MICHAEL P. DOOLEY



Born November 11, 1944

(408) 459-3662
Fax: (408) 459-5900

EDUCATION

B.S., Economics, June 1966, Duquesne University
M.A., Economics, June 1968, University of Delaware
Ph.D., Economics, June 1971, Pennsylvania State University

ACADEMIC AND PROFESSIONAL EXPERIENCE

WORK IN PROGRESS

  1. "Are Recent Capital Inflows to Developing Countries a Vote For or Against Economic Policy Reforms?" Working Paper #295, Department of Economics, University of California, Santa Cruz, May 1994.

  2. "Asia-Pacific Capital Markets: Interpretation and Implications for Economic Activity," NBER Working Paper #5280,September 1995. (Jointly with Menzie Chinn.)

  3. "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," NBER Working paper #5347 November 1995.(Jointly with Menzie Chinn.)

  4. Monetary Policy in Japan, Germany and the United States: Does One Size Fit All? mimeo. (Jointly with Menzie Chinn).

  5. "Profitable Speculation and Monetary Union," Prepared for Conference The Monetary Fiscal and Financial Implications of Monetary Union, European University Institute, June, 1997.

  6. "Public Debt and Asset Management in Emerging Markets: Sellers Beware," Prepared for Public Debt Management Seminar, Central Bank Do Brazil, August, 1997.

  7. "Capital Mobility and Exchange Market Intervention in Developing Countries," with Donald Mathieson and Lilliana Rojas-Suarez, mimeo, July, 1997.

SELECTED PUBLICATIONS

Articles

  1. "Capital Controls, Political Risk, and Deviations from Interest Parity," Journal of Political Economy, April 1980. (Jointly with Peter Isard)
    Reprinted in International Financial Management: Theory and Practice, D. Lessard (ed.) John Wiley and Sons, 1985.
    Reprinted in Exchange Rate Economics. Volume 2. International Library of Critical Writings in Economics, vol. 16. Ronald MacDonald and Mark P. Taylor, eds. U.K.: Elgar, 1992.

  2. "The Implications of the Internationalization of Banking for the Definition and Measurement of U.S. Credit and Monetary Aggregates," Economic Forum, Winter 1980/81.

  3. "A Portfolio-Balance Rational-Expectations Model of the Dollar-Mark Exchange Rate," Journal of International Economics, May 1982. (Jointly with Peter Isard)

  4. "An Analysis of Exchange Market Intervention of Industrial and Developing Countries," IMF Staff Papers, June 1982.

  5. "The Role of the Current Account in Exchange Rate Determination: A Comment on Rodriguez," Journal of Political Economy, December 1982. (Jointly with Peter Isard)

  6. "A Portfolio-Balance Model of Exchange Rates and Some Structural Estimates of the Risk Premium," IMF Staff Papers, December 1983. (Jointly with Peter Isard)
    Reprinted in Exchange Rate Economics. Volume 1. International Library of Critical Writings in Economics, vol. 16, Ronald MacDonald and Mark P. Taylor, eds. U.K.: Elgar, 1992.

  7. "Current Account Imbalances and Capital Formation in Industrial Countries," IMF Staff Papers, March 1984. (Jointly with Alessandro Penati)

  8. "An Analysis of External Debt Positions of Eight Developing Countries Through 1990," Journal of Development Economics, Vol. 21, No. 2, 1986.
    A Spanish translation appears in Monetaria, Vol. 7, No. 4, 1984. A Dutch translation appears in De Schulden van Zuid-Amerika, Rotterdamse Monetaria Studies No. 11, 1983. (Jointly with W. Helkie, R. Tryon, and J. Underwood)

  9. "Options on Foreign Exchange and Exchange Rate Expectations," IMF Staff Papers, December 1987. (Jointly with Eduardo Borensztein)

  10. "Buy-backs and the Market Valuation of External Debt," IMF Staff Papers, June 1988.

  11. "International Capital Mobility: What Do Saving-Investment Correlations Tell Us?" IMF Staff Papers, September 1987. (Jointly with J. Frankel and D. Mathieson)

  12. "Country Preferences, Currency Values and Policy Issues," Journal of Policy Modeling, Spring 1987. (Jointly with Peter Isard)
    Reprinted in Exchange Rate Economics. Volume 1. International Library of Critical Writings in Economics, vol. 16, Ronald MacDonald and Mark P. Taylor, eds. U.K.: Elgar, 1992.

  13. "Capital Flight: A Response to Differences in Financial Risks," IMF Staff Papers, September 1988.

  14. "Self-financed Buy-backs and Asset Exchanges," IMF Staff Papers, December 1988.

  15. "Debt Relief and Leveraged Buy-Outs," International Economic Review, February 1989.

