Role Reversal in Global Finance

Eswar S. Prasad

NBER Working Paper No. 17497
Issued in October 2011

---- Acknowledgements -----

This paper was prepared for the 2011 Jackson Hole Symposium organized by the Federal Reserve Bank of Kansas City. I am grateful to Susan Collins, Andrew Karolyi, Don Kohn and M. Ayhan Kose for their detailed and thoughtful comments. I also thank participants at the Jackson Hole conference and numerous colleagues at Cornell and Brookings for helpful comments and discussions. Mengjie Ding, Karim Foda, Parul Sharma and especially Lei (Sandy) Ye provided excellent research assistance. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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