Domestic Saving and International Capital Movements in the Long Run and the Short Run
Feldstein, M. (1982)
The Order of Liberalization of the Current and Capital Accounts of the Balance of Payments
Edwards, S. (1983)
A Multilateral Agreement on Investment: Convincing the Sceptics
Drabek, Z. (1998)
Does Globalization Cause a Higher Concentration of International Trade and Investment flows?
Low, P., M. Olarreaga & J. Suarez (1998)
Whether and When to Liberalize Capital Account and Financial Services
Williamson, J. & Z. Drabek (1999)
Private Capital Flows, Living with Volatility, and the New Architecture
Corden, W.M. (1999)
Capital Flows To Developing Countries And The Reform Of The International Financial System
Akyuz, Y. & A. Cornford (1999)
Academic Views of Capital Flows: An Expanding Universe
Dooley, M.P. & C.E. Walsh (1999)
Problems and Challenges of International Capital Flows
Volcker, P.A. (1999)
How does openness to capital flows affect growth?
Rappaport, J. (2000)
A simple model of international capital flows, exchange rate risk, and portfolio choice
Pecchenino, R.A. & P.S. Pollard (2000)
Capital Mobility for Developing Countries May Not Be So High
Willett, T.D., S.A. Young & M.W. Keil (2000)
Capital Mobility and Economic Performance: Are Emerging Economies Different?
Edwards, S. (2001)
The geography of capital flows: what we can learn from benchmark surveys of foreign equity holdings
Warnock, F.E. & M. Mason (2001)
Long-Term Capital Movements
Lane, P.R. & G.M. Milesi-Ferretti (2001)
Capital account liberalization and disinflation in the 1990s
Gruben, W.C. & D. McLeod (2001)
International Capital Flows: A Challenge for the 21st Century
Leite, S.P. (2001)
When Does Capital Account Liberalization Help More than It Hurts?
Arteta, C., C. Wyplosz & B. Eichengreen (2001)
The Information Content of International Portfolio Flows
Froot, K.A. & T. Ramadorai (2001)
Are International Deposits Tax-Driven?
Huizinga, H. & G. Nicodeme (2001)
Aging and International Capital Flows
Boersch-Supan, A., A. Ludwig & J. Winter (2001)
The Curse of Non-Investment Grade Countries
Rigobon, R. (2001)
Exchange Rates and Capital Flows
Brooks, R.J., H. Edison, M.S. Kumar & T.M. Slok (2001)
Puzzles Over International Taxation of Cross Border Flows of Capital Income
Whalley, J. (2001)
Capital Account Liberalisation: Empirical Evidence and Policy Issues I
Kohli, R. (2001)
Capital Account Liberalisation: Empirical Evidence and Policy Issues II
Kohli, R. (2001)
Global Capital Flows and Financing Constraints
Harrison, A.E., I. Love & M.S. McMillan (2002)
Capital flows? Balance of payments management
FitzGerald, V. (2002)
Financial Opening: Evidence and Policy Options
Aizenman, J. (2002)
Holding International Reserves in an Era of High Capital Mobility
Flood, R.P. & N.P. Marion (2002)
Growing Up With Capital Flows | Published
Mody, A. & A.P. Murshid (2002)
Determinants and Repercussions of the Composition of Capital Inflows
Carlson, M. & L.F. Hernandez (2002)
Financial centers and the geography of capital flows
Warnock, F.E. & C. Cleaver (2002)
Börsch-Supan, A., A. Ludwig &mpa; J. Winter (2002)
Capital Account Liberalization and Economic Performance: Survey and Synthesis | Published
SURVEY PAPER
Edison, H.J., M.W. Klein, L. Ricci & T. Slok (2002)
Portfolio Investment: CPIS Database
IMF (2003)
Abstract: Under the auspices of the IMF, a Coordinated Portfolio Investment Survey (CPIS), involving the participation of 67 economies, was undertaken at end 2001. This followed the first CPIS, in which 29 economies participated, which was conducted for end-1997. The CPIS will now be conducted on an annual basis.
A Decomposition of Global Linkages in Financial Markets Over Time | Published
Forbes, K. & M.D. Chinn (2003)
Capital Flows to developing countries: does the emperor have clothes?
Griffith-Jones, S. & J. Leape (2003)
When Rivers Flow Upstream: International Capital Movements in the Era of Globalization
Morrissey, M. & D. Baker (2003)
Catalyzing Capital Flows: Do IMF-Supported Programs Work as Commitment Devices? | Published
Mody, A. & D. Saravia (2003/06)
What Do Capital Inflows Do? Dissecting the Transmission Mechanism for Thailand, 1980-96
Jansen, W.J. (2003)
What Drives Long-term Capital Flows? A Theoretical and Empirical Investigation | Published
Verdier, G. (2003/08)
The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy
Fehr, H., S. Jokisch & L. Kotlikoff (2003)
The Risk Tolerance of International Investors
Froot, K.A. & P.G. J. O'Connell (2003)
Open Capital Account: Concrete Wealth or Paper Wealth
Cai, J. & B. Gangnes (2003)
Serial Default and the "Paradox" of Rich to Poor Capital Flows | Published
Reinhart, C.M. (2004)
Empirical Perspectives on Long-Term External Debt
Lane, P.R. (2004)
The Composition of International Capital Flows: Risk Sharing Through Foreign Direct Investment
Albuquerque, A. (2004)
How can the IMF catalyse private capital flows? A model
Penalver, A. (2004)
On the Two Way Feedback Between Financial And Trade Openness | Published
Aizenman, J. & I. Noy (2004/06)
Capital Income Taxation and Economic Growth in Open Economies
Palomba, G. (2004)
Short-Term Capital Flows and Growth in Developed and Emerging Markets
Petroulas, P. (2004)
Sources for Financing Domestic Capital - Is Foreign Saving a Viable Option for Developing Countries? | Published
Aizenman, J., B. Pinto & A. Radziwill (2004/07)
Capital Income Taxation in the Globalized World
Razin, A. & E. Sadka (2004)
International Investment Patterns
Milesi-Ferretti, G.M. & P. Lane (2004)
When it Rains, it Pours: Procyclical Capital Flows and Macroeconomic Policies
Kaminsky, G.L., C.M. Reinhart & C.A. Vegh (2004)
Insurance Value of International Reserves: An Option Pricing Approach | Published
Lee, J. (2004/09)
Credit Market Imperfections and Patterns of International Trade and Capital Flows
Matsuyama, K. (2004)
Keeping Capital Flowing: The Role of the IMF | Alternative
Bordo, M.D., A. Mody & N. Oomes (2004)
Can Higher Reserves Help Reduce Exchange Rate Volatility?
Hviding, K., M. Nowak & L.A. Ricci (2004)
External Adjustment
Obstfeld, M. (2004)
The Mussa Theorem: and other results on IMF induced moral hazard | Published
Jeanne, O.D. & J. Zettelmeyer (2004)
Abstract: Using a simple model of international lending, we show that as long as the IMF lends at an actuarially fair interest rate and debtor governments maximize the welfare of their taxpayers, any changes in policy effort, capital flows, or borrowing costs in response to IMF crisis lending are efficient. Thus, under these assumptions, the IMF cannot cause moral hazard, as argued by Michael Mussa (1999, 2004). It follows that examining the effects of IMF lending on capital flows or borrowing costs is not a useful strategy to test for IMF-induced moral hazard. Instead, empirical research on moral hazard should focus on the assumptions of the Mussa theorem.
World financial liberalization and its effects on capital flows
Santana, J.R. & F. Garcia (2004)
Technology Differences and Capital Flows
Claro, S. (2004)
Population Aging and International Capital Flows | Published
Domeij, D. & M. Floden (2004/06)
Do Tax Havens Flourish?
Hines, J.R. Jr. (2004)
FDI in Space: Spatial Autoregressive Relationships in Foreign Direct Investment
Blonigen, B.A., R.B. Davies, G.R. Waddell & H.T. Naughton (2004)
An Assignment Theory of Foreign Direct Investment
Nocke, V. & S. Yeaple (2004)
Why are Capital Flows so much more Volatile in Emerging than in Developed Countries?
Broner, F. & R. Rigobon (2004)
The Flow of Capital to Latin America, 1973–2000
Ramrattan, L., A.A. Gottesman & M. Szenberg (2005)
Foreign Direct Investment and the Domestic Capital Stock
Desai, M.C., C.F. Foley & J.R. Hines Jr. (2005)
Fundamentals, information, and international capital flows: A welfare analysis
Krebs, T. (2005)
Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence
Klein, M.W. (2005)
The Effects of IMF and World Bank Lending on Long-Run Economic Growth: An Empirical Analysis
Butkiewicz, J.L. & H. Yanikkaya (2005)
International Financial Adjustment | Published
Gourinchas, P-O. & H. Rey (2005/07)
Abstract: We explore the implications of a country's external constraint for the dynamics of net foreign assets, returns, and exchange rates. Deteriorations in external accounts imply future trade surpluses (trade channel) or excess returns on the net foreign portfolio (valuation channel). Using a new data set on U.S. gross external positions, we find that stabilizing valuation effects contribute 27 percent of the cyclical external adjustment. Our approach has asset-pricing implications: external imbalances predict net foreign portfolio returns one quarter to two years ahead and net export growth at longer horizons. The exchange rate is forecastable in and out of sample at one quarter and beyond.
The determinants of cross-border equity flows
Portes, P. & H. Rey (2005)
The IMF in a World of Private Capital Markets | Published
Eichengreen, B., K. Kletzer & A. Mody (2005/06)
The Chinese Approach to Capital Inflows: Patterns and Possible Explanations
Prasad, E. & S-J. Wei (2005)
A Review of the Empirical Literature on FDI Determinants
SURVEY PAPER
Blonigen, B.A. (2005)
The IMF in a World of Private Capital Markets
Eichengreen, B.J., K. Kletzer & A. Mody (2005)
International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence
Aizenman, J. & J. Lee (2005)
Does Competition for Capital Discipline Governments? Decentralization, Globalization, and Public Policy
Cai, H. & D. Treisman (2005)
A Meta-Analysis of the Effect of Common Currencies on International Trade
Rose, A.K. & T.D. Stanley (2005)
Curbing the Boom-Bust Cycle: Stabilizing Capital Flows to Emerging Markets
Williamson, J. (2005)
Abstract: For the past three decades, a boom-bust cycle in capital flows has repeatedly plunged into crisis countries that had been growing rapidly. Are there feasible policy actions to curb this cycle and thus permit both investors and emerging markets to tap the benefits of capital mobility without the costs of crises? Williamson concludes that a significant reduction in the wild swings in capital flows is feasible, even though complete stability is not. The boom-bust problem cannot be tackled just, or even mainly, from the supply side but will require actions on the part of both creditors and debtors, including forward-looking provisioning by banks, retention of capital controls in some cases, and introduction of new financial instruments. The action program developed in this study is intended to facilitate financial maturity in emerging markets similar to that which has already occurred in the industrial countries.
Neither a Borrower nor a Lender: Does China's Zero Net Foreign Asset Position Make Economic Sense? | Published
Dollar, D. & A. Kraay (2005)
A Global Perspective on External Positions | Alternative
Lane, P.R. & G.M. Milesi-Ferretti (2005)
The United States as a Debtor Nation
Cline, W.R. (2005)
Abstract: The United States has once again entered a period of large external imbalances. This time the current account deficit, at nearly 6 percent of GDP in 2004, is much larger than in the last episode, when the deficit peaked at about 3.5 percent of GDP in 1987. This deficit is no longer benign, as it arguably was in the late 1990s when it was financing high investment instead of high consumption and large government dissaving. In the absence of US fiscal adjustment and a further correction of the dollar, the current account deficit is headed to $1.2 trillion by 2010 (7½ percent of GDP) and net US foreign liabilities to about $8 trillion (50 percent of GDP). The rising imbalance will increasingly put the US economy--and hence the world economy and especially developing countries--at risk. The dollar needs to decline by as much as another 20 percent, and the fiscal deficit needs to be eliminated, to bring the current account deficit down to a sustainable 3 percent of GDP. Asian currencies, especially the Chinese renminbi, will need to rise sharply, and central banks should stop intervening to prevent this rise.
Bilateral FDI Flows: Threshold Barriers and Productivity Shocks
Razin, A., E. Sadka & H. Tong (2005)
FDI Flows to Asia: Did the Dragon Crowd Out the Tigers?
Mercereau, B. (2005)
Capital Flows in a Globalized World: The Role of Policies and Institutions
Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2005)
International Capital Flows, Returns and World Financial Integration | Published
Evans, M.D.D. & V. Hnatkovska (2005/14)
Controlled Capital Account Liberalization: A Proposal
Prasad, E. & R. Rajan (2005)
An Information-Based Trade Off between Foreign Direct Investment and Foreign Portfolio Investment | Published
Goldstein, I. & A. Razin (2005/06)
Capital mobility among advanced countries
Kant, C. (2005)
Is Financial Globalization Beneficial?
Mishkin, F. (2005)
Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation
Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2005)
The Social Cost of Foreign Exchange Reserves
Rodrik, D. (2006)
The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004 | Published
Lane, P.R. & G.M. Milesi-Ferretti (2006/07)
Determinants of Capital Flows: A Cross-Country Analysis
Ralhan, M. (2006)
The Accumulation of Foreign Reserves
Pineau, G., E. Dorrucci, F. Comelli & A. Lagerblom (2006)
Private capital flows, capital controls, and default risk
Wight, M.L.J. (2006)
A Portfolio Theory of International Capital Flows
Devereux, M.B. & M. Saito (2006)
The Case for an International Reserve Diversification Standard
Truman, E.M. & A. Wong (2006)
Institutions, capital flows and financial integration
Lothian, J.R. (2006)
Foreign reserves management subject to a policy objective
Coche, J., M. Koivu, K. Nyholm & V. Poikonen (2006)
Capital Flows and Monetary Policy
Pineda, J.G. (2006)
The IMF and the Liberalization of Capital Flows
Joyce, J.P. & I. Noy (2006)
U.S. Dollar Risk Premiums and Capital Flows
Balakrishnan, R. & V. Tulin (2006)
When is FDI a Capital Flow?
Marin, D. & M. Schnitzer (2006)
Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration
Aizenman, J. & D. Riera-Crichton (2006)
A Solution to Two Paradoxes of International Capital Flow
Ju, J. & S-J. Wei (2006)
Institutional Efficiency, Monitoring Costs and the Investment Share of FDI
Aizenman, J. & M.M. Spiegel (2006)
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M.D. & H. Ito (2006)
Economic Policy, Institutions, and Capital Flows: Portfolio and Direct Investment Flows in Developing Countries
Ahlquist, J.S. (2006)
The Home Bias and Capital Income Flows between Countries and Regions | Published
Artis, M.J. & M. Hoffmann (2006/12)
International Capital Flows and U.S. Interest Rates
Warnock, F.E. & V.C. Warnock (2006)
The Optimal Level of International Reserves for Emerging Market Countries: Formulas and Applications | Published
Jeanne, o. & R. Ranciere (2006/11)
Bond Markets As Conduits for Capital Flows: How Does Asia Compare?
Eichengreen, B.J. & P. Luengnaruemitchai (2006)
Capital Account Liberalization: Theory, Evidence, and Speculation | Published
Henry, P.B. (2006/07)
Unemployment dynamics with international capital mobility
Azariadis, C. & C.A. Pissarides (2006)
International reserves management and capital mobility in a volatile world: Policy considerations and a case study of Korea
Aizenman, J., Y. Lee & Y. Rhee (2007)
Central bank intervention and exchange rate dynamics: A rationale for the regime-switching process of exchange rates
Lee, H-Y. & W-Y. Chang (2007)
Multinational Firms, FDI Flows and Imperfect Capital Markets
Antras, P., M.A. Desai & C.F. Foley (2007)
Trade Costs and Foreign Direct Investment
Neary, J.P. (2007)
The determinants of capital inflows: Does opacity of recipient country explain the flows?
Hooper, V. & S-J. Kim (2007)
Longitude matters: Time zones and the location of foreign direct investment
Stein, E. & C. Daude (2007)
International Finance and Income Convergence: Europe is Different
Abiad, A., D. Leigh & A. Mody (2007)
The endogeneity of the exchange rate as a determinant of FDI: A model of entry and multinational firms
Russ, K.N. (2007)
Liquidity Risk Aversion, Debt Maturity, and Current Account Surpluses: A Theory and Evidence from East Asia
Fukuda, S-I. & Y. Kon (2007)
International capital flows | Published
Tille, C. & E. van Wincoop (2007/10)
Capital flows and capital goods
Alfaro, L. & E. Hammel (2007)
The Stability of Large External Imbalances: The Role of Returns Differentials
Curcuru, S.E., T. Dvorak & F.E. Warnock (2007)
Productivity and Taxes as Drivers of FDI
Razin, A. & E. Sadka (2007)
Explaining the global pattern of current account imbalances
Gruber, J.W. & S.B. Kamin (2007)
Current account balances, financial development and institutions: Assaying the world “saving glut”
Chinn, M.D. & H. Ito (2007)
Equipping Immigrants: Migration Flows and Capital Movements
Lange, F. & D. Gollin (2007)
International Financial Integration and Entrepreneurial Firm Activity
Alfaro, L. & A. Charlton (2007)
Welfare Implications of Capital Account Liberalization
Faia, E. (2007)
The Harberger–Laursen–Metzler effect under capital market imperfections
Huang, K.X.D. & Q. Meng (2007)
Large Hoarding of International Reserves and the Emerging Global Economic Architecture
Aizenman, J. (2007)
Drift control of international reserves
Bar-Ilan, A., N.P. Marion & D. Perry (2007)
Revisiting Price-based Controls on Capital Inflows in a “Sophisticated” Emerging Market
David, A.C. (2007)
Measurement and Inference in International Reserve Diversification
Wong, A. (2007)
Returns on FDI: Does the U.S. Really Do Better?
Bosworth, B., S.M. Collins & G. Chodorow-Reich (2007)
The effect of the euro on foreign direct investment
Petroulas, P. (2007)
International reserves and monetary policy
Bar-Ilan, A. & D. Lederman (2007)
Reserve accumulation: objective or by-product?
de Beaufort Wijnholds, J.O. & L. Søndergaard (2007)
Current Account Adjustment and Capital Flows
Debelle, G. & G. Galati (2007)
Capital Flows to Developing Countries: The Allocation Puzzle
Gourinchas, P-O. & O. Olivier (2007)
Foreign Capital and Economic Growth
Prasad, E.S., R.G. Rajan & A. Subramanian (2007)
Do Reserve Portfolios Respond to Exchange Rate Changes Using a Portfolio Rebalancing Strategy? An Econometric Study Using COFER Data
Lim, E-G. (2007)
Terrorism and the world economy
Abadie, A. & J. Gardeazabal (2008)
Globalization and the Sustainability of Large Current Account Imbalances: Size Matters
Aizenman, J. & Y. Sun (2008)
International Reserves-Too Much of a Zipf's Thing
Sumlinski, M. (2008)
The Landscape of Capital Flows to Low-Income Countries
Dorsey, T.W., H. Tadesse, S. Singh & Z. Brixiova (2008)
Taxes and the global allocation of capital
Backus, D., E. Henriksen & K. Storesletten (2008)
Capital Inflows and Reserve Accumulation: The Recent Evidence
Reinhart, C.M. & V.R. Reinhart (2008)
Capital Account Liberalization, Real Wages, and Productivity
Henry, P.B. & D. Sasson (2008)
International capital mobility: What do national saving–investment dynamics tell us?
Pelgrin, F. and S. Schich (2008)
International capital mobility: Evidence from panel cointegration tests
Adedeji, O. & J. Thornton (2008)
A Welfare Analysis of Capital Account Liberalization
von Hagen, J. & H. Zhang (2008)
The cost of reserves
Yeyati, E.L. (2008)
A Pragmatic Approach to Capital Account Liberalization | Published
Prasad, E.S. & R. Rajan (2008)
Capital Inflows and Balance of Payments Pressures - Tailoring Policy Responses in Emerging Market Economies
Ghosh, A.R., M. Goretti, B. Joshi, U. Ramakrishnan, A.H. Thomas & J. Zalduendo (2008)
International Reserves and Self-Insurance against External Shocks
Barnichon, R. (2008)
Banking Globalization, Monetary Transmission, and the Lending Channel
Cetorelli, N. & L.S. Goldberg (2008)
Global Portfolio Rebalancing Under the Microscope
Hau, H. & H. Rey (2008)
International Portfolios, Capital Accumulation and Foreign Assets Dynamics | Published
Coeurdacier, N., R. Kollmann & P. Martin (2008/09)
Are Emerging Asia's Reserves Really Too High?
Ruiz-Arranz, M. & M. Zavadjil (2008)
Foreign direct investment and the equity home bias puzzle
Blank, S., M. Hoffmann & M.A. Roth (2008)
Capital account liberalization, financial depth, and economic growth
Klein, M.W. & G.P. Olivei (2008)
Capital Flow Bonanzas: An Encompassing View of the Past and Present
Reinhart, C.M. & V.R. Reinhart (2008)
Does Openness to International Financial Flows Raise Productivity Growth? | Published
Kose, M.A., E. Prasad & M. Terrones (2008)
International Capital Flows under Dispersed Information: Theory and Evidence | Published
Tille, C. & E. van Wincoop (2008/14)
Why doesn’t Luxembourg send all its capital to India?
Taub, B. & R. Zhao (2008)
Addressing causality in the effect of capital account liberalization on growth
Honig, A. (2008)
Capital Inflows, Resource Reallocation and the Real Exchange Rate
Lartey, E.K.K. (2008)
One-Size-Fits-One: Tailor-Made Fiscal Responses to Capital Flows
Zakharova, D. (2008)
Why Aren't Developed Countries Saving?
Dobrescu, L.I., L.J. Kotlikoff & A.F. Motta (2009)
Capital Inflows and the Real Exchange Rate: Can Financial Development Cure the Dutch Disease?
Saborowski, C. (2009)
Capital Inflows: Macroeconomic Implications and Policy Responses | Published
Cardarelli, R., S. Elekdag & M.A. Kose (2009/10)
Abstract: This paper examines the macroeconomic implications of, and policy responses to surges in private capital inflows across a large group of emerging and advanced economies. In particular, we identify 109 episodes of large net private capital inflows to 52 countries over 1987-2007. Episodes of large capital inflows are often associated with real exchange rate appreciations and deteriorating current account balances. More importantly, such episodes tend to be accompanied by an acceleration of GDP growth, but afterwards growth has often dropped significantly. A comprehensive assessment of various policy responses to the large inflow episodes leads to three major conclusions. First, keeping public expenditure growth steady during episodes can help limit real currency appreciation and foster better growth outcomes in their aftermath. Second, resisting nominal exchange rate appreciation through sterilized intervention is likely to be ineffective when the influx of capital is persistent. Third, tightening capital controls has not in general been associated with better outcomes.
The current account as a dynamic portfolio choice problem | Published
Didier, T. & A. Lowenkron (2009/12)
A Portfolio Model of Capital Flows to Emerging Markets | Published
Devereux, M.B. & A. Sutherland (2009)
Capital Flow Paradox, Speculation And External Adjustment In Emerging Market Economies
La Marca, M. (2009)
The composition of capital inflows when emerging market firms face financing constraints
Smith, K.A. & D. Valderrama (2009)
On the determinants of net international portfolio flows: A global perspective
De Santis, R.A. & M. Lührmann (2009)
Patterns of International Capital Raisings | Published
Gozzi, J.C., R. Levine & Sergio L. Schmukler (2009)
Remittances, financing constraints and growth volatility: Do remittances dampen or magnify shocks?
Coulibaly, D. (2009)
Remittances: An Automatic Output Stabilizer?
Chami, R., D. Hakura & P. Montiel (2009)
Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks | Published
Feyrer, J. & J.C. Shambaugh (2009/12)
Net Capital Flows, Financial Integration, and International Reserve Holdings: The Recent Experience of Emerging Markets and Advanced Economies
Choi, W.G., S. Sharma & M. Strömqvist (2009)
A Macroeconomic Perspective on Reserve Accumulation
Bar-Ilan, A. & N.P. Marion (2009)
Hoarding of International Reserves: Mrs Machlup's Wardrobe and the Joneses
Cheung, Y-W. & X. Qian (2009)
What is Driving Reserve Accumulation? A Dynamic Panel Data Approach
Bastourre, D., J. Carrera & J. Ibarlucia (2009)
Trade and Capital Flows: A Financial Frictions Perspective
Antràs, P. & R.J. Caballero (2009)
Capital account liberalization, financial development and industry growth: a synthetic view | Published
Eichengreen, B., R. Gullapalli & U. Panizza (2009/11)
International capital flows and U.S. interest rates
Warnock, F.E. & V.C. Warnock (2009)
Productivity Growth and Capital Flows: The Dynamics of Reforms | Published
Buera, F.J. & Y. Shin (2009/17)
Why is There No Race to the Bottom in Capital Taxation?
Plümper, T., V.E. Troeger & H. Winner (2009)
Credit Rationing and Exchange-Rate Stabilization: Examining the Relation between Financial Frictions, Exchange-Rate Volatility, Lending Rates, and Capital Inflows
Martinez, G. (2009)
Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data
Prati, A., M. Schindler & P. Valenzuela (2009)
The financial crisis and sizable international reserves depletion: From 'fear of floating' to the 'fear of losing international reserves'?
Aizenman, J. & Y. Sun (2009)
Ageing and Export Dependency
Vistesen, C. (2009)
Hoarding International Reserves Versus a Pigovian Tax-Cum-Subsidy Scheme: Reflections on the Deleveraging Crisis of 2008-9, and a Cost Benefit Analysis | Published
Aizenman, J. (2009/11)
Endogenous Inflows of Speculative Capital and the Optimal Currency Appreciation Path
Li, M. & J. Qiu (2009)
Financial Integration and International Risk Sharing | Published
Bai, Y. & J. Zhang (2009/12)
A new perspective on “the new rule” of the current account
Tille, C. & E. van Wincoop (2009)
Why do foreigners invest in the United States?
Forbes, K.J. (2009)
International Reserves and Underdeveloped Capital Markets
Dominguez, K.M.E. (2009)
Composition of International Capital Flows: A Survey
SURVEY PAPER
Kirabaeva, K. & A. Razin (2009)
Intra-Industry Foreign Direct Investment
Alfaro, L. & A. Charlton (2009)
Volatility in International Capital Movements
Becker, C. & C. Noone (2009)
Gravity for FDI
Kleinert, J. & F. Toubal (2010)
Fixed Costs, Foreign Direct Investment, and Gravity with Zeros
Davies, R.B. & H. Kristjánsdóttir (2010)
Imperfect Capital Mobility: A General Approach to the Two-Sector Harris Todaro Model
Choi, J-Y. & E.S.H. Yu (2010)
Liquidity, Institutional Quality and the Composition of International Equity Flows
Goldstein, I., A. Razin & H. Tong (2010)
Financial Development and the Patterns of International Capital Flows
von Hagen, J. & H. Zhang (2010)
Growth and Capital Flows with Risky Entrepreneurship | Published
Sandri, D. (2010/14)
Cross-Border Investment in Small International Financial Centers | Published
Lane, P.R. & G.M. Milesi-Ferretti (2010/11)
Capital Flows, Consumption Booms and Asset Bubbles: A Behavioural Alternative to the Savings Glut Hypothesis | Published
Laibson, D. & J. Mollerstrom (2010)
Financial Transactions Tax: Panacea, Threat, or Damp Squib?
Honohan, P. & S. Yoder (2010)
Macroeconomic Impacts of Foreign Exchange Reserve Accumulation
Fukuda, S-I. & Y. Kon (2010)
Demographics and the Anatomy of International Capital Flows
Vistesen, C. (2010)
Capital Flight: China's Experience
Cheung, Y-W. & X. Qian (2010)
Taxes, mobile capital, and economic dynamics in a globalizing world
Bretschger, L. (2010)
Private Capital Flows to Low Income Countries: Country-Specific Effects and the Lucas Paradox
van Wijnbergen, S. & C. Franken (2010)
Gravity in International Finance
Okawa, Y. & E. van Wincoop (2010)
Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls | Published
Kalemli-Ozcan, S., A. Nikolsko-Rzhevskyy & J.H. Kwak (2010/20)
Should larger reserve holdings be more diversified? | Published
Beck, R. & S. Weber (2010/12)
FDI Flows to Low-Income Countries: Global Drivers and Growth Implications
Dabla-Norris, E., J. Honda, A. Lahreche & G. Verdier (2010)
Managerial ability and capital flows
Silva, A.C. (2010)
Do international remittances cause Dutch disease?
Edsel, B. (2010)
The Impact of Capital and Foreign Exchange Flows on the Competitiveness of Developing Countries
Bakardzhieva, D., S. Ben Naceur & B. Kamar (2010)
Capital mobility, balance of payments constraints, and economic growth: an empirical dynamic analysis
Meirelles-Filho, S.F. & F.G. Jayme Jr (2010)
How Do International Financial Flows to Developing Countries Respond to Natural Disasters?
