Sovereigns, Upstream Capital Flows and Global Imbalances

Laura Alfaro, Sebnem Kalemli-Ozcan, Vadym Volosovych

NBER Working Paper No. 17396
Issued in September 2011

---- Acknowledgements -----

We thank Pierre-Olivier Gourinchas, Elias Papaioannou, Frank Warnock, and participants at the 2010 AEA meetings, 2010 NBER-IFM meeting, the 2010 SEA meetings, and the seminars at Erasmus Univ. and De Nederlandsche Bank for comments, and Gian Maria Milesi-Ferretti for insightful discussions. We are grateful to Pierre-Olivier Gourinchas, Olivier Jeanne, Eswar Prasad, Raghuram Rajan, and Arvind Subramanian, who kindly provided us with their data and programs. The authors thank NBER-MIT SLOAN Project for Global Financial Crisis for support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

return to bibliography page