nancy Qian

Aiding Conflict: The Impact of U.S. Food Aid on Civil War
w17796 Michael B. Devereux
Ozge Senay
Alan Sutherland

Nominal Stability and Financial Globalization
w17756 Yun Jung Kim
Linda Tesar
Jing Zhang

The Impact of Foreign Liabilities on Small Firms: Firm-Level Evidence from the Korean Crisis
w17763 Juan Carlos Gozzi
Ross Levine
Maria Soledad Martinez Peria
Sergio L. Schmukler

How Firms Use Domestic and International Corporate Bond Markets
w17764 Sebastian Edwards
Is Tanzania a Success Story? A Long Term Analysis
w17751 Jack Favilukis
David Kohn
Sydney C. Ludvigson
Stijn Van Nieuwerburgh

International Capital Flows and House Prices: Theory and Evidence
w17707 J. Vernon Henderson
Yong Suk Lee

Organization of Disaster Aid Delivery: Spending Your Donations
w17680 Arnaud Costinot
Guido Lorenzoni
Iván Werning

A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation
w17682 Charles Goodhart
Global Macroeconomic and Financial Supervision: Where Next?
w17686 Eric van Wincoop
International Contagion Through Leveraged Financial Institutions
w17692 Joshua Aizenman
Sebastian Edwards
Daniel Riera-Crichton

Adjustment patterns to commodity terms of trade shocks: the role of exchange rate and international reserves policies
w17691 Nicolas Coeurdacier
Hélène Rey

Home Bias in Open Economy Financial Macroeconomics
w17662 Emmanuel Farhi
Gita Gopinath
Oleg Itskhoki

Fiscal Devaluations
w17665 Barry Eichengreen
International Policy Coordination: The Long View
w17645 John Whalley
Manmohan Agarwal
Jing Wang
Sean Walsh
Chen Yan

Linking External Sector Imbalances and Changing Financial Instability before the 2008 Financial Crisis
w17641 Maurice Obstfeld
The International Monetary System: Living with Asymmetry
w17612 Faruk Balli
Sebnem Kalemli-Ozcan
Bent Sorensen

Risk Sharing through Capital Gains
w17621 Òscar Jordà
Moritz HP. Schularick
Alan M. Taylor

When Credit Bites Back: Leverage, Business Cycles, and Crises
w17626 Hans-Werner Sinn
Timo Wollmershaeuser

Target Loans, Current Account Balances and Capital Flows: The ECB's Rescue Facility
w17593 Barry Eichengreen
Hui Tong

The External Impact of China's Exchange Rate Policy: Evidence from Firm Level Data
w17586 Giorgia Palladini
Richard Portes

Sovereign CDS and Bond Pricing Dynamics in the Euro-area
w17560 Nicolas Coeurdacier
Pierre-Olivier Gourinchas

When Bonds Matter: Home Bias in Goods and Assets
w17565 Risheng Mao
John Whalley

Ownership Characteristics, Real Exchange Rate Movements and Labor Market Adjustment in China
w17571 Roberto Perotti
The "Austerity Myth": Gain Without Pain?
w17549 Jiandong Ju
Kang Shi
Shang-Jin Wei

On the Connections between Intertemporal and Intra-temporal Trades
w17551 Daniel A. Dias
Christine J. Richmond
Mark L.J. Wright

The Stock of External Sovereign Debt: Can We Take the Data At 'Face Value'?
w17552 Guido Sandleris
Mark L.J. Wright

The Costs of Financial Crises: Resource Misallocation, Productivity and Welfare in the 2001 Argentine Crisis
w17530 Joshua Aizenman
Brian Pinto
Vladyslav Sushko

Financial Sector Ups and Downs and the Real Sector: Up by the stairs, down by the parachute
w17513 Menzie D. Chinn
Barry Eichengreen
Hiro Ito

A Forensic Analysis of Global Imbalances
w17497 Eswar S. Prasad
Role Reversal in Global Finance
w17502 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010
w17318 Barry Eichengreen
Raul Razo-Garcia

How Reliable are De Facto Exchange Rate Regime Classifications?
w17492 Michael D. Bordo
Harold James

Reserves and Baskets
w17468 Efraim Benmelech
Eyal Dvir

Does Short-Term Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis
w17425 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

The Federal Reserve as an Informed Foreign Exchange Trader: 1973 - 1995
w17407 Joshua Aizenman
Michael M. Hutchison
Yothin Jinjarak

What is the Risk of European Sovereign Debt Defaults? Fiscal Space, CDS Spreads and Market Pricing of Risk
w17379 Maurice Obstfeld
International Liquidity: The Fiscal Dimension
w17357 Marcel Fratzscher
Capital Flows, Push versus Pull Factors and the Global Financial Crisis
w17356 Galina Hale
Bank Relationships, Business Cycles, and Financial Crises
w17354 Sebnem Kalemli-Ozcan
Bent Sorensen
Sevcan Yesiltas

Leverage Across Firms, Banks, and Countries
w17363 Mahvash S. Qureshi
Jonathan D. Ostry
Atish R. Ghosh
Marcos Chamon

Managing Capital Inflows: The Role of Capital Controls and Prudential Policies
w17362 Kathryn M.E. Dominguez
Yuko Hashimoto
Takatoshi Ito

International Reserves and the Global Financial Crisis
w17351 Kristin J. Forbes
Francis E. Warnock

Capital Flow Waves: Surges, Stops, Flight, and Retrenchment
w17350 Carol Bertaut
Laurie Pounder DeMarco
Steven B. Kamin
Ralph W. Tryon

ABS Inflows to the United States and the Global Financial Crisis
w17358 Claudio Raddatz
Sergio L. Schmukler

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
w17355 Nicola Cetorelli
Linda S. Goldberg

Liquidity management of U.S. global banks: Internal capital markets in the great recession
w17352 Philip R. Lane
Gian Maria Milesi Ferretti

External Adjustment and the Global Crisis
w17359 Andrew K. Rose
Mark M. Spiegel

Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
w17360 Stijn Claessens
Hui Tong
Shang-Jin Wei

From the Financial Crisis to the Real Economy: Using Firm-level Data to Identify Transmission Channels
w17353 Pierre-Olivier Gourinchas
Hélène Rey
Kai Truempler

The Financial Crisis and The Geography of Wealth Transfers
w17331 Athanasios Geromichalos
Ina Simonovska

Asset Liquidity and International Portfolio Choice
w17288 Michael B. Devereux
Viktoria Hnatkovska

Consumption Risk-Sharing and the Real Exchange Rate: Why does the Nominal Exchange Rate Make Such a Difference?
w17289 Michael B. Devereux
Viktoria Hnatkovska

The Extensive Margin, Sectoral Shares and International Business Cycles
w17277 François Gourio
Michael Siemer
Adrien Verdelhan

International Risk Cycles
w17278 Craig Burnside
Carry Trades and Risk
w17252 Pierre-Olivier Gourinchas
Maurice Obstfeld

Stories of the Twentieth Century for the Twenty-First
w17258 Joshua Aizenman
Vladyslav Sushko

Capital flows: Catalyst or Hindrance to economic takeoffs?
w17260 Martin S. Feldstein
What's Next for the Dollar?
w17224 Klaus Adam
Pei Kuang
Albert Marcet

House Price Booms and the Current Account
w17228 Joshua Aizenman
Vladyslav Sushko

Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
w17201 Fabrizio Perri
Vincenzo Quadrini

International Recessions
w17133 Gianluca Benigno
Pierpaolo Benigno
Salvatore Nisticò

Risk, Monetary Policy and the Exchange Rate
w17141 Laura Alfaro
Maggie Chen

Surviving the Global Financial Crisis: Foreign Ownership and Establishment Performance
w17151 Enrique G. Mendoza
Vivian Z. Yue

A General Equilibrium Model of Sovereign Default and Business Cycles
w17116 Charles Engel
The Real Exchange Rate, Real Interest Rates, and the Risk Premium
w17073 Andrew K. Rose
Tomasz Wieladek

Financial Protectionism: the First Tests
w17074 Sebastian Edwards
Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia
w17012 Katherine Casey
Rachel Glennerster
Edward Miguel

Reshaping Institutions: Evidence on Aid Impacts Using a Pre-Analysis Plan
w16982 Andrew Ang
Francis A. Longstaff

Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe
w16967 Manju Puri
Jörg Rocholl
Sascha Steffen

Global retail lending in the aftermath of the US financial crisis: Distinguishing between supply and demand effects
w16975 Daniel Paravisini
Veronica Rappoport
Philipp Schnabl
Daniel Wolfenzon

Dissecting the Effect of Credit Supply on Trade: Evidence from Matched Credit-Export Data
w16962 Shin-ichi Fukuda
Market-specific and Currency-specific Risk During the Global Financial Crisis: Evidence from the Interbank Markets in Tokyo and London
w16942 Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo

Carry Trade and Momentum in Currency Markets
w16916 Craig Doidge
G. Andrew Karolyi
René M. Stulz

The U.S. Left Behind: The Rise of IPO Activity Around the World
w16899 Patrick Bolton
Olivier Jeanne

Sovereign Default Risk and Bank Fragility in Financially Integrated Economies
w16905 Kalina Manova
Shang-Jin Wei
Zhiwei Zhang

Firm Exports and Multinational Activity Under Credit Constraints
w16893 Carmen M. Reinhart
M. Belen Sbrancia

The Liquidation of Government Debt
w16847 Stephanie Schmitt-Grohé
Martin Uríbe

Pegs and Pain
w16827 Carmen M. Reinhart
Kenneth S. Rogoff

A Decade of Debt
w16800 Shang-Jin Wei
Xiaobo Zhang

Sex Ratios, Entrepreneurship, and Economic Growth in the People's Republic of China
w16805 Nicolas E. Magud
Carmen M. Reinhart
Kenneth S. Rogoff

Capital Controls: Myth and Reality - A Portfolio Balance Approach
w16813 Yaw Nyarko
The Returns to the Brain Drain and Brain Circulation in Sub-Saharan Africa: Some Computations Using Data from Ghana
w16788 Qingyuan Du
Shang-Jin Wei

A Darwinian Perspective on "Exchange Rate Undervaluation"
w16774 Ellen R. McGrattan
Transition to FDI Openness: Reconciling Theory and Evidence
w16779 Joshua Aizenman
Gurnain Kaur Pasricha

Net Fiscal Stimulus During the Great Recession
w16754 Assaf Razin
Steven Rosefielde

Currency and Financial Crises of the 1990s and 2000s
w16726 Bernard Dumas
Karen K. Lewis
Emilio Osambela

Differences of Opinion and International Equity Markets
w16737 Hans B. Christensen
Luzi Hail
Christian Leuz

Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement
w16712 Harrison Hong
Motohiro Yogo

What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?
w16674 Martin S. Feldstein
The Role of Currency Realignments in Eliminating the US and China Current Account Imbalances
w16647 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Foreign-Exchange-Market Intervention and the Early Dollar Float: 1973 - 1981
w16630 Anna Pavlova
Roberto Rigobon

International Macro-Finance
w16629 Tatiana Didier
Roberto Rigobon
Sergio L. Schmukler

Unexploited Gains from International Diversification: Patterns of Portfolio Holdings Around the World
w16632 Rohan Pitchford
Mark L. J. Wright

Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment
w16640 Fernando A. Broner
Jaume Ventura

Rethinking the Effects of Financial Liberalization
w16605 Joshua Aizenman
Gurnain Kaur Pasricha

Determinants of Financial Stress and Recovery during the Great Recession
w16613 Fabio Ghironi
Viktors Stebunovs

The Domestic and International Effects of Interstate U.S. Banking
w16590 Sergio Mayordomo
Juan Ignacio Peña
Eduardo S. Schwartz

Are all Credit Default Swap Databases Equal?
w16567 Òscar Jordà
Moritz Schularick
Alan M. Taylor

Financial Crises, Credit Booms, and External Imbalances: 140 Years of Lessons
w16583 Geert Bekaert
Campbell R. Harvey
Christian T. Lundblad
Stephan Siegel

The European Union, the Euro, and Equity Market Integration
w16559 Charles W. Calomiris
Inessa Love
Maria Soledad Martinez Peria

Crisis "Shock Factors" and the Cross-Section of Global Equity Returns
w16528 Sebnem Kalemli-Ozcan
Herman Kamil
Carolina Villegas-Sanchez

What Hinders Investment in the Aftermath of Financial Crises: Insolvent Firms or Illiquid Banks?
w16484 Viral V. Acharya
Ramin P. Baghai
Krishnamurthy V. Subramanian

Labor Laws and Innovation
w16491 Travis J. Berge
Òscar Jordà
Alan M. Taylor

Currency Carry Trades
w16492 Koralai Kirabaeva
Assaf Razin

Composition of Capital Flows: A Survey
w16432 Tamim Bayoumi
Hui Tong
Shang-Jin Wei

The Chinese Corporate Savings Puzzle: A Firm-level Cross-country Perspective
w16447 Joshua Aizenman
Jaewoo Lee
Vladyslav Sushko

From the Great Moderation to the global crisis: Exchange market pressure in the 2000s
w16427 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Countercyclical Currency Risk Premia
w16392 Joshua Aizenman
Reuven Glick

Asset Class Diversification and Delegation of Responsibilities between Central Banks and Sovereign Wealth Funds
w16345 Michael D. Bordo
Owen F. Humpage
Anna J. Schwartz

U.S. Foreign-Exchange-Market Intervention during the Volcker-Greenspan Era
w16260 Joshua Aizenman
Michael M. Hutchison

Exchange Market Pressure and Absorption by International Reserves: Emerging Markets and Fear of Reserve Loss During the 2008-09 Crisis
w16334 Carmen M. Reinhart
Vincent R. Reinhart

After the Fall
w16288 Keith Head
Ran Jing
Deborah L. Swenson

From Beijing to Bentonville: Do Multinational Retailers Link Markets?
w16249 John D. Burger
Francis E. Warnock
Veronica Cacdac Warnock

Emerging Local Currency Bond Markets
w16226 Michael B. Devereux
James Yetman

Leverage Constraints and the International Transmission of Shocks
w16231 Takatoshi Ito
Satoshi Koibuchi
Kiyotaka Sato
Junko Shimizu

Why has the yen failed to become a dominant invoicing currency in Asia? A firm-level analysis of Japanese Exporters' invoicing behavior
w16243 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the Crisis: An Update
w16202 Barry Eichengreen
Peter Temin

Fetters of Gold and Paper
w16218 David K. Backus
Federico Gavazzoni
Christopher Telmer
Stanley E. Zin

Monetary Policy and the Uncovered Interest Parity Puzzle
w16168 Rong Qian
Carmen M. Reinhart
Kenneth S. Rogoff

On Graduation from Default, Inflation and Banking Crisis: Elusive or Illusion?
w16091 Javier Bianchi
Enrique G. Mendoza

Overborrowing, Financial Crises and 'Macro-prudential' Taxes
w16079 Viral V. Acharya
Philipp Schnabl

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09
w16081 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Do Sticky Prices Increase Real Exchange Rate Volatility at the Sector Level?
w16044 Kathryn M.E. Dominguez
Rasmus Fatum
Pavel Vacek

Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
w16047 Jeffrey A. Frankel
George Saravelos

Are Leading Indicators of Financial Crises Useful for Assessing Country Vulnerability? Evidence from the 2008-09 Global Crisis
w16052 John D. Burger
Alessandro Rebucci
Francis E. Warnock
Veronica Cacdac Warnock

External Capital Structures and Oil Price Volatility
w16065 Gita Gopinath
Oleg Itskhoki

In Search of Real Rigidities
w16029 Beatriz de Blas
Katheryn Niles Russ

All Banks Great, Small, and Global: Loan pricing and foreign competition
w16034 Sebnem Kalemli-Ozcan
Alex Nikolsko-Rzhevskyy

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls
w16000 Qingyuan Du
Shang-Jin Wei

A Sexually Unbalanced Model of Current Account Imbalances
w15974 Nicola Cetorelli
Linda S. Goldberg

Global Banks and International Shock Transmission: Evidence from the Crisis
w15927 Olivier Jeanne
Anton Korinek

Excessive Volatility in Capital Flows: A Pigouvian Taxation Approach
w15907 Anton Korinek
Agustín Roitman
Carlos A. Végh

Decoupling and Recoupling
w15900 Sebnem Kalemli-Ozcan
Bent Sørensen
Vadym Volosovych