David, A. (2010)
Determinants of capital inflows into Asia: The relevance of contagion effects as push factors
Brana, S. & D. Lahet (2010)
Determinants of Foreign Direct Investment: A Sectoral and Institutional Approach
Walsh, J.P & J. Yu (2010)
Commodity Windfalls, Polarization, and Net Foreign Assets: Panel Data Evidence on the Voracity Effect
Arezki, R. & M. Bruckner (2010)
Do Derivative Markets Contain Useful Information for Signaling "Hot Money" Flows?
Fung, J.K.W., R.I. Webb & W.H. Chan (2010)
Domestic Institutions and the Bypass Effect of Financial Globalization | Published
Ju, J. & S-J. Wei (2010)
International Capital Flows and Development: Financial Openness Matters | Published
Reinhardt, D.B.S., L.A. Ricci & T. Tressel (2010/13)
P>Composition of Capital Flows: A Survey
SURVEY PAPER
Kirabaeva, K. & A. Razin (2010)
Adjusting to Capital Account Liberalization
Aoki, K., G. Benigno & N. Kiyotaki (2010)
The impact of population ageing on international capital flows
Narciso, A. (2010)
Adjusting to Capital Account Liberalization
Aoki, K., G. Benigno & N. Kiyotaki (2010)
When and Why Worry About Real Exchange Rate Appreciation? The Missing Link between Dutch Disease and Growth
Magud, N.E. & S. Sosa (2010)
International Capital Flows and Aggregate Output
von Hagen, J. & H. zhang (2010)
The Cost of Private Debt Over the Credit Cycle
Aykut, D., J.L. Francis & E. Tereanu (2010)
Remittances and the Equilibrium Real Exchange Rate: Theory and Evidence
Barajas, A., R. Chami, D. Hakura & P. Montiel (2010)
A Reappraisal of the Allocation Puzzle through the Portfolio Approach
Benhima, K. (2010)
Gross capital flows: dynamics and crises | Published
Broner, F., T. Didier, A. Erce & S.L. Schmukler (2011/13)
Home bias and the persistence of real exchange rates
Chen, S-L. & J-L. Wu (2011)
Population age structure, saving, capital flows and the real exchange rate: a survey of the literature
Hassan, A.F.M., R. Salim & H. Bloch (2011)
Pricing-to-Market and the Failure of Absolute PPP
Alessandria, G. & J.P. Kaboski (2010)
Transition to FDI openness: reconciling theory and evidence
McGrattan, E.R. (2011)
International capital flows to emerging and developing countries: national and global determinants | Published
Byrne, J.P. & N. Fiess (2011/16)
Margin-Based Asset Pricing and Deviations from the Law of One Price
Garleanu, N. & L.H. Pedersen (2011)
Evidence on financial globalization and crisis: capital raisings
Hale, G. (2011)
Capital Flows and their Impact on the Real Effective Exchange Rate | Published
Combes, J-L., T. Kinda & P. Plane (2011)
International capital flows and the returns to safe assets in the United States, 2003-2007
Bernanke, B.S., C. Bertaut, L.P. DeMarco & S. Kamin (2011)
A re-examination on dissecting the purchasing power parity puzzle
Wu, J-L., C. Lee & T-W. Wang (2011)
Multinational Corporations and Knowledge Flows: Evidence from Patent Citations
AlAzzawi, S. (2011)
A new approach to capital flows: Theory and evidence
Gu, X. & B. Huang (2011)
Risks for the Long Run and the Real Exchange Rate
Colacito, R. & M.M. Croce (2011)
How Different are FDI and FPI Flows?: Does Distance Alter the Composition of Capital Flows?
Hattari, R. & R.S. Rajan (2011)
Financial globalization and the raising of public debt
Azzimonti, M., E. de Francisco & V. Quadrini (2011)
Financial Globalization in Emerging Economies: Much Ado about Nothing?
Levy Yeyati, E. & T. Williams (2011)
Growth from International Capital Flows: The Role of Volatility Regimes
Mody, A. & A.P. Murshid (2011)
Causes of Asset Shortages in Emerging Markets
Chen, J. & P.A. Imam (2011)
Real Exchange Rate Movements in Developed and Developing Economies: an Interpretation of the Balassa-Samuelson's Framework
Dumrongrittikul, T. (2011)
World-consistent equilibrium exchange rates
Bénassy-Quéré, A., A. Lahrèche-Révil & V. Mignon (2011)
Measuring and explaining the volatility of capital flows to emerging countries
Broto, C., J. Díaz-Cassou & A. Erce (2011)
De facto financial openness and capital mobility
Younas, J. (2011)
Monetary Policy, Capital Inflows, and the Housing Boom
Sá, F. & T. Wieladek (2011)
Demographic Trends and International Capital Flows in an Integrated World
Marchiori, L. (2011)
When is quality of financial system a source of comparative advantage?
Ju, J. & S-J. Wei (2011)
When is FDI a capital flow?
Marin, D. & M. Schnitzer (2011)
Foreign Direct Investment and Wage Inequality: Evidence from China
Chen, Z., Y. Ge & H. Lai (2011)
Capital Flows, Push versus Pull Factors and the Global Financial Crisis
Fratzscher, M. (2011)
FDI from BRICs to LICs: Emerging Growth Driver?
Mlachila, M.< (2011)
The impact of changes in bank ownership structure on the allocation of capital: International evidence
Taboada, A.G. (2011)
Capital flows: Catalyst or Hindrance to economic takeoffs?
Aizenman, J. & V. Sushko (2011)
The Long-Run Relationship between Outward FDI and Total Factor Productivity: Evidence for Developing Countries
Herzer, D. (2011)
Do financial reforms complementarity and reforms sequence matter for international capital inflows?
Bicaba, Z.T. (2011)
Do remittances promote financial development?
Aggarwal, R., A. Demirgüç-Kunt & M.S. Marinez Pería (2011)
Corporate financial determinants of foreign direct investment
Forssbæck, J. & L. Oxelheim (2011)
Productivity Shocks, Stabilization Policies and the Dynamics of Net Foreign Assets
Di Giorgio, G. & S. Nistico (2011)
Roll Out the Red Carpet and They Will Come: Investment Promotion and FDI Inflows
Harding, T. & B.S. Javorcik (2011)
Portfolio Home Bias and External Habit Formation
Stathopoulos, A. (2011)
Consumption Risk-Sharing and the Real Exchange Rate: Why does the Nominal Exchange Rate Make Such a Difference?
Devereux, M.B. & V. Hnatkovska (2011)
The Penn–Balassa–Samuelson effect through the lens of the dependent economy model
Brock, P.L. (2011)
Growth Shocks and Portfolio Flows
Kiziler, E.E. (2011)
Volatility, Persistence and Nonlinearity of Simulated DSGE Real Exchange Rates | Published
Ahmad, Y., M.C. Lo & O. Mykhaylova (2011/13)
Rainfall, Financial Development, and Remittances: Evidence from Sub-Saharan Africa
Arezki, R. & M. Bruckner (2011)
Demand for international reserves in developing nations: A quantile regression approach
Sula, O. (2011)
A New Test of the Real Interest Rate Parity Hypothesis: Bounds Approach and Structural Breaks
Bagdatoglou, G. & A. Kontonikas (2011)
Bank Relationships, Business Cycles, and Financial Crises
Hale, G. (2011)
ABS Inflows to the United States and the Global Financial Crisis
Bertaut, C., L.P. DeMarco, S.B. Kamin & R.W. Tryon (2011)
Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls
Kalemli-Ozcan, S. & A. Nikolsko-Rzhevskyy (2011)
Sovereigns, Upstream Capital Flows and Global Imbalances
Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2011)
Managing Financial Integration and Capital Mobility---Policy Lessons From the Past Two Decades
Aizenman, J. & B. Pinto (2011)
Capital flows, push versus pull factors and the global financial crisis
Fratzscher, M. (2011)
FDI and Growth: What Cross-Country Industry Data Say
Cipollina, M., G. Giovannetti, F. Pietrovito & A.F. Pozzolo (2011)
Capital Flows and Economic Growth in the Era of Financial Integration and Crisis, 1990-2010
Aizenman, J., Y. Jinjarak & D. Park (2011)
Real exchange rate dynamics: The role of elastic labor supply
Morshed, A.K.M.M. & S.J. Turnovsky (2011)
A Linder Hypothesis for Foreign Direct Investment
Fajgelbaum, P.D., G.M. Grossman & E. Helpman (2011)
Determinants of Development Financing Flows from Brazil, Russia, India, and China to Low-Income Countries
Mwase, N. (2011)
Capital Inflows, Exchange Rate Flexibility, and Credit Booms
Magud, N.E., C.M. Reinhart & E.R. Vesperoni (2011)
Sovereigns, Upstream Capital Flows, and Global Imbalances
Alfaro, L., S. Kalemli-Ozcan & V. Volosovych (2011)
Disaggregated Capital Flows and Developing Countries’ Competitiveness
Ben Naceur, S., D. Bakardzhieva & B. Kamar (2011)
The impact of capital account liberalization measures
Vithessonthi, C. & J. Tongurai (2011)
Understanding the Recent Surge in the Accumulation of International Reserves
Vujanovic, P. (2011)
The Effect of Episodes of Large Capital Inflows on Domestic Credit
Furceri, D., S. Guichard & E. Rusticelli (2011)
Demography, Capital Flows and Unemployment
Marchiori, L., O. Pierrard & H.R. Sneessens (2011)
The Self-insurance Role of International Reserves and the 2008-2010 Crisis
Silva, A.F.A. (2011)
Global Imbalances, Exchange Rate Pegs and Capital Flows: A Closer Look
van den Noord, P. (2011)
International Capital Flows with Limited Commitment and Incomplete Markets
von Hagen, J. & H. Zhang (2012)
What Drove the Massive Hoarding of International Reserves in Emerging Economies? A Time-varying Approach
Delatte, A-L. & J. Fouquau (2012)
Surges | Published
Ghosh, A.R., J.I. Kim, M.S. Qureshi & J. Zalduendo (2012/14)
The Feldstein-Horioka Puzzle and Spurious Ratio Correlation
Chu, K.H. (2012)
Asymmetric effects of trade costs on entry modes: Firm level evidence
Tekin-Koru, A. (2012)
Illicit money flows as motives for FDI
Perez, M.F., J.C. Brada & Z. Drabek (2012)
International Reserves and the Composition of Equity Capital Inflows | Published
Qian, X. & A. Steiner (2012/14)
Assessing Real Exchange Rate Misalignments
Kubota, M. (2012)
Shifting Motives: Explaining the Buildup in Official Reserves in Emerging Markets since the 1980s
Ghosh, A.R., J.D. Ostry & C.G. Tsangarides (2012)
U.S. International Equity Investment
Ammer, J., S.B. Holland, D.C. Smith & F.E. Warnock (2012)
Remittances and Institutions: Are Remittances a Curse?
Abdih, Y., R. Chami, J. Dagher & P. Montiel (2012)
Coincident Indicators of Capital Flows
Miao, Y. & M. Pant (2012)
Southern Innovation and Reverse Knowledge Spillovers: A Dynamic FDI Model
He, Y. & K.E. Maskus (2012)
VECM estimations of the PPP reversion rate revisited: The conventional role of relative price adjustment restored
Kim, H. (2012)
Exchange-Rate Dark Matter
Evans, M.D.D. (2012)
Changes in the second-moment properties of disaggregated capital flows
Contessi, S., P. De Pace & J.L. Francis (2012)
The performance of frequent acquirers: Evidence from emerging markets
Al Rahahleh, N., P.P. Wei (2012)
Net Foreign Asset (Com)position: Does Financial Development Matter?
Vermeulen, R. & J. de Haan (2012)
The International Regulatory Regime on Capital Flows
Pasini, F.L. (2012)
Global Imbalances and Foreign Asset Expansion by Developing Economy Central Banks
Gagnon, J.E. (2012)
International Reserves in Low Income Countries: Have They Served as Buffers?
Crispolti, V. & G.C. Tsibouris (2012)
Does the Current Account Still Matter?
Obstfeld, M. (2012)
Has Globalization Improved International Risk Sharing?
Antonakakis, N. & J. Scharler (2012)
Sudden Floods, Macroprudention Regulation and Stability in an Open Economy
Agénor, P-R., K. Alper & L.P. da Silva (2012)
When banking systems meet currencies
Chang, C-Y. (2012)
Emerging economies' attraction of foreign direct investment
Groh, A.P. & M. Wich (2012)
Who Needs to Open the Capital Account?
Jeanne, O., A. Subramanian & J. Williamson (2012)
Capital Inflows, Financial Development, and Domestic Investment: Determinants and Inter-Relationships
Luca, O. & N. Spatafora (2012)
Capital Flow Management
Jeanne, O. (2012)
International Liquidity in a Multipolar World
Eichengreen, B. (2012)
Networked FDI: Sales and Sourcing Patterns of Japanese Foreign Affiliates
Baldwin, R. & T. Okubo (2012)
Two-way capital flows and global imbalances: a neoclassical approach | Published
Wang, P., Y. Wen & Z. Xu (2012/17)
International Capital Flows and Debt Dynamics
Evans, M.D.D. (2012)
What do bank acquirers want? Evidence from worldwide bank M&A targets
Caiazza, S., A. Clare & A.F. Pozzolo (2012)
Financial Globalization in Emerging Countries: Diversification vs. Offshoring
Ceballos, F., T. Didier & S.L. Schmukler (2012)
Trend shocks and the countercyclical U.S. current account
Amdur, D. & E. Ersal Kiziler (2012)
Global excess liquidity and asset prices in emerging countries: A PVAR approach
Brana, S., M-L. Djigbenou & S. Prat (2012)
On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
Raddatz, C. & S.L. Schmukler (2012)
Factor Shares, Income Distribution and Capital Flows
Zuleta, H. (2012)
International Capital Flows and Credit Market Imperfections: a Tale of Two Frictions
Martin, A. & F. Taddei (2012)
Private Information, Capital Flows, and Exchange Rates | Published
Gyntelberg, J., M. Loretan & T. Subhanij (2012/18)
Capital Mobility and International Sharing of Cyclical Risk | Published
Bengui, J., E.G. Mendoza & V. Quadrini (2012/13)
Transition to FDI openness: Reconciling theory and evidence
McGrattan, E.R. (2012)
Global safe assets
Gourinchas, P-O. & O. Jeanne (2012)
Cherries for Sale: Export Networks and the Incidence of Cross-Border M&A | Published
Blonigen, B.A., L. Fontagne, N. Sly & F. Toubal (2012/14)
Effects of Capital Flow Liberalization-What is the Evidence from Recent Experiences of Emerging Market Economies?
Saadi Sedik, T. & T. Sun (2013)
The Role of Risk and Information for International Capital Flows: New Evidence from the SDDS
Hashimoto, Y. (2012)
Exploring the Dynamics of Global Liquidity
Maechler, A. (2012)
Financial Reforms and Capital Flows: Insights from General Equilibrium
Martin, A. & J. Ventura (2012)
Corporate tax effects on the quality and quantity of FDI
Becker, J., C. Fuest & N. Riedel (2012)
Determinants of Horizontal Spillovers from FDI: Evidence from a Large Meta-Analysis
Iršová, Z. & T. Havránek (2012)
Gross Inflows Gone Wild: Gross Capital Inflows, Credit Booms and Crises
Calderon, C. & M. Kubota (2012)
Capital Flows and the Risk-Taking Channel of Monetary Policy | Published
Bruno, V. and H.S. Shin (2012/15)
Industrial Structure and Capital Flows
Jin, K. (2012)
Robust FDI determinants: Bayesian Model Averaging in the presence of selection bias
Eicher, T.S., L. Helfman & A. Lenkoski (2012)
Capital Mobility and Asset Pricing (pages 2469-2509)
Duffie, D. & B. Strulovici (2013)
Debt- and Equity-Led Capital Flow Episodes
Forbes, K.J. & F.E. Warnock (2012)
Capital Account Openness and the Losses from Financial Frictions
Han, M. (2012)
Capital inflows and asset prices: Evidence from emerging Asia
Tillmann, P. (2013)
International Reserves and Rollover Risk | Published
Bianchi, J., J.C. Hatchondo & L. Martinez (2013/18)
The appeal of private targets in international acquisitions
Madura, J. & J. Susnjara (2013)
The interaction effects of financial openness and institutions on international capital flows
Okada, K. (2013)
Fire-sale FDI or Business as Usual? | Published
Alquist, R., R. Mukherjee & L. Tesar (2013/16)
On Returns Differentials
Curcuru, S.E., C.P. Thomas & F.E. Warnock (2013)
Understanding Global Liquidity | Published
Eickmeier, S., L. Gambacorta & B. Hofmann (2013/14)
Risk-On/Risk-Off, Capital Flows, Leverage, and Safe Assets
McCauley, R.N. (2013)
International reserves and rollover risk
Bianchi, J., J.C. Hatchondo & L. Martinez (2013)
Quantifying Productivity Gains from Foreign Investment | Published
Fons-Rosen, C., S. Kalemli-Ozcan, B.E. Sorensen, C. Villegas-Sanchez & V. Volosovych (2013/21)
Capital flows under moral hazard
Tsyrennikov, V. (2013)
External Constraints and Endogenous Growth: Why Didn't Some Countries Benefit From Capital Flows?
Gente, K., M.A. León-Ledesma & C. Nourry (2013)
The Effect of Capital Flows Composition, on Output Volatility
Federico, P., C.A. Vegh & G. Vuletin (2013)
Capital Flows, Cross-Border Banking and Global Liquidity
Bruno, V. & H.S. Shin (2013)
Adjustment patterns to commodity terms of trade shocks: The role of exchange rate and international reserves policies
Aizenman, J., S. Edwards & D. Riera-Crichton (2013)
Foreign reserve management during the global financial crisis
Dominguez, K.M.E. (2013)
The cyclical properties of disaggregated capital flows
Contessi, S., P. De Pace & J.L. Francis (2013)
Causes of nonlinearities in low-order models of the real exchange rate
Ahmad, Y., M.C. Lo & O. Mykhaylova (2013)
The Investment Strategies of Sovereign Wealth Funds
Bernstein, S., J. Lerner & A. Schoar (2013)
Exchange Rate Uncertainty and International Portfolio Flows | Published
Caporale, G.M., F.M. Ali & N. Spagnolo (2013/15)
Why do emerging markets liberalize capital outflow controls? Fiscal versus net capital flow concerns
Aizenman, J. & G.K. Pasricha (2013)
Capital Flows to Emerging Market Economies: A Brave New World? | Published
Ahmed, S. & A. Zlate (2013/14)
The Financial Resource Curse
Benigno, G. & L. Fornaro (2013)
Abstract: This paper presents a model of financial resource curse, i.e. episodes of abundant access to foreign capital coupled with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is the engine of growth, and productivity growth is increasing in the amount of labor employed by firms in the tradable sector. A period of large capital inflows, triggered by a fall in the interest rate, is associated with a consumption boom. While the increase in tradable consumption is financed through foreign borrowing, the increase in non-tradable consumption requires a shift of productive resources toward the non-tradable sector at the expenses of the tradable sector. The result is stagnant productivity growth. We show that capital controls can be welfare-enhancing and can be used as a second best policy tool to mitigate the misallocation of resources during an episode of financial resource curse.
On the Joint Test of the Uncovered Interest Parity and the Ex-ante Purchasing Power Parity
Macchiarelli, C. (2013)
What is the Major Determinant of Credit Flows through Cross-Border Banking?
Shirota, T. (2013)
Excess Reserves and Economic Activity
Dressler, S.J. & E. Kersting (2013)
The Accumulation of Foreign Exchange by Central Banks: Fear of Capital Mobility?
Steiner, A. (2013)
Domestic credit growth and international capital flows
Lane, P.R. & P. McQuade (2013)
Testing the Strategic Asset Allocation of Stabilization Sovereign Wealth Funds
Bertoni, F. & S. Lugo (2013)
Financial Development, International Capital Flows, and Aggregate Output
von Hagen, J. & H. Zhang (2013)
A Growth Perspective on Foreign Reserve Accumulation
Cheng, G. (2013)
A Theory of the Competitive Saving Motive
Du, Q. & S-J. Wei (2013)
Demography and Low Frequency Capital Flows
Backus, D., T. Cooley & E. Henriksen (2013)
Do Capital Importing Countries Pay Higher Prices for their Imports of Goods?
Adam, A. & T. Moutos (2013)
Capital Flows are Fickle: Anytime, Anywhere
Bluedorn, J.C., R. Duttagupta, J. Guajardo & P. Topalova (2013)
Accounting for Reserves
Bayoumi, T. & C. Saborowski (2013)
Cross-Border Capital Flows into Real Estate
Baum, A.E., F. Fuerst & S. Milcheva (2013)
Structural and Cyclical Factors behind Current Account Balances
Cheung, C., D. Furceri & E. Rusticelli (2013)
Mode of International Investment and Endogenous Risk of Expropriation
Dadasov, R. & O. Lorz (2013)
The investment technology of foreign and domestic institutional investors in an emerging market
Patnaik, I. & A. Shah (2013)
Resource-based FDI and Expropriation in Developing Economies
Hajzler, C. (2013)
Current Account Balance and Dollar Standard: Exploring the Linkages
Steiner, A. (2013)
Capital Flows: Issues and Policies
Montiel, P. (2013)
The Supply and Demand for Safe Assets | Published
Gorton, G.B. & G. Ordonyez (2013/22)
Exchange Rate Fluctuations and International Portfolio Rebalancing
Gyntelberg, J., M. Loretan, T. Subhanij & E. Chan (2013)
Crowding Out Redefined: The Role of Reserve Accumulation
Reinhart, C.M. & T. Tashiro (2013)
Deposit insurance and private capital inflows: Further evidence
Altunbas, Y. & J. Thornton (2013)
Graphical network models for international financial flows
Giudici, P. & A. Spelta (2013)
Global Factors in Capital Flows and Credit Growth
Bruno, V. & H.S. Shin (2013)
Why has Japan's Massive Government Debt Not Wreaked Havoc (Yet)?
Horioka, C.Y., T. Nomoto & A. Terada-Hagiwara (2013)
China's Growth, Stability, and Use of International Reserves
Aizenman, J., Y. Jinjarak & N.P. Marion (2013)
Risk, External Adjustment and Capital Flows
Evans, M.D.D. (2014)
For a Few Dollars More: Reserves and Growth in Times of Crises | Published
Bussiere, M., G. Cheng, M.D. Chinn & N. Lisack (2014/15)
Global Liquidity through the Lens of Monetary Aggregates
Chung, K., J-E. Lee, E. Loukoianova, H. Park & H.S. Shin (2014)
Mapping the Shadow Banking System Through a Global Flow of Funds Analysis
Errico, L., A. Harutyunyan, E. Loukoianova, R. Walton, Y. Korniyenko, G. Amidzic, H. AbuShanab & H.S. Shin (2014)
The Effects of the Saving and Banking Glut on the U.S. Economy
Justiniano, A, G.E. Primiceri & A. Tambalotti (2014)
Remittances and Vulnerability in Developing Countries
Bettin, G., A. Presbitero & N. Spatafora (2014)
Contrarian Flows, Consumption and Expected Stock Returns
Zhang, Y. (2014)
The global long-term interest rate, financial risks and policy choices in EMEs
Turner, P. (2014)
Demography and Low-Frequency Capital Flows
Backus, D., T. Cooley & E. Henriksen (2014)
Surges and stops in FDI flows to developing countries: does the mode of entry make a difference?
Burger, M.J. & E.I. Ianchovichina (2014)
Ride the Wild Surf: An Investigation of the Drivers of Surges in Capital Inflows | Published
Calderón, C. & M. Kubota (2014/19)
Safe Assets' Scarcity, Liquidity and Spreads
Chiesa, G. (2014)
Foreign Ownership of U.S. Safe Assets: Good or Bad?
Favilukis, J., S.C. Ludvigson & S. Van Nieuwerburgh (2014)
Tinker, taper, QE, bye? the effect of quantitative easing on financial flows to developing countries | Published
Lim, J.J., S. Mohapatra & M. Stocker (2014/16)
Global corporate bond issuance: what role for US quantitative easing? | Published
Lo Duca, M., G. Nicoletti & A. Vidal Martinez (2014/15)
The Euro and The Geography of International Debt Flows
Hale, G. & M. Obstfeld (2014)
Competing back for foreign direct investment
Zhai, W. (2014)
Spillovers, capital flows and prudential regulation in small open economies
Castillo, P., C. Carrera, M. Ortiz & H. Vega (2014)
Global Liquidity and Drivers of Cross-Border Bank Flows | Published
Cerutti, E., S. Claessens & L. Ratnovski (2014/17)
Global Financial Shocks and Foreign Asset Repatriation: Do Local Investors Play a Stabilizing Role? | Published
Adler, G., M-L. Djigbenou & S. Sosa (2014/15)
International Taxation and Cross-Border Banking
Huizinga, H., J. Voget & W. Wagner (2014)
The Differential Effects of Bilateral Tax Treaties
Blonigen, B.A., L. Oldenski & N. Sly (2014)
The two faces of cross-border banking flows: an investigation into the links between global risk, arms-length funding and internal capital markets
Reinhardt, D. & S. Riddiough (2014)
Institutions, Foreign Direct Investment, and Domestic Investment: Crowding Out or Crowding In?
Farla, K., D. de Crombrugghe & B. Verspagen (2014)
Accounting for Emerging Market Countries' International Reserves: Are Pacific Rim Countries Different?
Ghosh, A.R., J.D. Ostry & C.G. Tsangarides (2014)
Non-Traded Goods and Capital Flows to Developing Countries
Rothert, J. & J. Short (2014)
Immiserizing Capital Flows to Developing Countries
Bender, D. & W. Loewenstein (2014)
Why Don't Remittances Appear to Affect Growth?
Clemens, M. & D. McKenzie (2014)
Foreign Investment, Institutional Quality, Public Expenditure, and Activity of Venture Capital Funds in Emerging Market Countries
Herrera-Echeverri, H., J. Haar & J.B. Estevez-Bretón (2014)
International Evidence on the Interaction between Cross-Border Capital Flows and Domestic Credit Growth
Arslan, Y. & T. Taskin (2014)
Uncovered Equity Parity and Rebalancing in International Portfolios
Curcuru, S.E., C.P. Thomas, F.E. Warnock & J. Wongswan (2014)
Outward foreign direct investment and sovereign risks in developing host country
Chen, F., F. Zhong & Y. Chen (2014)
International Asset Allocations and Capital Flows: The Benchmark Effect | Published
Raddatz, C., S.L. Schmukler & T. Williams (2014/17)
Monetary and Macroprudential Policies to Manage Capital Flows
Medina Guzman, J.P. & J. Roldos (2014)
International Reserves Before and After the Global Crisis: Is There No End to Hoarding? | Published
Aizenman, J., Y-W. Cheung & H. Ito (2014/15)
Portfolio Flows, Global Risk Aversion and Asset Prices in Emerging Markets
Ananchotikul, N. & Z. Longmei (2014)
What determines cross-border bank lending and risk-taking? The effects of culture, geography, institutions, and information exchange
Owen, A.L. & J. Temesvary (2014)
Financial Stability and Financial Inclusion
Morgan, P.J. & V. Pontines (2014)
Sovereign credit ratings and the transnationalization of finance: Evidence from a gravity model of portfolio investment
Körner, F.M. & H-M. Trautwein (2014)
What determines the composition of international bank flows?
Kerl, C. & F. Niepmann (2014)
Can M&A activities act as a predictor of the performance of economic growth or stock prices?
Hsueh, S-J., Y.C. Tsao, C-H. Tu, Y-H. Chiu & S-B. Liu (2014)
A comparison of the internal and external determinants of global bank loans: Evidence from bilateral cross-country data
Aysun, U. & R. Hepp (2014)
FDI Spillovers and Industrial Policy: The Role of Tariffs and Tax Holidays
Du, L., A. Harrison & G. Jefferson (2014)
A Simple General Equilibrium Model of Large Excess Reserves
Ennis, H.M. (2014)
Global Banks' Dynamics and the International Transmission of Shocks
Garetto, S., M. Goetz & J. Fillat (2014)
The Power of International Reserves: the impossible trinity becomes possible
Mansour, L. (2014)
House Prices, Capital Inflows and Macroprudential Policy
Punzi, M.T. & C. Mendicino (2014)
International Capital Flows, External Assets and Output Volatility | Pubished
Hoffmann, M., M. Krause & P. Tillmann (2014/19)
The home bias is here to stay
Levy, H. & M. Levy (2014)
The dynamics of international capital flows: Results from a dynamic hierarchical factor model
Förster, M., M. Jorra & P. Tillmann (2014)
External balances, trade flows and financial conditions
Evans, M.D.D. (2014)
Drivers of Structural Change in Cross-Border Banking since the Global Financial Crisis | Published
Bremus, F. & M. Fratzscher (2014/15)
Cross-border Mergers and Greenfield Foreign Direct Investment
Stepanok, I. (2014)
Uncertainty and International Capital Flows
Siemer, M., A. Verdelhan & F. Gourio (2014)
U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull
Burger, J.D., R. Sengupta, F.E. Warnock & V.C. Warnock (2014)
Gross Private Capital Flows to Emerging Markets: Can the Global Financial Cycle Be Tamed?
