NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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 our referees, editor Fabrizio Zilibotti, Pierre-Olivier Gourinchas and participants at the 2010 AEA meetings, 2010 NBER-IFM meeting, the 2010 SEA meetings, 2012, ECB Globalization Conference, 2012 CREI-UPF Summer Workshop and the seminars at Erasmus University Rotterdam, De Nederlandsche Bank for comments, and Francesco Caselli, Gian Maria Milesi-Ferretti, Elias Papaioannou and Frank Warnock for insightful discussions. 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.

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