Deep Financial Integration and Volatility
w15876 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
w15866 Craig Burnside
Bing Han
David Hirshleifer
Tracy Yue Wang

Investor Overconfidence and the Forward Premium Puzzle
w15868 Yanping Chong
Òscar Jordà
Alan M. Taylor

The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium
w15804 Joshua Aizenman
Yothin Jinjarak
Donghyun Park

International reserves and swap lines: substitutes or complements?
w15815 Carmen M. Reinhart
This Time is Different Chartbook: Country Histories on Debt, Default, and Financial Crises
w15795 Carmen M. Reinhart
Kenneth S. Rogoff

From Financial Crash to Debt Crisis
w15784 Joshua Aizenman
Gurnain Kaur Pasricha

On the ease of overstating the fiscal stimulus in the US, 2008-9
w15753 Martin Berka
Michael B. Devereux

What Determines European Real Exchange Rates?
w15763 Linda S. Goldberg
Craig Kennedy
Jason Miu

Central Bank Dollar Swap Lines and Overseas Dollar Funding Costs
w15727 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Flows
w15718 Joseph E. Stiglitz
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
w15698 Momtchil Pojarliev
Richard M. Levich

Detecting Crowded Trades in Currency Funds
w15668 Isaac Ehrlich
Jong Kook Shin
Yong Yin

Private Information, Human Capital, and Optimal "Home Bias" in Financial Markets
w15679 Kris James Mitchener
Se Yan

Globalization, Trade & Wages: What Does History tell us about China?
w15636 Ricardo J. Caballero
The "Other" Imbalance and the Financial Crisis
w15639 Carmen M. Reinhart
Kenneth S. Rogoff

Growth in a Time of Debt
w15642 Jean Boivin
Robert Clark
Nicolas Vincent

Virtual Borders: Online Nominal Rigidities and International Market Segmentation
w15620 Jeffrey A. Frankel
Daniel Xie

Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes
w15599 Koralai Kirabaeva
Assaf Razin

Composition of International Capital Flows: A Survey
w15523 Richard Clarida
Josh Davis
Niels Pedersen

Currency Carry Trade Regimes: Beyond the Fama Regression
w15525 David Backus
Espen Henriksen
Frederic Lambert
Christopher Telmer

Current Account Fact and Fiction
w15534 Michael D. Bordo
Christopher M. Meissner
David Stuckler

Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View
w15515 Christian Laux
Christian Leuz

Did Fair-Value Accounting Contribute to the Financial Crisis?
w15518 Òscar Jordà
Alan M. Taylor

The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself
w15519 Domenico Giannone
Michele Lenza

The Feldstein-Horioka fact
w15470 Linda S. Goldberg
Cédric Tille

Micro, Macro, and Strategic Forces in International Trade Invoicing
w15478 Graciela Kaminsky
Amine Mati
Nada Choueiri

Thirty Years of Currency Crises in Argentina: External Shocks or Domestic Fragility?
w15484 Joshua Aizenman
Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis
w15447 Santiago Carbo-Valverde
Edward J. Kane
Francisco Rodriguez-Fernandez

Evidence of Regulatory Arbitrage in Cross-Border Mergers of Banks in the EU
w15452 Eduardo Borensztein
Olivier Jeanne
Damiano Sandri

Macro-Hedging for Commodity Exporters
w15432 Enrique G. Mendoza
Vincenzo Quadrini

Financial Globalization, Financial Crises and Contagion
w15308 Joshua Aizenman
Yi Sun

The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
w15401 Kris James Mitchener
Marc D. Weidenmier

Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
w15357 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning
w15358 Andrew K. Rose
Mark M. Spiegel

Cross-Country Causes and Consequences of the 2008 Crisis: International Linkages and American Exposure
w15359 Emi Nakamura
Jón Steinsson

Lost in Transit: Product Replacement Bias and Pricing to Market
w15268 Francisco J. Buera
Yongseok Shin

Productivity Growth and Capital Flows: The Dynamics of Reforms
w15274 Joshua Aizenman
Nan Geng

Adjustment of State Owned and Foreign-Funded Enterprises in China to Economic Reforms,1980s-2007: a logistic smooth transition regression (LSTR) approach
w15244 Horag Choi
Nelson C. Mark

Trending Current Accounts
w15204 Anusha Chari
Peter Blair Henry
Diego Sasson

Capital Market Integration and Wages
w15207 Hui Tong
Shang-Jin Wei

The Composition Matters: Capital Inflows and Liquidity Crunch during a Global Economic Crisis
w15190 Sebastian Edwards
FORTY YEARS OF LATIN AMERICA'S ECONOMIC DEVELOPMENT: From the Alliance for Progress to the Washington Consensus
w15195 Kris James Mitchener
Masato Shizume
Marc D. Weidenmier

Why did Countries Adopt the Gold Standard? Lessons from Japan
w15169 Eswar S. Prasad
Rebalancing Growth in Asia
w15171 Sebastian Edwards
Latin America's Decline: A Long Historical View
w15128 Marc Flandreau
Juan H. Flores
Norbert Gaillard
Sebastián Nieto-Parra

The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007
w15132 Isil Erel
Rose C. Liao
Michael S. Weisbach

World Markets for Mergers and Acquisitions
w15142 Barry Eichengreen
Douglas A. Irwin

The Slide to Protectionism in the Great Depression: Who Succumbed and Why?
w15154 David L. Hummels
Georg Schaur

Hedging Price Volatility Using Fast Transport
w15113 James Feyrer
Jay C. Shambaugh

Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks
w15120 Michael P. Dooley
Michael M. Hutchison

Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis
w15093 Shang-Jin Wei
Xiaobo Zhang

The Competitive Saving Motive: Evidence from Rising Sex Ratios and Savings Rates in China
w15077 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Decomposing the U.S. External Returns Differential
w15062 Emmanuel Farhi
Samuel Paul Fraiberger
Xavier Gabaix
Romain Ranciere
Adrien Verdelhan

Crash Risk in Currency Markets
w15028 Farley Grubb
Land Policy: Founding Choices and Outcomes, 1781-1802
w15034 Sebnem Kalemli-Ozcan
Elias Papaioannou
José-Luis Peydró

What Lies Beneath the Euro's Effect on Financial Integration: Currency Risk, Legal Harmonization, or Trade?
w15008 Philippe Bacchetta
Eric van Wincoop

On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
w15018 Joshua Aizenman
Financial Crisis and the Paradox of Under- and Over-Regulation
w15020 Yuko Hashimoto
Takatoshi Ito

Effects of Japanese Macroeconomic Announcements on the Dollar/Yen Exchange Rate: High-Resolution Picture
w14961 Juan Carlos Gozzi
Ross Levine
Sergio L. Schmukler

Patterns of International Capital Raisings
w14938 Gita Gopinath
Pierre-Olivier Gourinchas
Chang-Tai Hsieh
Nicholas Li

Estimating the Border Effect: Some New Evidence
w14909 Philip R. Lane
Jay C. Shambaugh

The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
w14916 M. Ayhan Kose
Eswar S. Prasad
Ashley D. Taylor

Thresholds in the Process of International Financial Integration
w14887 Sebnem Kalemli-Ozcan
Elias Papaioannou
José Luis Peydró

Financial Regulation, Financial Globalization and the Synchronization of Economic Activity
w14904 Barry Eichengreen
Ashoka Mody
Milan Nedeljkovic
Lucio Sarno

How the Subprime Crisis Went Global: Evidence from Bank Credit Default Swap Spreads
w14875 Jesús Fernández-Villaverde
Pablo A. Guerrón-Quintana
Juan Rubio-Ramírez
Martín Uribe

Risk Matters: The Real Effects of Volatility Shocks
w14843 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Financial Openness and Productivity
w14821 Joshua Aizenman
Gurnain Kaur Pasricha

Selective Swap Arrangements and the Global Financial Crisis: Analysis and Interpretation
w14826 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
w14794 Michael B. Devereux
Alan Sutherland

Valuation Effects and the Dynamics of Net External Assets
w14795 Michael B. Devereux
Gregor W. Smith
James Yetman

Consumption and Real Exchange Rates in Professional Forecasts
w14802 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

What Segments Equity Markets?
w14779 Joshua Aizenman
On the Paradox of Prudential Regulations in the Globalized Economy: International Reserves and the Crisis a Reassessment
w14731 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Bretton Woods II Still Defines the International Monetary System
w14734 Pierpaolo Benigno
Salvatore Nisticò

International Portfolio Allocation under Model Uncertainty
w14739 Douglas W. Diamond
Raghuram Rajan

The Credit Crisis: Conjectures about Causes and Remedies
w14691 Maurice Obstfeld
International Finance and Growth in Developing Countries: What Have We Learned?
w14700 Jeffrey A. Frankel
New Estimation of China's Exchange Rate Regime
w14688 Ricardo J. Caballero
Arvind Krishnamurthy

Global Imbalances and Financial Fragility
w14658 Eswar S. Prasad
Some New Perspectives on India's Approach to Capital Account Liberalization
w14673 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

China's Current Account and Exchange Rate
w14656 Carmen M. Reinhart
Kenneth S. Rogoff

The Aftermath of Financial Crises
w14632 Albert Park
Dean Yang
Xinzheng Shi
Yuan Jiang

Exporting and Firm Performance: Chinese Exporters and the Asian Financial Crisis
w14636 Indrit Hoxha
Sebnem Kalemli-Ozcan
Dietrich Vollrath

How Big are the Gains from International Financial Integration?
w14600 Robert W. Staiger
Alan O. Sykes

"Currency Manipulation" and World Trade
w14587 Carmen M. Reinhart
Kenneth S. Rogoff

Banking Crises: An Equal Opportunity Menace
w14597 Richard M. Levich
Valerio Poti

Predictability and 'Good Deals' in Currency Markets
w14531 Kalina Manova
Credit Constraints, Heterogeneous Firms, and International Trade
w14558 M. Ayhan Kose
Eswar S. Prasad
Marco E. Terrones

Does Openness to International Financial Flows Raise Productivity Growth?
w14561 Joshua Aizenman
Michael Hutchison
Ilan Noy

Inflation Targeting and Real Exchange Rates in Emerging Markets
w14562 Joshua Aizenman
Reuven Glick

Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance
w14521 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

Financial Crash, Commodity Prices and Global Imbalances
w14528 Stephen Gilmore
Fumio Hayashi

Emerging Market Currency Excess Returns
w14533 Joshua Aizenman
Menzie D. Chinn
Hiro Ito

Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time
w14542 Jeffrey A. Frankel
The Estimated Effects of the Euro on Trade: Why Are They Below Historical Effects of Monetary Unions Among Smaller Countries?
w14510 Malin Adolfson
Stefan Laséen
Jesper Lindé
Lars E.O. Svensson

Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model
w14473 Markus K. Brunnermeier
Stefan Nagel
Lasse H. Pedersen

Carry Trades and Currency Crashes
w14476 Alberto Giovannini
Why the European Securities Market is Not Fully Integrated
w14453 Joshua Aizenman
Yothin Jinjarak

The US as the "Demander of Last Resort" and its Implications on China's Current Account
w14454 Matteo Bugamelli
Fabiano Schivardi
Roberta Zizza

The Euro and Firm Restructuring
w14437 Caroline M. Betts
Timothy J. Kehoe

Real Exchange Rate Movements and the Relative Price of Non-traded Goods
w14444 Enrique G. Mendoza
Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q
w14420 Menzie D. Chinn
Shang-Jin Wei

A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
w14395 Timothy J. Kehoe
Kim J. Ruhl

Sudden Stops, Sectoral Reallocations, and the Real Exchange Rate
w14372 Michael B. Devereux
Alan Sutherland

Country Portfolios in Open Economy Macro Models
w14379 Alon Binyamini
Assaf Razin

Inflation-Output Tradeoff as Equilibrium Outcome of Globalization
w14381 Mario J. Crucini
Mototsugu Shintani
Takayuki Tsuruga

Accounting for Persistence and Volatility of Good-Level Real Exchange Rates: The Role of Sticky Information
w14384 Sebastian Edwards
Sequencing of Reforms, Financial Globalization, and Macroeconomic Vulnerability
w14390 Cédric Tille
Eric van Wincoop

International Capital Flows under Dispersed Information: Theory and Evidence
w14355 Momtchil Pojarliev
Richard M. Levich

Trades of the Living Dead: Style Differences, Style Persistence and Performance of Currency Fund Managers
w14321 Carmen M. Reinhart
Vincent R. Reinhart

Capital Flow Bonanzas: An Encompassing View of the Past and Present
w14336 Andrew K. Rose
Mark M. Spiegel

International Financial Remoteness and Macroeconomic Volatility
w14295 Stephanie E. Curcuru
Charles P. Thomas
Francis E. Warnock

Current Account Sustainability and Relative Reliability
w14242 Matthew Canzoneri
Robert E. Cumby
Behzad Diba
David Lopez-Salido

The Macroeconomic Implications of a Key Currency
w14245 Craig Doidge
G. Andrew Karolyi
René M. Stulz

Why Do Foreign Firms Leave U.S. Equity Markets?
w14249 Graciela L. Kaminsky
Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets
w14217 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Financial Stability, the Trilemma, and International Reserves
w14218 René M. Stulz
Securities Laws, Disclosure, and National Capital Markets in the Age of Financial Globalization
w14175 Menzie D. Chinn
Michael J. Moore

Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set
w14168 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
w14154 Barry Eichengreen
Marc Flandreau

The Rise and Fall of the Dollar, or When Did the Dollar Replace Sterling as the Leading International Currency?
w14160 Yuko Hashimoto
Takatoshi Ito
Takaaki Ohnishi
Misako Takayasu
Hideki Takayasu
Tsutomu Watanabe

Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability
w14165 Harald Hau
Hélène Rey

Global Portfolio Rebalancing Under the Microscope
w14071 Kenneth S. Rogoff
Vania Stavrakeva

The Continuing Puzzle of Short Horizon Exchange Rate Forecasting
w14101 Nicola Cetorelli
Linda S. Goldberg

Banking Globalization, Monetary Transmission, and the Lending Channel
w14100 Barry Eichengreen
Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives?
w14088 Pierre-Richard Agenor
Joshua Aizenman

Capital Market Imperfections and the Theory of Optimum Currency Areas
w14082 Hanno Lustig
Nikolai Roussanov
Adrien Verdelhan

Common Risk Factors in Currency Markets
w14051 Eswar S. Prasad
Raghuram Rajan

A Pragmatic Approach to Capital Account Liberalization
w14054 A. Craig Burnside
Martin S. Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

Do Peso Problems Explain the Returns to the Carry Trade?
w14049 Enrique G. Mendoza
Marco E. Terrones

An Anatomy Of Credit Booms: Evidence From Macro Aggregates And Micro Data
w14016 Jeffrey A. Frankel
Shang-Jin Wei

Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights
w14017 Christian Broda
David E. Weinstein

Understanding International Price Differences Using Barcode Data
w14026 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejía

Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration
w14034 Sebastian Edwards
Globalization, Growth and Crises: The View from Latin America
w13988 Andrew K. Rose
Mark M. Spiegel

Non-Economic Engagement and International Exchange: The Case of Environmental Treaties
w13978 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Will Subprime be a Twin Crisis for the United States?
w13983 Ellen R. McGrattan
Edward C. Prescott

Technology Capital and the U.S. Current Account
w13984 Jiandong Ju
Shang-Jin Wei

When Is Quality of Financial System a Source of Comparative Advantage?
w13946 Carmen M. Reinhart
Kenneth S. Rogoff

The Forgotten History of Domestic Debt
w13952 Martin S. Feldstein
Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate
w13909 Menzie D. Chinn
Jeffrey A. Frankel

The Euro May Over the Next 15 Years Surpass the Dollar as Leading International Currency
w13908 Kristin J. Forbes
Why do Foreigners Invest in the United States?
w13910 Jón Steinsson
The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models
w13913 Wolfgang Keller
Carol H. Shiue

Institutions, Technology, and Trade
w13918 Niall Ferguson
Moritz Schularick

The "Thin Film Of Gold": Monetary Rules and Policy Credibility In Developing Countries
w13921 Joshua Aizenman
Yothin Jinjarak

Current Account Patterns and National Real Estate Markets
w13902 Joshua Aizenman
Reuven Glick