Nier, E. & T.S. Sedik (2014)
Official Financial Flows, Capital Mobility, and Global Imbalances | Published
Bayoumi, T., J.E. Gagnon & C. Saborowski (2014/15)
Tracing Out Capital Flows: How Financially Integrated Banks Respond to Natural Disasters
Cortes, K.R. & P.E. Strahan (2014)
Fed Policy Expectations and Portfolio Flows to Emerging Markets | Published
Koepke, R. (2014/18)
The Effects of Financial Development on Foreign Direct Investment | Published
Desbordes, R. & S-J. Wei (2014/17)
Capital Inflows, Exchange Rate Regimes and Credit Dynamics in Emerging Market Economies
Boudias, R. (2014)
Offshore Financial Centers in the Global Capital Network
Naitram, S.M. (2014)
Foreign Capital Inflow and Real Exchange Rate Appreciation in Developing Economies: Theory and Empirical Evidence
Biswas, A., B. Mandal & N. Saha (2014)
Foreign direct investment and its determinants: A regional panel causality analysis
Chan, M.W.L., K. Hou, X. Li & D.C. Mountain (2014)
When does FDI have positive spillovers? Evidence from 17 transition market economies
Gorodnichenko, Y., J. Svejnar & K. Terrell (2014)
A generalized empirical model of corruption, foreign direct investment, and growth
Delgado, M.S., N. McCloud & S.C. Kumbhakar (2014)
Expectations and the Dynamic Feedback between Foreign Direct Investment and Economic Growth
Escobari, D. & D. Vacaflores (2014)
Capital flows and macroprudential policies - A multilateral assessment of effectiveness and externalities
Beirne, J. & C. Friedrich (2014)
Capital Flows, Financial Intermediation and Macroprudential Policies
Ghilardi, M. & S.J. Peiris (2014)
Liberalised Capital Accounts and Volatility of Capital Flows and Foreign Exchange Rates
Bogdanov, B. (2014)
International Credit Flows and Pecuniary Externalities | Published
Brunnermeier, M.K. & Y. Sannikov (2015)
The Risky Capital of Emerging Markets
David, J.M., E. Henriksen & I. Simonovska (2015)
Estimating Capital Flows to Emerging Market Economies with Heterogeneous Panels | Published
Hernandez Vega, M.A. (2015/19)
Venture capital exits in domestic and cross-border investments
Espenlaub, S., A. Khurshed & A. Mohamed (2015)
Evolution of Bilateral Capital Flows to Developing Countries at Intensive and Extensive Margins
Araujo, J., P. Lastauskas & C. Papageorgiou (2015)
What Drives International Portfolio Flows? | Published
Sarno, L., I. Tsiakas & B. Ulloa (2015)
Non-FDI Capital Inflows in Low-Income Developing Countries: Catching the Wave?
Araujo, J.D., A. David, C. van Hombeeck & C. Papageorgiou (2015)
Do global banks facilitate foreign direct investment?
Poelhekke, N. (2015)
Technology transfers, foreign investment and productivity spillovers
Newman, C., J. Rand, T. Talbot & F. Tarp (2015)
Mercantilism and China's hunger for international reserves
Schroder, M. (2015)
What has Capital Liberalization Meant for Economic and Financial Statistics
Heath, R.M. (2015)
Too Much of a Good Thing? Prudent Management of Inflows under Economic Citizenship Programs
Xu, X., A. El-Ashram & J. Gold (2015)
Is There a Global Safe Haven?
Habib, M.M & L. Stracca (2015)
Large Capital Inflows, Sectoral Allocation and Economic Performance | Published
Benigno, G., N. Converse & L. Fornaro (2015)
What Drives Capital Flows to Emerging Markets? A Survey of the Empirical Literature | Published
SURVEY PAPER
Koepke, R. (2015/18)
Capital inflows and euro area long-term interest rates
Carvalho, D. & M. Fidora (2015)
Financial Flows and the International Monetary System | Published
Passari, E. & H. Rey (2015)
International Reserves for Emerging Economies: A Liquidity Approach | Published
Jung, K.M. & J.H. Pyun (2015/16)
On the savings wedge in international capital flows | Published
Rothert, J. (2015/16)
Foreign Capital Flows, Credit Growth and Macroprudential Policy in a DSGE Model with Traditional and Matter-of-Fact Financial Frictions
de Carvalho, F.A. & M.R. Castro (2015)
What drives the global interest rate
Ratti, R.A. & J.L. Vespignani (2015)
Banking across borders
Niepmann, F. (2015)
Institutions, Corporate Governance and Capital Flows
Mukherjee, R. (2015)
Monetary and macroprudential policy with foreign currency loans
Brzoza-Brzezina, M., M. Kolasa & K. Makarski (2015)
Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals | Published
Cerutti, E., S. Claessens & D. Puy (2015/19)
Fertility, Longevity and International Capital Flows
Barany, Z., N. Coeurdacier & S. Guibaud (2015)
Does Growth Attract FDI?
Iamsiraroj, S. & H. Doucouliagos (2015)
If the Fed Acts, How Do You React? The Liftoff Effect on Capital Flows
Ahmed, S. (2018)
Joining the Club? Procyclicality of Private Capital Inflows in Low Income Developing Countries | Published
Araujo, J.D., A. David, C. van Hombeeck & C. Papageorgiou (2015/17)
Patterns of International Capital Flows and Productivity Growth: New Evidence | Published
MacDonald, M. (2015)
Abstract: Recent evidence from developing and emerging economies shows a negative correlation between growth and net capital inflows, a contradiction to neoclassical growth theory. I provide updated and disaggregated evidence on the origins of this puzzle. An analysis of the components of capital flows and of gross portfolio positions shows that foreign direct investment is directed towards countries with the highest growth rates, but that portfolio investment outflows exceed these inflows. Liberalized capital accounts further exacerbate this pattern. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries lies at the heart of the puzzle.
Large sample properties of the matrix exponential spatial specification with an application to FDI
Debarsy, N., F. Jin & L-F. Lee (2015)
Global Collateral: How Financial Innovation Drives Capital Flows and Increases Financial Instability
Fostel, A., J. Geanakoplos & G. Phelan (2015)
Securitized markets, international capital flows, and global welfare | Published
Phelan, G. & A.A. Toda (2015/19)
On the relation between capital flows and the current account
Oeking, A. & L. Zwick (2015)
Capital Inflows, Credit Growth, and Financial Systems
Igan, D. & Z. Tan (2015)
Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies
Feyen, E., S. Ghosh, K. Kibuuka & S. Farazi (2015)
Varieties of Capital Flows: What Do We Know
Levy Yeyati, E. & J. Zuniga (2015)
Measuring the Determinants of Backward Linkages from FDI in Developing Economies: Is It a Matter of Size?
Sánchez-Martín, M.E., J. De Piniés & K. Antoine (2015)
The impact of controlled foreign company legislation on real investments abroad. A multi-dimensional regression discontinuity design
Egger, P.H. & G. Wamser (2015)
The Role of International Reserves in Sovereign Debt Restructuring under Fiscal Adjustment
Tavares, T. (2015)
Portfolio Flows in a two-country RBC model with financial intermediaries
Kavli, H. & N. Viegi (2015)
Are Capital Inflows Expansionary or Contractionary? Theory, Policy Implications, and Some Evidence
Blanchard, O., J.D. Ostry, A.R. Ghosh & M. Chamon (2015)
Capital flows and the current account: Taking financing (more) seriously
Borio, C. & P. Disyatat (2015)
The recent growth of international reserves in developing economies: A monetary perspective
Pina, G. (2015)
International reserves and gross capital flow dynamics | Published
Alberola, E., A. Erce &l J.M. Serena (2015)
Tobin Tax and Volatility: A Threshold Quantile Autoregressive Regression Framework
Damette, O. & B-J. Park (2015)
The Coming Wave: Where Do Emerging Market Investors Put Their Money? | Published
Karolyi, G.A., D.T. Ng & E.S. Prasad (2015/20)
The cyclicality of (bilateral) capital inflows and outflows
Davis, J.S. (2015)
Hot money in bank credit flows to emerging markets during the banking globalization era
Fuertes, A-M., K. Phylaktis & C. Yan (2015)
International Dollar Flows
Banegas, A., R. Judson, C. Sims & V. Stebunovs (2015)
Does investment in capacity encourage FDI?
Dong, Q. & J.C. Bárcena-Ruiz (2015)
Foreign direct investment and economic growth: A real relationship or wishful thinking?
Iamsiraroj, S. & M.A. Ulubasoglu (2015)
Global Economic Divergence and Portfolio Capital Flows to Emerging Markets
Mandalinci, Z. & H. Mumtaz (2015)
The second wave of global liquidity: Why are firms acting like financial intermediaries?
Caballero, J., U. Panizza & A. Powell (2015)
Balance sheet effects, foreign reserves and public policies
Cheng, G. (2015)
Self-Oriented Monetary Policy, Global Financial Markets and Excess Volatility of International Capital Flows | Published
Banerjee, R., M.B. Devereux & G. Lombardo (2015/16)
Bad Investments and Missed Opportunities? Postwar Capital Flows to Asia and Latin America | Published
Ohanian, L., P. Restrepo-Echavarria & M.L.J. Wright (2015/18)
Explaining Foreign Holdings of Asia's Debt Securities: The Feldstein-Horioka Paradox Revisited
Horioka, C.Y., A. Terada-Hagiwara & T. Nomoto (2015)
The Impact of Investment Policy in a Changing Global Economy: A Review of the Literature
SURVEY PAPER
Echandi, R., J. Krajcovicova & C.Z. Qiang (2015)
Capital Account Liberalization and Inequality | Published
Furceri, D. & P. Loungani (2015/17)
Do foreign institutional investors stabilize the capital market?
Han, L., Q. Zheng, L. Li & L. Yin (2015)
Risk-taking channels and capital inflows into the US treasuries
Tobe, S. (2015)
Secular drivers of the global real interest rate
Rachel, L. & T. Smith (2015)
Changes in the Global Investor Base and the Stability of Portfolio Flows to Emerging Markets | Published
Brandao-Marques, L., G. Gelos, H. Ichiue & H. Oura (2015/22)
On the explanation of the Lucas Paradox
Göktan, M.G. (2015)
Liquidity traps, capital flows | Published
Acharya, S. & J. Bengui (2015/18)
The Role of International Reserves Holding in Buffering External Shocks
Allegret, J-P. & A. Sallenave (2016)
Migrants, Ancestors, and Foreign Investments | Published
Burchardi, K.B., T. Chaney & T.A. Hassan (2016/19)
Do capital flows change domestic credit allocation?
Samarina, A. & D. Bezemer (2016)
International portfolio flows with growth shocks
Ersal-Kiziler, E. (2017)
Taking gravity online: the role of virtual proximity in international finance
Hellmanzik, C. & M. Schmitz (2016)
Human capital and international portfolio diversification: a reappraisal | Published
Bretscher, L., C. Julliard & C. Rosa (2016)
Safe Asset Scarcity and Aggregate Demand
Caballero, R.J., E. Farhi & P-O. Gourinchas (2016)
Cross-border M&As and innovative activity of acquiring and target firms
Stiebale, J. (2016)
The internationalization process of firms: From exports to FDI
Conconi, P., A. Sapir & M. Zanardi (2016)
The 'Real' Explanation of the Feldstein-Horioka Puzzle
Ford, N. & C.Y. Horioka (2016)
Does reserve accumulation crowd out investment?
Reinhart, C.M., V. Reinhart & T. Tashiro (2016)
Jumps in equilibrium prices and asymmetric news in foreign exchange markets
El Ouadghiri, I. & R. Uctum (2016)
Unconventional monetary policy and capital flows
Kiendrebeogo, Y. (2016)
Optimal Reserves in Financially Closed Economies | Published
Jeanne, O. & D. Sandri (2016/20)
Geography and Realty Prices: Evidence from International Transaction-Level Data
Miyakawa, D., C. Shimizu & I. Uesugi (2016)
Quantitative Easing and United States Investor Portfolio Rebalancing Towards Foreign Assets
Barroso, J.B.R.B. (2016)
International Financial Flows in the New Normal: Key Patterns (and Why We Should Care)
Bussière, M., J. Schmidt & N. Valla (2016)
Aging, international capital flows and long-run convergence
Ganon, F., G. Le Garrec & V. Touzé (2016)
Optimal Reserves in Financially Closed Economies
Jeanne, O. & D. Sandri (2016)
Do short-term international capital inflows drive China's asset markets?
Wang, C-H., J-T. Hwang & C-P. Chung (2016)
Bilateral Investment Treaties and FDI: Does the Sector Matter?
Colen, L., D. Persyn & A. Guariso (2016)
Capital Inflow Transmission of Monetary Policy to Emerging Markets
Olani, A. (2016)
Does Real Estate Defy Gravity? An Analysis of Foreign Real Estate Investment Flows
McAllister, P. & A. Nanda (2016)
Time-varying saving-investment relationship and the Feldstein-Horioka puzzle
Ma, W. & H. Li (2016)
Asymmetric growth effect of capital flows: Evidence and quantitative theory
Eng, Y-K. & C-Y. Wong (2016)
Repatriation taxes and outbound M&As
Feld, L.P., M. Ruf, U. Scheuering, U. Schreiber & J. Voget (2016)
Recent Credit Surge in Historical Context
Ohnsorge, F. & S. Yu (2016)
China's capital flight: Pre- and post-crisis experiences
Cheung, Y-W., S. Steinkamp & F. Westermann (2016)
(When) Should We Use Foreign Direct Investment Data to Measure the Activities of Multinational Corporations? Theory and Evidence
Wacker, K.M. (2016)
Can Countries Rely on Foreign Saving for Investment and Economic Development?
Cavallo, E., B. Eichengreen & U. Panizza (2016)
Homeward bound FDI: Are migrants a bridge over troubled finance?
Cuadros, A., J. Martín-Montaner & J. Paniagua (2016)
What drives interdependence of FDI among host countries? The role of geographic proximity and similarity in public debt
Alamá-Sabater, L., B. Heid, E. Jiménez-Fernández & L. Márquez-Ramos (2016)
Heterogeneous Frictional Costs Across Industries in Cross-border Mergers and Acquisitions
Blonigen, B.A. & D. Lee (2016)
Euro Currency Risk and the Geography of Debt Flows to Peripheral European Monetary Union Members | Published
Ersal-Kizilera, E. & H. Nguyen (2016)
Capital Inflow Surges and Consequences
Ghosh, A.R. & M.S. Qureshi (2016)
The information role of advisors in mergers and acquisitions: Evidence from acquirers hiring targets' ex-advisors
Chang, X., C. Shekhar, L.H.K. Tam & J. Yao (2016)
The great moderation in international capital flows: a global phenomenon?
McQuade, P. & M. Schmitz (2016)
Foreign Official Holdings of U.S Treasuries, Stock Effect and the Economy: A DSGE Approach
Francois, J.N. (2016)
Partners, Not Debtors: The External Liabilities of Emerging Market Economies | Published
Joyce, J. (2016/19)
Spillovers from U.S. Unconventional Monetary Policy and Its Normalization to Emerging Markets: A Capital Flow Perspective
Suh, S. & B-S. Koo (2016)
What Makes US Government Bonds Safe Assets?
He, Z., A. Krishnamurthy & K. Milbradt (2016)
A Model of Fickle Capital Flows and Retrenchment: Global Liquidity Creation and Reach for Safety and Yield | Published
Caballero, R.J. & A. Simsek (2016/20)
Capital inflows - the good, the bad and the bubbly
Hoggarth, G., C. Jung & D. Reinhardt (2016)
Bank Lending to the Private Sector and GDP Growth: Thresholds and Returns
Koursaros, D., N.A. Michail & C.S. Savva (2017)
International Borrowing Cycles: A New Historical Database
Kaminsky, G.L. (2016)
Emerging Market Capital Flows and U.S. Monetary Policy | Published
Clark, J., N. Converse, B. Coulibaly & S.B. Kamin (2016/20)
The holders and issuers of international portfolio securities
Galstyan, V., P.R. Lane, C. Mehigan & R. Mercado (2016)
Capital Flows to Developing Countries: Is There an Allocation Puzzle? | Published
Schroth, J. (2016/23)
Policy uncertainty, irreversibility, and cross-border flows of capital
Julio, B. & Y. Yook (2016)
Did FDI Really Cause Chinese Economic Growth? A Meta-Analysis
Gunby, P., Y. Jin & W.R. Reed (2016)
Foreign Direct Investment and Investor Sentiment: A Causal Relationship
Hassan, M.K., M. Rashid & E. Castro (2016)
Real Effects of Capital Inflows in Emerging Markets | Published
Igan, D.O., A.M. Kutan & A. Mirzae (2016/20)
Not All Surges of Gross Capital Inflows Are Alike
Mercado Jr., R. (2016)
Capital Account Openness in Low-income Developing Countries: Evidence from a New Database
Jahan, S. & D. Wang (2016)
Bank Secrecy in Offshore Centres and Capital Flows: Does Blacklisting Matter? | Published
Balakina, O., A. D'Andrea & D. Masciandaro (2017)
Joining the club? Procyclicality of private capital inflows in lower income developing economies
Araujo, J.D., A.C. David, C. van Hombeeck & C. Papageorgiou (2017)
Foreign-capital inflow and its welfare implications in a developing country-context
Mukherjee, R. (2017)
FDI and Capital Formation in Developing Economies: New Evidence from Industry-level Data
Amighini, A.A., M.S. McMillan & M. Sanfilippo (2017)
The Feldstein-Horioka hypothesis revisited
Dzhumashev, R. & A. Cooray (2017)
Does foreign direct investment crowd in or crowd out private domestic investment in China? The effect of entry mode
Chen, G.S., Y. Yao & J. Malizard (2017)
Risk Taking and Interest Rates : Evidence from Decades in the Global Syndicated Loan Market
Liu, L.Q., S.J. Lee & V. Stebunovs (2017)
International Remittances, Migration, and Primary Commodities in FSGM
Snudden, S. (2017)
Gross Capital Inflows to Banks, Corporates and Sovereigns
Avdjiev, S., B. Hardy, S. Kalemli-Ozcan & L. Serven (2017)
Quantitative Easing by the Fed and International Capital Flows
Khatiwada, S. (2017)
The Balassa-Samuelson Effect Reversed: New Evidence from OECD Countries
Gubler, M. & C. Sax (2017)
Capital Flows and the International Credit Channel | Published
Baskaya, Y.S., J. di Giovanni, S. Kalemli-Özcan, J-L. Peydró & M.F. Ulu (2017)
The spillovers, interactions, and (un)intended consequences of monetary and regulatory policies
Forbes, K., D. Reinhardt & T. Wieladek (2017)
Are Capital Flows Fickle? Increasingly? And Does the Answer Still Depend on Type?
Eichengreen, B., P. Gupta & O. Masetti (2017)
The Volatility of Capital Flows in Emerging Markets: Measures and Determinants
Sole Pagliari, M. & S.A. Hannan (2017)
The Drivers of Capital Flows in Emerging Markets Post Global Financial Crisis
Hannan, S.A. (2017)
Hoarding international reserves and global liquidity expansion, what are the links and do they matter?
Rapelanoro, N. (2017)
Is the Feldstein-Horioka puzzle still with us? National saving-investment dynamics and international capital mobility: A panel data analysis across EU member countries
Drakos, A.A., G.P. Kouretas, S. Stavroyiannis & L. Zarangas (2017)
What drives investment-cash flow sensitivity around the World? An asset tangibility perspective
Moshirian, F., V. Nanda, A. Vadilyev & B. Zhang (2017)
The impact of regulatory requirements on the banking flows to emerging countries
Hellou, S. & M. Boutillier (2017)
The location of financial sector FDI: Tax and regulation policy
Merz, J., M. Overesch & G. Wamser (2017)
Managing the Tide: How Do Emerging Markets Respond to Capital Flows?
Ghosh, A.R., J.D. Ostry & M.S. Qureshi (2017)
The great moderation in international capital flows: A global phenomenon?
McQuade, P. & M. Schmitz (2017)
International Students and Investments Abroad
Murat, M. (2017)
Education Systems and Foreign Direct Investment: Does External Efficiency Matter?
Miningou, E.W. & S.J. Tapsoba (2017)
The Feldstein-Horioka puzzle and capital mobility: The role of the recent financial crisis
But, B. & B. Morley (2017)
The Effects of Financial Development on Foreign Direct Investment
Desbordes, R. & S-J. Wei (2017)
Surplus liquidity, central bank losses and the use of reserve requirements in emerging markets
Hoffmann, A. & A. Loeffler (2017)
Precaution Versus Mercantilism: Reserve Accumulation, Capital Controls, and the Real Exchange Rate
Choi, W.J. & A.M. Taylor (2017)
Lucas Paradox in The Long Run
Keskinsoy, B. (2017)
Does It Pour When it Rains? Capital Flows and Economic Growth in Developing Countries
Combes, J-L., T. Kinda, R. Ouedraogo & P. Plane (2017)
Migration and Cross-Border Financial Flows | Published
Kugler, M., O. Levintal & H. Rapoport (2017/18)
The savings and investment relationship: The Feldstein-Horioka puzzle revisited
Khan, S. (2017)
Extrapolative Expectations and Capital Flows during Convergence | Published
Cozzi, G. & M. Davenport (2017)
International reserves and global interest rates
Pina, G. (2017)
Central bank transparency and cross-border banking
Eichler, S., H.C.N. Littke & L. Tonzer (2017)
Impact of pension system structure on international financial capital allocation
Staveley-O'Carroll, J. & O.M. Staveley-O'Carroll (2017)
Identifying FDI spillovers
Lu, Y., Z. Tao & L. Zhu (2017)
Industrial Revolutions and Global Imbalances
Monge-Naranjo, A. & K. Ueda (2017)
Macroprudential Policy Coordination with International Capital Flows
Chen, W. & G. Phelan (2017)
Taper Tantrums: QE, its Aftermath and Emerging Market Capital Flows | Published
Chari, A., K.D. Stedman & C. Lundblad (2017/21)
Growing through the merger and acquisition
Xu, J. (2017)
Impact of Remittances on Economic Growth in Developing Countries: The Role of Openness
Ghosh Dastidar, S. (2017)
Asymmetric Stabilizing Impact of International Reserves
Lee, D. & K. Kim (2017)
How Important is the Global Financial Cycle? Evidence from Capital Flows
Cerutti, E., S. Claessens & A.K. Rose (2017)
The shifting drivers of global liquidity | Published
Avdjiev, S., L. Gambacorta, L. Goldberg & S. Schiaffi (2017/20)
Supply- and Demand-Side Factors in Global Banking
Amiti, M., P. McGuire & D. Weinstein (2017)
Capital Flows and GDP in Emerging Economies and the Role of Global Spillovers | Published
Beckmann, J. & R. Czudaj (2017)
Foreign capital inflow and its welfare implications in a developing country context
Mukherjee, R. (2017)
New and Improved: Does FDI Boost Production Complexity in Host Countries?
Javorcik, B.S., A. Lo Turco & D. Maggioni (2017)
Sovereign wealth funds' cross-border investments: Assessing the role of country-level drivers and spatial competition
Debarsy, N., J-Y. Gnabo & M. Kerkour (2017)
Financial deglobalisation in banking?
McCauley, R.N., A.S. Bénétrix, P. McGuire & G. von Peter (2017)
The Safe Assets Shortage Conundrum
Caballero, R.J., E. Farhi & P-O. Gourinchas (2017)
Uphill Capital Flows and the International Monetary System
Csonto, B. & C.E. Tovar (2017)
Investing in the Presence of Massive Flows: The Case of MSCI Country Reclassifications
Burnham, T.C., H. Gakidis & J. Wurgler (2017)
Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects
Fons-Rosen, C., S. Kalemli-Ozcan, B.E. Sorensen, C. Villegas-Sanchez & V. Volosovych (2017)
Foreign direct investment and business start-up in developing countries: The role of financial market development
Munemo, J. (2017)
The source of financing in mergers and acquisitions
Fischer, M. (2017)
Globalization and the Increasing Correlation between Capital Inflows and Outflows | Published
Davis, J.S. & E. van Wincoop (2017/18)
Cross-border Flows and Monetary Policy
Paligorova, T., H. Sapriza, A. Zlate & R. Correa (2017)
Capital inflows, monetary policy, and financial imbalances
Merrouche, O. & E. Nier (2017)
Unpacking Global Capital Flows
Schreger, J., B. Neiman & M. Maggiori (2017)
The price of imported capital and consumption fluctuations in emerging economies
Boileau, M. & M. Normandin (2017)
Racing to the exits: International transmissions of funding shocks during the Federal Reserve's taper experiment
Karolyi, G.A. & K.J. McLaren (2017)
Foreign direct investment and inequality in developing countries: Does sector matter?
Bogliaccini, J.A. & P.J.W. Egan (2017)
Are foreign investors locusts? The long-term effects of foreign institutional ownership
Bena, J., M.A. Ferreira, P. Matos & P. Pires (2017)
Managing Capital Flows in the Presence of External Risks
Reyes-Heroles, R.M. & G. Tenorio (2017)
The Tortuga disease: the perverse effects of illicit foreign capital
Jablonski, R.S., S. Oliver & J.V. Hastings (2017)
Determinants of the Public Budget Balance: The Role of Official Capital Flows
Steiner, A. (2017)
Bilateral FDI Flows, Productivity Growth, and Convergence: The North vs. The South
Demir, F. & Y. Duan (2017)
Dirty money coming home: Capital flows into and out of tax havens
Miethe, J. & L. Menkhoff (2017)
Large net foreign liabilities of euro area countries
Zorell, N. (2017)
The Center and the Periphery: Two Hundred Years of International Borrowing Cycles
Kaminsky, G.L. (2017)
Acquiring growth
Levine, O. (2017)
Multinational investments and product sophistication
Banerjee, T. & A. Nayak (2017)
Capital Flows and Financial Stability in Emerging Economies
Baum, C.F., M. Pundit & A. Ramayandi (2017)
Why Does U.S Public Debt Flow to China?
Tang, X. & M. Azzimonti (2017)
Abstract: We show that the massive flows of U.S public debt to China can arise as an equilibrium outcome of a model where governments issue debt to help domestic entrepreneurs insure against idiosyncratic investment risks. Precautionary motive of entrepreneurs pushes down equilibrium interest rate. Hence in autarky, the country with lower investment risks (the U.S) has higher interest rate and lower stock of debt. When it integrates with a country with higher investment risks (China), the extra precautionary demand drives the interest rate down further, lowering the borrowing cost. As a result, the U.S issues more debt, and much of these debt flows to China.
The Global FDI Network: Searching for Ultimate Investors
Damgaard, J. & T. Elkjaer (2017)
The Global Banking Network in the Aftermath of the Crisis: Is There Evidence of De-globalization?
Cerutti, E.M. & H. Zhou (2017)
Capital Flows and Sovereign Debt Markets: Evidence from Index Rebalancings | Published
Pandolfi, L. & T. Williams (2017/19)
Asymmetries in the Coordinated Direct Investment Survey: What Lies Behind?
Angulo, E. & A. Hierro (2017)
Where do the advanced countries invest? An investigation of capital flows from advanced countries to emerging economies
Vo, X.V., D.P. Nguyen, V.T. Ho & T.T. Nguyen (2017)
Sovereign pension and social security reserve funds: A portfolio analysis
Dreassi, A., S. Miani & A. Paltrinieri (2017)
Location decisions of non-bank financial foreign direct investment: Firm-level evidence from Europe
Davies, R.B. & N. Killeen (2017)
Evaluating the effects of ACE systems on multinational debt financing and investment
Hebous, S. & M. Ruf (2017)
A Model of Chinese Capital Account Liberalization
He, D. & P. Luk (2017)
FDI Spillovers and High-Growth Firms in Developing Countries
Reyes, J-D. (2017)
Real Exchange Rates and Primary Commodity Prices | Published
Ayres, J.L., C. Hevia & J.P. Constantino (2017/20)
Regulating Capital Flows to Emerging Markets: An Externality View | Published
Korinek, A. (2017/18)
Slow Moving Capital: Evidence from Global Equity Portfolios
Bacchetta, P. & E. van Wincoop (2017)
International financial flows and the risk-taking channel | Published/A>
Cova, P. & F. Natoli (2017/20)
Corporate Overseas Debt Issuance in the Context of Global Liquidity Transmission
Huang, A. & N.K. Kishor (2017)
Changing business models in international bank funding
Gambacorta, L., S. Schiaffi & A. Van Rixtel (2017)
Reserve Accumulation, Foreign Direct Investment, and Economic Growth
Matsumoto, H. (2017)
Banking sector deregulation, bank-firm relationships and corporate leverage
Braggion, F. & S. Ongena (2018)
Safe Assets | Published
Barro, R., J. Fernandez-Villaverde, O. Levintal & A. Mollerus (2018/22)
The impact of setting negative policy rates on banking flows and exchange rates
Khayat G.A. (2018)
Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms
Lin, S. & H. Ye (2018)
Uncertainty and Cross-Border Banking Flows | Published
Choi, S. & D. Furceri (2018/19)
Institutional Investor Expectations, Manager Performance, and Fund Flows
Jones, H. & J.V. Martinez (2018)
Good and useless FDI: The growth effects of greenfield investment and mergers and acquisitions
Harms, P. & P-G. Méon (2018)
Foreign direct investment as a signal
Koska, O.A., N.V. Long & F. Stähler (2018)
Why is There a Lack of Evidence on Knowledge Spillovers from Foreign Direct Investment?
