NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Global Collateral and Capital Flows

Ana Fostel, John Geanakoplos, Gregory Phelan

NBER Working Paper No. 25583
Issued in February 2019

---- Acknowledgments ----

We are grateful for feedback from Valentina Bruno, Emmanuel Farhi, Matteo Maggiori, Frank Warnock, and participants at the 2015 NBER IFM Summer Institute. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for John Geanakoplos ----

John Geanakoplos is James Tobin Professor of economics at Yale University, an External Professor at the Santa Fe Institute, and a partner at Ellington Capital Management, a hedge fund that invests in mortgage backed securities.

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