Sterilization, Monetary Policy, and Global Financial Integration
w13901 Yu-Chin Chen
Kenneth Rogoff
Barbara Rossi

Can Exchange Rates Forecast Commodity Prices?
w13880 Peter Blair Henry
Diego Sasson

Capital Account Liberalization, Real Wages, and Productivity
w13882 Carmen M. Reinhart
Kenneth S. Rogoff

This Time is Different: A Panoramic View of Eight Centuries of Financial Crises
w13853 Joshua Aizenman
Jaewoo Lee

The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
w13861 Enrique G. Mendoza
Vivian Z. Yue

A Solution to the Disconnect between Country Risk and Business Cycle Theories
w13842 Carmen M. Reinhart
Vincent R. Reinhart

Capital Inflows and Reserve Accumulation: The Recent Evidence
w13846 Robert Dekle
Jonathan Eaton
Samuel Kortum

Global Rebalancing with Gravity: Measuring the Burden of Adjustment
w13812 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Reply
w13814 Charles Engel
Jian Wang

International Trade in Durable Goods: Understanding Volatility, Cyclicality, and Elasticities
w13815 Michael D. Bordo
Harold James

A Long Term Perspective on the Euro
w13820 Linda S. Goldberg
Cédric Tille

Macroeconomic Interdependence and the International Role of the Dollar
w13792 Selim Elekdag
Rene Lalonde
Douglas Laxton
Dirk Muir
Paolo Pesenti

Oil Price Movements and the Global Economy: A Model-Based Assessment
w13795 Giancarlo Corsetti
Philippe Martin
Paolo Pesenti

Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment
w13794 Cristina Arellano
Narayana R. Kocherlakota

Internal Debt Crises and Sovereign Defaults
w13805 Emmanuel Farhi
Xavier Gabaix

Rare Disasters and Exchange Rates
w13768 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

Cross-Border Returns Differentials
w13723 Itay Goldstein
Assaf Razin
Hui Tong

Liquidity, Institutional Quality and the Composition of International Equity Outflows
w13761 Carmen M. Reinhart
Kenneth S. Rogoff

Is the 2007 U.S. Sub-Prime Financial Crisis So Different? An International Historical Comparison
w13765 Kris James Mitchener
Marc Weidenmier

Trade and Empire
w13734 Joshua Aizenman
Yi Sun

Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
w13739 Andrew Ang
Robert J. Hodrick
Yuhang Xing
Xiaoyan Zhang

High Idiosyncratic Volatility and Low Returns: International and Further U.S. Evidence
w13721 Woochan Kim
Taeyoon Sung
Shang-Jin Wei

How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?
w13714 Momtchil Pojarliev
Richard M. Levich

Do Professional Currency Managers Beat the Benchmark?
w13619 Eswar S. Prasad
Raghuram G. Rajan
Arvind Subramanian

Foreign Capital and Economic Growth
w13612 Fabrice Collard
Harris Dellas
Behzad Diba
Alan Stockman

Goods Trade and International Equity Portfolios
w13593 Edward J. Kane
Incentive Conflict In Central-Bank Responses to Sectoral Turmoil in Financial Hub Countries
w13602 Pierre-Olivier Gourinchas
Olivier Jeanne

Capital Flows to Developing Countries: The Allocation Puzzle
w13605 Michael D. Bordo
Ali Dib
Lawrence Schembri

Canada's Pioneering Experience with a Flexible Exchange Rate in the 1950s:(Hard) Lessons Learned for Monetary Policy in a Small Open Economy
w13577 Michael D. Bordo
Christopher M. Meissner

Foreign Capital and Economic Growth in the First Era of Globalization
w13571 Horag Choi
Nelson C. Mark
Donggyu Sul

Endogenous Discounting, the World Saving Glut and the U.S. Current Account
w13586 Li Wang
John Whalley

The Impacts of Renminbi Appreciation on Trades Flows and Reserve Accumulation in a Monetary Trade Model
w13544 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Optimal Monetary Policy and the Sources of Local-Currency Price Stability
w13559 Fernando A. Broner
Alberto Martin
Jaume Ventura

Enforcement Problems and Secondary Markets
w13489 Michael D. Bordo
Alberto F. Cavallo
Christopher M. Meissner

Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913
w13483 Jonathan Heathcote
Fabrizio Perri

The International Diversification Puzzle Is Not As Bad As You Think
w13468 Anna Pavlova
Roberto Rigobon

An Asset-Pricing View of External Adjustment
w13467 Julian di Giovanni
Jay C. Shambaugh

The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime
w13444 Nir Jaimovich
Sergio Rebelo

News and Business Cycles in Open Economies
w13424 Nicolas Coeurdacier
Robert Kollmann
Philippe Martin

International Portfolios with Supply, Demand and Redistributive Shocks
w13433 Philip Lane
Jay C. Shambaugh

Financial Exchange Rates and International Currency Exposures
w13432 Gita Gopinath
Oleg Itskhoki
Roberto Rigobon

Currency Choice and Exchange Rate Pass-through
w13412 Enrique G. Mendoza
Vincenzo Quadrini
José-Victor Ríos-Rull

On the Welfare Implications of Financial Globalization without Financial Development
w13403 Kris James Mitchener
Marc D. Weidenmier

The Baring Crisis and the Great Latin American Meltdown of the 1890s
w13388 Jiandong Ju
Shang-Jin Wei

Current Account Adjustment: Some New Theory and Evidence
w13393 Barry Eichengreen
The Breakup of the Euro Area
w13400 Pierre-Richard Agénor
Joshua Aizenman

Aid Volatility and Poverty Traps
w13364 Hiro Ito
Menzie Chinn

East Asia and Global Imbalances: Saving, Investment, and Financial Development
w13366 Stijn Van Nieuwerburgh
Laura Veldkamp

Information Immobility and the Home Bias Puzzle
w13353 Mark Aguiar
Manuel Amador
Gita Gopinath

Investment Cycles and Sovereign Debt Overhang
w13357 A. Craig Burnside
Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
w13313 Barry Bosworth
Susan M. Collins
Gabriel Chodorow-Reich

Returns on FDI: Does the U.S. Really Do Better?
w13315 Simon Gilchrist
Jae W. Sim

Investment during the Korean Financial Crisis: A Structural Econometric Analysis
w13318 Charles Engel
Nelson C. Mark
Kenneth D. West

Exchange Rate Models Are Not as Bad as You Think
w13277 Joshua Aizenman
Large Hoarding of International Reserves and the Emerging Global Economic Architecture
w13278 Craig Burnside
Martin S. Eichenbaum
Sergio Rebelo

Understanding the Forward Premium Puzzle: A Microstructure Approach
w13280 Assaf Razin
Alon Binyamini

Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy: Outcome of Globalization?
w13263 Andrew K. Rose
Saktiandi Supaat

Fertility and the Real Exchange Rate
w13241 Pol Antràs
Ricardo J. Caballero

Trade and Capital Flows: A Financial Frictions Perspective
w13209 Kiminori Matsuyama
Aggregate Implications of Credit Market Imperfections
w13216 Laura Alfaro
Fabio Kanczuk

Optimal Reserve Management and Sovereign Debt
w13194 Ana Fostel
Graciela Laura Kaminsky

Latin America's Access to International Capital Markets: Good Behavior or Global Liquidity?
w13197 Michael P. Dooley
Peter M. Garber
David Folkerts-Landau

The Two Crises of International Economics
w13205 Philippe Bacchetta
Eric van Wincoop

Random Walk Expectations and the Forward Discount Puzzle
w13177 Guillermo A. Calvo
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
w13183 Pinelopi K. Goldberg
Rebecca Hellerstein

A Structural Approach to Identifying the Sources of Local-Currency Price Stability
w13148 Jiandong Ju
Shang-Jin Wei

Domestic Institutions and the Bypass Effect of Financial Globalization
w13151 Martin D. D. Evans
Richard K. Lyons

Exchange Rate Fundamentals and Order Flow
w13154 Amartya Lahiri
Rajesh Singh
Carlos A. Vegh

Segmented Asset Markets and Optimal Exchange Rate Regimes
w13114 Martin Feldstein
Why is the Dollar So High?
w13118 Laura Alfaro
Andrew Charlton

International Financial Integration and Entrepreneurial Firm Activity
w13119 Laura Alfaro
Fabio Kanczuk

Debt Maturity: Is Long-Term Debt Optimal?
w13123 Ceyhun Bora Durdu
Enrique G. Mendoza
Marco E. Terrones

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
w13129 Craig Burnside
The Forward Premium is Still a Puzzle
w13100 Jeffrey A. Frankel
Shang-Jin Wei

Assessing China's Exchange Rate Regime
w13094 Assaf Razin
Efraim Sadka

Productivity and Taxes as Drivers of FDI
w13074 Stephanie E. Curcuru
Tomas Dvorak
Francis E. Warnock

The Stability of Large External Imbalances: The Role of Returns Differentials
w13076 Fernando A. Broner
Guido Lorenzoni
Sergio L. Schmukler

Why Do Emerging Economies Borrow Short Term?
w13079 Craig Doidge
G. Andrew Karolyi
Rene M. Stulz

Has New York Become Less Competitive in Global Markets? Evaluating Foreign Listing Choices Over Time
w13084 Joshua Aizenman
Mark Spiegel

w13088 John Y. Campbell
Karine Serfaty-de Medeiros
Luis M. Viceira

Global Currency Hedging
w13050 Jeffrey Frankel
On the Rand: Determinants of the South African Exchange Rate
w13035 Robert Dekle
Jonathan Eaton
Samuel Kortum

Unbalanced Trade
w13019 Sebastian Edwards
Crises and Growth: A Latin American Perspective
w13020 Shang-Jin Wei
Zhiwei Zhang

Collateral Damage: Exchange Controls and International Trade
w13004 Shin-ichi Fukuda
Yoshifumi Kon

Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
w13010 Richard Clarida
Daniel Waldman

Is Bad News About Inflation Good News for the Exchange Rate?
w12983 Gary Richardson
Patrick Van Horn

Fetters of Debt, Deposit, or Gold during the Great Depression? The International Propagation of the Banking Crisis of 1931
w12947 Enrique G. Mendoza
Jonathan D. Ostry

International Evidence on Fiscal Solvency: Is Fiscal Policy "Responsible"?
w12953 Kathryn M.E. Dominguez
Freyan Panthaki

The Influence of Actual and Unrequited Interventions
w12937 Fabio Ghironi
Jaewoo Lee
Alessandro Rebucci

The Valuation Channel of External Adjustment
w12916 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

The Returns to Currency Speculation in Emerging Markets
w12896 Ricardo J. Caballero
Arvind Krishnamurthy

Collective Risk Management in a Flight to Quality Episode
w12904 Sebastian Edwards
On Current Account Surpluses and the Correction of Global Imbalances
w12909 Enrique G. Mendoza
Vincenzo Quadrini
Jose-Victor Rios-Rull

Financial Integration, Financial Deepness and Global Imbalances
w12850 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Overvaluation of Renminbi Undervaluation
w12852 Sebastian Edwards
Capital Controls, Capital Flow Contractions, and Macroeconomic Vulnerability
w12856 Eric Van Wincoop
Cedric Tille

International Capital Flows
w12806 Romain Ranciere
Aaron Tornell
Frank Westermann

Decomposing the Effects of Financial Liberalization: Crises vs. Growth
w12788 Guillermo A. Calvo
Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort
w12793 Sergio Rebelo
Carlos A. Vegh

When Is It Optimal to Abandon a Fixed Exchange Rate?
w12794 Dean Yang
Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002
w12783 Fernando Broner
Alberto Martin
Jaume Ventura

Sovereign Risk and Secondary Markets
w12753 Ricardo J. Caballero
On the Macroeconomics of Asset Shortages
w12734 Joshua Aizenman
International Reserves Management and the Current Account
w12713 Jeffrey A. Frankel
The Effect of Monetary Policy on Real Commodity Prices
w12718 Joshua Aizenman
Jaewoo Lee

Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding
w12726 Alexander D. Rothenberg
Francis E. Warnock

Sudden Flight and True Sudden Stops
w12729 Michael W. Klein
Jay C. Shambaugh

The Nature of Exchange Rate Regimes
w12704 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Would Protectionism Defuse Global Imbalances and Spur Economic Activity? A Scenario Analysis
w12708 Alessandra Fogli
Fabrizio Perri

The "Great Moderation" and the US External Imbalance
w12711 Andrew K. Rose
A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed
w12697 Karen K. Lewis
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
w12698 Peter Blair Henry
Capital Account Liberalization: Theory, Evidence, and Speculation
w12673 Richard E. Baldwin
Virginia Di Nino

Euros and Zeros: The Common Currency Effect on Trade in New Goods
w12682 Takatoshi Ito
Yuko Hashimoto

Price Impacts of Deals and Predictability of the Exchange Rate Movements
w12667 Shang-Jin Wei
Zhiwei Zhang

Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs
w12668 Jiandong Ju
Shang-Jin Wei

A Solution to Two Paradoxes of International Capital Flows
w12649 C. Fritz Foley
Jay C. Hartzell
Sheridan Titman
Garry Twite

Why do firms hold so much cash? A tax-based explanation
w12614 Christian Hellwig
Guido Lorenzoni

Bubbles and Self-Enforcing Debt
w12616 Allan Drazen
Stefan Hubrich

A Simple Test of the Effect of Interest Rate Defense
w12620 Sebastian Edwards
External Imbalances in an Advanced, Commodity-Exporting Country: The Case of New Zealand
w12589 Hali J. Edison
Francis E. Warnock

Cross-border Listings, Capital Controls, and Equity Flows To Emerging Markets
w12580 Christopher M. Meissner
Alan M. Taylor

Losing our Marbles in the New Century? The Great Rebalancing in Historical Perspective
w12586 Enrique G. Mendoza
P. Marcelo Oviedo

Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer
w12587 Marco Cipriani
Graciela L. Kaminsky

Volatility in International Financial Market Issuance: The Role of the Financial Center
w12564 Enrique G. Mendoza
Endogenous Sudden Stops in a Business Cycle Model with Collateral Constraints:A Fisherian Deflation of Tobin's Q
w12547 Jose Manuel Campa
Linda S. Goldberg

Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?
w12551 Jianhuai Shi
Are Currency Appreciations Contractionary in China?
w12552 John D. Burger
Francis E. Warnock

Local Currency Bond Markets
w12548 John D. Burger
Francis E. Warnock

Foreign Participation in Local Currency Bond Markets
w12543 Alan M. Taylor
Janine L. F. Wilson

International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30
w12522 Laura Alfaro
Areendam Chanda
Sebnem Kalemli-Ozcan
Selin Sayek

How Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages
w12516 Richard Baldwin
Daria Taglioni

Gravity for Dummies and Dummies for Gravity Equations
w12489 Craig Burnside
Martin Eichenbaum
Isaac Kleshchelski
Sergio Rebelo

The Returns to Currency Speculation
w12495 Linda S. Goldberg
Cédric Tille

The International Role of the Dollar and Trade Balance Adjustment
w12496 Jeffrey Frankel
Jumana Poonawala

The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies
w12473 Amir Amadi
Paul Bergin

Understanding International Portfolio Diversification and Turnover Rates
w12481 Menzie D. Chinn
Ron Alquist

Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment
w12483 Giancarlo Corsetti
Luca Dedola
Sylvain Leduc

Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries
w12484 M. Ayhan Kose
Eswar Prasad
Kenneth S. Rogoff
Shang-Jin Wei

Financial Globalization: A Reappraisal
w12482 Jaume Ventura
Fernando A. Broner

Globalization and Risk Sharing
w12448 Roberto Chang
Electoral Uncertainty and the Volatility of International Capital Flows
w12451 Barry Eichengreen
Insurance Underwriter or Financial Development Fund: What Role for Reserve Pooling in Latin America?
t0326 Kenneth D. West
Todd Clark

Approximately Normal Tests for Equal Predictive Accuracy in Nested Models
w12432 Shin-ichi Fukuda
Masanori Ono

On the Determinants of Exporters' Currency Pricing: History vs. Expectations
w12407 Joshua Aizenman
Jorge Fernández-Ruiz

Signaling Credibility --- Choosing Optimal Debt and International Reserves
w12408 Barry Eichengreen
Pipat Luengnaruemitchai

Bond Markets as Conduits for Capital Flows: How Does Asia Compare?
w12413 Takatoshi Ito
Yuko Hashimoto

Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System
w12389 Bong-Chan Kho
René M. Stulz
Francis E. Warnock

Financial Globalization, Governance, and the Evolution of the Home Bias
w12393 Michael D. Bordo
Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?
w12395 Takatoshi Ito
Kiyotaka Sato

Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through
w12363 Joshua Aizenman
Daniel Riera-Crichton

Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
w12345 Eduardo Levy Yeyati
Liquidity Insurance in a Financially Dollarized Economy
w12333 Elias Papaioannou
Richard Portes
Gregorios Siourounis

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
w12299 Michael D. Bordo
Christopher M. Meissner
Marc D. Weidenmier

Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism
w12271 Robert E. Lipsey
Measuring International Trade in Services
w12283 Bernardo S. de M. Carvalho
Márcio G.P. Garcia

Ineffective Controls on Capital Inflows Under Sophisticated Financial Markets: Brazil in the Nineties
w12213 Michael B. Devereux
Charles Engel

Expectations and Exchange Rate Policy
w12214 Charles Engel
Akito Matsumoto

Portfolio Choice in a Monetary Open-Economy DSGE Model
w12215 Michael B. Devereux
Charles Engel

Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy
w12219 Pierpaolo Benigno
Are Valuation Effects Desirable from a Global Perspective?
w12222 Christian Leuz
Karl V. Lins
Francis E. Warnock

Do Foreigners Invest Less in Poorly Governed Firms?
w12235 Barry Eichengreen
Poonam Gupta
Ashoka Mody

Sudden Stops and IMF-Supported Programs
w12198 Eiji Ogawa
Junko Shimizu

Stabilization of Effective Exchange Rates Under Common Currency Basket Systems
w12189 Michael Bordo
Harold James

One World Money, Then and Now
w12193 Richard H. Clarida
Manuela Goretti
Mark P. Taylor

Are There Thresholds of Current Account Adjustment in the G7?
w12194 Richard H. Clarida
G7 Current Account Imbalances: Sustainability and Adjustment
w12136 Ricardo J. Caballero
Arvind Krishnamurthy

Flight to Quality and Collective Risk Management
w12168 Martin Feldstein
The 2006 Economic Report of the President: Comment on Chapter One (The Year in Review) and Chapter Six (The Capital Account Surplus)
w12121 Linda S. Goldberg
José Manuel Campa

Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates
w12127 Galina Hale
Assaf Razin
Hui Tong

Institutional Weakness and Stock Price Volatility
w12095 Gita Gopinath
Roberto Rigobon

Sticky Borders
w12101 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises
w12044 Andrew K. Rose
Mark Spiegel

Offshore Financial Centers: Parasites or Symbionts?
w12035 Michael D. Bordo
Peter L. Rousseau

Legal-Political Factors and the Historical Evolution of the Finance-Growth Link
w11996 Ricardo J. Caballero
Emmanuel Farhi
Pierre-Olivier Gourinchas

An Equilibrium Model of "Global Imbalances" and Low Interest Rates
w11952 Dani Rodrik
The Social Cost of Foreign Exchange Reserves
w11966 Enrique G. Mendoza
Lessons From the Debt-Deflation Theory of Sudden Stops
w11973 Nicolas Magud
Carmen M. Reinhart

Capital Controls: An Evaluation
w11921 Charles Engel
John H. Rogers

The U.S. Current Account Deficit and the Expected Share of World Output
w11912 Rene M. Stulz
Financial Globalization, Corporate Governance, and Eastern Europe
w11894 Ross Levine
Sergio Schmukler

Internationalization and Stock Market Liquidity
w11897 Michael D. Bordo
Christopher M. Meissner

The Role of Foreign Currency Debt in Financial Crises: 1880-1913 vs. 1972-1997
w11868 Farley Grubb
The Net Asset Position of the U.S. National Government, 1784-1802: Hamilton's Blessing or the Spoils of War?
w11834 Ricardo Caballero
Arvind Krishnamurthy

Financial System Risk and Flight to Quality
w11840 Jacob Boudoukh
Matthew Richardson
Robert Whitelaw

The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly
w11853 Menzie D. Chinn
Jaewoo Lee

Three Current Account Balances: A "Semi-Structuralist" Interpretation
w11823 Caroline Freund
Frank Warnock

Current Account Deficits in Industrial Countries: The Bigger They are, the Harder They Fall?
w11779 Roberto Chang
Financial Crises and Political Crises
w11785 Assaf Razin
Yona Rubinstein

Evaluation of Currency Regimes: The Unique Role of Sudden Stops
w11792 Linda S. Goldberg
Michael W. Klein

Establishing Credibility: Evolving Perceptions of the European Central Bank
w11795 Natalia Chernyshoff
David S. Jacks
Alan M. Taylor

Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard
w11797 Woojin Kim
Michael S. Weisbach

Motivations for Public Equity Offers: An International Perspective
w11757 Itay Goldstein
Assaf Razin

An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment
w11761 Menzie D. Chinn
Hiro Ito

Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"
w11769 Kathryn Dominguez
Freyan Panthaki

What Defines "News" in Foreign Exchange Markets?
w11771 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Interest Rates, Exchange Rates and International Adjustment
w11748 Martin D. D. Evans
Richard K. Lyons

Understanding Order Flow
w11701 Martin D. D. Evans
Viktoria Hnatkovska

International Capital Flows, Returns and World Financial Integration
w11706 Yuriy Gorodnichenko
Linda Tesar

A Re-Examination of the Border Effect
w11713 William H. Branson
Conor N. Healy

Monetary and Exchange Rate Policy Coordination in ASEAN 1
w11697 Kee-Hong Bae
Rene M. Stulz
Hongping Tan

Do Local Analysts Know More? A Cross-Country Study of the Performance of Local Analysts and Foreign Analysts
w11699 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations
w11691 Enrique G. Mendoza
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
w11652 Joshua Aizenman
Reuven Glick

Pegged Exchange Rate Regimes -- A Trap?
w11653 Linda Goldberg
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?
w11632 José Manuel Campa
Linda S. Goldberg
José M. González-Mínguez

Exchange-Rate Pass-Through to Import Prices in the Euro Area
w11633 Philippe Bacchetta
Eric van Wincoop

Rational Inattention: A Solution to the Forward Discount Puzzle
w11634 Barry Eichengreen
Muge Adalet

Current Account Reversals: Always a Problem?
w11638 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Modeling Exchange-Rate Passthrough After Large Devaluations
w11639 Assaf Razin
Efraim Sadka
Hui Tong

Bilateral FDI Flows: Threshold Barriers and Productivity Shocks
w11640 Ilan Goldfajn
André Minella

Capital Flows and Controls in Brazil: What Have We Learned?
w11641 Assaf Razin
Prakash Loungani

Globalization and Inflation-Output Tradeoffs
w11618 Ricardo J. Caballero
Arvind Krishnamurthy

Bubbles and Capital Flow Volatility: Causes and Risk Management
w11625 Barry Eichengreen
Mariko Hatase

Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era
w11589 Philip R. Lane
Gian Maria Milesi-Ferretti

A Global Perspective on External Positions
w11607 Jean Imbs
Haroon Mumtaz
Morten O. Ravn
Hélène Rey

"Aggregation Bias" DOES Explain the PPP Puzzle
w11583 Hamid Faruqee
Douglas Laxton
Dirk Muir
Paolo Pesenti

Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
w11563 Pierre-Olivier Gourinchas
Hélène Rey

From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege
w11550 Philippe Martin
Hélène Rey

Globalization and Emerging Markets: With or Without Crash?
w11543 Aart Kraay
Jaume Ventura

The Dot-Com Bubble the Bush Deficits, and the U.S. Current Account
w11510 Menzie Chinn
Jeffrey Frankel

Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency?
w11517 Elena Tchernykh
William H. Branson

Regime-Switching Behavior of the Term Structure of Forward Markets
w11520 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

Savings Gluts and Interest Rates: The Missing Link to Europe
w11521 Menzie D. Chinn
A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation
w11492 Guillermo A. Calvo
Alejandro Izquierdo
Rudy Loo-Kung

Relative Price Volatility Under Sudden Stops: The Relevance of Balance Sheet Effects
w11490 Mark Aguiar
Manuel Amador
Gita Gopinath

Efficient Fiscal Policy and Amplification
w11472 Kris James Mitchener
Marc D. Weidenmier

Supersanctions and Sovereign Debt Repayment
w11471 Richard Baldwin
Heterogeneous Firms and Trade: Testable and Untestable Properties of the Melitz Model
w11429 Sebastian Edwards
Establishing Credibility: The Role of Foreign Advisors
w11434 Sebastian Edwards
Roberto Rigobon

Capital Controls, Exchange Rate Volatility and External Vulnerability
w11440 Anna Pavlova
Roberto Rigobon

Wealth Transfers, Contagion, and Portfolio Constraints
w11426 John R. Graham
Campbell R. Harvey
Hai Huang

Investor Competence, Trading Frequency, and Home Bias
w11413 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Liquidity and Expected Returns: Lessons From Emerging Markets
w11403 Joshua Aizenman
Ilan Noy

FDI and Trade -- Two Way Linkages?
w11369 Basant K. Kapur
Capital Flows and Exchange Rate Volatility: Singapore's Experience
w11370 Menzie D. Chinn
Hiro Ito

What Matters for Financial Development? Capital Controls, Institutions, and Interactions
w11372 Kristin J. Forbes
The Microeconomic Evidence on Capital Controls: No Free Lunch
w11381 Marcus Noland
South Korea's Experience with International Capital Flows
w11382 Kevin Cowan
Jose De Gregorio

International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile
w11383 Michael D. Bordo
Historical Perspective on Global Imbalances
w11387 Ajay Shah
Ila Patnaik

India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit
w11353 Kathryn M.E. Dominguez
Linda L. Tesar

International Borrowing and Macroeconomic Performance in Argentina
w11362 Jianping Mei
Jose Scheinkman
Wei Xiong

Speculative Trading and Stock Prices: Evidence from Chinese A-B Share Premia
w11365 Linda S. Goldberg
The International Exposure of U.S. Banks
w11366 Joshua Aizenman
Jaewoo Lee

International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
w11312 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Real-Time Price Discovery in Stock, Bond and Foreign Exchange Markets
w11293 Ricardo Caballero
Stavros Panageas

A Quantitative Model of Sudden Stops and External Liquidity Management
w11305 Guillermo A. Calvo
Crises in Emerging Market Economies: A Global Perspective
w11306 Eswar Prasad
Shang-Jin Wei

The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
w11272 Justin M. Dubas
Byung-Joo Lee
Nelson C. Mark

Effective Exchange Rate Classifications and Growth
w11242 Joshua Aizenman
Ex Ante Carrots instead of Ex Post Sticks: Two Examples
w11220 Richard K. Lyons
Michael J. Moore

An Information Approach to International Currencies
w11214 Genevieve Boyreau-Debray
Shang-Jin Wei

Pitfalls of a State-Dominated Financial System: The Case of China
w11178 Ceyhun Bora Durdu
Enrique G. Mendoza

Are Asset Price Guarantees Useful for Preventing Sudden Stops?: A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff
w11191 Christian Hellwig
Arijit Mukherji
Aleh Tsyvinski

Self-Fulfilling Currency Crises: The Role of Interest Rates
w11196 Assaf Razin
Yona Rubinstein
Efraim Sadka

Corporate Taxation and Bilateral FDI with Threshold Barriers
w11197 Woojin Kim
Michael Weisbach

Do Firms Go Public to Raise Capital?
w11199 Jeffrey A. Frankel
David C. Parsley
Shang-Jin Wei

Slow Passthrough Around the World: A New Import for Developing Countries?
w11165 Giancarlo Corsetti
Philippe Martin
Paolo A. Pesenti

Productivity Spillovers, Terms of Trade and the "Home Market Effect"
w11166 Michael Ehrmann
Marcel Fratzscher
Roberto Rigobon

Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
w11170 Sebastian Edwards
Capital Controls, Sudden Stops and Current Account Reversals
w11173 Michael Bordo
Christopher Meissner

Financial Crises, 1880-1913: The Role of Foreign Currency Debt
w11145 Joshua Aizenman
Financial Liberalization in Latin-America in the 1990s: A Reassessment
w11153 Guillermo A. Calvo
Ernesto Talvi

Sudden Stop, Financial Factors and Economic Collpase in Latin America: Learning from Argentina and Chile
w11155 Pierre-Olivier Gourinchas
Helene Rey

International Financial Adjustment
w11127 Linda S. Goldberg
Cedric Tille

Vehicle Currency Use in International Trade
w11137 Olivier Blanchard
Francesco Giavazzi
Filipa Sa

The U.S. Current Account and the Dollar
w11104 Hanno Lustig
Adrien Verdelhan

The Cross-Section of Currency Risk Premia and US Consumption Growth Risk
w11112 Michael W. Klein
Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence
w11070 Rene M. Stulz
The Limits of Financial Globalization
w11071 Patrick Bolton
Olivier Jeanne

Structuring and Restructuring Sovereign Debt: The Role of Seniority
w11076 Romain Ranciere
Aaron Tornell
Frank Westermann

Systemic Crises and Growth
w11077 Menzie D. Chinn
Guy Meredith

Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era
w11041 Martin D.D. Evans
Richard K. Lyons

Do Currency Markets Absorb News Quickly?
w11042 Martin D.D. Evans
Richard K. Lyons

Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting
w11047 Itay Goldstein
Assaf Razin

Foreign Direct Investment vs. Foreiegn Portfolio Investment
w11055 Matthew B. Canzoneri
Robert E. Cumby
Behzad T. Diba

How Do Monetary and Fiscal Policy Interact in the European Monetary Union?
w11023 Ross Levine
Sergio L. Schmukler

Internationalization and the Evolution of Corporate Valuation
w11015 George-Marios Angeletos
Ivan Werning

Crises and Prices: Information Aggregation, Multiplicity and Volatility
w11017 George-Marios Angeletos
Christian Hellwig
Alessandro Pavan

Information Dynamics and Equilibrium Multiplicity in Global Games of Regime Change
w10986 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Large Devaluations and the Real Exchange Rate
w10990 Geert Bekaert
Campbell R. Harvey
Christian Lundblad
Stephan Siegel

Global Growth Opportunities and Market Integration
w10960 Marc Weidenmier
Gunboats, Reputation, and Sovereign Repayment: Lessons from the Southern Confederacy
w10961 Ted Juhl
William Miles
Marc D. Weidenmier

Covered Interest Arbitrage: Then vs. Now
w10940 Enrique G. Mendoza
Katherine A. Smith

Quantitative Implication of A Debt-Deflation Theory of Sudden Stops and Asset Prices
w10941 Fernando A. Broner
R. Gaston Gelos
Carmen Reinhart

When in Peril, Retrench: Testing the Portfolio Channel of Contagion
w10942 Eswar S. Prasad
Kenneth S. Rogoff
Shang-Jin Wei
M. Ayhan Kose

Financial Globalization, Growth and Volatility in Developing Countries
w10954 Assaf Razin
Globalization and Disinflation: A Note
w10957 Jeffrey A. Frankel
Eduardo A. Cavallo

Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality
w10927 Allan Drazen
Peter Isard

Can Public Discussion Enhance Program Ownership?
w10907 Jeffrey A. Frankel
Shang-Jin Wei

Managing Macroeconomic Crises
w10864 Assaf Razin
Yona Rubinstein
Efraim Sadka

Fixed Costs and FDI: The Conflicting Effects of Productivity Shocks
w10869 Maurice Obstfeld
Kenneth Rogoff

The Unsustainable US Current Account Position Revisited
w10872 Anusha Chari
Paige P. Ouimet
Linda L. Tesar

Acquiring Control in Emerging Markets: Evidence from the Stock Market
w10843 Maurice Obstfeld
External Adjustment
w10845 Raghuram G. Rajan
Dollar Shortages and Crises
w10849 Maurice Obstfeld
Globalization, Macroeconomic Performance, and the Exchange Rates of Emerging Economies
w10856 Takatoshi Ito
Yuko Hashimoto

Microstructure of the Yen/Dollar Foreign Exchange Market: Patterns of Intra-day Activity Revealed in the Electronic Broking System
w10834 Michael D. Bordo
Ashoka Mody
Nienke Oomes

Keeping Capital Flowing: The Role of the IMF
w10785 Mihir A. Desai
C. Fritz Foley