SURVEY PAPER
Rojec, M. & M. Knell (2018)
Attracting FDI in middle-skilled supply chains
Moran, T., H. Gorg, A. Seric & C. Krieger-Boden (2018)
Surges of international fund flows
Li, S., J. de Haan & B. Scholtens (2018)
Labor market frictions, investment and capital flows
Struck, C.C. (2018)
International Capital Flow Pressures | Published
Goldberg, L.S. & S. Krogstrup (2018/24)
Capital mobility in OECD countries: A multi-level factor approach to saving-investment correlations
Hwang, S.H. & Y.J. Kim (2018)
How ETFs Amplify the Global Financial Cycle in Emerging Markets
Williams, T., N. Converse & E. Levy-Yeyati (2018)
Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?
Cerutti, E.M. & G.H. Hong (2018)
Global Portfolio Rebalancing and Exchange Rates | Published
Camanho, N., H. Hau & H. Rey (2018/22)
Mind the (current account) gap
Joy, M., N. Lisack, S. Lloyd, D. Reinhardt, R. Sajedi & S. Whitaker (2018)
Can Trend Inflation Solve the Delayed Overshooting Puzzle?
Cooke, D. & E. Kara (2018)
Gross Capital Flows, Common Factors, and the Global Financial Cycle
Barrot, L-D. & L. Serven (2018)
Some Unpleasant Euro Arithmetic
Gaulier, G. & V. Vicard (2018)
The Financial Repression-Liberalization Debate: Taking Stock, Looking for a Synthesis
SURVEY PAPER
Loizos, K. (2018)
The macroeconomic consequences of remittances
Bahadir, B., S. Chatterjee & T. Lebesmuehlbacher (2018)
Estimating the Demand for Reserve Assets Across Diverse Groups
Bhattacharya, R., K. Mann & M. Nkusu (2018)
Migrant Remittances and Information Flows: Evidence from a Field Experiment
Batista, C. & G. Narciso (2018)
Does Financial Sector Development Augment Cross Border Capital Flows?
Sen Gupta, A. & P. Atri (2018)
Reach for Yield and Fickle Capital Flows
Caballero, R.J. & A. Simsek (2018)
Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode
Varela, L. (2018)
Capital Inflows, Equity Issuance Activity, and Corporate Investment
Calomiris, C.W., M. Larrain & S.L. Schmukler (2018)
BKK the EZ Way. International Long-Run Growth News and Capital Flows | Published
Colacito, R., M.M. Croce, S. Ho & P. Howard (2018)
The Stabilizing Role of Net Foreign Asset Returns
Adler, G. & D. Garcia-Macia (2018)
South-South FDI: Is It Really Different?
Gold, R., H. Görg, A. Hanley & A. Seric (2018)
How Global is FDI? Evidence from the Analysis of Theil Indices
Bickenbach, F., W-H. Liu & P. Nunnenkamp (2018)
Corporate Foreign Bond Issuance and Interfirm Loans in China
Huang, Y., U. Panizza & R. Portes (2018)
Capital Inflows, Equity Issuance Activity, and Corporate Investment
Calomiris, C.W., M. Larrain & S.L. Schmukler (2018)
Firms' credit risk and the onshore transmission of the global financial cycle
Moreno, R. & J.M. Serena Garralda (2018)
A global lending channel unplugged? Does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?
Temesvary, J., S. Ongena & A.L.Owen (2018)
Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
Drehmann, M., M. Juselius & A. Korinek (2018)
Foreign Currency Bank Funding and Global Factors
Krogstrup, S. & C. Tille (2018)
Global Debt Database: Methodology and Sources
Mbaye, S., M.M. Badia & K. Chae (2018)
Foreign direct investment and economic growth: Exploring the transmission channels
Makiela, K. & B. Ouattara (2018)
Foreign Currency Bank Funding and Global Factors
Krogstrup, S. & C. Tille (2018)
Global Financial Cycles and Risk Premiums
Jorda, O., M. Schularick, A.M. Taylor & F. Ward (2018)
The Asian Financial Crisis and international reserve accumulation: A robust control approach
Lee, S.S. & P. Luk (2018)
Volatile capital flows and financial integration: The role of moral hazard
Kikuchi, T., J. Stachurski & G. Vachadze (2018)
Benchmarking Portfolio Flows
Burger, J.D., F.E. Warnock & V.C. Warnock (2018)
Venture Capital Internationalization: Synthesis and Future Research Directions
SURVEY PAPER
Devigne, D., S. Manigart, T. Vanacker & K. Mulier (2018)
Fickle capital flows and retrenchment: Evidence from bilateral banking data
Wang, Y. (2018)
Financial frictions, international capital flows and welfare
Taddei, F. (2018)
International Corporate Tax Avoidance: A Review of the Channels, Effect Size, and Blind Spots
Beer, S., R.A. de Mooij & L. Liu (2018)
Does policy uncertainty affect mergers and acquisitions?
Bonaime, A., H. Gulen & M. Ion (2018)
Do sovereign credit ratings matter for foreign direct investments?
Cai, P., Q. Gan & S-J. Kim (2018)
International reserves: Facing model uncertainty
Benecká, S. & L. Komarek (2018)
Uncertainty, capital flows, and maturity mismatch
Converse, N. (2018)
The Geographic Flow of Bank Funding and Access to Credit: Branch Networks and Local-Market Competition
Aguirregabiria, V., R. Clark & H. Wang (2018)
Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature
SURVEY PAPER
Hannan, S.A. (2018)
A simple general equilibrium model of large excess reserves
Ennis, H.M. (2018)
Eliminating the Pass-Through: Towards FDI Statistics that Better Capture the Financial and Economic Linkages between Countries
Borga, M. & C. Caliandro (2018)
The non-persistent relationship between foreign equity flows and emerging stock market returns across quantiles
Yan, C. & X. Wang (2018)
Financial stress in lender countries and capital outflows from emerging market economies | Published
Shim, I. & K. Shin (2018/21)
Gross Capital Flows and International Diversification
Lee, H. (2018)
Equilibrium foreign currency mortgages | Published
Kolasa, M. (2018/22)
What drives local lending by global banks? | Published
Avdjiev, S., U. Aysun & R. Hepp (2018)
Why Is China Investing in Africa? Evidence from the Firm Level
Chen, W., D. Dollar & H. Tang (2018)
Bilateral Capital Flows: Gravity, Push and and Pull | Published
Mercado Jr, R.V. (2018/22)
Capital Account Liberalization and the Composition of Bank Liabilities | Published
Catão, L.A.V. & D.M. te Kaat (2018/21)
FX funding shocks and cross-border lending: fragmentation matters
Eguren-Martin, M. Ossandon Busch & D. Reinhardt (2018)
Currency depreciation and emerging market corporate distress
Bruno, V. & H.S. Shin (2018)
Private equity performance and capital flows: Evidence from China
Fang, H., J.R. Nofsinger, Z. Song & S. Wang (2018)
Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market
Williams, T. (2018)
Global Investors, the Dollar, and U.S. Credit Conditions
Niepmann, F. & T. Schmidt-Eisenlohr (2018)
How Important are Global Factors for Understanding the Dynamics of International Capital Flows? | Published
Eller, M., F. Huber & H. Schuberth (2018/20)
Trade and capital flows: Substitutes or complements? An empirical investigation | Published
Belke, A. & C. Domnick (2018/21)
Capital Flows in an Aging World
Barany, Z., N. Coeurdacier & S. Guibaud (2018)
Foreign capital flows, credit spreads, and the business cycle
Du, D. & W. Rousse (2018)
International Capital Flows in Club of Convergence
Hung, L-D. (2018)
Gross capital flows by banks, corporates and sovereigns | Pubished
Avdjiev, S., S. Kalemli-Ozcan & L. Servén (2018/22)
Foreign currency borrowing, balance sheet shocks and real outcomes
Hardy, B. (2018)
Cross-Border Bank Flows and Monetary Policy | Published
Correa, R., T. Paligorova, H. Sapriza & A. Zlate (2018/22)
International bank flows and bank business models since the crisis
Herzberg, V. & P. McQuade (2018)
Non-Linear Pattern of International Capital Flows
Hung, L-D. (2018)
Asset home bias in debtor and creditor countries
Zhang, N. (2018)
Monetary Policy Divergence and Net Capital Flows: Accounting for Endogenous Policy Responses | Published
Davis, S. & A. Zlate (2018/19)
International capital flows at the security level - evidence from the ECB's asset purchase programme
Bergant, K., M. Fidora & M. Schmitz (2018)
Equiy Home Bias: A Review Essay
SURVEY PAPER
Ardalan, K. (2019)
What Do We Know About the Impact of Intellectual Property Rights on the Foreign Direct Investment Location (Country) Choice? A Review and Research Agenda
SURVEY PAPER
Noon, P., G. De Vita & L. Appleyard (2019)
The relationship between international trade and capital flow: A network perspective
Ding, H., Y. Jin, Z. Liu & W. Xie (2019)
From Commodity to Fiat and Now to Crypto: What Does History Tell Us?
Eichengreen, B. (2019)
Collective bargaining and mergers and acquisitions activity around the world
Ahmad, M.F. & T. Lambert (2019)
Foreign direct investment, input prices, and host country welfare
Kao, K-F. & C-S. Chen (2019)
Competition in the acquisition market and acquirers' long?run performance
Shams, S. & A. Gunasekarage (2019)
Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI
Shi, J. (2019)
Short-Termism and Capital Flows
Fried, J.M. & C.C.Y. Wang (2019)
Global Collateral and Capital Flows
Fostel, A., J. Geanakoplos & G. Phelan (2019)
Capital flow transitions: Domestic factors and episodes of gross capital inflows
Mercado, R.V. (2019)
Do investment determinants and effects vary across sovereign wealth fund categories? A firm-level analysis
Gangi, F., A. Meles, M. Mustilli, D. Graziano & N. Varrone (2019)
The investment environment and cross-border merger and acquisition premiums
Maung, M., M. Shedden, Y. Wang & C. Wilson (2019)
America First? A US-centric view of global capital flows
McQuade, P. & M. Schmitz (2019)
The Role of US-Based FDI Flows for Global Output Dynamics
Huber, F., M.M. Fischer & P. Piribauer (2019)
Taming the global financial cycle: What role for the global financial safety net?
Scheubel, B., L. Stracca & C. Tille (2019)
Global drivers of gross and net capital flows | Published
Davis, J.S., G. Valente & E. van Wincoop (2019/21)
Economic freedom and bilateral direct investment
Xu, T. (2019)
Reducing large net foreign liabilities
Fidora, M., M. Schmitz & C. Tcheng (2019)
Stock Market Valuation, Foreign Investment, and Cross-Country Arbitrage
Wang, L. (2019)
Does international reserve accumulation crowd out domestic private investment?
Mahraddika, W. (2019)
Capital Flows: The Role of Bank and Nonbank Balance Sheets
Hashimoto, Y. & S. Krogstrup (2019)
Host-country financial development and multinational activity
Bilir, L.K., D. Chor & K. Manova (2019)
Multinational Expansion in Time and Space
Garetto, S., L. Oldenski & N. Ramondo (2019)
How do international remittances respond to real exchange rate movements?
Bleaney, M. & M. Tian (2019)
On the empirics of reserve requirements and economic growth
Cuaresma, J.C., G. von Schweinitz & K. Wendt (2019)
Hoarding for Stormy Days - Test of International Reserves Providing Financial Buffer Services
Aizenman, J. & Y. Jinjarak (2019)
Boom-Bust Capital Flow Cycles
Kaminsky, G.L. (2019)
Country factors and the investment decision-making process of sovereign wealth funds
Amar, J., B. Candelon, C. Lecourt & Z. Xun (2019)
The global capital flows cycle: structural drivers and transmission channels
Habib, M.M. & F. Venditti (2019)
Institutional quality and capital inflows: Theory and evidence
Challe, E., J.I. Lopez & E. Mengus (2019)
The Measurement of External Accounts
Adler, G., D. Garcia-Macia & S. Krogstrup (2019)
The cost of holding foreign exchange reserves
Levy Yeyati, E. & J.F. Gómez (2019)
Effects of US Interest Rate Hikes and Global Risk on Daily Capital Flows in Emerging Market Countries
Ogawa, Eiji, J. Shimizu & P. Luo (2019)
Tracking foreign capital: the effect of capital inflows on bank lending in the UK | Published
Kneer, C. & A. Raabe (2019/24)
China's Overseas Lending | Published
Horn, S., C.M. Reinhart & C. Trebesch (2019/21)
Bankruptcy costs, economic policy uncertainty, and FDI entry and exit
Zhu, J., F. Jia & H. Wu (2019)
Foreign direct investment and the correlation between cost and revenue
Bar-Ilan, A. & I. Borodko (2019)
Domestic financial instability and foreign reserves accumulation in China
Wang, L. & C.J. Hueng (2019)
The Natural Level of Capital Flows
Burger, J.D., F.E. Warnock & V.C. Warnock (2019)
International Reserves Management in a Model of Partial Sovereign Default
Sabbadini, R. (2019)
Foreign Direct Investment as a Determinant of Cross-Country Stock Market Comovement
Anagnostopoulos, A., O.E. Atesagaoglu, E. Faraglia & C. Giannitsarou (2019)
Exportweltmeister: The Low Returns on Germany's Capital Exports
Hünnekes, F., M. Schularick & C. Trebesch (2019)
Exchange Rate Driven Balance Sheet Effect and Capital Flows to Emerging Market Economies
Kadirgan, C. (2019)
Growth of international finance and emerging economies: Elements for alternative approach
Alves, C. & J. Toporowski (2019)
Demographic structures, savings, and international capital flows
Turnovsky, S.J. (2019)
The impact of investor-level taxation on mergers and acquisitions
Ohrn, E. & N. Seegert (2019)
Global Capital Flows and the Role of Macroprudential Policy
Karmakar, S. & D. Lima (2019)
The long-term impact of sovereign wealth fund investments
Park, R.J., S. Xu, F. In & P.I. Ji (2019)
Distance and beyond: What drives financial flows to emerging economies?
Cavallaro, E. & E. Cutrini (2019)
Trade-offs between macroeconomic and financial stability objectives
Fouejieu, A., A. Popescu & P. Villieu (2019)
Safe U.S. Assets and U.S. Capital Flows https://doi.org/10.1016/j.jimonfin.2019.102102
Engel, C. (2019/20)
A Macroprudential Theory of Foreign Reserve Accumulation | Alternative
Arce, F., J. Bengui & J. Bianchi (2019/22)
The risk-taking channel of international financial flows
Cova, P. & F. Natoli (2019)
Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence
Cerdeiro, D.A. & A. Komaromi (2019)
Capital flows and the business cycle
Cuadra, G. & L. Menna (2019)
US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs?
Cerutti, E.M. & C. Osorio Buitron (2019)
Financial Repression is Knocking at the Door, Again
Jafarov, E., R. Maino & M. Pani (2019)
What do we know about the global financial safety net? A new comprehensive data set
Scheubel, B. & L. Stracca (2019)
Do international flights promote FDI? The role of face-to-face communication
Tanaka, K. (2019)
Regulatory arbitrage and cross-border syndicated loans | Published
Demirguc-Kunt, A., B.L. Horvath & H. Huizinga (2019/23)
Nominal Exchange Rate Volatility, Default Risk and Reserve Accumulation
Yang, S. (2018)
Net foreign assets and current account balances
Bleaney, M. & M. Tian (2019)
Net Capital Flows and Portfolio Diversification
Bürgi, C., V. Bobic, M. Wu & C. Bürgi (2019)
Trade and investment in the global economy: A multi-country dynamic analysis
Anderson, J.E., M. Larch & Y.V. Yotov (2019)
Financial flows and economic growth in developing countries
Combes, J-L., T. Kinda, R. Ouedraogo & P. Plane (2019)
What Is Real and What Is Not in the Global FDI Network?
Damgaard, J., T. Elkjaer & N. Johannesen (2019)
Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation | Published
Tong, H. & S-J. Wei (2019/21)
Globalization and the Geography of Capital Flows
Bertaut, C.C., B. Bressler & S.E. Curcuru (2019)
Stock Prices, Exchange Rates and Portfolio Equity Flows: A Toda-Yamamoto Panel Causality Test
Andriansyah, A. & G. Messinis (2019)
Swept by the Tide? The International Comovement of Capital Flows
Lafuerza, F., L. Gonzalo & L. Serven (2019)
Capital Flows at Risk: Taming the Ebbs and Flows | Published
Sahay, R., R.G. Gelos, L. Gornicka, R. Keopke & S. Sgherri (2019/22)
Hidden Treasure: The Impact of Automatic Exchange of Information on Cross-Border Tax Evasion
Beer, S., M.D. Coelho & S. Leduc (2019)
The Impact of Profit Shifting on Economic Activity and Tax Competition
Klemm, A.D. & L. Liu (2019)
Capital Flow Dynamics in Emerging Market Economies
Enya, M., A. Kohsaka & K. Sugimoto (2019)
Capital Flow Volatility: The Effects of Financial Development and Global Financial Conditions
Wang, S. (2019)
The global financial cycle and capital flow episodes: a wobbly link?
Scheubel, B., L. Stracca & C. Tille (2019)
Cross-Border Currency Exposures
Juvenal, L., D. Gautam, A. Benetrix & M. Schmitz (2019)
Belt and road initiative and Chinese firms' outward foreign direct investment
Yu, S., X. Qian & T. Liu (2019)
The heterogenous impact of taxation on FDI: A note on Djankov et al. (2010)
Esteller-Moré, A., L. Rizzo & R. Secomandi (2019)
Network Determinants of Cross-Border Merger and Acquisition Decisions
Didier, T., S. Herrador & M. Pinat (2019)
Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
Chen, C., W. Tian & M. Yu (2019)
Aging, Factor Prices and Capital Flows
Bonfatti, A., S. Imrohoroglu & S. Kitao (2019)
Capital Flows and Bank Risk-Taking
Pozo, J. (2019)
Foreign asset accumulation among emerging market economies: A case for coordination
Jin, H. & H. Shen (2020)
Remittance Concentration and Volatility: Evidence from 72 Developing Countries
Hosny, A. (2020)
Accumulation of foreign currency reserves and risk-taking
Fatum, R. & J. Yetman (2020)
The fundamentals of safe assets | Published
Habib, M.M., L. Stracca & F. Venditti (2020)
Liberalization for services FDI and export quality: Evidence from China
Hayakawa, K., H. Mukunoki & C-H. Yang (2020)
Le Pont de Londres: interactions between monetary and prudential policies in cross-border lending | Published
Bussière, M., R. Hills, S. Lloyd, B. Meunier, J. Pedrono, D. Reinhardt & R. Sowerbutts (2020/21)
US monetary policy and global banking flows
Lee, S. & C. Bowdler (2020)
Investor Experiences and International Capital Flows | Published
Malmendier, U., D. Pouzo & V. Vanasco (2020)
Winners and losers from sovereign debt inflows: evidence from the stock market | Alternative | Published
Broner, F., A. Martin, L. Pandolfi & T. Williams (2020/21)
The Financial Center Leverage Cycle: Does it Spread Around the World?
Kaminsky, G.L., L. Medina & S. Wang (2020)
Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms | Published
Bednarek, P., D.M. te Kaat, C. Ma & A. Rebucci (2020/21)
Cross-border transmission of emergency liquidity
Kick, T., M. Koetter & M. Storz (2020)
Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets?
Ando, S. & M. Wang (2020)
The Economic Performance Effects of Capital Flows in OPEC Member Countries
Ibhagui, O.W. (2020)
Capital inflows to emerging countries and their sensitivity to the global financial cycle | Published
Buono, I., F. Corneli & R. Di Stefano (2020/24)
Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens | Published
Coppola, A., M. Maggiori, B. Neiman & J. Schreger (2020/21)
Cross-Border Portfolio Flows and News Media Coverage | Published
Caporale, G.M., F.M. Ali, F. Spagnolo & N. Spagnolo (2020/22)
International Transactions: Real Trade and Factor Flows between 1700 and 1870
Keller, W., M. Lampe & C.H. Shiue (2020)
The impact of regional financial depth on outbound cross-border mergers and acquisitions
Hu, Y., C. Li & C. Qin (2020)
The global sustainability footprint of sovereign wealth funds
Liang, H. & L. Renneboog (2020)
Foreign Investment, Regulatory Arbitrage, and the Risk of U.S. Banking Organizations
Frame, W.C., A. Mihov & L. Sanz (2020)
The state of research on sovereign wealth funds
Megginson, W.L. & X. Gao (2020)
Capital Flow Waves-or Ripples? Extreme Capital Flow Movements Since the Crisis | Published
Forbes, K.J. & F.E. Warnock (2020/21)
Cross-border Investments and Uncertainty: Firm-level Evidence | Published
Cezar, R., T. Gigout & F. Tripier (2020)
Determinants of International Buyout Investments
Aldatmaz, S., G.W. Brown & A. Demirguc-Kunt (2020)
Elusive Safety: The New Geography of Capital Flows and Risk
Alfaro, L., E. Faia, R.A. Judson & T. Schmidt-Eisenlohr (2020)
Trade, FDI, and Global Imbalances
Li, W., G. Nie & Z. Wang (2020)
International Equity and Debt Flows: Composition, Crisis, and Controls
Ma, C. & S-J. Wei (2020)
News, sentiment and capital flows | Published
Benhima, K. & R. Cordonier (2020/22)
Policy Uncertainty and Foreign Direct Investment | Published
Choi, S., D. Furceri & C. Yoon (2020/21)
Capital account liberalisation does worsen income inequality
Li, X. & D. Su (2020)
Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk
Bianchi, J. & C. Sosa-Padilla (2020)
Does reputation risk matter? Evidence from cross-border mergers and acquisitions
Maung, M., C. Wilson & W. Yu (2020)
Institutional distance and cross-border M&A performance: A dynamic perspective
Li, W., C. Wang, Q. Ren & D. Zhao (2020)
Cross-border capital flows and bank risk-taking
Dinger, V. & D.M. te Kaat (2020)
The Micro and Macro Dynamics of Capital Flows
Saffie, F., L. Varela & and K-M. Yi (2020)
COVID-19 and Emerging Markets: An Epidemiological Model with International Production Networks and Capital Flows
Cakmakli, C., S. Demiralp, S. Kalemli-Ozcan, S. Yesiltas & M.A. Yildirim (2020)
Grey Zones in Global Finance: the distorted Geography of Cross-Border Investments | Published
Delatte, A-L., A. Guillin & V. Vicard (2020/21)
Foreign Direct Investment and Growth Convergence in a North-South Framework
Cicero, V.C. & G.T. Lima (2020)
Trade credit, trade finance, and the Covid-19 Crisis
Boissay, F., N. Patel & H.S. Shin (2020)
Japan's outward FDI potential
Greaney, T.M. & K. Kiyota (2020)
US vs. euro area: Who drives cross-border bank lending to EMs?
Cerutti, E. & C. Osorio-Buitron (2020)
Public policy, footloose capital, and union influence
Palokangas, T. (2020)
Valuation effect of capital account liberalization: Evidence from the Chinese stock market
Ding, H., Y. Jin, K.G. Koedijk & Y. Wang (2020)
The Global Financial Resource Curse | Published
Benigno, G., L. Fornaro & M. Wolf (2020/25)
The Portfolio Channel of Capital Flows and Foreign Exchange Intervention in A Small Open Economy
Montoro, C. & M. Ortiz (2020)
Holes in the Dike: The Global Savings Glut, U.S. House Prices, and the Long Shadow of Banking Deregulation
Hoffmann, M. & I. Stewen (2020)
Taxing away M&A: Capital gains taxation and acquisition activity
Todtenhaupt, M., J. Voget, L.P. Feld, M. Ruf & U. Schreiber (2020)
Which firms do prefer Islamic debt? An analysis and evidence from global sukuk and bonds issuing firms
Uddin, M.H., S.H. Kabir, M.S. Hossain, N.S. Abdul Wahab & J. Liu (2020)
Evidence for the effect of monitoring costs on foreign direct investment
Blonigen, B.A., A. Cristea & D. Lee (2020)
How does international capital flow?
Kumhof, M., P. Rungcharoenkitkul & A. Sokol (2020)
Regulatory cooperation and foreign portfolio investment
Lang, M., M. Maffett, J.D. Omartian & R. Silvers (2020)
Scarcity of Safe Assets and Global Neutral Interest Rates
Ferreira, T.R.T. & S. Shousha (2020)
The effects of outward FDI and export on firm productivity in emerging markets: Evidence from matching approach
Zhou, C. (2020)
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers | Published
Akcigit, U., S.T. Ates, J. Lerner, R.R. Townsend & Y. Zhestkova (2020/24)
Capital Flows in Risky Times: Risk-On/Risk-Off and Emerging Market Tail Risk
Chari, A., K.D. Stedman & C.T. Lundblad (2020)
Optimal Foreign Reserves and Central Bank Policy Under Financial Stress | Published
Céspedes, L.F. & R. Chang (2020/24)
International Public Capital Flows
Dai, H.L. (2020)
Cross-border capital flows and return dynamics in emerging stock markets: Relative roles of equity and debt flows
Bathia, D., C. Bouras, R. Demirer & R. Gupta (2020)
Monetary policy news in the US: Effects on emerging market capital flows
Dahlhaus, T. & G. Vasishtha (2020)
Cross-Border Banking in EMDEs : Trends, Scale, and Policy Implications
Feyen, E.H.B., N.M. Fiess, A.C. Bertay, I.Z. Huertas (2020)
Foreign direct investment and economic growth: Is more financial development better?
Osei, M.J. & J. Kim (2020)
Sectoral Capital Flows: Covariates, Co-movements, and Controls | Published
Lepers, E. & R. Mercado, Jr. (2020/21)
Financial flows centrality: Empirical evidence using bilateral capital flows
Mercado, R. & S. Noviantie (2020)
International capital flows, portfolio composition, and the stability of external imbalances
Devereux, M.B., M. Saito & C. Yu (2020)
Gross capital flows and the balance-of-payments: a balance sheet perspective
Kohler, K. (2020)
International Capital Flows: Private Versus Public Flows in Developing and Developed Countries | Published
Kim, Y.J. & J. Zhang (2020/23)
How Shocks Affect International Reserves? A Quasi-Experiment of Earthquakes
Jinjarak, Y., I. Noy & Q. Ta (2020)
The macro-financial effects of international bank lending on emerging markets
Aldasoro, I., P. Beltrán, F. Grinberg & T. Mancini-Griffoli (2020)
Is international tax competition only about taxes? A market-based perspective
Azémar, C., R. Desbordes & I. Wooton (2020)
Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized
Ehlers, T., M. Hoffmann & A. Raabe (2020)
Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies
Mihailov, A. & H. Nasir (2020)
Bilateral International Investments: The Big Sur? | Published
Broner, F., T. Didier, S.L. Schmukler & G. von Peter (2020/23)
Capital flows during the pandemic: lessons for a more resilient international financial architecture
Martin, F.E., M. Joy, C. Maurini, A. Moro, V.N. Landi, A. Schiavone & C. van Hombeeck (2020)
Should developed economies manage international capital flows?
