Financial Integration, Financial Deepness and Global Imbalances

Enrique G. Mendoza, Vincenzo Quadrini, Jose-Victor Rios-Rull

NBER Working Paper No. 12909
Issued in February 2007

---- Acknowledgements -----

We would like to thank Manuel Amador, David Backus, Linda Goldberg, Pierre-Olivier Gourinchas, Gita Gopinath, Ayse Imrohoroglu and Alessandro Rebucci for insightful comments, and Gian Maria Milesi-Ferretti and Philip Lane for sharing with us their cross-country data on foreign asset positions. We also thank participants at presentations in Carlos III in Madrid, European University Institute, Federal Reserve Board, IIES in Stockholm, Macroeconomics Without Frontiers conference in Minneapolis, IFM Program Meeting and Summer Institute of the NBER, IMF Annual Research Conference, Philadelphia Fed, Research on Money and Markets conference at Univ. of Toronto, San Francisco Fed, Seoul National University, University of Oslo, University of Porto and Wharton School. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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