  16. "The Early Stages of Financial Innovation and Money Demand in France and Italy," The Manchester School, June 1989. (Jointly with Franco Spinelli)

  17. "The Currency Composition of Foreign Exchange Reserves," IMF Staff Papers, June 1989. (Jointly with Saul Lizondo and Don Mathieson)

  18. "A Note on Fiscal Policy, Investment Location Decisions, and Exchange Rates," Journal of International Money and Finance, V 10, no. 1,March 1991 (Jointly with Peter Isard).

  19. "Tax Credits for Debt Reduction: A Proposal," Journal of International Economics, V 9, no. 1, February 1992. (Jointly with Elhanan Helpman.)

  20. "Exchange Rates, Country-Specific Shocks and Gold," NBER Working Paper #4183, October 1992.

  21. "International Savings and Investment Balances," Kinyu Journal, V 4, 1993. (Jointly with Steven Symansky.)

  22. "A Note on Burden Sharing Among Creditors," IMF Staff Papers, March 1993, pp. 226-232. (Jointly with Richard Haas and Steven Symansky.)

  23. "Endogenous Creditor Seniority and External Debt Values," IMF Staff Papers, V 40, no. 2, June 1993, pp. 395-413. (Jointly with Mark R. Stone.)

  24. "Capital Flight, External Debt and Domestic Policies," Federal Reserve Bank of San Francisco Review, Summer 1994, pp. 24- 38. (Jointly with Kenneth Kletzer.)

  25. "Policy Inconsistency and External Debt Service," Journal of International Money and Finance, V13, August 1994, pp. 364-374. (Jointly with Lars E.O. Svensson.)

  26. "Portfolio Capital Flows: Hot or Cool?" The World Bank Economic Review, V 9, no. 1, January 1995, pp. 153-174. (Jointly with Stijn Claessens and Andrew Warner.)
    Reprinted in Mike J. Howell (ed.), Investing in Emerging Markets, Eurocurrency Publications, London, 1994.

  27. "Exchange Rates, Country-Specific Shocks, and Gold," Applied Financial Economics, V5, 1995, pp. 121-129.(Jointly with Peter Isard and Mark Taylor.)

  28. "Portfolio Capital Flows: Hot or Cool?" The World Bank Economic Review, V 9, no. 1, January 1995, pp. 153-174. (Jointly with Stijn Claessens and Andrew Warner.)
    Reprinted in Mike J. Howell (ed.), Investing in Emerging Markets, Eurocurrency Publications, London, 1994.

  29. "Is the Debt Crisis History? Recent Capital Inflows to Developing Countries," World Bank Economic Review, Vol 10, No. 1, January 1996. pp. 27-50. (Jointly with Eduardo Fernandez-Arias and Kenneth Kletzer.)

  30. "Capital Controls and Emerging Markets," International Journal of Finance and Economics, Vol 1, July 1996, pp. 197-205.

  31. "A Survey of Literature on Controls Over International Capital Transactions," IMF Staff Papers, V 43, no. 4, December 1996, pp. 639-687.

  32. "The Lender of Last Resort Function Under a Currency Board: The Case of Argentina," Open Economies Review Vol 7. 625-650. Reprinted in The Collapse of Exchange Rate Regimes: Causes, Consequences and Policy Responses, George S. Tavlas (ed.) Kluwer Acedemic Publishers, Boston, 1997. (Jointly with Gerald Caprio, Danny Leipziger and Carl Walsh).

Books

  1. The Political Economy of Policy Making, Sage Publications, 1979. (Edited with H.M. Kaufman and R.E. Lombra)

  2. Analytical Issues in Debt, International Monetary Fund, 1989. (Edited with Jacob Frenkel and Peter Wickham)

Monographs

  1. "The Role of the SDR in the International Monetary System," IMF Occasional Paper No. 51, March 1987. (with others)

  2. "Theoretical Aspects of the Design of Fund-Supported Adjustment Programs," IMF Occasional Paper No. 55, September 1987. (With others)

  3. "MULTIMOD--A Multi-Region Econometric Model," Staff Studies for the World Economic Outlook, July 1988. (Jointly with R. Haas, P. Masson, and S. Symansky)

  4. "Debt Reduction and Economic Activity," IMF Occasional Paper No. 68, March 1990. (with others)

Chapters in Volumes

  1. "Analysis of Short-Run Exchange Rate Behavior: March 1973 to November 1981," Exchange Rate and Trade Instability: Causes and Consequences, D. Bigman and T. Taya (eds.) Ballinger, 1982. (Jointly with Jeffrey R. Shafer)

  2. "The Role of Reserves in the International Monetary System," Problems of International Money, M. Posner (ed.) International Monetary Fund and Overseas Development Institute, 1986.

  3. "An Analysis of the Management of the Currency Composition of Reserve Assets and External Liabilities of Developing Countries," in The Reconstruction of International Monetary Arrangements, Robert Z. Aliber (ed.), MacMillan, 1987.

  4. "Issues in the Debt Strategy," (Jointly with Max Corden) in Analytical Issues in Debt, Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham (eds.), International Monetary Fund, 1989.