Bonam, D., G. Goy & E. de Veirman (2020)
International financial flows and misallocation
Cingano, F. & F. Hassan (2020)
What 'special purposes' explain cross-border debt funding by banks? Evidence from Ireland
Golden, B. & E. Maqui (2020)
Cross-Border Currency Exposures: New evidence based on an enhanced and updated dataset
Benetrix, A.S., D. Gautam, L. Juvenal & M. Schmitz (2020)
Liquidity and the International Allocation of Economic Activity
Rodriguez-Lopez, A. (2021)
The effect of information frictions on FDI persistence
Khraiche, M. & P. de Araujo (2021)
Revisiting the relationship between cross-border capital flows and credit
Carvalho, D. (2021)
Does Investor Protection Increase Foreign Direct Investment? A Meta-Analysis
SURVEY PAPER
Brada, J.C., Z. Drabek & I. Iwasaki (2021)
Cross-border mergers and acquisitions for innovation
Hsu, P-H., P. Huang, M. Humphery-Jenner & R. Powell (2021)
Substitution patterns in capital inflows: Evidence from disaggregated capital flow data
Cerutti, E. & G.H. Hong (2021)
Japanese firms' overpayments for cross?border acquisitions
Bebenroth, R. & K. Ahmed (2021)
A novel approach to the estimation of an actively managed component of foreign exchange reserves
Dabrowski, M.A. (2021)
Revisiting the location of FDI in China: A panel data approach with heterogeneous shocks
Hou, L., K. Li, Q. Li & M. Ouyang (2021)
Optimal capital account liberalization in China
Liu, Z., M.M. Spiegel & J. Zhang (2021)
Global Liquidity and Household Credit
Bahadir, B. & N. Valev (2021)
External Imbalances, Gross Capital Flows, and Sovereign Debt Crises
de Ferra, S. (2021)
Investor Protection and Capital Fragility: Evidence from Hedge Funds around the World
Aragon, G.O., V. Nanda & H. Zhao (2021)
Foreign bank lending in the U.S. during three U.S. recessions
Rai, A., R. Seth & S.K. Mohanty (2021)
When Does Foreign Direct Investment Lead to Inclusive Growth?
Kang, H. & J. Martinez-Vazquez (2021)
How are the international capital flows of rapidly aging countries affected by the elderly working longer?
Inagaki, K. (2021)
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
Eichengreen, B.J., B. Csonto, A.A. ElGanainy & Z. Koczan (2021)
In lands of foreign currency credit, bank lending channels run through?
Ongena, S., I. Schindele & O. Vonnák (2021)
Central Bank Swap Arrangements in the COVID-19 Crisis
Aizenman, J., H. Ito & G.K. Pasricha (2021)
The impact of risk-based capital rules for international lending on income inequality: Global evidence
Hasan, I., G. Hassan, S-J. Kim & E. Wu (2021)
A BIT goes a long way: Bilateral investment treaties and cross-border mergers
Bhagwat, V., J. Brogaard & B. Julio (2021)
Quantitative Easing in the US and Financial Cycles in Emerging Markets
Kolasa, M. & G. Wesolowski (2021)
Arbitrage Capital of Global Banks
Anderson, A.G., W. Du & B. Schlusche (2021)
Global syndicated lending during the COVID-19 pandemic
Hasan, I., P.N. Politsidis & Z. Sharma (2021)
International Debts Flows
Hung, L-D., B.T. Hai Anh & V.T. Thanh (2021)
Corporate debt overhang and investment in emerging economies: Firm-level evidence
Borensztein, E. & L.S. Ye (2021)
Does FDI promote entrepreneurial activities? A meta-analysis
Hong, S., W.R. Reed, B. Tian, T. Wu & G. Chen (2021)
Barriers to Global Capital Allocation
Pellegrino, B., E. Spolaore & R. Wacziarg (2021)
Uncertainty, financial development, and FDI inflows: Global evidence
Nguyen, C.P. & G.S. Lee (2021)
The impact of foreign capital flows on long?term interest rates in emerging and advanced economies
Inoguchi, M. (2021)
What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps
Gao, J. & Y. Jang (2021)
Knowledge Spillovers, Trade, and Foreign Direct Investment
Keller, W. (2021)
Population aging, relative prices and capital flows across the globe
Papetti, A. (2021)
Reserve accumulation, inflation, and moral hazard: Evidence from a natural experiment
Chitu, L. (2021)
Country Risk
Hassan, T.A., J. Schreger, M. Schwedeler & A. Tahoun (2021)
Abstract: We construct new measures of country risk and sentiment as perceived by global investors and executives using textual analysis of the quarterly earnings calls of publicly listed firms around the world. Our quarterly measures cover 45 countries from 2002-2020. We use our measures to provide a novel characterization of country risk and to provide a harmonized definition of crises. We demonstrate that elevated perceptions of a country's riskiness are associated with significant falls in local asset prices and capital outflows, even after global financial conditions are controlled for. Increases in country risk are associated with reductions in firm-level investment and employment. We also show direct evidence of a novel type of contagion, where foreign risk is transmitted across borders through firm-level exposures. Exposed firms suffer falling market valuations and significantly retrench their hiring and investment in response to crises abroad. Finally, we provide direct evidence that heterogeneous currency loadings on global risk help explain the cross-country pattern of interest rates and currency risk premia.
Quantitative easing and the hot potato effect: Evidence from euro area banks
Ryan, E. & K. Whelan (2021)
Unconventional monetary policy and the portfolio choice of international mutual funds
Cenedese, G. & I. Elard (2021)
Familiarity and Surprises in International Financial Markets: Bad news travels like wildfire; good news travels slow
Mondria, J., X. Wang & T. Wu (2021)
Global policy uncertainty and cross-border acquisitions
Dang, M., N.V. Nguyen, M. Mazur, P. Puwanenthiren & N.T. Nguyen (2021)
Why Does Capital Flow from Equal to Unequal Countries?
de Ferra, S., K. Mitman & F. Romei (2021)
Relationships between capital flow and economic growth: A network analysis
Park, S. & J-S. Yang (2021)
Corporate dollar debt and depreciations: All's well that ends well?
Caballero, J. (2021)
Emerging Economies' Vulnerability to Changes in Capital Flows: The Role of Global and Local Factors
Norimasa, Y., K. Ueda & T. Watanabe (2021)
International taxation and productivity effects of M&As
Todtenhaupt, M. & J. Voget (2021)
Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads
Sosa-Padilla, C. & F. Sturzenegger (2021)
Cheap but flighty: A theory of safety-seeking capital flows
Ahnert, T. & E. Perotti (2021)
The sources of international investment income in emerging market economies
Joyce, J.P. (2021)
The Aggregate Implications of Mergers and Acquisitions
David, J.M. (2021)
Do oil endowment and productivity matter for accumulation of international reserves?
Fatum, R., G. Zhu & W. Hui (2021)
Bond flows and liquidity: Do foreigners matter?
Christensen, J.H.E.., E. Fischer & P.J. Shultz (2021)
Firm-productivity and cross border merger
Mukherjee, A. &l U.E. Senalp (2021)
Bank and non-bank financial institutions' crossborder linkages: New evidence from international banking data
Emter, L., N. Killeen & P. McQuade (2021)
Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
de Crescenzio, A. & E. Lepers (2021)
Gross capital inflows and outflows: Twins or distant cousins?
Özmen, E. & F. Tasdemir (2021)
Redistribution of wealth through cross border financial transactions: A closer look
Nizam, A.M. (2021)
International Trade and the Propagation of Merger Waves
Ahmad, M.F., E. de Bodt & J. Harford (2021)
From taper tantrum to Covid-19: Portfolio flows to emerging markets in periods of stress
Ferriani, F. (2021)
Global ownership patterns
Mariscal, A. (2021)
ECB euro liquidity lines
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2021)
Banks fearing the drought? Liquidity hoarding as a response to idiosyncratic interbank funding dry-ups
Littke, H.C.N. & M.O. Busch (2021)
Emerging market capital flows: the role of fund manager portfolio allocation
Bush, G., C.I. Cañón Salazar & D. Gray (2021)
Nonlinearities and a Pecking Order in Cross-border Investment
Holland, S.B., S. Sarkissian, M. Schill & F.E. Warnock (2021)
Decrypting New Age International Capital Flows | Published
von Luckner, C.G., C.M. Reinhart & K.S. Rogoff (2021/23)
Capital Flows to Emerging Economies and Global Risk Aversion during the COVID-19 Pandemic
Alba, C., G. Cuadra, J.R. Hernández & R. Ibarra-Ramírez (2021)
Foreign Investors and U.S. Treasuries
Tabova, A.M. & F.E. Warnock (2021)
International Reserve Management, Global Financial Shocks, and Firms' Investment in Emerging Market Economies
Aizenman, J., Y-W. Cheung & X. Qian (2021)
External Balance Sheets and the COVID-19 Crisis
Hale, G. & L. Juvenal (2021)
FDI Mismatch, trade Mis-reporting, and hidden capital Movements: The USA - China case
Biswas, A.K., J. von Hagen & S. Sarkar (2021)
Risk, financial stability and FDI
Kellard, N.M., A. Kontonikas, M.J. Lamla, S. Maiani & G. Wood (2021)
What Types of Capital Flows Help Improve International Risk Sharing? | Published
Islamaj, E. & M.A. Kose (2021/22)
Covid-19 and capital flows: The responses of investors to the responses of governments
Goldbach, S. & V. Nitsch (2021)
Emerging Market Securities Access to Global Plumbing
Choi, G., F. Ortega & M. Singh (2021)
The shock absorbing role of cross-border investments: net positions versus currency composition
Benetrix, A.S., B. Demirolmez & M. Schmitz (2021)
Capital Flows and Endogenous Growth
Komarov, E. (2021)
Dilemma and global financial cycle: Evidence from capital account liberalisation episodes
Li, X. (2021)
Can Cross-Border Funding Frictions Explain Financial Integration Reversals?
Akbari, A., F. Carrieri & A. Malkhozov (2021)
Foreign reserve accumulation, foreign direct investment, and economic growth
Matsumoto, H. (2022)
Taxation and the external wealth of nations: Evidence from bilateral portfolio holdings
Huizinga, H., M. Todtenhaupt, J. Voget & W. Wagner (2022)
Foreign Direct Investment under Uncertainty: Evidence from a Large Panel of Countries | Published
Jardet, C., C. Jude & M.D. Chinn (2022/23)
Global risk and portfolio flows to emerging markets: Evidence from irish-resident investment funds
Bianchi, B., V. Galstyan & V. Herzberg (2022)
Hide-seek-hide? The effects of financial secrecy on cross-border financial assets
Janský, P., T. Palanská & M. Palanský (2022)
Capital Flows and the Eurozone's North-South Divide
Kohler, K. (2022)
Time-variation in the effects of push and pull factors on portfolio flows: Evidence from a Bayesian dynamic factor model
Bettendorf, T. & A. Karadimitropoulou (2022)
Identifying FDI types: Watch what they do, not what they say or look like
Ahn, J. & J-H. Park (2022)
Foreign-funded credit: Funding the credit cycle?
Duijm, P. (2022)
Output fluctuations, portfolio capital flows to emerging economies: Role of monetary policy uncertainty
Ba, T.N. (2022)
The reinvestment by multinationals as a capital flow: Crises, imbalances, and the cash-based current account
Hansen, E. & R. Wagner (2022)
The Taper This Time
Eichengreen, B., P. Gupta & R. Choudhary (2022)
Hedge fund sales fees and the flow of funds around the world
Cumming, D. & P. Monteiro (2022)
What drives portfolio capital inflows into emerging market economies? The role of the Fed's and ECB's balance sheet policies
Ledóchowski, M. & P. Zuk (2022)
Geographic proximity and M&As: Evidence from China
Li, C., H. Li & Z. Zhao (2022)
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Akinci, O., S. Kalemli-Özcan & A. Queralto (2022)
The Rest of the World's Dollar-Weighted Return on U.S. Treasurys | Published
Jiang, Z., A. Krishnamurthy & H. Lustig (2022/24)
Is Domestic Uncertainty a Local Pull Factor Driving Foreign Capital Inflows? New Cross-Country Evidence
Choi, S., G. Ciminelli & D. Furceri (2022)
Large international corporate bonds: Investor behavior and firm responses
Calomiris, C.W., M. Larrain, S.L. Schmukler & T. Williams (2022)
Gravity, counterparties, and foreign investment
Badarinza, C., T. Ramadorai & C. Shimizu (2022)
Greenfield foreign direct investment: Social learning drives persistence
Ng, J.C.Y., T.C.H. Chan, K.P. Tsang & C.K.Y. Leung (2022)
Cross-border portfolio flows and news media coverage
Caporale, G.M., F.M. Ali, F. Spagnolo & N. Spagnolo (2022)
Does the Relative Importance of the Push and Pull Factors of Foreign Capital Flows Vary Across Quantiles?
Wang, X. & C. Yan (2022)
The Global Financial Cycle and Capital Flows During the COVID-19 Pandemic
Davis, J.S. & A. Zlate (2022)
Trade debts and bank lending in years of crisis
Dottori, D., G. Micucci & L. Sigalotti (2022)
Do finite horizons matter? The welfare consequences of capital account liberalization
Chari, A., P.B. Henry & R. Moussa (2022)
The role of non-bank financial institutions in the intermediation of capital flows to emerging markets
Moro, A. & A. Schiavone (2022)
The effects of Monetary Policy on Capital Flows: A Meta-Analysis
Villamizar-Villegas, M., L. Arango-Lozano, G. Castelblanco, N. Fajardo-Baquero & M.A. Ruiz-Sanchez (2022)
How does economic policy uncertainty affect cross-border M&A: Evidence from Chinese firms
Li, W., Y. Su & K. Wang (2022)
Cross-border flights to safe assets in bond markets: evidence from emerging market economies
Janus, J. (2022)
Reserve Accumulation and Capital Flows: Theory and Evidence from Non-Advanced Economies
Ugarte, J.P. (2022)
Help in a Foreign Land: Internationalized Banks and Firms' Export
Brancati, E. (2022)
Capital account liberalization, financial dependence and technological innovation: Cross-country evidence
Wang, X. (2022)
Financial transparency and anomalous portfolio investment flows: A gravity analysis
Gullo, V. & P. Montalbano (2022)
Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows
Ahmed, R. & A. Rebucci (2022)
Emerging market bond flows and exchange rate returns
Hördahl, P. & G. Valente (2022)
Do emerging stock markets offer an illiquidity premium for local or global investors?
Butt, H.A., R. Demirer, M. Sadaqat & M.T. Suleman (2022)
Global Fund Flows and Emerging Market Tail Risk
Chari, A., K.D. Stedman & C. Lundblad (2022)
Stagflation and Topsy-Turvy Capital Flows
Bengui, J. & L. Coulibaly (2022)
The growing importance of investment funds in capital flows
Schmidt, R. & P. Yesin (2022)
The Elusive Link Between FDI and Economic Growth
Benetrix, A., H. Pallan & U. Panizza (2022)
A Theory of Gross and Net Capital Flows over the Global Financial Cycle | Published
Davis, J.S. & E. van Wincoop (2022/25)
Developing Countries' Policy Responses to Large Private Capital Inflows: Control or Liberalize?
Attia, S. & A. Ragab (2022)
Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege
Alquist, R., K.D. Stedman & R.J. Kahn (2022)
International Capital Flow Pressures and Global Factors
Goldberg, L. & S. Krogstrup (2022)
Illicit financial flows and developing countries: A review of methods and evidence
Brandt, K. (2023)
Output fluctuations and portfolio flows to emerging economies: The role of monetary uncertainty
Trung, N.B. (2023)
Tax revenue and mobile money in developing countries
Apeti, A.E. & E.D. Edoh (2023)
Measuring remittances
De Arcangelis, G., A. Fertig, Y. Liang, P. Srouji & D. Yang (2023)
Gold as International Reserves: A Barbarous Relic No More? | Published
Arslanalp, S., B.J. Eichengreen & C. Simpson-Bell (2022/23)
FDI and onshore job stability: Upgrades, downgrades, and separations in multinationals
Koerner, K., L. Borrs & J. Eppelsheimer (2023)
Foreign Banks, Liquidity Shocks, and Credit Stability
Belton, D., L. Gambacorta, S. Kokas & R. Minetti (2023)
Capital Account Liberalization, Financial Frictions, and Belief-Driven Fluctuations
Kunieda, T. & K. Nishimura (2023)
Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data
Eklou, K.M. & S. Foster (2023)
Derivative Margin Calls: A New Driver of MMF Flows
Ghio, M., L. Rousova, D. Salakhova & G.V. Bauer (2023)
Demographic change, national saving and international capital flows
Liu, W.L. (2023)
Profit Shifting, Returns on Foreign Direct Investments and Investment Income Imbalances
Vicard, V. (2023)
Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Chari, A. (2023)
Impact of cultural trade on foreign direct investment: Evidence from China
Li, C., C. Wang, L. Yang & B. Chu (2023)
A Theory of Net Capital Flows over the Global Financial Cycle
Davis, J.S. & E. Van Wincoop (2023)
Measuring Multinational Production with Foreign Direct Investment Statistics: Recent Trends, Challenges, and Developments
Casella, B., M. Borga & K. Wacker (2023)
Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
Das, M., G. Gopinath, T. Kim & J.C. Stein (2023)
China as an International Lender of Last Resort
Horn, S., B.C. Parks, C.M. Reinhart & C. Trebesch (2023)
Global Liquidity: Drivers, Volatility and Toolkits
Goldberg, L.S. (2023)
Consolidated Foreign Wealth of Nations: Nationality-based measures of international exposure
Sanchez Pacheco, A. (2023)
The Macroeconomic Effects of Portfolio Equity Inflows
Sander, N. (2023)
Recent advances in the literature on capital flow management
SURVEY PAPER
Beck, R., A. Brüggemann, C. Eijking, M. Eller, C. Marsilli, I. Moder, A. Naef, V.N. Landi, B. Scheubel, A. Theofilakou, G. Wesolowski, J.C. Berganza, R. Cezar, A. Fuentes, J.G. Alves, L. Kreitz, L.M. Sánchez & F. Hove (2023)
Do market, resource and knowledge distance impact inbound cross-border acquisition?
Raghavendra, C., T. Sharif, R. Mahesh, M.P. Yadav & M.Z. Abedin (2023)
Cross-border Spillovers: How US Financial Conditions affect M&As Around the World
Bergant, K., P. Mishra & R. Rajan (2023)
International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax
Keen, M., L. Liu & H. Pallan (2023)
International Reserve Accumulation: Balancing Private Inflows with Public Outflows
Han, B., D. Kim & Y. Yun (2023)
International capital flows, liquidity risk, and monetary policy
Harrison, A. & R.R. Reed (2023)
The gravity of syndication ties in international equity underwriting
Milsom, L., V. Pažitka, I. Roland & D. Wójcik (2023)
Global Capital Allocation
Florez-Orrego, S., M. Maggiori, J. Schreger, Z. Sun & S. Tinda (2023)
Portfolio capital flows before and after the Global Financial Crisis
Boonman, T.M. (2023)
Modeling the Reserve Demand to Facilitate Central Bank Operations
Chen, Z., N. Kourentzes & R.M. Veyrune (2023)
Multilevel determinants of FDI: A regional comparative analysis
Sarker, B. & J. Serieux (2023)
The Geography of Capital Allocation in the Euro Area
Beck, R., A. Coppola, A. Lewis, M. Maggiori, M. Schmitz & J. Schreger (2023)
Quantitative Easing and Safe Asset Scarcity: Evidence from International Bond Safety Premia
Christensen, J.H.E., N. Mirkov & X. Zhang (2023)
Cross-Border Bank Flows and Systemic Risk
Karolyi, G.A., J. Sedunov & A.G. Taboada (2023)
Capital Inflows and Income Inequality:Evidence from Panel VAR Approach
Yun, J. (2023)
The Cyclicality of Official Bilateral Lending: Which Cycle do Flows Follow?
Galindo, A., L. Avellán, T. Gómez & G. Lotti (2023)
Asymmetric effects of trade and FDI: The role of country size and bridge multinational production
Allub, L. & N. Aragon (2023)
Corporate Debt Structure with Home and International Currency Bias
Maggiori, M., B. Neiman & J. Schreger (2023)
Capital-flow volatility in emerging markets: A panel GARCH approach
Kaya, A.I. & L. Erden (2023)
Federal policy announcements and capital reallocation: Insights from inflow and outflow trends in the U.S.
Qiu, Y., T. Xie, W. Xie & X. Zheng (2023)
Gross capital inflows, the U.S. economy, and the response of the Federal Reserve
Harrison, A. & R.R. Reed (2023)
Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies
Bathia, D., R. Demirer, R. Ferrer & I.D. Raheem (2023)
What drives foreign real estate investment? A country-level panel analysis
Wang, R., A. Nanda & F. Valtonen (2023)
Partial ownership, financial constraint, and FDI
Ito, T., M. Ryan & A. Tanaka (2023)
International portfolio frictions
Du, W., A. Fontana, P. Jakubik, P.S.J. Koijen & H.S. Shin (2023)
The Theory of Reserve Accumulation, Revisited
Corsetti, G. & S.H. Maeng (2023)
Have drivers of portfolio capital flows changed since the Global Financial Crisis?
Boonman, T. (2023)
Capital flows and income inequality
Liu, Z., M.M. Spiegel & J. Zhang (2023)
Foreign direct investment, trade and economic development: An overview
Blanga-Gubbay, M. & S. Rubínová (2023)
Foreign institutional investors, monetary policy, and reaching for yield
Ahmed, A., B. Hofmann & M. Schmitz (2023)
Foreign direct investment, trade and economic development: An overview
Blanga-Gubbay, M. & S. Rubínová (2023)
Flight to climatic safety: local natural disasters and global portfolio flows
Ferriani, F., A. Gazzani & F. Natoli (2023)
Foreign Reserves & Global Objectives: How The UK's Idle FX Reserves Can Support Its Global Economic Objectives
Paduano, S. (2023)
What is real and what is not in the global FDI network?
Damgaard, J., T. Elkjaer & N. Johannesen (2024)
Consecutive decentralization: The effect of central bank independence on capital account liberalization
Lee, J.H. (2024)
Climate risks and FDI
Gu, G.W. & G. Hale (2024)
Fueling or Following Growth? Causal Effects of Capital Inflows on Recipient Economies
End, N. (2024)
In Search of the Origin of Original Sin Dissipation
Han, B., J. Lee & T. Oh (2024)
Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market
Li, Z., L.S. Shen & C. Zhang (2024)
Bilateral investment treaties and portfolio investment | Published
Eichler, S. & J.A. Nauerth (2024)
Outward foreign direct investment productivity along the belt and road
Zhang, Y., Y. Chen, R. Zhang, W. Tu & Y. Zhao (2024)
FDI and income inequality in tax-haven countries: The relevance of tax pressure
Soto, G., C.M. Jardon & X. Martinez-Cobas (2024)
Uncertainty or Frictions? A Quantitative Model of Scarce Safe Assets
Ilut, C.L., P. Krivenko & M. Schneider (2024)
The cyclicality of official bilateral lending: Which cycle do flows follow?
Avellán, L., A.J. Galindo, T. Gómez & G. Lotti (2024)
International Banking and Nonbank Financial Intermediation: Global Liquidity, Regulation, and Implications
Buch, C.M. & L.S. Goldberg (2024)
The Role of Domestic and Foreign Sentiment for Cross-Border Portfolio Flows
Birru, J. & M. Wynter (2024)
A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers
Cerutti, E.M., J. Chen & M. Hengge (2024)
Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies
Juhro, S.M., B.N. Iyke & P.K. Narayan (2024)
A Model of Gross Capital Flows: Risk Sharing and Financial Frictions
Lee, H. (2024)
Portfolio Flows and Household Portfolios | Published
Boddin, D., D.M. te Kaat, C. Ma & A. Rebucci (2024/5)
Bilateral Lucas Paradox
Morito, Y. & K. Ueda (2024)
FDI inflows and export quality: Domestic competition and within-firm adjustment
Liu, Q., L.D. Qiu & C. Zhan (2024)
Crypto as a Marketplace for Capital Flight
von Luckner, C.M.G., R. Koepke & S. Sgherri (2024)
Multi-Sector Bond Funds: New Evidence on Global and Domestic Drivers and Effectiveness of Capital Account Measures
Mercado Jr., R. & L. Sanfilippo (2024)
Capital flows to developing countries: Implications for monetary policy across the globe
Harrison, A. & R.R. Reed (2024)
The impact of policy uncertainty on foreign direct investment: Micro?evidence from Japan's international investment agreements
Inada, M. & N. Jinji (2024)
Bank ownership around the world
Panizza, U. (2024)
U.S. Liquid Government Liabilities and Emerging Market Capital Flows
Lee, A.S. & C. Engel (2024)
Physical vs Digital Currency: What's the Difference, Why it Matters
Amendola, N., L. Araujo & L. Ferraris (2024)
Macro-Financial Implications of the Surging Global Demand (and Supply) of International Reserves
Mendoza, E.G. & V. Quadrini (2024)
Navigating External Shocks: Capital Flow Responses and Policy Effectiveness in Turbulent Times
Han, W., H-S. Kim, S. Song & J. Kim (2024)
The Linder hypothesis for foreign direct investment revisited
Kim, D. & S. Steinbach (2024)
Role of Foreign Direct Investment as a Long-term Capital Flow Channel
Hirakata, N. & M. Katagiri (2024)
International investment income: patterns, drivers, and heterogeneous sensitivities
Donato, G. & C. Tille (2024)
Capital flows-at-risk: Push, pull and the role of policy
Eguren-Martin, F., C. O'Neill, A. Sokol & L. von dem Berge (2024)
Measuring multinational production with foreign direct investment statistics: A survey of challenges and recent developments
Wacker, K.M., B. Casella & M. Borga (2024)
Foreign institutional ownership and cross-border lending
Li, X. & Y. Lou (2024)
International investment income: Patterns, drivers, and heterogeneous sensitivities
Donato, G. & C. Tille (2024)
The Effects of Monetary Policy on Capital Flows: An Emerging Market Survey
SURVEY PAPER
Villamizar-Villegas, M., L. Arango-Lozano, G. Castelblanco, N. Fajardo-Baquero & M.A. Ruiz-Sanchez (2024)
Expectations, sentiments and capital flows to emerging market economies
Beckmann, J., T.M. Boonman & S. Schreiber (2024)
Safe Assets
Brunnermeier, M.K., S. Merkel & Y. Sannikov (2024)
Optimal management of international reserves
Kouotang, L-S.K., A.B. Ngoupeyou & H.N.F. Ngangue (2024)
International attractiveness of cities: The drivers of urban FDI
Bono, P-H., Q. David & R. Desbordes (2024)
Automatic for the (tax) people: information sharing and cross-border investment in tax havens
Bénétrix, A., L. Emter & M. Schmitz (2024)
The Global Network of Liquidity Lines
Bahaj, S., M. Fuchs & R. Reis (2024)
Optimum Level of Currency Reserves: Investigation and Forecasting of Indian Rupee Using ARIMA Model
Deepak, J.P.L., Y.R. Subramanian, J.J. Lalitha & K. Vidhya (2024)
Climate policy and international capital reallocation
Fourné, M. & X. Li (2024)
Currency compositions of international reserves - recent developments
Laser, F.H., A. Mihailov & J. Weidner (2024)
India's Foreign Reserves and Global Risk
Ghate, C., K. Kletzer & M. Yadav (2024)
Financial, institutional, and macroeconomic determinants of cross-country portfolio equity flows: The case of developed countries
Afonso, A., J. Alves, K. Beck & K. Jackson (2024)
New Evidence on the US Excess Return on Foreign Portfolios
Bertaut, C.C., S.E. Curcuru, E. Faia & P-O. Gourinchas (2024)
Remittances in Times of Uncertainty: Understanding the Dynamics and Implications
Imam, P.A., K.R. Kpodar, D.K. Oloufade & V. Gammadigbe (2024)
Cryptocurrencies and Capital Flows: Evidence from El Salvador's Adoption of Bitcoin
Goldbach, S. & V. Nitsch (2024)
China as a Provider of International Climate Finance
Cichocka, B. & I. Mitchell (2024)
Institutional differences, state ownership and financing decisions: Evidence from Chinese cross?border mergers and acquisitions
Xie, S. & M.F. Bashir (2024)
How does fiscal policy affect the transmission of monetary policy into cross-border bank lending? Cross-country evidence
Pradhan, S-K., E. Takats & J. Temesvary (2024)
On Cross-Border Crypto Flows: Measurement Drivers and Policy Implications
Cardozo, P., A. Fernández, J. Jiang & F.D. Rojas (2024)
Looking behind the facade of the Feldstein-Horioka puzzle
Acedanski, J. & M.A. Dabrowski (2024)
International Money Transfers; Paradoxes and the Balance-of-Payments
Brakman, S. & C. van Marrewijk (2024)
Beyond the Fundamentals: How Media-Driven Narratives Influence Cross-Border Capital Flows
Agarwal, I., W. Chen & E.S. Prasad (2025)
The role of FDI along transitional dynamics of the host country in an endogenous growth model
Pham, N-S. & T.T. Nguyen-Huu (2025)
How bilateral investment treaties affect cross-border mergers and acquisitions: Novel evidence from China's internationalization
Han, Y., H. Cheng & H. Wang (2025)
Banking complexity in the global economy
Minetti, R., G. Romanini & O. Ziv (2025)
Capital flows: The role of investment fund portfolio managers
Bush, G. & C. Cañón (2025)
Compass guided: Northbound capital flow and investment clustering in China
An, Y., Z. Chen, C.M.Y. Liu, Q. Liu & C. Wang (2025)
The implications of CIP deviations for international capital flows
Kubitza, C., J-D. Sigaux & Q. Vandeweyer (2025)
Toward a Theory of International Currency
Matsuyama, K., N. Kiyotaki & A. Matsui (1993)
Abstract: Our goal is to provide a theoretical framework in which both positive and negative aspects of international currency can be addressed in a systematic way. To this end, we use the framework of random matching games and develop a two country model of the world economy, in which two national fiat currencies compete and may be circulated as media of exchange. There are multiple equilibrium which differ in the areas of circulation of the two currencies. In one equilibrium, the two national currencies are circulated only locally. In another, one of the national currencies is circulated as an international currency. There is also an equilibrium in which both currencies are accepted internationally. We also find an equilibrium in which the two currencies are directly exchanged. The existence conditions of these equilibria are characterized, using the relative country size and the degree of economic integration as the key parameters. In order to generate sharper predictions in he presence of multiple equilibria, we discuss an evolutionary approach to equilibrium selection, which is used to explain the evolution of the international currency as the two economies become more integrated. Some welfare implications are also discussed. For example, a country can improve its national welfare by letting its own currency circulated internationally, provided the domestic circulation is controlled for. When the total supply is fixed, however, a resulting currency shortage may reduce the national welfare.