The Comovement of Returns and Investment Within the Multinational Firm
w10786 Ricardo J. Caballero
Stavros Panageas

Contingent Reserves Management: An Applied Framework
w10790 Enrique G. Mendoza
Ceyhun Bora Durdu

Putting the Brakes on Sudden Stops: The Financial Frictions-Moral Hazard Tradeoff of Asset Price Guarantees
w10781 Robert Dekle
Financing Consumption in an Aging Japan: The Role of Foreign Capital Inflows in Immigration
w10751 Ricardo Hausmann
Ugo Panizza
Roberto Rigobon

The Long-Run Volatility Puzzle of the Real Exchange Rate
w10725 Marianne Baxter
Michael A. Kouparitsas

Determinants of Business Cycle Comovement: A Robust Analysis
w10727 Michael P. Dooley
David Folkerts-Landau
Peter M. Garber

The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
w10729 Kris James Mitchener
Marc D. Weidenmier

Empire, Public Goods, and the Roosevelt Corollary
w10723 Charles Engel
Kenneth D. West

Exchange Rates and Fundamentals
w10679 Olivier Jeanne
Lars E.O. Svensson

Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
w10696 Michael W. Klein
Jay C. Shambaugh

Fixed Exchange Rates and Trade
w10646 Frederic S. Mishkin
Can Inflation Targeting Work in Emerging Market Countries?
w10614 Chi-Young Choi
Nelson Mark
Donggyu Sul

Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data
w10626 Michael P. Dooley
David Folkerts-Landau
Peter Garber

Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery
w10630 Assaf Razin
Efraim Sadka

Capital Income Taxation in the Globalized World
w10607 Alan M. Taylor
Mark P. Taylor

The Purchasing Power Parity Debate
w10583 Eugene Canjels
Gauri Prakash-Canjels
Alan M. Taylor

Measuring Market Integration: Foreign Exchange Arbitrage and the Gold Standard, 1879-1913
w10560 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Growth Volatility and Financial Liberalization
w10545 Mihir A. Desai
C. Fritz Foley
Kristin J. Forbes

Financial Constraints and Growth: Multinational and Local Firm Responses to Currency Crises
w10534 Joshua Aizenman
Yeonho Lee
Yeongseop Rhee

International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea
w10520 Guillermo A. Calvo
Alejandro Izquierdo
Luis-Fernando Mejia

On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
w10533 Daniel Cohen
Richard Portes

Dealing with Destabilizing 'Market Discipline'
w10502 Hyuk Choe
Bong-Chan Kho
Rene M. Stulz

Do Domestic Investors Have an Edge? The Trading Experience of Foreign Investors in Korea
w10497 Barry Eichengreen
Global Imbalances and the Lessons of Bretton Woods
w10476 Harald Hau
Helene Rey

Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?
w10456 Takatoshi Ito
Tomoyoshi Yabu

What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function
w10441 Linda Goldberg
Financial-Sector FDI and Host Countries: New and Old Lessons
w10448 Yuko Hashimoto
Takatoshi Ito

High-Frequency Contagion Between the Exchange Rates and Stock Prices
w10387 Pablo A. Neumeyer
Fabrizio Perri

Business Cycles in Emerging Economies: The Role of Interest Rates
w10393 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period
w10396 Maurice Obstfeld
Jay C. Shambaugh
Alan M. Taylor

The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies, and Capital Mobility
w10373 Andrew Rose
A Meta-Analysis of the Effect of Common Currencies on International Trade
w10379 Martin D.D. Evans
Richard K. Lyons

A New Micro Model of Exchange Rate Dynamics
w10332 Michael P. Dooley
David Folkerts-Landau
Peter Garber

The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
w10336 Marcio Garcia
Roberto Rigobon

A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data
w10348 Josh Lerner
Antoinette Schoar

Transaction Structures in the Developing World
w10318 Anusha Chari
Peter Blair Henry

Is the Invisible Hand Discerning or Indiscriminate? Investment and Stock Prices in the Aftermath of Capital Account Liberalizations
w10304 Shiu-Sheng Chen
Charles Engel

Does "Aggregation Bias" Explain the PPP Puzzle?
w10296 Carmen M. Reinhart
Kenneth S. Rogoff

Serial Default and the "Paradox" of Rich to Poor Capital Flows
w10267 Charles Engel
Kenneth D. West

Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One
w10276 Sebastian Edwards
Thirty Years of Current Account Imbalances, Current Account Reversals and Sudden Stops
w10277 Sebastian Edwards
Financial Openness, Sudden Stops and Current Account Reversals
w10280 Kenneth D. West
Monetary Policy and the Volatility of Real Exchange Rates in New Zealand
w10284 Kristin J. Forbes
Capital Controls: Mud in the Wheels of Market Discipline
w10230 Serkan Arslanalp
Peter Blair Henry

Helping the Poor to Help Themselves: Debt Relief or Aid
w10232 V.V. Chari
Patrick J. Kehoe

On the Desirability of Fiscal Constraints in a Monetary Union
w10245 Philippe Bacchetta
Eric van Wincoop

A Scapegoat Model of Exchange Rate Fluctuations
w10217 Serkan Arslanalp
Peter Blair Henry

Is Debt Relief Efficient?
w10224 Evangelos Benos
Michael S. Weisbach

Private Benefits and Cross-Listings in the United States
w10225 Brian J. Henderson
Narasimhan Jegadeesh
Michael S. Weisbach

World Markets for Raising New Capital
w10193 Graciela L. Kaminsky
Varieties of Currency Crises
w10195 Lars E.O. Svensson
Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others
w10172 Zihui Ma
Leonard Cheng

The Effects of Financial Crises on International Trade
w10125 Giancarlo Corsetti
Bernardo Guimaraes
Nouriel Roubini

International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance
w10128 Mark Gertler
Simon Gilchrist
Fabio Natalucci

External Constraints on Monetary Policy and the Financial Accelerator
w10145 Assaf Razin
Yona Rubinstein
Efraim Sadka

Which Countries Export FDI, and How Much?
w10146 Gadi Barlevy
Estimating Models of On-the-Job Search Using Record Statistics
w10115 Gordon M. Bodnar
Bernard Dumas
Richard D. Marston

Cross-Border Valuation: The International Cost of Equity Capital
w10095 Barry Eichengreen
Kenneth Kletzer

Crisis Resolution: Next Steps
w10074 David C. Parsley
Shang-Jin Wei

A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates
w10080 Andrew Ang
Geert Bekaert

How do Regimes Affect Asset Allocation?
w10061 Graciela L. Kaminsky
Carmen Reinhart
Carlos A. Vegh

The Unholy Trinity of Financial Contagion
w10064 Peter Blair Henry
Peter Lombard Lorentzen

Domestic Capital Market Reform and Access to Global Finance: Making Markets Work
w10073 Romaine Ranciere
Aaron Tornell
Frank Westermann

Crises and Growth: A Re-Evaluation
w10047 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

The Chinese Economies in Global Context: The Integration Process and Its Determinants
w10051 Enrique G. Mendoza
Linda L. Tesar

Winners and Losers of Tax Competition in the European Union
w10032 Jeffrey A. Frankel
Experience of and Lessons from Exchange Rate Regime in Emerging Economies
w10036 Barry Eichengreen
Ricardo Hausmann
Ugo Panizza

Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters
w10015 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Addicted to Dollars
w9971 Michael P. Dooley
David Folkerts-Landau
Peter Garber

An Essay on the Revived Bretton Woods System
w9948 Nelson Mark
Young-Kyu Moh

Official Interventions and Occasional Violations of Uncovered Interest Party in the Dollar-DM Market
w9908 Carmen M. Reinhart
Kenneth S. Rogoff
Miguel A. Savastano

Debt Intolerance
w9867 Sebastian Edwards
Eduardo Levy Yeyati

Flexible Exchange Rates as Shock Absorbers
w9875 Kathryn M.E. Dominguez
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements?
w9846 William Easterly
Ross Levine
David Roodman

New Data, New doubts: A Comment on Burnside and Dollar's "Aid, Policies, and Growth" (2000)
w9864 Guillermo A. Calvo
Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes
w9828 Guillermo A. Calvo
Alejandro Izquierdo
Ernesto Talvi

Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons
w9834 Anna Pavlova
Roberto Rigobon

Asset Prices and Exchange Rates
w9841 Michael D. Bordo
Christopher Meissner
Angela Redish

How "Original Sin" was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions
w9817 Sebastian Edwards
Javier Gomez Biscarri
Fernando Perez de Gracia

Stock Market Cycles, Financial Liberalization and Volatility
w9820 Sebastian Edwards
I. Igal Magendzo

Strict Dollarization and Economic Performance: An Empirical Investigation
w9806 Mario Draghi
Francesco Giavazzi
Robert C. Merton

Transparency, Risk Management and International Financial Fragility
w9808 Guillermo Calvo
Frederic S. Mishkin

The Mirage of Exchange Rate Regimes for Emerging Market Countries
w9809 Alberto Alesina
Alexander Wagner

Choosing (and reneging on) exchange rate regimes
w9786 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Government Finance in the Wake of Currency Crises
w9787 Graciela Kaminsky
Sergio Schmukler

Short-Run Pain, Long-Run Gain: The Effects of Financial Liberalization
w9777 Kristin J. Forbes
One Cost of the Chilean Capital Controls: Increased Financial Constraints for Smalles Traded Firms
w9778 Ricardo J. Caballero
Stavros Panageas

Hedging Sudden Stops and Precautionary Contractions
w9737 Aaron Tornell
Frank Westermann

Credit Market Imperfections in Middle Income Countries
w9684 Pierre-Olivier Gourinchas
Olivier Jeanne

The Elusive Gains from International Financial Integration
w9666 Barry Eichengreen
Alan M. Taylor

The Monetary Consequences of a Free Trade Area of the Americas
w9670 Carmen M. Reinhart
Vincent R. Reinhart

Twin Fallacies About Exchange Rate Policy in Emerging Markets
w9648 Rasmus Fatum
Michael Hutchison

Effectiveness of Official Daily Foreign Exchange Market Intervention Operations in Japan
w9654 Michael D. Bordo
Exchange Rate Regime Choice in Historical Perspective
w9614 Ross Levine
Sergio L. Schmukler

Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity
w9606 Assaf Razin
Efraim Sadka

A Brazilian-Type Debt Crisis: Simple Analytics
w9580 Alan M. Taylor
Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries
w9555 Kristin J. Forbes
Menzie D. Chinn

A Decomposition of Global Linkages in Financial Markets Over Time
w9543 Michael B. Devereux
Charles Engel
Peter E. Storgaard

Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance
w9521 Menzie D. Chinn
Doomed to Deficits? Aggregate U.S. Trade Flows Re-Examined
w9514 Sebastian Edwards
Igal Magendzo

A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
w9498 Eric van Wincoop
Philippe Bacchetta

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
w9500 Michael W. Klein
Capital Account Openness and the Varieties of Growth Experience
w9481 Rodolfo Martell
Rene M. Stulz

Equity market liberalizations as country IPOs
w9493 Andrei Shleifer
Will the Sovereign Debt Market Survive?
w9469 William N. Goetzmann
Matthew Spiegel
Andrey Ukhov

Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares
w9433 Martin D. D. Evans
Richard K. Lyons

How is Macro News Transmitted to Exchange Rates?
w9427 Barry Eichengreen
David Leblang

Capital Account Liberalization and Growth: Was Mr. Mahathir Right?
w9398 Harald Hau
Helene Rey

Exchange Rate, Equity Prices and Capital Flows
w9391 Pierre-Olivier Gourinchas
Aaron Tornell

Exchange Rate Dynamics, Learning and Misperception
w9393 Yin-Wong Cheung
Menzie D. Chinn
Antonio Garcia Pascual

Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?
w9370 V. V. Chari
Patrick J. Kehoe

Time Consistency and Free-Riding in a Monetary Union
w9372 Jean Imbs
Haroon Mumtaz
Morton O. Ravn
Helene Rey

PPP Strikes Back: Aggregation and the Real Exchange Rate
w9376 Takatoshi Ito
Yuko Hashimoto

High Frequency Contagion of Currency Crises in Asia
w9355 Aaron Tornell
Frank Westermann

The Credit Channel in Middle Income Countries
w9345 Maurice Obstfeld
Alan M. Taylor

Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31
w9343 Sebastian Auguste
Kathryn M.E. Dominguez
Herman Kamil
Linda L. Tesar

Cross-Border Trading as a Mechanism for Capital Flight: ADRs and the Argentine Crisis
w9344 Stefano Cavaglia
Robert J. Hodrick
Moroz Vadim
Xiaoyan Zhang

Pricing the Global Industry Portfolios
w9332 Assaf Razin
Efraim Sadka
Tarek Coury

Trade Openness, Investment Instability and Terms-of-Trade Volatility
w9304 Jaume Ventura
Bubbles and Capital Flows
w9292 Jonathan Heathcote
Fabrizio Perri

Financial Globalization and Real Regionalization
w9285 Andrew K. Rose
Mark M. Spiegel

A Gravity Model of Sovereign Lending: Trade, Default and Credit
w9286 Enrique G. Mendoza
Katherine A. Smith

Margin Calls, Trading Costs, and Asset Prices in Emerging Markets: The Finanical Mechanics of the 'Sudden Stop' Phenomenon
w9288 Philippe Martin
Helene Rey

Financial Globalization and Emerging Markets: With or Without Crash?
w9260 R. Gaston Gelos
Shang-Jin Wei

Transparency and International Investor Behavior
w9266 Joshua Aizenman
Nancy Marion

The High Demand for International Reserves in the Far East: What's Going On?
w9257 Sebastian Edwards
The Great Exchange Rate Debate After Argentina
w9233 Christopher M. Meissner
A New World Order: Explaining the Emergence of the Classical Gold Standard
w9204 Assaf Razin
FDI Contribution to Capital Flows and Investment in Capacity
w9154 Joshua Aizenman
Nancy P. Marion

International Reserve Holdings with Sovereign Risk and Costly Tax Collection
w9160 Assaf Razin
Efraim Sadka

A Brazilian Debt-Crisis
w9163 Jaume Ventura
Towards a Theory of Current Accounts
w9164 Hali J. Edison
Ross Levine
Luca Ricci
Torsten Slok

International Financial Integration and Economic Growth
w9186 Wojciech Kopczuk
Joel Slemrod
Shlomo Yitzhaki

Why World Redistribution Fails
w9190 Joshua Aizenman
Kenneth M. Kletzer
Brian Pinto

Sargent-Wallace Meets Krugman-Flood-Garber, or: Why Sovereign Debt Swaps Don't Avert Macroeconomic Crises
w9118 Maurice Obstfeld
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
w9100 Hali J. Edison
Michael W. Klein
Luca Ricci
Torsten Sloek

Capital Account Liberalization and Economic Performance: Survey and Synthesis
w9087 Peter G. Dunne
Michael J. Moore
Richard Portes

Defining Benchmark Status: An Application using Euro-Area Bonds
w9047 Sergio L. Schmukler
Luis Serven

Pricing Currency Risk: Facts and Puzzles from Currency Boards
w9062 Jonathan Kearns
Roberto Rigobon

Identifying the Efficacy of Central Bank Interventions: The Australian Case
w9030 Aart Kraay
Jaume Ventura

Current Accounts in the Long and Short Run
w9008 Assaf Razin
Efraim Sadka

Gains from FDI Inflows with Incomplete Information
w9016 Charles Engel
Expenditure Switching and Exchange Rate Policy
w9019 Michael D. Bordo
Antu Panini Murshid

Globalization and Changing Patterns in the International Transmission of Shocks in Financial Markets
w9005 Lawrence J. Christiano
Christopher Gust
Jorge Roldos

Monetary Policy in a Financial Crisis
w8988 Anusha Chari
Peter Blair Henry

Risk Sharing and Asset Prices: Evidence From a Natural Experiment
w8963 Carmen M. Reinhart
Kenneth S. Rogoff

The Modern History of Exchange Rate Arrangements: A Reinterpretation
w8967 Menzie D. Chinn
Hiro Ito

Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence
w8951 Robert J. Barro
Jong-Wha Lee

IMF Programs: Who is Chosen and What Are the Effects?
w8953 Michael Kremer
Seema Jayachandran

Odious Debt
w8959 Torben G. Andersen
Tim Bollerslev
Francis X. Diebold
Clara Vega

Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange
w8934 Jose Manuel Campa
Linda S. Goldberg

Exchange Rate Pass-Through into Import Prices: A Macro or Micro Phenomenon?
w8939 Sebastian Edwards
Debt Relief and Fiscal Sustainability
w8950 Enrique G. Mendoza
Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'
w8908 Anusha Chari
Peter Blair Henry

Capital Account Liberalization: Allocative Efficiency or Animal Spirits?
w8914 Takatoshi Ito
Is Foreign Exchange Intervention Effective?: The Japanese Experiences in the 1990s
w8900 Joshua Aizenman
Financial Opening: Evidence and Policy Options
w8870 Richard Clarida
Jordi Gali
Mark Gertler

A Simple Framework for International Monetary Policy Analysis
w8879 Michael W. Klein
Dollarization and Trade
w8880 Cristina Arellano
Enrique G. Mendoza

Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises
w8858 Michael B. Devereux
Charles Engel

Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
w8864 Alejandro Reynoso
Can Subsidiaries of Foreign Banks Contribute to the Stability of the Forex Market in Emerging Economies? A Look at Some Evidence from the Mexican...
w8837 Martin Feldstein
Economic and Financial Crises in Emerging Market Economies: Overview of Prevention and Management
w8846 Maurice Obstfeld
Alan M. Taylor

Globalization and Capital Markets
w8853 Andrew K. Rose
One Reason Countries Pay their Debts: Renegotiation and International Trade
w8824 Ron Alquist
Menzie D. Chinn

Productivity and the Euro-Dollar Exchange Rate Puzzle
w8828 Jeffrey A. Frankel
Sergio L. Schmukler
Luis Serven

Global Transmission of Interest Rates: Monetary Independence and Currency Regime
w8795 Geert Bekaert
Min Wei
Yuhang Xing

Uncovered Interest Rate Parity and the Term Structure
w8796 Kala Krishna
Ling Hui Tan
Ram Ranjan

Quantity Controls, License Transferability, and the Level of Investment
w8804 Aart Kraay
Jaume Ventura

Trade Integration and Risk Sharing
w8748 Ariel Burstein
Martin Eichenbaum
Sergio Rebelo

Why Are Rates of Inflation So Low After Large Devaluations?
w8738 Carmen M. Reinhart
Default, Currency Crises and Sovereign Credit Ratings
w8716 Barry Eichengreen
Michael D. Bordo

Crises Now and Then: What Lessons from the Last Era of Financial Globalization
w8725 Charles Engel
The Responsiveness of Consumer Prices to Exchange Rates And the Implications for Exchange-Rate Policy: A Survey Of a Few Recent New Open-Economy...
w8706 Roberto Rigobon
Disinflation and Fiscal Reform: A Neoclassical Perspective
w8671 Sebastian Edwards
I. Igal Magendzo

Dollarization, Inflation and Growth
w8679 Bernhard Paasche
Stanley E. Zin

Competition and Intervention in Sovereign Debt Markets
w8659 Assaf Razin
Efraim Sadka
Chi-Wa Yuen

Why International Equity Inflows to Emerging Markets are Inefficient and Small Relative to International Debt Flows
w8634 Jeffrey A. Frankel
Nouriel Roubini

The Role of Industrial Country Policies in Emerging Market Crises
w8636 Roberto Rigobon
The Curse of Non-Investment Grade Countries
w8584 Michael D. Bordo
Marc Flandreau

Core, Periphery, Exchange Rate Regimes, and Globalization
w8601 Richard Clarida
Lucio Sarno
Mark Taylor
Giorgio Valente

The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond
w8603 Richard Clarida
The Empirics of Monetary Policy Rules in Open Economies
w8604 Richard Clarida
Jordi Gali
Mark Gertler

Optimal Monetary Policy in Closed versus Open Economies: An Integrated Approach
w8612 William N. Goetzmann
Lingfeng Li
K. Geert Rouwenhorst

Long-Term Global Market Correlations
w8506 Sebastian Edwards
Raul Susmel

Volatility Dependence and Contagion in Emerging Equity Markets
w8535 Carmen M. Reinhart
Vincent R. Reinhart

What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility
w8550 Charles Engel
James C. Morley

The Adjustment of Prices and the Adjustment of the Exchange Rate
w8559 Michael B. Devereux
Charles Engel

Endogenous Currency of Price Setting in a Dynamic Open Economy Model
w8569 Graciela L. Kaminsky
Carmen M. Reinhart

Financial Markets in Times of Stress
w8453 Kathryn M.E. Dominguez
Linda L. Tesar

Exchange Rate Exposure
w8468 David C. Parsley
Shang-Jin Wei

Limiting Currency Volatility to Stimulate Goods Market Integration: A Price Based Approach
w8491 William P. Killeen
Richard K. Lyons
Michael J. Moore

Fixed versus Flexible: Lessons from EMS Order Flow
w8493 Edward J. Kane
Asli Demirguc-Kunt

Deposit Insurance Around the Globe: Where Does it Work?
w8422 Carmen M. Reinhart
R. Todd Smith

Temporary Controls on Capital Inflows
w8429 Michael D. Bordo
Ronald MacDonald

The Inter-War Gold Exchange Standard: Credibility and Monetary Independence
w8443 J. Bradford DeLong
Barry Eichengreen

Between Meltdown and Moral Hazard: The International Monetary and Financial Policies of the Clinton Administration
w8352 Hans-Werner Sinn
Frank Westermann

Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate
w8356 Martin D. D. Evans
Richard K. Lyons

Portfolio Balance, Price Impact, and Secret Intervention
w8362 Margarida Duarte
Alan C. Stockman

Rational Speculation and Exchange Rates
w8366 Philip R. Lane
Gian Milesi-Ferretti

Long-Term Capital Movements
w8369 Maurice Obstfeld
International Macroeconomics: Beyond the Mundell-Fleming Model
w8373 Yung Chul Park
Jong-Wha Lee

Recovery and Sustainability in East Asia
w8381 Olivier Jeanne
Charles Wyplosz

The International Lender of Last Resort: How Large is Large Enough?
w8396 Reuven Glick
Andrew K. Rose

Does a Currency Union Affect Trade? The Time Series Evidence
w8313 Assaf Razin
Chi-Wa Yuen

The "New Keynesian" Phillips Curve: Closed Economy vs. Open Economy
w8322 Robert Dekle
Kenneth M. Kletzer

Domestic Bank Regulation and Financial Crises: Theory and Empirical Evidence from East Asia
w8323 Peter L. Rousseau
Richard Sylla

Financial Systems, Economic Growth, and Globalization
w8324 Rudi Dornbusch
Fewer Monies, Better Monies
w8325 Rudi Dornbusch
Malaysia: Was it Different?
w8326 Rudi Dornbusch
A Primer on Emerging Market Crises
w8265 Anusha Chari
Peter Blair Henry

Stock Market Liberalizations and the Repricing of Systematic Risk
w8274 Sebastian Edwards
Dollarization and Economic Performance: An Empirical Investigation
w8275 Sebastian Edwards
Does the Current Account Matter?
w8277 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

On the Fiscal Implications of Twin Crises
w8289 Peter Blair Henry
Is Disinflation Good for the Stock Market?
w8303 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

The Role of Large Players in Currency Crises
w8305 Michael M. Hutchison
A Cure Worse Than the Disease? Currency Crises and the Output Costs of IMF-Supported Stabilization Programs
w8209 Linda S. Goldberg
When Is U.S. Bank Lending to Emerging Markets Volatile?
w8224 Edward J. Kane
Financial Safety Nets: Reconstructing and Modeling a Policymaking Metaphor
w8162 Sassan Alizadeh
Michael W. Brandt
Francis X. Diebold

High- and Low-Frequency Exchange Rate Volatility Dynamics: Range-Based Estimation of Stochastic Volatility Models
w8164 William A. Reese
Michael S. Weisbach

Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings
w8171 Assaf Razin
Efraim Sadka

Country Risk and Capital Flow Reversals
w8194 Kristin J. Forbes
Are Trade Linkages Important Determinants of Country Vulnerability to Crises?
w8112 Jonathan Haskel
Holger Wolf

The Law of One Price - A Case Study
w8116 Martin D. D. Evans
FX Trading and Exchange Rate Dynamics
w8118 Roberto Rigobon
Contagion: How to Measure It?
w8128 Kathryn M.E. Dominguez
Linda L. Tesar

A Re-Examination of Exchange Rate Exposure
w8137 Linda Goldberg
Joseph Tracy

Exchange Rates and Wages
w8141 Ricardo J. Caballero
Arvind Krishnamurthy

International Liquidity Illusion: On the Risks of Sterilization
w8142 Ethan Kaplan
Dani Rodrik

Did the Malaysian Capital Controls Work?
w8076 Sebastian Edwards
Capital Mobility and Economic Performance: Are Emerging Economies Different?
w8087 Frederic S. Mishkin
Financial Policies and the Prevention of Financial Crises in Emerging Market Countries
w8100 Michael Bordo
Anna J. Schwartz

From the Exchange Stabilization Fund to the International Monetary Fund
w8026 Alessandra Casella
Games for Central Bankers: Markets v/s Politics in Public Policy Decisions
w8027 Alessandra Casella
Market Mechanisms for Policy Decisions: Tools for the European Union
w8035 Barry Eichengreen
The EMS Crisis in Retrospect
w7993 Guillermo A. Calvo
Carmen M. Reinhart

Fear of Floating
w8002 Eiji Ogawa
Takatoshi Ito

On the Desirability of a Regional Basket Currency Arrangement
w8003 Edward J. Kane
Tara Rice

Bank Runs and Banking Policies: Lessons for African Policymakers
w7951 P.R. Agenor
J. Aizenman
A. Hoffmaister

The Credit Crunch in East Asia: What can Bank Excess Liquid Assets Tell us?
w7957 Lars E.O. Svensson
The Zero Bound in an Open Economy: A Foolproof Way of Escaping from a Liquidity Trap
w7872 Andrew K. Rose
Charles Engel

Currency Unions and International Integration
w7880 Eiji Fujii
Menzie D. Chinn

Fin de Siecle Real Interest Parity
w7885 Kristin Forbes
Roberto Rigobon

Contagion in Latin America: Definitions, Measurement, and Policy Implications
w7889 Charles Engel
Optimal Exchange Rate Policy: The Influence of Price Setting and Asset Markets
w7899 Martin Feldstein
Aspects of Global Economic Intergration: Outlook for the Future
w7901 Jeffrey Frankel
Sergio Schmukler
Luis Serven

Verifiability and the Vanishing Intermediate Exchange Rate Regime
w7902 Menzie D. Chinn
Kenneth M. Kletzer

International Capital Inflows, Domestic Financial Intermediation and Financial Crises under Imperfect Information
w7914 Joshua Aizenman
Endogenous Pricing to Market and Financing Costs
w7102 Frederic S. Mishkin
Lessons from the Asian Crisis
w7824 Enrique G. Mendoza
On the Benefits of Dollarization when Stabilization Policy is not Credible and Financial Markets are Imperfect
w7836 David C. Parsley
Shang-Jin Wei

Explaining the Border Effect: The Role of Exchange Rate Variability, Shipping Costs, and Geography
w7840 Luis Felipe Cespedes
Roberto Chang
Andres Velasco

Balance Sheets and Exchange Rate Policy
w7855 Graciela Kaminsky
Richard K. Lyons
Sergio Schmukler

Managers, Investors, and Crises: Mutual Fund Strategies in Emerging Markets
w7777 Maurice Obstfeld
Kenneth Rogoff

The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?
w7782 Ricardo J. Caballero
Macroeconomic Volatility in Latin America: A View and Three Case Studies
w7795 Aart Kraay
Norman Loayza
Luis Serven
Jaume Ventura

Country Portfolios
w7796 Steven J. Davis
Jeremy Nalewaik
Paul Willen

On the Gains to International Trade in Risky Financial Assets
w7797 Carlo A. Favero
Francesco Giavazzi

Looking for Contagion: Evidence from the ERM
w7801 Sebastian Edwards
Interest Rates, Contagion and Capital Controls
w7807 Kristin Forbes
The Asian Flu and Russian Virus: Firm-level Evidence on How Crises are Transmitted Internationally
w7813 Sebastian Edwards
Raul Susmel

Interest Rate Volatility and Contagion in Emerging Markets: Evidence from the 1990s
w7818 Charles Engel
Comments on Obstfeld and Rogoff's "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
w7738 Joshua Aizenman
Ricardo Hausmann

Exchange Rate Regimes and Financial-Market Imperfections
w7746 David M. Cutler
Felicia Knaul
Rafael Lozano
Oscar Mendez
Beatriz Zurita

Financial Crisis, Health Outcomes and Aging: Mexico in the 1980s and 1990s
w7751 Anna J. Schwartz
The Rise and Fall of Foreign Exchange Market Intervention
w7763 Geert Bekaert
Campbell R. Harvey
Christian Lundblad

Emerging Equity Markets and Economic Development
w7766 Chong-En Bai
Shang-Jin Wei

Quality of Bureaucracy and Open-Economy Macro Policies
w7768 Enrique G. Mendoza
On the Instability of Variance Decompositions of the Real Exchange Rate across Exchange-Rate-Regimes: Evidence from Mexico and the United States
w7681 Stephen G. Cecchetti
Nelson C. Mark
Robert J. Sonora

Price Level Convergence Among United States Cities: Lessons for the European Central Bank
w7701 Michael D. Bordo
Anna J. Schwartz

Measuring Real Economic Effects of Bailouts: Historical Perspectives on How Countries in Financial Distress Have Fared With and Without Bailouts
w7714 Linda Goldberg
B. Gerard Dages
Daniel Kinney

Foreign and Domestic Bank Participation in Emerging Markets: Lessons from Mexico and Argentina
w7722 Benjamin M. Friedman
Debt Restructuring
w7645 Jose De Gregorio
Sebastian Edwards
Rodrigo O. Valdes

Controls on Capital Inflows: Do they Work?
w7653 Barry Eichengreen
Christof Ruehl

The Bail-In Problem: Systematic Goals, Ad Hoc Means
w7665 Michael B. Devereux
Charles Engel

Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibility
w7575 Michael Kremer
Paras Mehta

Globalization and International Public Finance
w7581 Menzie D. Chinn
Eswar S. Prasad

Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration
w7607 Russell W. Cooper
Hubert Kempf

Designing Stabilization Policy in a Monetary Union
w7609 Geert Bekaert
Robert J. Hodrick

Expectations Hypotheses Tests
w7617 Frederic S. Mishkin
Miguel A. Savastano

Monetary Policy Strategies for Latin America
w7517 Martin Feldstein
The European Central Bank and the Euro: The First Year
w7524 Yin-Wong Cheung
Menzie D. Chinn
Ian W. Marsh

How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?
w7529 Rene M. Stulz
U.S. Banks, Crises, and Bailouts: From Mexico to LTCM
w7554 Craig Burnside
Martin Eichenbaum
Sergio T. Rebelo

On the Fundamentals of Self-Fulfilling Speculative Attacks
w7458 Barry Eichengreen
Ashoka Mody

Would Collective Action Clauses Raise Borrowing Costs?
w7483 Joon-Ho Hahm
Frederic S. Mishkin

Causes of the Korean Financial Crisis: Lessons for Policy
w7493 Roberto Rigobon
Identification through Heteroskedasticity: Measuring "Contagion: betweenArgentinean and Mexican Sovereign Bonds
w7497 Gordon M. Bodnar
M.H. Franco Wong

Estimating Exchange Rate Exposures: Some "Weighty" Issues
w7498 John H. Cochrane
Money as Stock: Price Level Determination with no Money Demand
w7514 Edward J. Kane
Capital Movements, Banking Insolvency, and Silent Runs in the Asian Financial Crisis
w7432 Andrew K. Rose
One Money, One Market: Estimating the Effect of Common Currencies on Trade
w7438 Eugene N. White
The Costs and Consequences of the Napoleonic Reparations
w7446 Pierre-Richard Agenor
Joshua Aizenman

Financial Sector Inefficiencies and Coordinate Failures: Implications for Crisis Management
w7413 Sebastian Edwards
How Effective are Capital Controls?
w7416 Yin-Wong Cheung
Menzie D. Chinn

Traders, Market Microstructure and Exchange Rate Dynamics
w7417 Yin-Wong Cheung
Menzie D. Chinn

Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders
w7418 Barry Eichengreen
Ricardo Hausmann

Exchange Rates and Financial Fragility
w7378 Bruce A. Blonigen
Stephen E. Haynes

Antidumping Investigations and the Pass-Through of Exchange Rates and Antidumping Duties
w7382 Michael B. Devereux
Charles Engel
Cedric Tille

Exchange Rate Pass-Through and the Welfare Effects of the Euro
w7384 Michael W. Klein
Giovanni Olivei

Capital Account Liberalization, Financial Depth and Economic Growth
w7389 Joshua Aizenman
Nancy P. Marion

Uncertainty and the Disappearance of International Credit
w7393 Bennett T. McCallum
Theoretical Issues Pertaining to Monetary Unions
w7408 Yin-Wong Cheung
Menzie D. Chinn
Eiji Fujii

Market Structure and the Persistence of Sectoral Real Exchange Rates
w7336 Richard Portes
Helene Rey

The Determinants of Cross-Border Equity Flows
w7337 Kathryn M. Dominguez
The Market Microstructure of Central Bank Intervention
w7338 Jeffrey A. Frankel
No Single Currency Regime is Right for All Countries or At All Times
w7354 Roberto Rigobon
On the Measurement of the International Propagation of Shocks
w7361 Bong-Chan Kho
Rene M. Stulz

Banks, the IMF, and the Asian Crisis
w7364 Dani Rodrik
Andres Velasco

Short-Term Capital Flows
w6390 Frederic S. Mishkin
International Capital Movements, Financial Volatility and Financial Instability
w6682 Maurice Obstfeld
EMU: Ready, or Not?
w6729 Takatoshi Ito
Eiji Ogawa
Yuri Nagataki Sasaki

How Did the Dollar Peg Fail in Asia?
w7313 Maurice Obstfeld
Kenneth Rogoff

New Directions for Stochastic Open Economy Models
w7317 Martin D.D. Evans
Richard K. Lyons

Order Flow and Exchange Rate Dynamics
w7202 Joshua Aizenman
Nancy Marion

Reserve Uncertainty and the Supply of International Credit
w7211 Allan Drazen
Political Contagion in Currency Crises
w7219 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

The Dynamics of Emerging Market Equity Flows
w7228 Sebastian Edwards
Miguel A. Savastano

Exchange Rates in Emerging Economies: What Do We Know? What Do We Need to Know?
w7233 Sebastian Edwards
Crisis Prevention: Lessons from Mexico and East Asia
w7246 Kent Daniel
Sheridan Titman
K.C. John Wei

Explaining the Cross-Section of Stock Returns in Japan: Factors or Characteristics?
w7247 Takatoshi Ito
Michael Melvin

Japan's Big Bang and the Transformation of Financial Markets
w7251 Joe Peek
Eric S. Rosengren

Determinants of the Japan Premium: Actions Speak Louder Than Words
w7263 Qinglai Meng
Andres Velasco

Can Capital Mobility be Destabilizing?
w7265 Kenneth Rogoff
International Institutions for Reducing Global Financial Instability
w7267 Kristin Forbes
Roberto Rigobon

No Contagion, Only Interdependence: Measuring Stock Market Co-movements
w7272 Roberto Chang
Andres Velasco

Liquidity Crises in Emerging Markets: Theory and Policy
w7153 Guillermo A. Calvo
Enrique G. Mendoza

Regional Contagion and the Globalization of Securities Markets
w7157 Robert J. Hodrick
David Tat-Chee Ng
Paul Sengmueller

An International Dynamic Asset Pricing Model
w7196 Linda S. Goldberg
Michael W. Klein

International Trade and Factor Mobility: An Empirical Investigation
w7113 Barry Eichengreen
Ashoka Mody

Lending Booms, Reserves, and the Sustainability of Short-Term Debt: Inferences from the Pricing of Syndicated Bank Loans
w7125 Michael D. Bordo
Ehsan U. Choudhri
Anna J. Schwartz

Was Expansionary Monetary Policy Feasible During the Great Contraction? An Examination of the Gold Standard Constraint
w7133 Woochan Kim
Shang-Jin Wei

Offshore Investment Funds: Monsters in Emerging Markets?
w7139 Aaron Tornell
Common Fundamentals in the Tequila and Asian Crises
w7143 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Hedging and Financial Fragility in Fixed Exchange Rate Regimes
w7067 Charles Engel
On the Foreign-Exchange Risk Premium in Sticky-Price General Equilibrium Models
w7091 Menzie D. Chinn
Michael P. Dooley
Sona Shrestha

Latin America and East Asia in the Context of an Insurance Model of Currency Crises
w7104 Olivier Jeanne
Andrew K. Rose

Noise Trading and Exchange Rate Regimes
w6233 Maurice Obstfeld
A Strategy for Launching the Euro
w6994 Bernard Dumas
Raman Uppal

Global Diversification, Growth and Welfare with Imperfectly Integrated Markets for Goods
w7004 Joshua Aizenman
Stephen J. Turnovsky

Reserve Requirements on Sovereign Debt in the Presence of Moral Hazard -- on Debtors or Creditors?
w7014 Enrique G. Mendoza
Martin Uribe

Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations
w7026 Paul R. Bergin
Robert C. Feenstra

Pricing to Market, Staggered Contracts, and Real Exchange Rate Persistence
w7045 Enrique G. Mendoza
Martin Uribe

The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework
w6929 Jose M. Campa
P.H. Kevin Chang
James F. Refalo

An Options-Based Analysis of Emerging Market Exchange Rate Expectations: Brazil's Real Plan, 1994-1997
w6968 Woochan Kim
Shang-Jin Wei

Foreign Portfolio Investors Before and During a Crisis
w6969 Michael M. Knetter
Matthew J. Slaughter

Measuring Product-Market Integration
w6985 Linda Goldberg
Joseph Tracy

Exchange Rates and Local Labor Markets
w6874 David S. Bates
Financial Markets' Assessment of EMU
w6886 Benjamin E. Hermalin
Andrew K. Rose

Risks to Lenders and Borrowers in International Capital Markets
w6889 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini
Cedric Tille

Competitive Devaluations: A Welfare-Based Approach
w6907 Martin Feldstein
Self-Protection for Emerging Market Economies
w6821 Barry Eichengreen
Does Mercosur Need a Single Currency
w6833 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview
w6834 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate
w6850 P.R. Agenor
J. Aizenman
A. Hoffmaister

Contagion, Bank Lending Spreads and Output Fluctuations
w6867 Michael B. Devereux
Charles Engel

Fixed vs. Floating Exchange Rates: How Price Setting Affects the Optimal Choice of Exchange-Rate Regime
w6782 Pierre-Richard Agenor
Joshua Aizenman

Volatility and the Welfare Costs of Financial Market Integration
w6783 Giancarlo Corsetti
Paolo Pesenti
Nouriel Roubini

Paper Tigers? A Model of the Asian Crisis
w6796 Roberto Chang
Andres Velasco

The Asian Liquidity Crisis
w6797 Guy Meredith
Menzie D. Chinn

Long-Horizon Uncovered Interest Rate Parity
w6749 Jose Manuel Campa
Linda S. Goldberg

Employment versus Wage Adjustment and the US Dollar
w6756 Sebastian Edwards
Interest Rate Volatility, Capital Controls, and Contagion
w6758 Craig Burnside
Martin Eichenbaum
Sergio Rebelo

Prospective Deficits and the Asian Currency Crisis
w6724 Geert Bekaert
Campbell R. Harvey
Robin L. Lumsdaine

Dating the Integration of World Equity Markets
w6735 Jeffrey C. Fuhrer
Michael W. Klein

Risky Habits: On Risk Sharing, Habit Formation, and the Interpretation of International Consumption Correlations
w6738 Michael D. Bordo
Barry Eichengreen
Jongwoo Kim

Was There Really an Earlier Period of International Financial Integration Comparable to Today?
w6742 Shang-Jin Wei
Currency Hedging and Goods Trade
w6671 Menzie D. Chinn
On the Won and Other East Asian Currencies
w6697 David K. Backus
Mario J. Crucini

Oil Prices and the Terms of Trade
w6704 Philippe Bacchetta
Eric Van Wincoop

Does Exchange Rate Stability Increase Trade and Capital Flows?
w6669 Geert Bekaert
Campbell R. Harvey

Capital Flows and the Behavior of Emerging Market Equity Returns
w6606 Roberto Chang
Andres Velasco

Financial Crises in Emerging Markets
w6620 Gian Maria Milesi-Ferrett
Assaf Razin

Current Account Reversals and Currency Crises: Empirical Regularities
w6555 William H. Branson
Jorge Braga de Macedo
Jurgen von Hagen

Macroeconomic Policy and Institutions During the Transition to European Union Membership
w6559 Maurice Obstfeld
The Global Capital Market: Benefactor or Menace?
w6563 Barry Eichengreen
Olivier Jeanne

Currency Crisis and Unemployment: Sterling in 1931
w6491 Menzie D. Chinn
Before the Fall: Were East Asian Currencies Overvalued?
w6495 Jaewoo Lee
Menzie D. Chinn

The Current Account and the Real Exchange Rate: A Structural VAR Analysis of Major Currencies
w6516 Sebastian Edwards
Miguel A. Savastano

The Morning After: The Mexican Peso in the Aftermath of the 1994 Currency Crisis
w6530 Philippe Bacchetta
Eric van Wincoop

Capital Flows to Emerging Markets: Liberalization, Overshooting, and Volatility
w6436 Michael D. Bordo
Barry Eichengreen

The Rise and Fall of a Barbarous Relic: The Role of Gold in the International Monetary SYstem
w6441 Sebastian Edwards
Capital Inflows into Latin America: A Stop-Go Story?
w6468 Nouriel Roubini
Paul Wachtel

Current Account Sustainability in Transition Economies
w6469 Roberto Chang
Andres Velasco

Financial Fragility and the Exchange Rate Regime
w6150 Martin Feldstein
The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability
w6408 Barry Eichengreen
Ashoka Mody

What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?
w6424 Richard Portes
Helene Rey

The Emergence of the Euro as an International Currency
w6351 Karen K. Lewis
International Home Bias in International Finance and Business Cycles
w6370 Barry Eichengreen
Andrew K. Rose

Staying Afloat When the Wind Shifts: External Factors and Emerging-Market Banking Crises
w6380 Robert Flood
Nancy Marion

Perspectives on the Recent Currency Crisis Literature
w6382 Urban J. Jermann
International Portfolio Diversification and Labor/Leisure Choice
w6300 Michael P. Dooley
A Model of Crises in Emerging Markets
w6310 Gian Maria Milesi-Ferrett
Assaf Razin

Sharp Reductions in Current Account Deficits: An Empirical Analyis
w6312 Geert Bekaert
Campbell R. Harvey

Foreign Speculators and Emerging Equity Markets
w6320 Joshua Aizenman
Andrew Powell

Volatility and Financial Intermediation
w6327 Anne O. Krueger
Whither the World Bank and the IMF?
w6334 Sebastian Edwards
The Mexican Peso Crisis? How Much Did We Know? When Did We Know It?
w6256 Shang-Jin Wei
Jungshik Kim

The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise?
w6292 Willem H. Buiter
Anne C. Sibert

Transition Issues for the European Monetary Union
w6224 Gordon M. Bodnar
Charles Tang
Joseph Weintrop

Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification
w6247 Michael P. Dooley
Donald J. Mathieson
Liliana Rojas-Suarez

Capital Mobility and Exchange Market Intervention in Developing Countries
w6147 Geert Bekaert
Robert J. Hodrick
David A. Marshall

"Peso Problem" Explanations for Term Structure Anomalies
w6080 Pierre-Richard Agenor
Joshua Aizenman

Contagion and Volatility with Imperfect Credit Markets
w6089 Paul G. J. O'Connell
Shang-Jin Wei

"The Bigger They Are, The Harder They Fall": How Price Differences Across U.S. Cities Are Arbitraged
w6103 Matthew T. Jones
Maurice Obstfeld

Saving, Investment, and Gold: A Reassessment of Historical Current Account Data
w6108 Menzie David Chinn
The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates
w6115 Michael D. Bordo
Ronald MacDonald

Violations of the `Rules of the Game' and the Credibility of the Classical Gold Standard, 1880-1914
w6053 Maurice Obstfeld
Alan M. Taylor

Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited
w6064 Mihir A. Desai
James R. Hines Jr.

Excess Capital Flows and the Burden of Inflation in Open Economies
w6072 Hans-Werner Sinn
Holger Feist

Eurowinners and Eurolosers: The Distribution of Seigniorage Wealth in EMU
w6073 Gauri Prakash
Alan M. Taylor

Measuring Market Integration: A Model of Arbitrage with an Econometric Application to the Gold Standard, 1879-1913
w6039 Robert E. Lipsey
Birgitta Swedenborg

Wage Dispersion and Country Price Levels
w5997 Herschel I. Grossman
Taejoon Han

Sovereign Debt and Consumption Smoothing
w6005 Andrew Atkeson
Patrick Kehoe

Industry Evolution and Transition: A Neoclassical Benchmark
w6007 V. V. Chari
Patrick Kehoe

Hot Money
w6017 Menzie David Chinn
Sectoral Productivity, Government Spending and Real Exchange Rates: Empirical Evidence for OECD Countries
w5960 Maurice Obstfeld
Alan M. Taylor

The Great Depression as a Watershed: International Capital Mobility over the Long Run
w5965 Joshua Aizenman
International Portfolio Diversification with Generalized Expected Utility Preferences
w5974 Jose M. Campa
P. H. Kevin Chang

The Forecasting Ability of Correlations Implied in Foreign Exchange Options
w5977 Sebastian Edwards
Carlos A. Vegh

Banks and Macroeconomics Disturbances under Predetermined Exchange Rates
w5979 Takatoshi Ito
Peter Isard
Steven Symansky

Economic Growth and Real Exchange Rate: An Overview of the Balassa-Samuelson Hypothesis in Asia
w5936 Takatoshi Ito
Richard K. Lyons
Michael T. Melvin

Is There Private Information in the FX Market? The Tokyo Experiment
w5874 Atish R. Ghosh
Anne-Marie Gulde
Jonathan D. Ostry
Holger C. Wolf

Does the Nominal Exchange Rate Regime Matter?
w5876 V. V. Chari
Patrick J. Kehoe
Ellen R. McGrattan

Monetary Shocks and Real Exchange Rates in Sticky Price Models of International Business Cycles
w5878 Michael M. Knetter
The Segmentation of International Markets: Evidence from The Economist
w5883 Michael D. Bordo
Barry Eichengreen

Implications of the Great Depression for the Development of the International Monetary System
w5890 Allan Drazen
Towards a Political-Economic Theory of Domestic Debt
w5901 William N. Goetzmann
Philippe Jorion

A Century of Global Stock Markets
w5904 Gordon M. Bodnar
Joseph Weintrop

The Valuation of the Foreign Income of U.S. Multinational Firms: A Growth Opportunities Perspective
w5906 William N. Goetzmann
Philippe Jorion

Re-emerging Markets
w5860 Wayne E. Ferson
Campbell R. Harvey

Fundamental Determinants of National Equity Market Returns: A Perspective on Conditional Asset Pricing
w5862 Pinelopi K. Goldberg
Michael M. Knetter

Goods Prices and Exchange Rates: What Have We Learned?
w5814 Menzie D. Chinn
William F. Maloney

Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan during the 1980's
w5842 Andres Velasco
When Are Fixed Exchange Rates Really Fixed?
w5783 Torben G. Andersen
Tim Bollerslev

DM-Dollar Volatility: Intraday Activity Patterns, Macroeconomic Announcements, and Longer Run Dependencies
w5787 Hsiu-Ling Wu
Testing for the Fundamental Determinants of the Long-Run Real Exchange Rate: The Case of Taiwan
w5789 Robert P. Flood
Nancy P. Marion

Speculative Attacks: Fundamentals and Self-Fulfilling Prophecies
w5791 Gian Maria Milesi-Ferrett
Assaf Razin

Current Account Sustainability: Selected East Asian and Latin American Experiences
w5794 Sebastian Edwards
A Tale of Two Crises: Chile and Mexico
w5742 Alan M. Taylor
International Capital Mobility in History: Purchasing-Power Parity in the Long Run
w5743 Alan M. Taylor
International Capital Mobility in History: The Saving-Investment Relationship
w5747 Stanley W. Black
Issues in Korean Exchange Rate Policy
w5748 Prakash Apte
Piet Sercu
Raman Uppal

