NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism

Ceyhun Bora Durdu, Enrique G. Mendoza, Marco E. Terrones

NBER Working Paper No. 13123
Issued in May 2007

---- Acknowledgements -----

This paper was prepared for the Conference on New Perspectives on Financial Globalization held at the IMF, April 26-27, 2007. We thank the discussant, Dave Backus, for his thoughtful comments, Philip Lane and Gian Maria Milesi-Ferretti for sharing their data on cross-country foreign assets with us, and Laura Alfaro, Woon Gyu Choi, Olivier Jeanne, Jaewoo Lee, Marcus Miller, Romain Ranciere, and Vincenzo Quadrini for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the Congressional Budget Office or the International Monetary Fund or the National Bureau of Economic Research.

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