International Capital Flows
---- Acknowledgements -----
We thank seminar participants at the IMF, the Federal Reserve Bank of New York, the Hong Kong Institute for Monetary Research, Hong Kong University and Hong Kong University of Science and Technology for comments. We also thank Philippe Bacchetta, Mick Devereux, Martin Evans, Enrique Mendoza, Asaf Razin, Alan Sutherland and Frank Warnock for comments and discussions. van Wincoop acknowledges financial support from the Hong Kong Institute for Monetary Research. The views expressed in the paper are those of the authors and do not necessarily represent those of the Federal Reserve Bank of New York or the Federal Reserve System. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.