  5. "Buy-Backs, Debt Equity Swaps, Asset Exchanges and Market Prices of External Debt," in Analytical Issues in Debt, Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham (eds.), International Monetary Fund, 1989. A Spanish translation appears in Revista De Analisis Economico, June 1989.

  6. "Comparing Menu Items: Methodology Considerations and Policy Issues," in Analytical Issues in Debt, Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham (eds.), International Monetary Fund, 1989. (Jointly with Steven Symansky)

  7. "Debt Restructuring," The New Palgrave Dictionary of Money and Finance, Stockton Press, 1992.

  8. "The Roles of Incentives and Planning in Market-Oriented Transformations," Finance and the International Economy, Amex Bank Review Prize Essays, 1993.

  9. "An Analysis of Burden Sharing Among Creditors of Economies in Transition," Impediments to the Transition in Eastern Europe, European University Institute, 1993.

  10. "Exchange Rate Policy, Financial Structure and the Transition from Credit to Monetary Instruments," in Exchange Rate Policy and Interdependence, Reuven Glick and Michael Hutchison, eds., Cambridge University Press, 1994, pp. 68- 98. (Jointly with Donald Mathieson.)

  11. "Welfare Implications of Capital Flight," Kiel Institute for International Economics Conference Volume, Quarterly Review, Federal Reserve Bank of San Francisco, 1994. (Jointly with Ken Kletzer).

  12. "Financial Sector Reforms, Economic Growth, and Stability: Experiences in Selected Asian and Latin American Countries," in Economic Development Institute Seminar Series, Shakil Faruqi, ed. Washington, D.C.: World Bank, 1994.

  13. "A Retrospective on the Debt Crisis," in Exchange Rate Policy and Interdependence, Peter Kenan, ed. N.J.: Princeton University Press, 1995.

  14. "Capital Mobility and Economic Policy," in Capital Controls, Exchange Rates and Monetary Policy in the World Economy, Sebastian Edwards, ed., Cambridge University Press, 1995.

  15. "Stability of Fixed Exchange Rate Regimes with Limited Capital Mobility" in Rudiger Dornbusch and Yung Chul Park (eds.), Financial Opening: Policy Lessons for Korea, Seoul: Korea Institute of Finance, 1995.

  16. "Keynote Address" in Hong Kong Monetary Authority, Monetary and Exchange Rate Management with International Capital Mobility, Hong Kong, 1995.

  17. "The Tobin Tax: Good Theory, Weak Evidence, Questionable Policy, in The Tobin Tax: Coping with Financial Volatility, Mahbub ul Haq, Inge Kaul and Isabelle Grunberg (eds) Oxford University Press 1996 pp. 83-108.

  18. "A Payments Mechanism for the Independent States of the Former Soviet Union," in Capital Controls in Emerging Markets Christine Ries and Richard J. Sweeney (eds) Westview Press Boulder Colorado 1997.

Short Papers and Comments

  1. "External Shocks and Domestic Financial Stability: Discussion," The Search for Financial Stability: The Past Fifty Years, Federal Reserve Bank of San Francisco, June 1985.

  2. "On the Definition and Magnitude of Recent Capital Flight: Comment," Capital Flight and Third World Debt, D. Lessard and J. Williamson (eds.), Institute for International Economics, 1987.

  3. "Financial Liberalization in Developing Countries: Why Financial Markets in Developing Countries are Inefficient and How They can be Improved," Finance and Development, September 1987. (Jointly with Donald Mathieson)

  4. "Market Valuation of External Debt," Finance and Development, March 1988. Reprinted in Analytical Issues in Debt, Jacob A. Frenkel, Michael P. Dooley and Peter Wickham, eds. Washington, D.C.: International Monetary Fund, 1989.

  5. "International Capital Mobility and Exchange Rate Volatility: Discussion," International Payments Imbalances in the 1980's, Norman S. Fallacy (ed.), The Federal Reserve Bank of Boston Conference Series, No. 32, October 1988.

  6. "Reinvigorating the Debt Strategy," Finance and Development, September 1989. (Jointly with C. Max Watson)

  7. "U.S. Tax Policy and Direct Investment Abroad: Comment" Taxation in the Global Economy, Assay Rain and Joel Slemrod (eds.) University of Chicago Press, 1990.

  8. "The Government Budget and the Economic Transformation of Poland: Comment" in The Transition in Eastern Europe, Oliver Blanchard, Kenneth Froot and Jeffrey Sachs, eds., University of Chicago Press, 1994, pp. 133-134.

  9. "Comment on 'The Opening Up to Equity Investment by Developing Countries' by Stijn Claessens and Moon-Whoan Rhee," in Internationalization of Equity Markets, Jeffrey Frankel, ed., University of Chicago Press, 1994, pp. 271-272.

  10. Comments on "Emerging Markets after the Mexican Crisis" by Alfred Steinherr, in Private Capital Flows to Emerging Markets After the Mexican Crisis, Morris Goldstein (ed) 1996 Institute for International Economics.