NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Cross-Border Returns Differentials

Stephanie E. Curcuru, Tomas Dvorak, Francis E. Warnock

NBER Working Paper No. 13768
Issued in February 2008

---- Acknowledgements -----

The authors are indebted to Charles Thomas, Robert Barro, and numerous anonymous referees for guidance. We also thank for helpful comments Carol Bertaut, Ricardo Caballero, John Driffill, Charles Engel, Kristin Forbes, Gian Maria Milesi-Ferretti, Pierre-Olivier Gourinchas, Philip Lane, Trevor Reeve, Helene Rey, Cedric Tille, Ralph Tryon, Eric van Wincoop, Jon Wongswan, and seminar participants at ECB, Federal Reserve Bank of Dallas, the NBER IFM Fall Meeting, the CEPR/ESI 11th Annual Conference on Global Imbalances, Competitiveness and Emerging Markets, and the 9th Conference of the ECB-CFS Research Network. We thank James Albertus and DeVer Warner for excellent research assistance. Warnock thanks the Federal Reserve Bank of Dallas and the Darden School Foundation for generous support. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of Dallas, the Board of Governors of the Federal Reserve System, or of any other person associated with 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.

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