The Equilibrium Approach to Exchange Rates: Theory and Tests
w5749 Kuo-Liang Wang
Chung-Shu Wu

Exchange Rate Pass-through and Industry Characteristics: The Case of Taiwan's Exports of Midstream Petrochemical Products
w5756 Sebastian Edwards
The Determinants of the Choice between Fixed and Flexible Exchange-Rate Regimes
w5771 Zhaoyong Zhang
The Exchange Value of the Renminbi and China's Balance of Trade: An Emp irical Study
w5709 Menzie Chinn
Louis Johnston

Real Exchange Rate Levels, Productivity and Demand Shocks: Evidence from a Panel of 14 Countries
w5714 Jeffrey A. Frankel
Sergio L. Schmukler

Country Fund Discounts, Asymmetric Information and the Mexican Crisis of 1994: Did Local Residents Turn Pessimistic Before International Investors?
w5720 Shinji Takagi
The Yen and Its East Asian Neighbors, 1980-1995: Cooperation or Competition?
w5650 Ilan Goldfajn
Rodrigo O. Valdes

The Aftermath of Appreciations
w5675 Robert E. Cumby
Forecasting Exchange Rates and Relative Prices with the Hamburger Standard: Is What You Want What You Get With McParity?
w5676 Matthew B. Canzoneri
Robert E. Cumby
Behzad Diba

Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries
w5678 Fernando Alvarez
Andrew Atkeson

Money and Exchange Rates in the Grossman-Weiss-Rotemberg Model
w5681 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Contagious Currency Crises
w5623 David Backus
Silverio Foresi
Chris Telmer

Affine Models of Currency Pricing
w5558 Joshua Aizenman
Michael Gavin
Ricardo Hausmann

Optimal Tax and Debt Policy with Endogenously Imperfect Creditworthiness
w5559 W. Erwin Diewert
Axiomatic and Economic Approaches to International Comparisons
w5563 Jeffrey Sachs
Aaron Tornell
Andres Velasco

The Mexican Peso Crisis: Sudden Death or Death Foretold?
w5532 Torsten Persson
Guido Tabellini

Monetary Cohabitation in Europe
w5476 Jeffrey A. Frankel
David Romer

Trade and Growth: An Empirical Investigation
w5486 Harold L. Cole
Patrick J. Kehoe

Reputation Spillover Across Relationships with Enduring and Transient Beliefs: Reviving reputation Models of Debt
w5497 Michael D. Bordo
Tamim Bayoumi

Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions
w5517 Barry Eichengreen
Jurgen von Hagen

Fiscal Policy and Monetary Union: Is There a Tradeoff between Federalism and Budgetary Restrictions?
w5518 Richard C. Marston
The Effects of Industry Structure on Economic Exposure
w5467 Gian Maria Milesi-Ferrett
Assaf Razin

Sustainability of Persistent Current Account Deficits
w5422 Jeffrey A. Frankel
How Well do Foreign Exchange Markets Function: Might a Tobin Tax Help?
w5437 Jeffrey A. Frankel
Andrew K. Rose

Currency Crashes in Emerging Markets: Empirical Indicators
w5376 Graham Elliott
Takatoshi Ito

Heterogeneous Expectations and Tests of Efficiency in the Yen/Dollar Forward Foreign Exchange Rate Market
w5394 Charles Engel
Accounting for U.S. Real Exchange Rate Changes
w5352 Michael P. Dooley
A Survey of Academic Literature on Controls over International Capital Transactions
w5285 Maurice Obstfeld
Models of Currency Crises with Self-Fulfilling Features
w5289 Karen K. Lewis
Stochastic Regime Switching and Stabilizing Policies within Regimes
w5307 Geert Bekaert
Campbell R. Harvey

Emerging Equity Market Volatility
w5308 Peter Boone
Politics and the Effectiveness of Foreign Aid
w5312 Charles Engel
The Forward Discount Anomaly and the Risk Premium: A Survey of Recent Evidence
w5318 Robert P. Flood
Peter M. Garber
Charles Kramer

Collapsing Exchange Rate Regimes: Another Linear Example
w5323 Eli Bartov
Gordon M. Bodnar
Aditya Kaul

Exchange Rate Variability and the Riskiness of U.S. Multinational Firms:Evidence from the Breakdown of the Bretton Woods System
w5329 Andrew Atkeson
Jose-Victor Rios-Rull

The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis
w5280 Menzie Chinn
Michael Dooley

Asia-Pacific Capital Markets: Measurement of Integration and the Implications for Economic Activity
w5219 Andrew K. Rose
After the Deluge: Do Fixed Exchange Rates Allow Inter-Temporal Volatility Tradeoffs?
w5191 Maurice Obstfeld
Kenneth Rogoff

The Mirage of Fixed Exchange Rates
w5140 Willem H. Buiter
Giancarlo Corsetti
Paolo A. Pesenti

A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises
w5160 Dani Rodrik
Why is there Multilateral Lending?
w5108 Aaron Tornell
Andres Velasco

Fixed versus Flexible Exchange Rates: Which Provides More Fiscal Discipline?
w5115 Tamim Bayoumi
Michael W. Klein

A Provincial View of Capital Mobility
w5131 Jonathan Eaton
Raquel Fernandez

Sovereign Debt
w5132 Kenneth A. Froot
Michael Kim
Kenneth Rogoff

The Law of One Price Over 700 Years
t0179 Charles Goodhart
Takatoshi Ito
Richard Payne

One Day in June, 1994: A Study of the Working of Reuters 2000-2 Electronic Foreign Exchange Trading System
w5006 Jeffrey A. Frankel
Andrew K. Rose

A Panel Project on Purchasing Power Parity: Mean Reversion Within and Between Countries
w5025 Marianne Baxter
International Trade and Business Cycles
w4982 Richard K. Lyons
Andrew K. Rose

Explaining Forward Exchange Bias..Intraday
w4984 Richard K. Lyons
Foreign Exchange Volume: Sound and Fury Signifying Nothing?
w4985 Lars E.O. Svensson
The Swedish Experience of an Inflation Target
w4957 Robert Flood
Nancy Marion

The Size and Timing of Devaluations in Capital-Controlled Developing Countries
w4963 Michael P. Dooley
A Retrospective on the Debt Crisis
w4971 Peter M. Garber
Lars E.O. Svensson

The Operation and Collapse of Fixed Exchange Rate Regimes
w4975 Marianne Baxter
Mario J. Crucini

Business Cycles and the Asset Structure of Foreign Trade
w4923 Richard C. Marston
Tests of Three Parity Conditions: Distinguishing Risk Premia and Systematic Forecast Errors
w4928 Robert P. Flood
Andrew K. Rose

Fixes: Of The Forward Discount Puzzle
w4893 Maurice Obstfeld
Kenneth Rogoff

The Intertemporal Approach to the Current Account
w4898 Barry Eichengreen
Andrew K. Rose
Charles Wyplosz

Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System
w4846 Robert W. Staiger
Frank A. Wolak

Differences in the Uses and Effects of Antidumping Law Across Import Sources
w4850 Robert Flood
Michael Mussa

Issues Concerning Nominal Anchors for Monetary Policy
w4860 Michael D. Bordo
Anna J. Schwartz

The Specie Standard as a Contingent Rule: Some Evidence for Core and Peripheral Countries, 1880-1990
w4865 Jeffrey A. Frankel
Andrew K. Rose

A Survey of Empirical Research on Nominal Exchange Rates
w4834 Charles Engel
Craig S. Hakkio

The Distribution of Exchange Rates in the EMS
w4837 Joshua Aizenman
Ricardo Hausmann

Why is Inflation Skewed? A Debt and Volatility Story
w4839 Aaron Tornell
Philip Lane

Are Windfalls a Curse? A Non-Representative Agent Model of the Current Account and Fiscal Policy
w4842 Robert C. Feenstra
Jon D. Kendall

Passthrough of Exchange Rates and Purchasing Power Parity
w4843 Geert Bekaert
Campbell R. Harvey

Time-Varying World Market Integration
w4792 Michael P. Dooley
Eduardo Fernandez-Arias
Kenneth M. Kletzer

Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?
w4793 Michael P. Dooley
Kenneth M. Kletzer

Capital Flight, External Debt and Domestic Policies
w4805 Atish R. Ghosh
Holger C. Wolf

How Many Monies? A Genetic Approach to Finding Optimum Currency Areas
w4806 Atish R. Ghosh
Holger C. Wolf

Pricing in International Markets: Lessons From The Economist
w4807 Jose De Gregorio
Holger C. Wolf

Terms of Trade, Productivity, and the Real Exchange Rate
w4809 Graciela L. Kaminsky
Michael Klein

The Real Exchange Rate and Fiscal Policy During the Gold Standard PeriodEvidence from the United States and Great Britain
w4737 Shang-Jin Wei
Anticipations of Foreign Exchange Volatility and Bid-Ask Spreads
w4738 David C. Parsley
Shang-Jin Wei

Insignificant and Inconsequential Hysteresis: The Case of the U.S. Bilateral Trade
w4694 Alessandra Casella
Barry Eichengreen

Can Foreign Aid Accelerate Stabilization?
w4640 Maurice Obstfeld
The Logic of Currency Crises
w4642 Michael D. Bordo
Dominique Simard
Eugene White

France and the Bretton Woods International Monetary System: 1960-1968
w4651 Michael W. Klein
Nancy P. Marion

Explaining the Duration of Exchange-Rate Pegs
w4655 Charles Engel
John H. Rogers

Relative Returns on Equities in Pacific Basin Countries
w4660 Campbell R. Harvey
Bruno Solnik
Guofu Zhou

What Determines Expected International Asset Returns?
w4621 Campbell R. Harvey
Predictable Risk and Returns in Emerging Markets
w4623 Campbell R. Harvey
Conditional Asset Allocation in Emerging Markets
w4624 Geert Bekaert
Robert J. Hodrick
David A. Marshall

The Implications of First-Order Risk Aversion for Asset Market Risk Premiums
w4630 Andrew K. Rose
Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity
w4633 Lars E.O. Svensson
Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators
w4595 Wayne E. Ferson
Campbell R. Harvey

An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns
w4598 Charles Engel
Tests of CAPM on an International Portfolio of Bonds and Stocks
w4522 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Currency Option Pricing in Credible Target Zones
w4532 Kathryn M. Dominguez
Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates?
w4534 Maurice Obstfeld
International Capital Mobility in the 1990s
w4544 Lars E.O. Svensson
Term, Inflation, and Foreign Exchange Risk Premia: A Unified Treatment
w4553 David K. Backus
The Japanese Trade Balance: Recent History and Future Prospects
w4493 David Backus
Patrick J. Kehoe
Finn E. Kydland

International Business Cycles: Theory and Evidence
w4495 Andrew K. Rose
Lars E.O. Svensson

European Exchange Rate Credibility Before the Fall
w4504 Lars E.O. Svensson
Fixed Exchange Rates as a Means to Price Stability: What Have We Learned
w4448 Allan Drazen
Paul R. Masson

Credibility of Policies versus Credibility of Policymakers
w4458 Bernard Dumas
L. Peter Jennergren
Bertil Naslund

Realignment Risk and Currency Option Pricing in Target Zones
w4471 Richard K. Lyons
Tests of Microstructural Hypotheses in the Foreign Exchange Market
w4438 Jose De Gregorio
Alberto Giovannini

International Evidence on Tradables and Nontradable Inflation
w4366 Joshua Aizenman
Peter Isard

Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs
w4310 Michael Bordo
The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal
w4320 Sebastian Edwards
Exchange Rates, Inflation and Disinflation: Latin American Experiences
w4335 Jeffrey A. Frankel
Shang-Jin Wei

Emerging Currency Blocs
w4340 Richard M. Levich
Lee R. Thomas

Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management
w4308 Maurice Obstfeld
Are Industrial-Country Consumption Risks Globally Diversified?
w4231 Charles Engel
Real Exchange Rates and Relative Prices: An Empirical Investigation
w4242 David Backus
Patrick J. Kehoe
Finn E. Kydland

Dynamics of the Trade Balance and the Terms of Trade: The S-Curve
w4243 David K. Backus
Patrick J. Kehoe
Finn E. Kydland

Relative Price Movements in Dynamic General Equilibrium Models of International Trade
w4246 Sebastian Edwards
Exchange Rates as Nominal Anchors
t0128 Kenneth D. West
Hali J. Edison
Dongchul Cho

A Utility Based Comparison of Some Models of Exchange Rate Volatility
w4207 Lars E.O. Svensson
Why Exchange Rate Bands? Monetary Independence in Spite of Fixed Exchange Rates
w4208 Assaf Razin
Andrew Rose

Business Cycle Volatility and Openness: An Exploratory Cross-Section Analysis
w4210 Charles Engel
Can the Markov Switching Model Forecast Exchange Rates?
w4183 Michael Dooley
Peter Isard
Mark Taylor

Exchange Rates, Country Preferences, and Gold
w4184 Federico Sturzenegger
Hyperinflation with Currency Substitution: Introducing an Indexed Currency
w4165 Michael W. Klein
The Accuracy of Reports of Foreign Exchange Intervention
w4172 Michael Dooley
Mark R. Stone

Endogenous Creditor Seniority and External Debt Values
w4113 Bennett T. McCallum
A Reconsideration of the Uncovered Interest Parity Relationship
w4094 Maurice Obstfeld
International Adjustment with Habit-Forming Consumption: A Diagrammatic Exposition
w4068 Susan M. Collins
The Expected Timing of EMS Realignments: 1979-83
w4050 Jeffrey A. Frankel
Is Japan Creating a Yen Bloc in East Asia and the Pacific?
w4053 Richard C. Marston
Interest Differentials Under Fixed and Flexible Exchange Rates: The Effects of Capital Controls and Exchange Risk
w4057 Susan M. Collins
Francesco Giavazzi

Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence From the EMS
w4007 Ishac Diwan
Dani Rodrik

Debt Reduction, Adjustment Lending, and Burden Sharing
w3966 Martin Feldstein
The Budget and Trade Deficits Aren't Really Twins
w3951 Kathryn M. Dominguez
The Role of International Organizations in the Bretton Woods System
w3953 Joshua Aizenman
Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment
w3955 Zhaohui Chen
Alberto Giovannini

Estimating Expected Exchange Rates Under Target Zones
w3959 Sule Ozler
Have Commercial Banks Ignored History?
w3961 Sule Ozler
Harry Huizinga

Bank Exposure, Capital and Secondary Market Discounts on the Developing Country Debt
w3931 Bernard Dumas
Lars E.O. Svensson

How Long do Unilateral Target Zones Last?
w3943 Maurice Obstfeld
The Adjustment Mechanism
w3899 J. Bradford De Long
Barry Eichengreen

The Marshall Plan: History's Most Successful Structural Adjustment Program
w3910 Shang-Jin Wei
Jeffrey A. Frankel

Are Option-Implied Forecasts of Exchange Rate Volatility Excessively Variable?
w3918 Hans Lindberg
Lars E.O. Svensson
Paul Soderlind

Devaluation Expectations: The Swedish Krona 1982-1991
w3919 Pierre-Richard Agenor
Jagdeep S. Bhandari
Robert P. Flood

Speculative Attacks and Models of Balance-of-Payments Crises
w3889 Richard K. Lyons
Private Beliefs and Information Externalities in the Foreign Exchange Market
w3848 Joshua Aizenman
Nancy Marion

Policy Uncertainty, Persistence and Growth
w3809 Nancy P. Marion
Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America
w3818 Richard M. Levich
Lee R. Thomas

The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach
w3819 Jeffrey Frankel
Steven Phillips

The European Monetary System: Credible at Last?
w3767 Joshua Aizenman
Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes
w3772 Sule Ozler
Guido Tabellini

External Debt and Political Instability
w3775 Richard K. Lyons
Floating Exchange Rates in Peru, 1950-54
w3790 Geert Bekaert
Robert J. Hodrick

Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets
w3795 Lars E.O. Svensson
Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992
w3727 Shantayanan Devarajan
Dani Rodrik

Do the Benefits of Fixed Exchange Rates Outweigh Their Costs? The Franc Zone in Africa
w3685 Andrew K. Rose
Lars E.O. Svensson

Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS

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