Currency Exchange in a Random Search Model
Zhou, R. (1997)
Abstract: This paper investigates foreign exchange trading, a phenomenon that typically accompanies international trade. A search-theoretic general equilibrium approach is adopted to study a two-country, two-currency model. For some parameter values of the model, there exist some pure-strategy equilibria in which commodity-currency trade is conducted primarily through local currency and in which there is active currency-currency exchange. The coexistence of valued foreign currency and its local non-acceptability conforms largely with the country-specific cash-in-advance constraint that is often assumed exogenously in international finance literature.
Transactions costs and vehicle currencies
Black, S.W. (1991)
Abstract: Using a simple model of transactions costs in the interbank foreign exchange market and a model of vehicle currency use, the interaction between transactions costs and vehicle currency use is explored. The impact of volume on bid–ask spreads is estimated from cross-section time series data on seven currencies. Data on transactions costs and the currency denomination of trade and capital transactions are used to estimate changes in the attractiveness of using the US dollar as a vehicle between 1980 and 1987. The data suggest a modest reduction in the attractiveness and use of the dollar as a vehicle.
International Trade and Currency Exchange
Rey, H. (2002)
Abstract: On the international scene, away from national legal rules, the use of different currencies is largely due to the operation of the "Invisible Hand". The paper develops a three-country model of the world economy. This links real trade patterns with currency exchange structures in a general equilibrium framework which includes transaction costs on foreign exchange markets. In the presence of strategic complementarities, there are multiple equilibrium structures of currency exchange for a given underlying real trade pattern. The existence conditions of these different equilibria are characterized, using the trade links between countries as the key parameters. Finally, repercussions on world output of the choice of a currency exchange structure are analysed.
An Information Approach to International Currencies | Published
Lyons, R.K. & M.J. Moore (2005/09)
Vehicle Currency Use in International Trade | Alternative | Published
Goldberg, L.S. & C. Tille (2005/08)
Sterling's Past, Dollar's Future: Historical Perspective on Reserve Currency Competition
Eichengreen, B. (2005)
State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions
Michener, R.W. & R.E. Wright (2005)
Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency
Chinn, M. & J. Frankel (2005)
A Theory of International Currency and Seigniorage Competition | Published
Li, Y. & A. Matsui (2005/09)
The Ties that Divide: A Network Analysis of the International Monetary System
Flandreau, M. & C. Jobst (2005)
The Empirics of International Currencies: Historical Evidence | Published
Flandreau, M. & C. Jobst (2006/09)
Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
Papaioannou, E., R. Portes & G. Siourounis (2006)
The International Role of the Dollar and Trade Balance Adjustment
Goldberg, L.S. & C. Tille (2006)
Money and capital as competing media of exchange
Lagos, R. & G. Rocheteau (2006)
Inflation and dollarization in a dual-currency search-theoretic model
Chang, S.S. (2006)
On the Welfare Benefits of an International Currency | Published
Kannan, P. (2007/09)
Float on a note
Wallace, N. & T. Zhu (2007)
The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?
Galati, G. & P.D. Wooldridge (2007)
Currency Preferences in a Tri-Polar Model of Foreign Exchange
Melecky, M. (2007)
Asymmetric government transaction policies and currencies substitutability
Marchesiani, A. & P. Senesi (2007)
The growing role of the euro in emerging market finance
Masson, P.R. (2007)
International Money and Finance
Hallwood, P. & R. MacDonald (2008)
Macroeconomic Interdependence and the International Role of the Dollar | Published
Goldberg, L.S. & C. Tille (2008/09)
Vehicle Currency | Published
Devereux, M.B. & S. Shi (2008/13)
Abstract: While in principle, international payments could be carried out using any currency or set of currencies, in practice, the US dollar is predominant in international trade and financial flows. The dollar acts as a `vehicle currency' in the sense that agents in non-dollar economies will generally engage in currency trade indirectly using the US dollar rather than using direct bilateral trade among their own currencies. Indirect trade is desirable when there are transactions costs of exchange. This paper constructs a dynamic general equilibrium model of a vehicle currency. We explore the nature of the efficiency gains arising from a vehicle currency, and show how this depends on the total number of currencies in existence, the size of the vehicle currency economy, and the monetary policy followed by the vehicle currency's government. We find that there can be very large welfare gains to a vehicle currency in a system of many independent currencies. But these gains are asymmetrically weighted towards the residents of the vehicle currency country. The survival of a vehicle currency places natural limits on the monetary policy of the vehicle country.
The Macroeconomic Implications of a Key Currency
Canzoneri, M., R.E. Cumby, B. Diba & D. Lopez-Salido (2008)
Currencies, competition, and clans
Kocenda, E., J. Hanousek & D. Engelmann (2008)
Foreign-currency bonds - currency choice and the role of uncovered and covered interest parity
Habib, M.M. & M. Joy (2008)
Liquidity Premium and International DSeigniorage Payments
Eden, B. (2009)
Why the Euro Will Rival the Dollar
Chinn, M. & J. Frankel (2008)
Abstract: The euro has arisen as a credible eventual competitor to the dollar as leading international currency, much as the dollar rose to challenge the pound 70 years ago. This paper uses econometrically-estimated determinants of the shares of major currencies in the reserve holdings of the world's central banks. Significant factors include: size of the home country, rate of return, and liquidity in the relevant home financial center (as measured by the turnover in its foreign exchange market). There is a tipping phenomenon, but changes are felt only with a long lag (we estimate a weight on the preceding year's currency share around .9). The equation correctly predicts out-of-sample a (small) narrowing in the gap between the dollar and euro over the period 1999-2007. This paper updates calculations regarding possible scenarios for the future. We exclude the scenario where the United Kingdom joins euroland. But we do take into account of the fact that London has nonetheless become the de facto financial center of the euro, more so than Frankfurt. We also assume that the dollar continues in the future to depreciate at the trend rate that it has shown on average over the last 20 years. The conclusion is that the euro may surpass the dollar as leading international reserve currency as early as 2015.
Monetary Geography Before the Industrial Revolution
Flandreau, M., C. Galimard, C. Jobst & M.D.P. Nogués Marco (2009)
One or Two Monies? | Published
Hua, J.J. & D. Mei (2009/10)
Secondary currency: An empirical analysis
Colacelli, M. & D.J.H. Blackburn (2009)
Crash Risk in Currency Markets
Farhi, E., S.P. Fraiberger, X. Gabaix, R. Ranciere & A. Verdelhan (2009)
The Euro at Ten: The Next Global Currency?
Pisani-Ferry, J. & A.S. Posen (editors) (2009)
Abstract: Over the first ten years of its existence, the euro has proved to be more than a powerful symbol of collective identity.It has provided price stability to previously inflation-prone countries; it has offered a shelter against currency crises; and it has by and large been conducive to budgetary discipline. The eurozone has attracted five new members in addition to the initial eleven, and many countries in Europe wish to adopt it. The euro has also been successful internationally. Even though research presented in this volume confirms that it has not rivaled the dollar's world currency status, it has certainly become a strong regional currency in Europe and the Mediterranean region. Some countries in the region have de facto adopted it, several peg to it, and many have become at least partially euroized. However, the euro's impressive first decade is likely to be followed by a much more difficult period. The present financial crisis is posing at least two important challenges: real economic adjustment within the euro area and maintenance of fiscal and financial stability without a central government authority capable of taking appropriate financial and fiscal decisions in difficult times. The papers and remarks in this volume demonstrate that the euro has proved to be attractive as a fair weather currency for countries and investors well beyond its borders. But it remains to be seen whether it is equipped to also succeed as a stormy weather currency.
Global roles of currencies
Thimann, C. (2009)
Currency Internationalisation: Analytical and Policy Issues
Genberg, H. (2009)
Will the Dollar be Dethroned as the Main Reserve Currency?
Carbaugh, R.J. & D.W. Hedrick (2009)
Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
Schmitt-Grohé, S. & M. Uribe (2009)
Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency
Pope, R., R. Selten, S. Kube & J. von Hagen (2009)
The hysteresis of currency substitution: Currency risk vs. network externalities
Valev, N.T. (2010)
Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues
He, D. & R.N. McCauley (2010)
The euro as a reserve currency for global investors
Viceira, L.M. & R. Gimeno (2010)
Choice of Collateral Currency
Fujii, M. & A. Takahashi (2010)
The renminbi as an international currency
Eichengreen, B. (2011)
Beyond the dollar
Kenen, P.B. (2011)
The future tri-polar international monetary system
Salvatore, D. (2011)
Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition
Subramanian, A. (2011)
International Transmission of Monetary Shocks and the Non-Neutrality of International Money | Published
Cheng, W. & D. Zhang (2011/12)
Monetary Policy under Leviathan Currency Competition
Waknis, P. (2011)
China's Dominance Hypothesis and the Emergence of a Multi-Currency System | Published
Fratzscher, M. & A. Mehl (2011/14)
The international role of the dollar: Does it matter if this changes?
Goldberg, L. (2011)
RMB Internationalization: Onshore/Offshore Links
Maziad, S. & J.S. Kang (2012)
When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets | Published
Chitu, L., B. Eichengreen & A.J. Mehl (2012/13)
The Dollar and its Discontents
Jeanne, O. (2012)
Currency substitution, inflation, and welfare
Özbilgin, H.M. (2012)
The Dollar Shortage in Global Banking and the International Policy Response
McGuire, P. & G. von Peter (2012)
The Renminbi Bloc Is Here: Asia Down, Rest of the World to Go?
Subramanian, A. & M. Kessler (2012)
A driver currency hypothesis
Wang, P.J. (2012)
An Information-Based Theory of International Currency | Published
Zhang, C. (2013/144)
Gauging the Safehavenness of Currencies
Wong, A. & T. Fong (2013)
The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
Botman, D.P.J., I.E. Carvalho Filho & R.W. Lam (2013)
Will the Renminbi Emerge as an International Reserve Currency?
Lee, J-W. (2014)
E-Money: Efficiency, Stability and Optimal Policy
Chiu, J. & T-N. Wong (2014)
Foreign exchange reserve diversification and the "exorbitant privilege"
Cova, P., P. Pagano & M. Pisani (2014)
The impact of yuan internationalization on the euro-dollar exchange rate
Bénassy-Quéré, A. & Y. Forouheshfar (2014)
Network Effects in Currency Internationalisation: Insights from BIS Triennial Surveys and Implications for the Renminbi
He, D. & X. Yu (2014)
Stability or Upheaval? The Currency Composition of International Reserves in the Long Run
Eichengreen, B., C. Livia & A. Mehl (2014)
Redback Rising: China's Bilateral Swap Agreements and Renminbi Internationalization
Liao, S. & D. McDowell (2014)
The euro as an international currency
Bénassy-Quéré, A. (2015)
A Model of the Reserve Asset
He, Z., A. Krishnamurthy & K. Milbradt (2015)
The geographic distribution of international currencies and RMB internationalization
He, Q., I. Korhonen, J. Guo & F. Liu (2015)
RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency?
Eichengreen, B. & D. Lombardi (2015)
Carry funding and safe haven currencies: A threshold regression approach
Hossfeld, O. & R. MacDonald (2015)
Currency composition of reserves, trade invoicing and currency movements
Ito, H., R.N. Mccauley & T. Chan (2015)
Can Currency Competition Work?
Fernandez-Villaverde, J. & D. Sanches (2016)
Inertia of the U.S. Dollar as a Key Currency through the Two Crises
Ogawa, E. & M. Muto (2016)
Determining global currency bloc equilibria: An empirical strategy based on estimates of anchor currency choice
Fischer. C. (2016)
The Currency Composition of Sovereign Debt | Published
Perez, D. & P. Ottonello (2016/19)
Yen internationalization and Japan's international reserves
Zhang, Z., A.J. Makin & Q. Bai (2016)
Intra-safe haven currency behavior during the global financial crisis
Fatum, R. & Y. Yamamoto (2016)
A New Financial Order in Asia: Will a RMB bloc emerge? | Published
Ito, T. (2016/17)
Trade invoicing in major currencies in the 1970s-1990s: Lessons for renminbi internationalization
Ito, H. & M. Kawai (2016)
The internationalisation of the RMB: New starts, jumps and tipping points
Batten, J.A. & P.G. Szilagyi (2016)
Who Are the First Users of a Newly-Emerging International Currency? A Demand-Side Study of Chinese Renminbi Internationalization
Chey, H-K., G-Y. Kim & D.H. Lee (2016)
Dynamic information spillovers in intraregionally-focused spot and forward currency markets
Wang, X., J-H. Yang, K-L. Wang & C. Fawson (2017)
Pulling up the tarnished anchor: The end of silver as a global unit of account
Fernholz, R.T., K.J. Mitchener & M. Weidenmier (2017)
The Currency Composition of International Portfolio Assets | Published
Galstyan, V., C. Mehigan & R. Mercado (2017/20)
Safe-haven currency: An empirical identification
Lee, K-S. (2017)
Do domestic bond markets participation help reduce financial dollarization in developing countries?
Balima, W.H. (2017)
Stocks and bonds during the gold standard
Le Bris, D. & A. Rezaee (2017)
Is the Renminbi a safe haven?
Fatum, R., Y. Yamamoto & G. Zhu (2017)
Reserve Currency Blocs: A Changing International Monetary System?
Tovar Mora, C.E. & T.M. Nor (2018)
A new look at Cryptocurrencies
Phillip, A., J.S.K. Chan & S. Peiris (2018)
Monetary Policy and Models of Currency Demand
El Hamiani Khatat, M. (2018)
Exploring the dynamic relationships between cryptocurrencies and other financial assets
Corbet, S., A. Meegan, C. Larkin, B. Lucey & L. Yarovaya (2018)
Internationalisation of the Rupee
Kumar, S.H. & I. Patnaik (2018)
Why Are More Sovereigns Issuing in Euros? Choosing between USD and EUR-Denominated Bonds
Velandia, A. & R. Cabral (2018)
Banking, Trade, and the making of a Dominant Currency | Published
Gopinath, G. & J.C. Stein (2018/21)
Rule of law and balance of power sustain US dollar preeminence
Seghezza, E. & P. Morelli (2018)
Debauchery and Original Sin: The Currency Composition of Sovereign Debt | Published
Engel, C. & J. Park (2018/22)
International Currencies and Capital Allocation | Published
Maggiori, M., B. Neiman & J. Schreger (2018/20)
Exchange rate regimes and the international transmission of business cycles: Capital account openness matters
Kim, K. & J.H. Pyun (2018)
Risks and Returns of Cryptocurrency | Published
Liu, Y. & A. Tsyvinski (2018/21)
Commodity and Token Monies
Sargent, T.J. (2018)
The relevance of currency-denomination for the cross-border effects of monetary policy
Argimón, I. (2018)
Crypto-Currencies: An Introduction to Not-So-Funny Moneys
SURVEY PAPER
Smith, C. & A. Kumar (2018)
An Equilibrium Model of the International Price System | Published
Mukhin, D. (2018/22)
International Medium of Exchange: Privilege and Duty
Chahrour, R. & R. Valchev (2018)
Competing currencies in the laboratory
Jiang, J.H. & C. Zhang (2018)
Can cryptocurrencies fulfil the functions of money?
Ammous, S. (2018)
The Rise of the Dollar and Fall of the Euro as International Currencies
Maggiori, M., B. Neiman & J. Schreger (2018)
Dominant currencies: How firms choose currency invoicing and why it matters | Alternative | Published
Amiti, M., O. Itskhoki & J. Konings (2018/20/22)
A key currency view of global imbalances | Published
McCauley, R.N. & H. Ito (2018/19)
China vs. U.S.: IMS Meets IPS
Farhi, E. & M. Maggiori (2019)
Cash Use Across Countries and the Demand for Central Bank Digital Currency
Khiaonarong, T. & D. Humphrey (2019)
Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB
Lu, Y. & Y. Wang (2019)
The road to currency internationalization: Global perspectives and chinese experience
Liu, T., X. Wang & W.T. Woo (2019)
The effect of inflation targeting and financial openness on currency composition of sovereign international debt
Ogrokhina, O. & C.M. Rodriguez (2019)
Central Bank Digital Currency and Financial Stability
Kim, Y.S. & O. Kwon (2019)
The Blockchain Folk Theorem
Biais, B., C. Bisière, M. Bouvard & C. Casamatta (2019)
The International Monetary and Financial System
Gourinchas, P-O., H. Rey & M. Sauzet (2019)
On the benefits of currency reform
Krishna, R.V. & O. Leukhina (2019)
Dollar Safety and the Global Financial Cycle | Published
Jiang, Z., A. Krishnamurthy & H. Lustig (2019/24)
The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets | Published
Aizenman, J., Y-W. Cheung & X. Qian (2019/20)
Trading and arbitrage in cryptocurrency markets | Published
Makarov, I. & A. Schoar (2019/20)
The Regulation of Private Money
Gorton, G.B. (2019)
Vehicle Currency Pricing and Exchange Rate Pass-Through | Published
Chen, N., W. Chung & D. Novy (2019/22)
Dominant currency debt
Eren, E. & S. Malamud (2019)
Trade, finance and international currency
Liu, T., D. Lu & W.T. Woo (2019)
Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply
Gronwald, M. (2019)
Volatility in the Cryptocurrency Market
Serletis, A. & J. Liu (2019)
Cryptocurrencies, Currency Competition, and the Impossible Trinity | Published
Benigno, P., L.M. Schilling & H. Uhlig (2019/22)
Dominant-currency pricing and the global output spillovers from US dollar appreciation | Published
Georgiadis, G. & B. Schumann (2019/21)
How Do Private Digital Currencies Affect Government Policy?
Raskin, M., F. Saleh & D. Yermack (2019)
The Emergence of Money: A Dynamic Analysis
Iacopetta, M. (2019)
From Cash to Central Bank Digital Currencies and Cryptocurrencies: a balancing act between modernity and monetary stability
Belke, A. & E. Beretta (2019)
Introducing dominant-currency pricing in the ECB's global macroeconomic model
Georgiadis, G. & S. Mösle (2019)
Secondary currency acceptance: Experimental evidence with a dual currency search model
Rietz, J. (2019)
Information demand and cryptocurrency market activity
Katsiampa, P., K. Moutsianas & A. Urquhart (2019)
Central Bank Digital Currency: Welfare and Policy Implications | Published
Williamson, S. (2019/22)
A New Economic Framework: A DSGE Model with Cryptocurrency
Asimakopoulos, S., M. Lorusso & F. Ravazzolo (2019)
Redeemable Platform Currencies
You, Y. & K.S. Rogoff (2019)
Designing Central Bank Digital Currencies | Published
Agur, I., A. Ari & G. Dell'Ariccia (2019/22)
Money Creation in Fiat and Digital Currency Systems
Gross, M. & C. Siebenbrunner (2019)
An exorbitant privilege in the first age of international financial integration?
van Hombeeck, C.E. (2019)
The Worst of Both Worlds: Fiscal Policy and Fixed Exchange Rates
Born, B., F. D'Ascanio, G. Müller & J. Pfeifer (2019)
Private Bank Money vs Central Bank Money: A Historical Lesson for CBDC Introduction | Published
Grodecka-Messi, A. & X. Zhang (2019/23)
The currency composition of foreign exchange reserves | Published
Ito, H. & R.N McCauley (2019/20)
Towards a cashless economy: Economic and socio-political implications
Cohen, N., A. Rubinchik & L. Shami (2020)
Central Bank Digital Currency: Central Banking For All? | Published
Fernández-Villaverde, J., D. Sanches, L. Schilling & H. Uhlig (2020/21)
Why Is the Euro Punching Below Its Weight? | Published
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2020/21)
A Model of Cryptocurrencies
Sockin, M. & W. Xiong (2020)
Clamoring for greenbacks: Explaining the resurgence of the U.S. dollar in international debt
Ito, H. & C.M. Rodriguez (2020)
Safehavenness of the Chinese renminbi
Fong, T.P.W. & A.Y.T. Wong (2020)
Private money creation with safe assets and term premia
Infante, S. (2020)
Currency compositions of international reserves and the euro crisis
Laser, F.H. & J. Weidner (2020)
What Keeps Stablecoins Stable?
Lyons, R.K. & G. Viswanath-Natraj (2020)
Volatility forecasting accuracy for Bitcoin
Köchling, G., P. Schmidtke & P.N. Posch (2020)
Bubble regime identification in an attention-based model for Bitcoin and Ethereum price dynamics
Cretarola, A. & G. Figà-Talamanca (2020)
What drives Bitcoin's price crash risk?
Kalyvas, A., P. Papakyriakou, A. Sakkas & A. Urquhart (2020)
Fractal dynamics and wavelet analysis: Deep volatility and return properties of Bitcoin, Ethereum and Ripple
Celeste, V., S. Corbet & C. Gurdgiev (2020)
Do Bitcoin and other cryptocurrencies jump together?
Bouri, E., D. Roubaud & S.J.H. Shahzad (2020)
The origins of the Asia dollar market 1968-1986: regulatory competition and complementarity in Singapore and Hong Kong
Schenk, C.R. (2020)
Bitcoin: Speculative asset or innovative technology?
Lee, A.D., M. Li & H. Zheng (2020)
Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
Allen, S., S. Capkun, I. Eyal, G. Fanti, B.A. Ford, J. Grimmelmann, A. Juels, K. Kostiainen, S. Meiklejohn, A. Miller, E. Prasad, K. Wüst & F. Zhang (2020)
Dominant Currencies and External Adjustment
Adler, G., C. Casas, L.M. Cubeddu, G. Gopinath, N. Li, S. Meleshchuk, C.O. Buitron, D. Puy & Y. Timmer (2020)
Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic
Corbet, S., Y. Hou, Y. Hu, C. Larkin & L. Oxley (2020)
Is bitcoin money? And what that means
Hazlett, P.K. & W.J. Luther (2020)
Bitcoin, gold, and commodities as safe havens for stocks: New insight through wavelet analysis
Bouri, E., S.J.H. Shahzad, D. Roubaud, L. Kristoufek & B. Lucey (2020)
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales
Howell, S.T., M. Niessner & D. Yermack (2020)
Bitcoin: An Axiomatic Approach and an Impossibility Theorem
Leshno, J.D. & P. Strack (2020)
Legal restrictions and international currencies: An experimental approach
Ding, S. & D. Puzzello (2020)
Patterns in invoicing currency in global trade | Published
Georgiadis, G., H. Le Mezo, A. Mehl, Arnaud, C. Casas, E. Boz, T. Nguyen & G. Gopinath (2020/22)
Central bank digital currency in an open economy | Published
Ferrari, M.M., A. Mehl & L. Stracca (2020/22)
Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics
Niepelt, D. (2020)
Designing a global digital currency
Balvers, R.J. & B. McDonald (2021)
Parallel Digital Currencies and Sticky Prices
Uhlig, H. & T. Xie (2021)
Young children use commodities as an indirect medium of exchange
Brocas, I. & J.D. Carrillo (2021)
Returns and volume: Frequency connectedness in cryptocurrency markets?
Fousekis, P. & D. Tzaferi (2021)
The golden hedge: From global financial crisis to global pandemic
Burdekin, R.C.K. & R. Tao (2021)
Are cryptocurrencies becoming more interconnected?
Aslanidis, N., A.F. Bariviera & A. Perez-Laborda (2021)
The tail behavior of safe haven currencies: A cross-quantilogram analysis
Cho, D. & H. Han (2021)
How to measure the liquidity of cryptocurrency markets?
Brauneis, A., R. Mestel, R. Riordan & E. Theissen (2021)
International Trade and the Currency Composition of Corporate Debt
Yang, J., O. Kwon & J-W. Roh (2021)
On the monetary exchange with multiple equilibrium money holdings distributions: An experimental approach
Kamiya, K., H. Kobayashi, T. Shichijo & T. Shimizu (2021)
Is the renminbi a safe-haven currency? Evidence from conditional coskewness and cokurtosis
Cheng, X., H. Chen & Y. Zhou (2021)
Assessing the Impact of Central Bank Digital Currency on Private Banks
Andolfatto, D. (2021)
Dominant Currency Dynamics: Evidence on Dollar-Invoicing from UK Exporters
Crowley, M., L. Han & M. Son (2021)
Is the COVID-19 crisis an opportunity to boost the euro as a global currency?
Claeys, G. & G.B. Wolff (2021)
Quantile connectedness in the cryptocurrency market
Bouri, E., T. Saeed, X.V. Vo & D. Roubaud (2021)
Flight to quality - Gold mining shares versus gold bullion
Baur, D.G., P. Prange & K. Schweikert (2021)
The market for bitcoin transactions
Tsang, K.P. & Z. Yang (2021)
Speculation and lottery-like demand in cryptocurrency markets
Grobys, K. & J. Junttila (2021)
Where Do We Stand in Cryptocurrencies Economic Research? A Survey Based on Hybrid Analysis
SURVEY PAPER
Bariviera, A.F. & I. Merediz-Solà (2021)
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
Lowe, D. & M. Malloy (2021)
Retaliation in Bitcoin networks
Lepomäki, L., J. Kanniainen & H. Hansen (2021)
Inflation and Bitcoin: A descriptive time-series analysis
Blau, B.M., T.G. Griffith & R.J. Whitby (2021)
Features of overreactions in the cryptocurrency market
Borgards, O. & R.L. Czudaj (2021)
On the dynamic equicorrelations in cryptocurrency market
Demiralay, S. & P. Golitsis (2021)
Nothing but noise? Price discovery across cryptocurrency exchanges
Dimpfl, T. & F.J. Peter (2021)
Jumpstarting an International Currency
Bahaj, S. & R. Reis (2021)
On the welfare effects of phasing out paper currency
Garín, J., W.D. Lastrapes & R. Lester (2021)
Currency substitution in the shadow economy: International panel evidence using local Bitcoin trade volume
Marmora, P. (2021)
Monetary theory reversed: Virtual currency issuance and the inflation tax
Marchiori, L. (2021)
Fundamentals vs. policies: can the US dollar's dominance in global trade be dented?
Georgiadis, G., H. Le Mezo, A. Mehl & C. Tille (2021)
Investing during a Fintech Revolution: Ambiguity and return risk in cryptocurrencies
Luo, D., T. Mishra, L. Yarovaya & Z. Zhang (2021)
Equilibrium Model of the Market for Bitcoin Mining
Prat, J. & B. Walter (2021)
Cryptocurrencies and Cagan's model of hyperinflation
Jermann, U.J. (2021)
Do investor sentiments drive cryptocurrency prices?
Akyildirim, E., A.F. Aysan, O. Cepni & S.P.C. Darendeli (2021)
A singular value decomposition approach for testing the efficiency of Bitcoin and Ethereum markets
Alvarez-Ramirez, J. & E. Rodriguez (2021)
Inflation and cryptocurrencies revisited: A time-scale analysis
Conlon, T., S. Corbet & R.J. McGee (2021)
Long and short-term impacts of regulation in the cryptocurrency market
Chokor, A. & E. Alfieri (2021)
COVID-19 pandemic and the safe haven property of Bitcoin
Raheem, I.D. (2021)
Do Central Banks Rebalance Their Currency Shares? | Published
Chinn, M.D., H. Ito & R.N. McCauley (2021/22)
Dominant currencies and the export supply channel
Frohm, E. (2021)
Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations
Ehrmann, M. (2021)
The rise of a new anchor currency in RCEP? A tale of three currencies
Guo, D. & P. Zhou (2021)
Downside risk and the cross-section of cryptocurrency returns
Zhang, W., Y. Li, X. Xiong & P. Wang (2021)
The euro in the world
Hudecz, G., E. Moshammer, A. Raabe & G. Cheng (2021)
Central Bank Digital Currencies and The Emerging Markets: The Currency Substitution Challenge
Edwards, S. (2021)
Dominant Currency Paradigm: A Review
SURVEY PAPER
Gopinath, G. & O. Itskhoki (2021)
Volatility and return spillovers between stock markets and cryptocurrencies
Uzonwanne, G. (2021)
Cryptocurrency in context of fiat money functions
Levulyte, L. & A. Sapkauskiene (2021)
Hedge and safe haven properties during COVID-19: Evidence from Bitcoin and gold
Chemkha, R., A. BenSaïda, A. Ghorbel & T. Tayachi (2021)
The Bitcoin: to be or not to be a Real Currency?
