On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
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This paper was prepared for the NBER conference on the global financial crisis, with funding gratefully acknowledged from the Sloan Foundation. We thank Charles Engel, Kristin Forbes, Jeff Frankel, Jeremy Stein, and participants at the MIT-NBER conference for very useful comments. We are grateful to Tomas Williams for truly outstanding research assistance and for computing most of the estimates for this paper. Francisco Ceballos, Ana Gazmuri, Laura Malatini, and Lucas Núñez also did an excellent job as research assistants, helping us at different stages of the paper. We are indebted to the EPFR Global for giving us unique data and support that made this paper possible. We thank the NBER and the World Bank for research support. The views expressed here do not necessarily represent those of the World Bank or the National Bureau of Economic Research. Authors are with the World Bank, Development Research Group.