Financial Globalization, Financial Crises, and the External Portfolio Structure of Emerging Markets
---- Acknowledgements -----
We would like to thank two anonymous referees and the guest editor at the Scandinavian Journal of Economics, Gita Gopinath, for their helpful comments and suggestions. We also thank Gian Maria Milesi-Ferretti and Philip Lane for their dataset on foreign asset positions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.