Janson, N. & B. Karoubi (2021)
Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges
Eichengreen, B. & G. Viswanath-Natraj (2021)
Should Central Banks Issue Digital Currency?
Keister, T. & D.R. Sanches (2021)
Do volatility indices diminish gold's appeal as a safe haven to investors before and during the COVID-19 pandemic?
Tanin, T.I., A. Sarker, S. Hammoudeh & M. Shahbaz (2021)
The Fed's International Dollar Liquidity Facilities: New Evidence on Effects
Goldberg, L.S. & F. Ravazzolo (2021)
Volatility models for cryptocurrencies and applications in the options market
Chi, Y. & W. Hao (2021)
Dollar Not So Dominant: Dollar Invoicing Has Only a Small Effect on Trade Prices | Published
Gagnon, J.E. & M. Sarsenbayev (2021/23)
A Model To Think About Crypto-Assets and Central Bank Digital Currency
Seoane, H.D. (2021)
Cryptocurrencies and the Future of Money
Grasselli, M.R. & A. Lipton (2021)
An unintended consequence of holding dollar assets
Czech, R., S. Huang, D. Lou & T. Wang (2021)
China's Transition to a Digital Currency: Does It Threaten Dollarization?
Aysan, A.F. & N. Farrukh (2021)
Monetary Policy Strategy in the Presence of Central Bank Digital Currency
Syarifuddin, F. & T. Bakhtiar (2021)
Decentralizing Money: Bitcoin Prices and Blockchain Security
Pagnotta, E.S. (2022)
Global risk and the dollar | Published
Georgiadis, G., G.J. Müller & B. Schumann (2021/24)
Falling Use of Cash and Demand for Retail Central Bank Digital Currency
Khiaonarong, T. & D. Humphrey (2022)
Is there a value premium in cryptoasset markets?
Liebi, L.J. (2022)
Forecasting macroeconomic effects of stablecoin adoption: A Bayesian approach
Bojaj, M.M., M. Muhadinovic, A. Bracanovic, A. Mihailovic, M. Radulovic, I. Jolicic, I. Milosevic & V. Milacic (2022)
Making Money
Gorton, G.B., C.P. Ross & S.Y. Ross (2022)
International Pecking Order
Eren, E., S. Malamud & H. Zhou (2022)
Retail CBDC purposes and risk transfers to the central bank
Baeriswyl, R., S. Reynard & A. Swoboda (2022)
The real effects of invoicing exports in dollars
Berthou, A., G. Horny & J-S. Mésonnier (2022)
The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies | Published
Arslanalp, S., B.J. Eichengreen & C. Simpson-Bell (2022)
US Sanctions Reinforce the Dollar's Dominance
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2022)
Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador
Alvarez, F.E., D. Argente & D. Van Patten (2022)
The Coming Battle of Digital Currencies
Cong, L.W. & S. Mayer (2022)
Internationalizing Like China | Published
Clayton, C., A.D. Santos, M. Maggiori & J. Schreger (2022/25)
Central bank digital currency with heterogeneous bank deposits
Nyffenegger, R. (2022)
Digital Money and Central Bank Operations
Kahn, C.M., M. Singh & J. Alwazir (2022)
Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility
Popescu, A. (2022)
Crypto-assets, corruption, and capital controls: Cross-country correlations
Alnasaa, M., N. Gueorguiev, J. Honda, E. Imamoglu, P. Mauro, K. Primus & D. Rozhkov (2022)
Central bank digital currency can lead to the collapse of cryptocurrency
Ozili, P.K. (2022)
Central bank digital currency research around the World: a review of literature
SURVEY PAPER
Ozili, P.K. (2022)
Stablecoins: Growth Potential and Impact on Banking
Caramichael, J. & G.Y. Liao (2022)
Real Effects of Stabilizing Private Money Creation
Xu, C. & H. Yang (2022)
Exorbitant Privilege Gained and Lost: Fiscal Implications
Chen, Z., Z. Jiang, H. Lustig, S. Van Nieuwerburgh & M.Z. Xiaolan (2022)
Central Bank Digital Currency: What Basis Should be Taken for Crypto Assets?
Pinshi, C.P. (2022)
Security Considerations for a Central Bank Digital Currency
Delak, K. & T. Hansen (2022)
The Emerging Autonomy-Stability Choice for Stablecoins
van Oordt, M. (2022)
On the volatility of cryptocurrencies
Stengos, T., T. Panagiotidis & G. Papapanagiotou (2022)
Darwin Among the Cryptocurrencies
Meister, B.K. & H.C.W. Price (2022)
Trading volume and liquidity provision in cryptocurrency markets
Bianchi, D., M. Babiak & A. Dickerson (2022)
Asia Digital Common Currency as a Global (International) Currency
Takahashi, W. & T. Inui (2022)
Hyperinflation, Optimal Currency Scopes, and a Cryptocurrency Alternative to Dollarization
Marthinsen, J.E. & S.R. Gordon (2022)
Do conventional currencies hedge cryptocurrencies?
Shahzad, S.J.H., F. Balli, M.A. Naeem, M. Hasan & M. Arif (2022)
The price and cost of bitcoin
Marthinsen, J.E. & S.R. Gordon (2022)
ECOWAS single currency: Prospective effects on trade
Adu, R., I. Litsios & M. Baimbridge (2022)
The digital economy, privacy, and CBDC
Ahnert, T., P. Hoffmann & C. Monnet (2022)
Central Bank Digital Currency: Stability and Information | Published
Keister, T. & C. Monnet (2022)
Central bank digital currency and bank intermediation
Adalid, R., A. Álvarez-Blázquez, K. Assenmacher, L. Burlon, M. Dimou, C. López-Quiles, N. Martín Fuentes, B. Meller, M.A. Muñoz, P. Radulova, C. Rodriguez d'Acri, T. Shakir, G. Šílová, O. Soons ^amp; A.V. Veghazy (2022)
Unstable Coins: The Early History of Central Bank Analog Currencies
Roberds, W. (2022)
Trade Finance and the Durability of the Dollar
Chahrour, R. & R. Valchev (2022)
Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies
Auer, R., M. Farag, U. Lewrick, L. Orazem & M. Zoss (2022)
The Lightning Network: Turning Bitcoin into Money
Divakaruni, A. & P. Zimmerman (2022)
Will the U.S. Dollar Continue to Dominate World Trade?
Amiti, M., O. Itskhoki & J. Konings (2022)
Internationalizing Like China
Clayton, C., A. Dos Santos, M. Maggiori & J. Schreger (2022)
Policies for transactional de-dollarization: A laboratory study
Vidal, J.A., D.F. Hoyle, K. López Vargas & V. Morales Vásquez (2022)
The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments
Hackethal, A., T. Hanspal, D.M. Lammer & K. Rink (2022)
Loaded for bear: Bitcoin private wallets, exchange reserves and prices
Hoang, L.t. & D.G. Baur (2022)
The Cross-Section of Cryptocurrency Returns
Borri, N. & K. Shakhnov (2022)
The economics of digital currencies: Progress and open questions
Chiu, J. & T. Keister (2022)
Central bank digital currency and flight to safety
Williamson, S.D. (2022)
The macroeconomics of central bank digital currencies
Barrdear, J. & M. Kumhof (2022)
Central bank digital currency and monetary policy
Davoodalhosseini, S.M. (2022)
Currency stability using blockchain technology
Routledge, B. & A. Zetlin-Jones (2022)
Estimating the Currency Composition of Foreign Exchange Reserves
Ferranti, M. (2022)
The Microeconomics of Cryptocurrencies
SURVEY PAPER
Halaburda, H., G. Haeringer, J. Gans & N. Gandal (2022)
Digital Money as a Medium of Exchange and Monetary Policy in Open Economies
Ikeda, D. (2022)
Currency Choice in Contracts
Drenik, A., R. Kirpalani & D.J. Perez (2022)
Sentiment and trading decisions in an ambiguous environment: A study on cryptocurrency traders
Bowden, J. & R. Gemayel (2022)
The economics of central bank digital currency
Ahnert, T., K. Assenmacher, P. Hoffmann, A. Leonello, C. Monnet & D. Porcellacchia (2022)
Digital Money and Central Banks Balance Sheet
Armas, A. & M. Singh (2022)
Are institutional investors marching into the crypto market?
Huang, X., J. Lin & P. Wang (2022)
Demand elasticities of Bitcoin and Ethereum
Jalan, A., R. Matkovskyy & A. Urquhart (2022)
Central Bank Digital Currency: Financial Inclusion vs. Disintermediation
Banet, J. & L. Lebeau (2022)
International currency substitution and the demand for money in the euro area
De Freitas, M.L. (2022)
The Rise of Digital Money
Adrian, T. & T. Mancini-Griffoli (2022)
Crypto trading and Bitcoin prices: evidence from a new database of retail adoption
Auer, R., G. Cornelli, S. Doerr, J. Frost & L. Gambacorta (2022)
The Dollar's Imperial Circle | Published
Akinci, O., G. Benigno, S. Pelin & J. Turek (2022/24)
Dominant Currency Shocks and Foreign Exchange Pressure in the Periphery
Gevorkyan, A.V. & T. Khemraj (2022)
Dollar-Yuan Battle in the World Trade Network
Coquide, C., J. Lages & D.L. Shepelyansky (2022)
The Rise and Fall of Global Currencies over Two Centuries
Vicquéry, R. (2022)
Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
Chiu, J., M. Davoodalhosseini, J. Jiang & Y. Zhu (2023)
Who trades bitcoin futures and why?
Ferko, A., A. Moin, E. Onur & M. Penick (2023)
Signaling with debt currency choice
Eren, E., S. Malamud & H. Zhou (2023)
The role of interpersonal trust in cryptocurrency adoption
Jalan, A., R. Matkovskyy, A. Urquhart & L. Yarovaya (2023)
The Currency Composition of Asia's International Investments
Halili, P.R. & R. Mercado, Jr. (2023)
Currency Usage for Cross Border Payments
Perez-Saiz, H., L. Zhang & R. Iyer (2023)
Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks
Perez-Saiz, H. & L. Zhang (2023)
Cryptocurrency is accounting coordination: Selfish mining and double spending in a simple mining game
Barros, F., J. Bertolai & M. Carrijo (2023)
CBDC policies in open economies
Sokol, A., M. Kumhof, M. Pinchetti & P. Rungcharoenkitkul (2023)
Trend-based forecast of cryptocurrency returns
Tan, X. & Y. Tao (2023)
A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets
Dhawan, A. & T.J. Putnins (2023)
Arbitrage in the market for cryptocurrencies
Crépellière, T., M. Pelster & S. Zeisberger (2023)
FoMO in the Bitcoin market: Revisiting and factors
Wang, J-N., H-C. Liu, Y-H. Lee & Y-T. Hsu (2023)
The intention to use cryptocurrency: A meta-analysis of what we know
Bommer, W.H., E. Milevoj & S. Rana (2023)
A Simple Model of a Central Bank Digital Currency
Mishra, B. & E.S. Prasad (2023)
A deep analysis of the economics and finance research on cryptocurrencies
Gordon, S., Z. Li & J. Marthinsen (2023)
Price discovery between Bitcoin spot markets and exchange traded products
Gemayel, R., T. Franus & J. Bowden (2023)
Dollar Dominance in Cross-border Bank Loans and Its Response to Uncertainties
Ito, H. & Y. Xu (2023)
Realized higher-order moments spillovers across cryptocurrencies
Apergis, N. (2023)
Cross-currency basis swap spreads and corporate dollar funding
David-Pur, L., K. Galil, M. Rosenboim & O.M. Shapir (2023)
Central Bank Digital Currency Adoption: A Two-Sided Model
Tan, B. (2023)
Taxing Cryptocurrencies | Published
Baer, K., R.A. de Mooij, S. Hebous & M. Keen (2023)
Blockchain characteristics and cryptocurrency returns
Bhambhwani, S.M., S. Delikouras & G.M. Korniotis (2023)
Stablecoins: Adoption and Fragility
Bertsch, C. (2023)
Liquidity, Debt Denomination, and Currency Dominance
Coppola, A., A. Krishnamurthy & C. Xu (2023)
The U.S. Dollar as an International Currency and Its Economic Effects
Fried, D. (2023)
The Dominant Currency Financing Channel of External Adjustment
Casas, C., S. Meleshchuk & Y. Timmer (2023)
Monetary policy and Bitcoin
Karau, S. (2023)
Exchange rate elasticities of international tourism and the role of dominant currency pricing
Ding, D. & Y. Timmer (2023)
Dollar Rivals
Frankel, J.A. (2023)
The Dollar in an Era of International Retrenchment | Published
Chahrour, R. & R. Valchev (2023/24)
Granular Corporate Hedging Under Dominant Currency
Alfaro, L., M. Calani & L. Varela (2023)
Dash for Dollars
Cesa-Bianchi, A., R. Czech & F. Eguren-Martin (2023)
A stable aggregate currency revisited: Highlighting some fundamental issues
Kunkler, M. (2023)
The Financial Cost of Using Special Drawing Rights: Implications of Higher Interest Rates
Shenai, N., N. End, J. Koosakul & A. Said (2023)
Shifting Cryptocurrency Influence: A High-Resolution Network Analysis of Market Leaders
Hiray, A., A. Shah & S. Chava (2023)
The four types of stablecoins: A comparative analysis
Hafner, M., M.H. Pereira, H. Dietl & J. Beccuti (2023)
US dollar is losing it position of a reserve currency: How the BRICS development bank can ensure the soft landing
Popov, V. (2023)
Currency substitution in a world of looming retail CBDCs: Suggestive currency substitution-based evidence
Chen, H. & P.L. Siklos (2023)
A Bayesian DSGE Approach to Modelling Cryptocurrency
Asimakopoulos, S., M. Lorusso & F. Ravazzolo (2023)
Currencies of External Balance Sheets
Allen, C., D. Gautam & L. Juvenal (2023)
Central Bank Digital Currency and Bank Disintermediation in a Portfolio Choice Model
Chang, H., F. Grinberg, L. Gornicka, M. Miccoli & B. Tan (2023)
Long-Term Nexus of Macroeconomic and Financial Fundamentals with Cryptocurrencies
Pourpourides, P. (2023)
Fiscal Rules and Optimal Currency Composition of Sovereign Debt in Emerging Economies
Valencia, O., L.A. Rodriguez & J.P. Siachoque (2023)
Global Flight to Safety, Business Cycles, and the Dollar
Bodenstein, M., P.A. Cuba-Borda, N.M. Gornemann, I. Presno, A. Prestipino, A. Queraltó & A. Raffo (2023)
The dynamics of market efficiency of major cryptocurrencies
Aslam, F., B.A. Memon, A.I. Hunjra & E. Bouri (2023)
Monetary Policy in a World of Cryptocurrencies
Benigno, P. (2023)
Macro-Financial Impacts of Foreign Digital Money
Le, A., A. Copestake, B. Tan, S.J. Peiris & U. Rawat (2023)
Dollar invoicing, global value chains, and the business cycle dynamics of international trade
Cook, D. & N. Patel (2023)
Macroprudential policy for internal financial dollarization
Oskolkov, A. & M. Sorá (2023)
Money laundering and the privacy design of central bank digital currency
Wang, Z. (2023)
A Bayesian DSGE approach to modelling cryptocurrency
Asimakopoulos, S., M. Lorusso & F. Ravazzolo (2023)
Foreign Exchange Implications of CBDCs and Their Integration via Bridge Coins
Derviz, A. (2023)
What Drives Sectoral Differences in Currency Derivate Usage in a Small Open Economy? Evidence from Supervisory Data
Gric, Z., J. Janku & S. Malovana (2023)
Global and local drivers of Bitcoin trading vis-à-vis fiat currencies
Di Casola, P., M.M. Habib & D. Tercero-Lucas (2023)
Currency internationalization and openness: A paradigm from renminbi
Li, H., D. Jia & J. Li (2023)
Finding the Optimal Currency Composition of Foreign Exchange Reserves with a Quantum Computer
Vesely, M. (2023)
On the coexistence of cryptocurrency and fiat money
Yu, Z. (2024)
Dollar Shortages, CIP Deviations and the Safe Haven Role of the Dollar
Bacchetta, P., J.S. Davis & E. Van Wincoop (2023)
Dollar Trinity and the Global Financial Cycle
Georgiadis, G., G.J. Müller & B. Schumann (2023)
The International Supply of Reserve Currency
Benigno, P. (2023)
Tokenomics: How "Risky" are the Stablecoins?
Shah, A. & A. Bahri (2023)
Privilege Lost? The Rise and Fall of a Dominant Global Currency
Arvai, K. & N. Coimbra (2023)
The U.S. dollar's "exorbitant privilege" remains
Canuto, O. (2023)
Analysis of the Impact of Central bank Digital Currency on the Demand for Transactional Currency
Song, R., T. Zhao & C. Zhou (2024)
On Digital Currencies
Uhlig, H. (2024)
Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports
Yoshimi, T., U. Yoshimoto, K. Sato, T. Ito, J. Shimizu & Y. Yoshida (2024)
Central Bank Digital Currency and Banking Choices
Li, J., A. Usher & Y. Zhu (2024)
Drivers of Dollar Share in Foreign Exchange Reserves
Goldberg, L.S. & O. Hannaoui (2024)
The euro in a world of dollar dominance: Between strategic autonomy and structural weakness
Tokarski, P. (2024)
Invoicing Currency Choice: Strategic Complementarities and Currency Matching
Yoshida, Y., J. Shimizu, T. Ito, K. Sato, T. Yoshimi & U. Yoshimoto (2024)
Export Dynamics and Invoicing Currency
Hayakawa, K., T. Matsuura & T. Yoshimi (2024)
The Swift Decline of the British Pound: Evidence from UK Trade-invoicing after the Brexit Vote
Crowley, M.A., L. Han & M. Son (2024)
The Entry of BRICS Currency and Exit of Dollar: Evidence from International Trade Theories and Policy Implications
Pazhanisamy, R. (2024)
The Dollar versus the Euro as International Reserve Currencies
Chinn, M.D., J.A. Frankel & H. Ito (2024)
Demand for U.S Banknotes at Home and Abroad: A Post-Covid Update
Judson, R.A. (2024)
How much a dollar cost: Currency hierarchy as a driver of ecologically unequal exchange
Olk, C. (2024)
The RMB's global role as an anchor currency: No evidence
Heimonen, K. & R. Rönkkö (2024)
Dominant Currency Pricing Transition
Garofalo, M., G. Rosso & R. Vicquéry (2024)
Cross-cryptocurrency return predictability
Guo, L., B. Sang, J. Tu & Y. Wang (2024)
Blockchain Currency Markets
Ranaldo, A., G. Viswanath-Natraj & J. Wang (2024)
Dominant currency pricing in international trade of services
Amador, J., A. Mehl, M. Schmitz & J. Garcia (2024)
Intricacy of cryptocurrency returns
Nagl, M. (2024)
Currency choices and the role of the U.S. dollar in international services trade
Garcia, J. & J. Amador (2024)
A microfounded approach to currency substitution and government policy
Madison, F. (2024)
Exorbitant Privilege: A Safe-Asset View
Jiang, Z. (2024)
Dollar Asset Holdings and Hedging Around the Globe
Du, W. & A.W. Huber (2024)
De-dollarization: the global payment infrastructure and wholesale central bank digital currencies
Mayer, J. (2024)
Determinants of currency choice in cross-border bank loans
Emter, L., P. McQuade, S-K. Pradhan & M. Schmitz (2024)
Size of Major Currency Zones and Their Determinants
Ito, H. & M. Kawai (2024)
Globalisation of Indian Rupee in the New World Economic Order
Pazhanisamy, R. & T.M. Sri (2024)
Stability between cryptocurrency prices and the term structure
Castle, J.L. & T. Kurita (2024)
Cryptocurrency systematic risk dynamics
Doan, B., D. Jayasuriya, J.B. Lee & J.J. Reeves (2024)
Currency internationalization with Chinese characteristics: Is capital-account convertibility required for the renminbi to acquire reserve?currency status?
Eichengreen, B., C. Macaire, A. Mehl, E. Monnet & A. Naef (2024)
Financial Hedging and Optimal Currency of Invoicing
Xie, O. (2024)
Blockchain Congestion Facilitates Currency Competition
Guennewig, M. (2024)
Reserve Asset Competition and the Global Fiscal Cycle
Jiang, Z. & R.J. Richmond (2024)
Prospects of BRICS currency dominance in international trade
Coquidé, C., J. Lages & D. Shepelyansky (2024)
Triffin reloaded: The matrix of contradictions around global quasi-state money
Schwartz, H.M. (2024)
Invoicing Currency and Exchange Rate Pass-Through in Japanese Imports: A Panel VAR Analysis
Yoshimi, T., U. Yoshimoto, T. Ito, K. Sato, J. Shimizu & Y. Yoshida (2024)
Research on safe-haven currencies under global uncertainty -A new perception based on the East Asian market
Lu, C., F. Yu, J. Li & S. Li (2024)
China's currency campaign: The challenge of internationalisation and digitalisation of the renminbi
Hilpert, H.G. (2024)
The Optimal Quantity of CBDC in a Bank-Based Economy
Burlon, L., M.A. Muñoz & F. Smets (2024)
Central bank digital currencies: an old tale with a new chapter
Bordo, M.D. & W. Roberds (2024)
Safe haven currencies: A dependence switching copula approach
Michelis, L., C. Ning & J. Ponrajah (2024)
Invoice Currency Choice and its Determinants in Japanese Trade: New Evidence from Japanese Customs Data
Shimizu, J., K. Sato, T. Ito, Y. Yoshida, T. Yoshimi & U. Yoshimoto (2024)
Which exchange rate matters to global investors?
Jansen, K., H.S. Shin & G. von Peter (2024)
Bilateral Invoicing Currency, Value-Added in Imports, and Exchange Rate Pass-Through
Rondeau, F. & Y. Yoshida (2024)
Larger supply, shorter life? Exploring evidence from alternative cryptocurrencies on decentralized exchanges
Hua, X., Z. Chang & W. Ye (2024)
Central bank digital currency and bank intermediation: Medium of Exchange vs. Savings vehicle
Nyffenegger, R. (2024)
Bilateral Trade in Services and Exchange Rates: Evidence of Dominant Currency Pricing
Li, N. & S. Meleshchuk (2024)
Trade credit and exchange rate risk pass through
Hardy, B., F. Saffie & I. Simonovska (2024)
On the emergence of international currencies: An experimental approach
Cardozo, M., Y. Rosokha & C. Zhang (2024)
Forecasting Bitcoin volatility using machine learning techniques
Huang, Z-C., I. Sangiorgi & A. Urquhart (2024)
Digital euro demand: design, individuals' payment preferences and socioeconomic factors
Lambert, C., C. Larkou, C. Pancaro, A. Pellicani & M. Sintonen (2024)
The U.S. dollar's "exorbitant privilege" remains
Canuto, O. (2024)
Anchoring UK Retail Digital Money
Braine, L., S. Shukla & P. Agrawal (2024)
Emerging countries' counter-currency cycles in the face of crises and dominant currencies
Spring-Ragain, H. (2024)
Exorbitant Privilege: A Safe-Asset View
Jiang, Z. (2024)
Public and Private Money Creation for Distributed Ledgers: Stablecoins, Tokenized Deposits, or Central Bank Digital Currencies?
Chiu, J. & C. Monnet (2024)
Trust at Scale: The Economic Limits of Cryptocurrencies and Blockchains
Budish, E. (2025)
Abstract: Satoshi Nakamoto (2008) invented a new kind of economic system that does not need the support of government or rule of law. Trust and security instead arise from a combination of cryptography and economic incentives, all in a completely anonymous and decentralized system. This article shows that Nakamoto’s novel form of trust, while undeniably ingenious, is deeply economically limited. The core argument is three equations. A zero-profit condition on the quantity of honest blockchain “trust support” (work, stake, etc.) and an incentive-compatibility condition on the system’s security against majority attack (the Achilles heel of all forms of permissionless consensus) together imply an equilibrium constraint, which says that the “flow” cost of blockchain trust has to be large at all times relative to the benefits of attacking the system. This is extremely expensive relative to traditional forms of trust and scales linearly with the value of attack. In scenarios that represent Nakamoto trust becoming a more significant part of the global financial system, the cost of trust would exceed global GDP. Nakamoto trust would become more attractive if an attacker lost the stock value of their capital in addition to paying the flow cost of attack, but this requires either collapse of the system (hardly reassuring) or external support from rule of law. The key difference between Nakamoto trust and traditional trust grounded in rule of law and complementary sources, such as reputations, relationships, and collateral, is economies of scale: society or a firm pays a fixed cost to enjoy trust over a large quantity of economic activity at low or zero marginal cost.
Modeling Central Bank Digital Currencies
Bindseil, U. & R. Senner (2025)
Bilateral invoicing currency ratios: A methodology to calculate them from unilateral invoicing currency ratios
Yoshida, Y. & F. Rondeau (2025)
Does geopolitical risk raise or lower corporate credit spreads?
Huang, H. & Y. Qiu (2025)
The High-Frequency Effects of Dollar Swap Lines
Kekre, R. & M. Lenel (2025)
Time-varying intra-safe haven currency behaviour: The U.S. dollar, the Swiss franc, and the Japanese yen
Park, K. & Z. Fang (2025)
A Model of Global Currency Pricing
Devereux, M.B., R. Lu, K. Shi & J. Xu (2025)
Dollarization vs. bitcoinization in Türkiye: Which is more dangerous for the financial market?
Jabbour, G.M. & L. Mansour-Ichrakieh (2025)
Distributed ledgers and the governance of money
Auer, R., C. Monnet & H.S. Shin (2025)
Expectations and Exchange Rate Dynamics
Dornbusch, R. (1976)
Abstract: The paper develops a theory of exchange rate movements under perfect capital mobility, a slow adjustment of goods markets relative to asset markets, and consistent expectations. The perfect foresight path is derived and it is shown that along that path a monetary expansion causes the exchange rate to depreciate. An initial overshooting of exchange rates causes is shown to derive from the differential adjustment speed of markets. The magnitude and persistence of the overshooting is developed in terms of the structural parameters of the model. To the extent that output responds to a monetary expansion in the short run, this acts as a dampening effect on exchange rate depreciation and may, in fact, lead to an increase in interest rates.
A Theory of Exchange Rate Determination
Stockman, A.C. (1980)
Abstract: This paper develops an equilibrium model of the determination of exchange rates and prices of goods. Changes in relative prices of goods, due to supply or demand shifts, induce changes in exchange rates and deviations from purchasing power parity. These changes may create a correlation between the exchange rate and the terms of trade, but this correlation cannot be exploited by the government to affect the terms of trade by foreign exchange market operations.
Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?
Meese, R. & K. Rogoff (1983)
Abstract: This study compares the out-of-sample forecasting accuracy of various structural and time series exchange rate models. We find that a random walk model performs as well as any estimated model at one to twelve month horizons for dollar/pound, dollar/mark, dollar/yen and trade-weighted dollar exchange rates. The candidate structural models include the flexible price (Frenkel-Bilson) and sticky-price (Dornbusch-Frankel) monetary models, and a sticky-price model which incorporates the current account (Hooper-Morton). The structural models perform poorly despite the fact that we base their forecasts on actual realized values of future explanatory variables.
Rational Expectations and Exchange Rate Dynamics
Wickens, M.R. (1984)
Abstract: Dornbusch's overshooting model of the exchange rate has proved a very influential alternative to the monetary model. The original Dornbusch model was specified in continuous time and assumed perfect foresight. It also imposed the restriction of a sticky price level which does not respond instantaneously to new information. While convenient for analytic purposes, this particular model is less suitable for empirical analysis in which the data are aggregated over time and expectations are not formed perfectly. This paper presents a discrete time, rational expectations version of the Dornbusch model in which the price level is permitted to respond immediately, but not necessarily fully, to new information. The resulting dynamic behaviour of the exchange rate is analysed and interpreted. The conditions under which exchange rate overshooting occurs are derived and the effect of pre-announced policy changes are studied. Although the main purpose of the paper is expositional, an interesting feature of the results is that price stickyness is shown to be neither a necessary nor a sufficient condition for a change in monetary policy to bring about exchange rate overshooting.
The Equilibrium Approach to Exchange Rates
Stockman, A.C. (1987)
Abstract: The disequilibrium theory of exchange rates has come under increasing criticism in recent years. It conflicts with available evidence and an alternative equilibrium theory based on simple economic principles has been developed. The new theory has completely different implications and policy prescriptions from the earlier theory, which underlies most current public policy discussions. This article summarizes the basic elements of the equilibrium approach to exchange rate behavior and the evidence that conflicts with the older disequilibrium theory. It argues that the equilibrium approach to exchange rates is in better accord with this evidence. It concludes with a discussion of the implications of the equilibrium approach to exchange rates for economic policies.
Risk and Exchange Rates
Obstfeld, M. & K. Rogoff (2000)
Abstract: The model we propose in this paper extends the “new open-economy macroeconomics” framework of Obstfeld and Rogoff (1995, 1996), Corsetti and Pesenti (1998), and others to an explicitly stochastic environment. We analyze a sticky-price monetary model in which risk has an impact not only on asset prices and short-term interest rates, but also on the price-setting decisions of individual producers, and thus on expected output and interna-tional trade flows.
Price Discovery in Multiple-Dealer Markets: The Case of the Interbank Foreign Exchange Market
Williams, K.L. (2000)
FX Trading & Exchange Rate Dynamics
Evans, M.D.D. (2001)
The Application of Artificial Neural Networks to Exchange Rate Forecasting: The Role of Market Microstructure Variables
Gradojevic, N. & Y. Jing (2001)
Implicit Band within the Announced Exchange Rate Band
Koren, M. (2001)
Chaos and the Exchange Rate
Federici, D. & G. Gandolfo (2001)
High- and Low-Frequency Exchange Rate Volatility Dynamics: Range-Based Estimation of Stochastic Volatility Models
Alizadeh, S., M.W. Brandt & F.X. Diebold (2001)
Easy Money through the Back Door: The Markets vs. the ECB | Alternative
Bibow, J. (2001)
Currency Substitution and the Demand for Money: Some Evidence for Canada
Bordo, M.D. & E.U. Choudhri (2001)
Technical Analysis in Foreign Exchange Markets: Linear Versus Nonlinear Trading Rules
Fernández-Rodríguez, F., S. Sosvilla-Rivero and J. Andrada-Félix (2001)
On the Variation of Hedging Decisions in Daily Currency Risk Management
Bos, C.S., R.J. Mahieu & H.K. van Dijk (2001)
Daily Exchange Rate Behaviour and Hedging of Currency Risk
Bos, C.S., R.J. Mahieu & H.K. van Dijk (2001)
Learning Dynamics in an Artificial Currency Market
Georges, C. (2001)
Abstract: This paper considers the behavior of the exchange rate in a very simple artificial currency market with two currencies and artificial agents who evolve their forecast rules over time via a genetic algorithm. I consider two simple forecast rules, one linear and the other non-linear. Under the first rule, learning tends to be rapid and complete. Under the second, learning can generate persistent exchange rate dynamics.
The Multi-Fractal Model of Asset Returns: Simple Moment and GMM Estimation
Lux, T. (2001)
Modelling exchange rates: smooth transitions, neural networks, and linear models
Medeiros, M.C., A. Veiga & C.E. Pedreira (2001)
Rational Speculation and Exchange Rates | Published | Comment
Duarte, M. & A.C. Stockman (2001)
Current Accounts and Exchange Rates: A New Look at the Evidence
Leonard, G. & A.C. Stockman (2001)
Portfolio Balance, Price Impact, and Secret Intervention
Evans, M.D.D. & R.K. Lyons (2001)
Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate
Sinn, H.W. & F. Westermann (2001)
Abstract: This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzling decline of the euro during its virtual existence to changes in the demand for deutschmarks in eastern Europe and to variations in the demand for black money balances in Europe as a whole. We reject the view that the strength of the dollar and the weakness of the euro reflect the prosperity of the US and the weakness of the European economy on both theoretical and empirical grounds.
Heterogeneous Expectations, Currency Options and the Euro/Dollar Exchange Rate
Rzepkowski, B. (2001)
Currency orders and exchange-rate dynamics: explaining the success of technical analysis
Osler, C.L. (2001)
Tracking the euro
Koen, V., L. Boone, A. de Serres & N. Fuchs (2001)
Exact Non-Parametric Tests for a Random Walk with Unknown Drift under Conditional Heteroscedasticity
Luger, R. (2001)
Modelling Time-Varying Exchange Rate Dependence Using the Conditional Copula | Published
Patton, A.J. (2001/06)
FX trading and Exchange Rate Dynamics
Evans, M. (2001)
To What Extent Does Productivity Drive the Dollar?
Tille, C., N. Stoffels & O. Gorbachev (2001)
Abstract: The continuing strength of the dollar has fueled interest in the relationship between productivity and exchange rates. An analysis of the link between the dollar’s movements and productivity developments in the United States, Japan, and the euro area suggests that productivity can account for much of the change in the external value of the dollar over the past three decades.
Simulated Likelihood Estimation of Diffusions with an Application to Exchange Rate Dynamics in Incomplete Markets
Brandt, M.W. & P. Santa-Clara (2001)
Abstract: We present an econometric method for estimating the parameters of a diffusion model from discretely sampled data. The estimator is transparent, adaptive, and inherits the asymptotic properties of the generally unattainable maximum likelihood estimator. We use this method to estimate a new continuous-time model of the Joint dynamics of interest rates in two countries and the exchange rate between the two currencies. The model allows financial markets to be incomplete and specifies the degree of incompleteness as a stochastic process. Our empirical results offer several new insights into the dynamics of exchange rates.
Structural Error Correction Models: Instrumental Variables Methods and Application to an Exchange Rate Model
Kim, J., M. Ogaki & M.S. Yang (2001)
The Adjustment of Prices and the Adjustment of the Exchange Rate
Engel, C. & J.C. Morley (2001)
Why Has the Euro Been So Weak?
Meredith, G.M. (2001)
The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond
Clarida, R., L. Sarno, M. Taylor & G. Valente (2001)
Can Markov switching models predict excess foreign exchange returns?
Dueker, M. & C.J. Neely (2001)
UIP for Short Investments in Long-Term Bonds
Alexius, A. (2001)
Daily exchange rate behaviour and hedging of currency risk
Bos, C.S., R.J. Mahieu & H.K. Van Dijk (2001)
Neural networks as econometric tool
Kaashoek, J.F. & H.K. Van Dijk (2001)
Exchange Rate Forecasting: The Errors We've Really Made | Published
Faust, J., J.H. Rogers & J. Wright (2001/2003)
Why is it so difficult to beat the random walk forecast of exchange rates?
Kilian, L. & M.P. Taylor (2001)
Heterogeneous Beliefs and Instability
Lasselle, L., S. Svizzero & C. Tisdell (2001)
Abstract: While Rational Expectations have dominated the paradigm of expectations formation, they have been more recently challenged on the empirical ground such as, for instance, in the dynamics of the exchange rate. This challenge has led to the introduction of heterogeneous expectations in economic modeling. More specifically, the forecasts of the market participants have been drawn from competing views. Two behaviours are usually considered: agents are either fundamentalist or chartist. Moreover, the possibility of switching from one behaviour to the other one is also assumed. In a simple cobweb model, we study the dynamics associated with different endogenous switching process based on the path of prices. We provide an example with an asymmetric endogenous switching process built on the dynamics of past prices. This example confirms the widespread belief that fundamentalist market behaviour as compared with that of chartist tends to promote market stability.
Predicting exchange rate volatility genetic programming vs. GARCH and RiskMetrics
Neely, C.J. & P.A. Weller (2001)
The Forward Premium Puzzle Revisited
Meredith, G.M. & Y. Ma (2002)
Commodity Currencies and Empirical Exchange Rate Puzzles
Chen, Y.C. & K. Rogoff (2002)
Productivity and the Euro-Dollar Exchange Rate Puzzle
Alquist, R. & M.D. Chinn (2002)
Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
Devereux, M.B. & C. Engel (2002)
Abstract: This paper explores the hypothesis that high volatility of real and nominal exchange rates may be due to the fact that local currency pricing eliminates the pass-through from changes in exchange rates to consumer prices. Exchange rates may be highly volatile because in a sense they have little effect on macroeconomic variables. The paper shows the ingredients necessary to construct such an explanation for exchange rate volatility. In addition to the presence of local currency pricing, we need a) incomplete international financial markets, b) a structure of international pricing and product distribution such that wealth effects of exchange rate changes are minimized, and c) stochastic deviations from uncovered interest rate parity. Together, it is shown that these elements can produce exchange rate volatility that is much higher than shocks to economic fundamentals, and `disconnected' from the rest of the economy in the sense that the volatility of all other macroeconomic aggregates are of the same order as that of fundamentals.
Dornbusch's Overshooting Model After Twenty-Five Years
Rogoff, K. (2002)
Abstract: This Mundell Fleming lecture at the International Monetary Fund's annual research conference marks the 25th anniversary of Rudiger Dornbusch's masterpiece, "Expectations and Exchange Rate Dynamics", a seminal contribution to both policy and research in the field of international finance. This essay provides a simple overview of the model as well as some empirics, not only on exchange rates but on measures of the paper's influence. Last, but not least, I offer some personal reflections on how Dornbusch conveyed the ideas in his "overshooting model" to inspire a generation of students.
Non-Linear Forecasting Methods: Some Applications to the Analysis of Financial Series
Bajo-Rubio, O., S. Sosvilla-Rivero & F. Fernández-Rodríguez (2002)
Foreign exchange: macro puzzles, micro tools
SURVEY PAPER
Lyons, R.K. (2002)
Exchange Rate Modelling: Where Do We Stand? | Published
SURVEY PAPERS
CESifo Summer Institute (2002/2005)
Abstract: Proceedings of a CESIfo Summer Institute Workshop held at the Venice International University, San Servolo, 13-14 July, 2002.
Currency Returns, Institutional Investor Flows, and Exchange Rate Fundamentals
Froot, K.A. & T. Ramadorai (2002)
The Cross Sectional Dependence Puzzle
Cerrato, M. (2002)
The Euro-Dollar exchange rate: Is it fundamental?
Camarero, M., J. Ordóñez & C. Tamarit (2002)
Return-volatility linkages in the international equity and currency markets
Francis, B.B., I. Hasan & D.M. Hunter (2002)
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
Obstfeld, M. (2002)
Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive? | Published
Cheung, Y.W., M.D. Chinn & A.G. Pascual (2002/2005)
Abstract: Previous assessments of nominal exchange rate determination have focused upon a narrow set of models typically of the 1970's vintage. The canonical papers in this literature are by Meese and Rogoff (1983, 1988), who examined monetary and portfolio balance models. Succeeding works by Mark (1995) and Chinn and Meese (1995) focused on similar models. In this paper we re-assess exchange rate prediction using a wider set of models that have been proposed in the last decade: interest rate parity, productivity based models, and behavioral equilibrium exchange rate' models. The performance of these models is compared against a benchmark model the Dornbusch-Frankel sticky price monetary model. The models are estimated in error correction and first-difference specifications. Rather than estimating the cointegrating vector over the entire sample and treating it as part of the ex ante information set as is commonly done in the literature, we recursively update the cointegrating vector, thereby generating true ex ante forecasts. We examine model performance at various forecast horizons (1 quarter, 4 quarters, 20 quarters) using differing metrics (mean squared error, direction of change), as well as the consistency' test of Cheung and Chinn (1998). No model consistently outperforms a random walk, by a mean squared error measure; however, along a direction-of-change dimension, certain structural models do outperform a random walk with statistical significance. Moreover, one finds that these forecasts are cointegrated with the actual values of exchange rates, although in a large number of cases, the elasticity of the forecasts with respect to the actual values is different from unity. Overall, model/specification/currency combinations that work well in one period will not necessarily work well in another period.
Classroom Guide to the Equilibrium Exchange Rate Model
Da Silva, S. (2002)
The Dornbusch Model with Chaos and Foreign Exchange Intervention
Da Silva, S. (2002)
Understanding Bilateral Exchange Rate Volatility
Devereux, M.B. and P.R. Lane (2002)
Keynes, Cocoa, and Copper: In Search of Commodity Currencies
Cashin, P.A., L. Cespedes & R. Sahay (2003)
Explaining the Exchange Rate Pass-Through in Different Prices
Choudhri, E.U., H. Faruqee & D. Hakura (2003)
How is Macro News Transmitted to Exchange Rates? | Published
Evans, M.D.D. & R.K. Lyons (2003/08)
Forward Discount Bias, Nalebuff's Envelope Puzzle, and the Siegel Paradox in Foreign Exchange
Edlin, A.S. (2003)
A Fundamental Theory of Exchange Rates and Direct Currency Trades | Published
Head, A. & S. Shi (2003)
Testing the Informational Efficiency of OTC Options on Emerging Market Currencies
Chan-Lau, J. & A. Morales (2003)
Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle? | Published
van Wincoop, E. & P. Bacchetta (2003/06)
Medium-Term Exchange Rate Forecasting: What Can We Expect?
Meredith, G. (2003)
Uncovered interest parity: it works, but not for long | Published
Chaboud, A.P. & J.H. Wright (2003/2005)
Exchange rate determination in a model of pricing-to-market and nontradeables
Hairault, J.O. & T. Sopraseuth (2003)
Is Grassman's Law Still There? The Empirical Range of Pass-Through in US, German and Japanese Macrodata
Mihailov, A. (2003)
Overshooting and the exchange rate disconnect puzzle: a reappraisal | Published
Hairault, J.O., L. Patureau, Lise & T. Sopraseuth (2003/04)
Chartists and Fundamentalists in the Currency Market and the Volatility of Exchange Rates
Bask, M. (2003)
Technical Analysis in Foreign Exchange - The Workhorse Gains Further Ground
Gehrig, T. & L. Menkhoff (2003)
More Evidence on the Dollar Risk Premium in the Foreign Exchange Market
Bams, D., K. Walkowiak &l; C. Wolff (2003)
Why is it so difficult to beat the random walk forecast of exchange rates?
Kilian, L. & M.P. Taylor (2003)
Commodity currencies
Chen, Y.C. and K. Rogoff (2003)
Nonlinear Exchange Rate Models: A Selective Overview
Words, Deeds, and Outcomes: A Survey on the Growth Effects of Exchange Rate Regimes
SURVEY PAPER
Sarno, L. (2003)
Trade Liberalization and Real Exchange Rate Movement
Li, X. (2003)
Does the Purchasing Power Parity Hold in Emerging Markets? Evidence from Black Market Exchange Rates
Cerrato, M. & N. Sarantis (2003)
Noise Traders and the Volatility of Exchange Rates
Bauer, C. & B. Herz (2003)
Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates
Leon, H.L. & S. Najarian (2003)
Tough Policies, Incredible Policies?
Velasco, A. & A. Neut (2003)
Official Interventions and Occasional Violations of Uncovered Interest Party
Mark, N. & Y-K. Moh (2003)
Exchange rate dynamics, central bank interventions and chaos control methods | Published
Westerhoff, F. & C. Wieland (2003)
Investment Prices and Exchange Rates: Some Basic Facts | Alternative
Burstein, A., J. Neves & S. Rebelo (2003)
Abstract: This paper documents four basic facts about investment goods and investment prices. First, investment has a very signiÞcant nontradable component in the form of construction services. Second, distributions services (wholesaling, retailing and transportation) are much less importance for investment than for consumption. Third, the import content of investment is much larger than that of consumption. Finally, in the aftermath of three large devaluations the rate of exchange rate pass-through is, not surprisingly, highest for imported equipment and lowest for construction services.
Exchange Rate Puzzles and Distorted Beliefs | Published
Gourinchas, P.O. & A. Tornell (2003)
Time-Varying Thresholds: An Application to Purchasing Power Parity
Leon, H.L. & S. Najarian (2003)
Can We Beat the Random Walk Forecasts of Out-of-Sample Exchange Rates? A Structural Approach
Karame, F., L. Patureau & T. Sopraseuth (2003)
The Big Mac Standard: A Statistical Illustration
Fujiki, H. & Y. Kitamura (2003)
The high-frequency response of exchange rates and interest rates to macroeconomic announcements | Published
Faust, J., J.H. Rogers, S-Y.B. Wang & J.H. Wright (2003/07)
Imperfect Knowledge and Asset Price Dynamics: Modeling the Forecasting of Rational Agents, Dynamic Prospect Theory and Uncertainty Premia on Foreign Exchange
Frydman, R. & M.D. Goldberg (2003)
Do Fundamentals Matter for the D-Mark/Euro-Dollar? A Regime Switching Approach
Frömmel, M., R. MacDonald & L. Menkhoff (2003)
A Theory of Exchange Rates and the Term Structure of Interest Rates
Lim, H-S. & M. Ogaki (2003)
Net Foreign Assets and Imperfect Pass-through: The Consumption-Real Exchange Rate Anomaly
Tuesta, T. & J. Selaive (2003)
Nonlinearities and Cyclical Behavior: The Role of Chartists and Fundamentalists
Westerhoff, F.H. & S. Reitz (2003)
In search of overshooting and bandwagons in exchange rates
Pippenger, J. (2003)
Bandwagon effects and run patterns in exchange rates once more
Rotheli, T.F. (2003)
High-Frequency Principal Components and Evolution of Liquidity in a Limit Order Market
Tyurin, K. (2003)
An Intraday Pricing Model of Foreign Exchange Markets
Romeu, R. (2003)
Exploring Elements of Exchange Rate Theory in a Controlled Enivronment
Fisher, E. (2003)
Some Like it Smooth, and Some Like it Rough: Untangling Continuous and Jump Components in Measuring, Modeling, and Forecasting Asset Return Volatility
Andersen, T.G., T. Bollerslev & F.X. Diebold (2003)
Abstract: A rapidly growing literature has documented important improvements in volatility measurement and forecasting performance through the use of realized volatilities constructed from highfrequency returns coupled with relatively simple reduced-form time series modeling procedures. Building on recent theoretical results from Barndorff-Nielsen and Shephard (2003c,d) for related bipower variation measures involving the sum of high-frequency absolute returns, the present paper provides a practical framework for non-parametrically measuring the jump component in realized volatility measurements. Exploiting these ideas for a decade of high-frequency five-minute returns for the DM/$ exchange rate, the S&P500 market index, and the 30-year U.S. Treasury bond yield, we find the jump component of the price process to be distinctly less persistent than the continuous sample path component. Explicitly including the jump measure as an additional explanatory variable in an easy-toimplement reduced form model for realized volatility results in highly significant jump coefficient estimates at the daily, weekly and quarterly forecast horizons. As such, our results hold promise for improved financial asset allocation, risk management, and derivatives pricing, by separate modeling, forecasting and pricing of the continuous and jump components of total return variability.
Exchange rates and fundamentals | Alternative
Engel, C. & K.D. West (2004/05)
Abstract: We show analytically that in a rational expectations present-value model, an asset price manifests near–random walk behavior if fundamentals are I(1) and the factor for discounting future fundamentals is near one. We argue that this result helps explain the well-known puzzle that fundamental variables such as relative money supplies, outputs, inflation, and interest rates provide little help in predicting changes in floating exchange rates. As well, we show that the data do exhibit a related link suggested by standard models---that the exchange rate helps predict these fundamentals. The implication is that exchange rates and fundamentals are linked in a way that is broadly consistent with asset-pricing models of the exchange rate.
Are Different-Currency Assets Imperfect Substitutes?
Evans, M.D.D. & R.K. Lyons (2003)
Unit Root Tests in Three-Regime SETAR Models
Kapetanios, G. & Y. Shin (2003)
What Do We Know about Recent Exchange Rate Models? In-Sample Fit and Out-of-Sample Performance Evaluated
Cheung, Y-W., M.D. Chinn & A. Garcia-Pascual (2003)
A Scapegoat Model of Exchange Rate Fluctuations | Published
Bacchetta, P. & E. van Wincoop (2004)
Abstract: While empirical evidence finds only a weak relationship between nominal exchange rates and macroeconomic fundamentals, forex markets participants often attribute exchange rate movements to a macroeconomic variable. The variables that matter, however, appear to change over time and some variable is typically taken as a scapegoat. For example, the current dollar weakness appears to be caused almost exclusively by the large current account de cit, while its previous strength was explained mainly by growth differentials. In this paper, we propose an explanation of this phenomenon in a simple monetary model of the exchange rate with noisy rational expectations, where investors have heterogeneous information on some structural parameter of the economy. In this context, there may be rational confusion about the true source of exchange rate fluctuations, so that if an unobservable variable affects the exchange rate, investors may attribute this movement to some current macroeconomic fundamental. We show that this effect applies only to variables with large imbalances. The model thus implies that the impact of macroeconomic variables on the exchange rate changes over time.
Order Flows, Delta Hedging and Exchange Rate Dynamics
Rzepkowski, B. (2004)
Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One | Published
Engel, C. & K.D. West (2004)
Abstract: Nominal exchange rates in low-inflation advanced countries are nearly random walks. Engel and West (2003a) offer an explanation for this in the context of models in which the exchange rate is determined as the discounted sum of current and expected future fundamentals. Engel and West show that if the fundamentals are I(1), then as the discount factor approaches one, the exchange rate becomes indistinguishable from a random walk. An alternative explanation for the random-walk behavior of exchange rates is that there are some unobserved variables that drive exchange rates that follow near random walks. This paper takes the approach that both explanations are possible. We are able to measure how much of exchange-rate variation could be accounted for by the Engel-West explanation, despite the fact that we do not observe the information set of financial markets. We find that the observable fundamentals (money, income, prices, interest rates) may account for about 40 percent of the variance of changes in exchange rates under the assumption of discount factors near unity.
Who Bears the Cost of a Change in the Exchange Rate? The Case of Imported Beer | Published
Hellerstein, R. (2004/08)
A New Micro Model of Exchange Rate Dynamics
Evans, M.D.D. & R.K. Lyons (2004)
Exchange rates and interest rates: can term structure models explain currency movements?
Inci, A.C. & B. Lu (2004)
Can Fluctuations in the Consumption-Wealth Ratio Help to Predict Exchange Rates?
Selaive, J. & V. Tuesta (2004)
Exchange Rate Dynamics: Where is the Saddle Path?
Cheung, Y-W., J. Gardeazabal & J. Vazquez (2004)
The Forward Premium Puzzle in a Model of Imperfect Information: Theory and Evidence
Albuquerque, R. (2004)
Measuring Tail Thickness under GARCH and an Application to Extremal Exchange Rate Changes
Wagner, N. & T. Marsh (2004)
International Capital Markets and Foreign Exchange Risk
Brennan, M. & Y. Xia (2004)
Identification and estimation of exchange rate models with unobservable fundamentals | Published
Chambers, M.J. & J.R. McCrorie (2004/06)
Does the World Real Interest Rate Affect the Real Exchange Rate? The South East Asian Experience
Gente, K. & M. Leon-Ledesma (2004)
Exchange Rate Puzzles: A Tale of Switching Attractors | Published
De Grauwe, P. & M. Grimaldi (2004/05)
Productivity, Tradability, and the Long-Run Price Puzzle
Bergin, P., R. Glick & A.M. Taylor (2004)
From Heterogeneous expectations to exchange rate dynamics
Neuberg, L., P. Protin & C. Louargant (2004)
Testing the monetary model of exchange rate determination: a closer look at panels
Rapach, D.E. & M.E. Wohar (2004)
Volatility Comovement: A Multifrquency Approach
Calvet, L.E., A.J. Fisher & S.B. Thompson (2004)
Fractional cointegration and real exchange rates
Caporale, G.M. & L.A. Gil-Alana (2004)
Markov Switching Regimes In A Monetary Exchange Rate Model | Published
Froemmel, M., R. Macdonald & L. Menkhoff (2004/2005)
Exchange Rate Behavior and Exchange Rate Puzzles: Why the XVIII Century Might Help
Sanchez, R.T., J.G. Biscarri & F.P. de Gracia (2004)
Currency risk in emerging equity markets
Phylaktis, K. & F. Ravazzolo (2004)
Modelling Exchange Rate Volatility in the Run-up to EMU using a Markov Switching GARCH Model
Frommel, M. (2004)
Monetary Policy and Long-Horizon Uncovered Interest Parity
Chinn, M.D. & G. Meredith (2004)
Exchange Rates and Markov Switching Dynamics
Cheung, Y-W. & U.G. Erlandsson (2004)
Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence
Calderon, C. (2004)
A Guided Tour of the Market Microstructure Approach to Exchange Rate Determination | Published
SURVEY PAPER
Vitale, P. (2004/07)
Should the Exchange Rate be in the Monetary Policy Objective Function?
Kirsonova, T., C. Leith & S. Wren-Lewis (2004)
The Rise of Fund Managers in Foreign Exchange
Gehrig, T. & L. Menkhoff (2004)
The Fit of Dynamic Equilibrium Models of Exchange Rate
Martín, J.A.J. & R.F. de Frutos (2004)
An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates
Breedon, F. & P. Vitale (2004)
Risk management for an internationally diversified portfolio
Menoncin, F. (2004)
Real-Time Price Discovery in Stock, Bond and Foreign Exchange Markets | Published
Andersen, T.G., T. Bollerslev, F.X. Diebold & C. Vega (2004/07)
Limited participation and exchange rate dynamics : does theory meet the data? | Published
Karame, F., L. Patureau & T. Sopraseuth (2004/08)
Do Currency Markets Absorb News Quickly? | Published
Evans, M.D.D. & R.K. Lyons (2005)
Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting | Alternative
Evans, M.D.D. & R.K. Lyons (2005)
Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era
Chinn, M.D. & G. Meredith (2005)
Testing Long-Horizon Predictive Ability with High Persistence, and the Meese-Rogoff Puzzle
Rossi, B. (2005)
Do Financial Market Variables Show (Symmetric) Indicator Properties Relative to Exchange Rate Returns?
Castren, O. (2005)
Dealer behavior and trading systems in foreign exchange markets
Bjønnes, G.H. & D. Rime (2005)
The U.S. Current Account and the Dollar
Blanchard, O., F. Giavazzi & F. Sa (2005)
Liquidity provision in the overnight foreign exchange market
Bjønnes, G.H., D. Rime & H.O.Aa. Solheim (2005)
Exchange rates and fundamentals: new evidence from real-time data
Ehrmann, M. & M. Fratzscher (2005)
Slow Passthrough Around the World: A New Import for Developing Countries?
Frankel, J.A., D.C. Parsley & S-J. Wei (2005)
Fundamental and Non-Fundamental Equilibria in the Foreign Exchange Market: A Behavioural Finance Framework
de Grauwe, P., R. Dieci & M. Grimaldi (2005)
Heterogeneity of agents, transactions costs and the exchange rate
De Grauwe, P. & M. Grimaldi (2005)
Abstract: We develop a model of the exchange rate that has two features. First, there are non-linearities that arise from the existence of transaction costs in goods markets. Second, the model assumes heterogeneous agents who use simple forecasting rules, the ‘fitness’ of which is then controlled ex post by checking their profitability, and by switching to the more profitable rules. This model is capable of reproducing the empirical puzzles observed in exchange markets (disconnect puzzle, excess volatility, fat tails, volatility clustering). We analyse some policy implications of this type of modelling of the exchange rate.
Market microstructure: A survey of microfoundations, empirical results, and policy implications
SURVEY PAPER
Biais, B., L. Glosten & C. Spatt (2005)
Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change
Hau, H., M. Massa & J. Peress (2005)
Exchange rates and fundamentals: evidence on the economic value of predictability
Abhyankar, A., L. Sarno & G. Valente (2005)
The impact of macroeconomic surprises on spot and forward foreign exchange markets
Simpson, M.W., S. Ramchander & M. Chaudhry (2005)
The Exchange Rate and its Fundamentals in a Complex World
De Grauwe, P. & M. Grimaldi (2005)
The euro at five: Short-run pain, long-run gain?
Rogoff, K. (2005)
The euro and the dollar 6 years after creation
Mussa, M. (2005)
The euro–dollar exchange rate defies prediction
Salvatore, S. (2005)
Regime-Switching Behavior of the Term Structure of Forward Markets
Tchernykh, E. & W.H. Branson (2005)
Smooth-transition error-correction in exchange rates
McMillan D.G. (2005)
Feedback trading and autocorrelation interactions in the foreign exchange market: Further evidence
Laopodis, N.T. (2005)
Noise trading and delayed exchange rate overshooting
Pierdzioch, C. (2005)
Rational Inattention: A Solution to the Forward Discount Puzzle | Published
Bacchetta, P. & E. van Wincoop (2005/10)
Modeling Exchange-Rate Passthrough After Large Devaluations | Published
Burstein, A., M. & S. Rebelo (2005/07)
The Exchange Rate Forecasting Puzzle
Vitek, F. (2005)
Revisiting the Martingale hypothesis for exchange rates
Lee, Y-S., T-H. Kim & P. Newbold (2005)
Understanding Order Flow
Evans, M.D.D. & R.K. Lyons (2005)
Stock prices and exchange rate dynamics
Phylaktis, K. and Ravazzolo, F. (2005)
What Defines 'News' in Foreign Exchange Markets?
Dominguez, K. & F. Panthaki (2005)
Explaining exchange rate dynamics - the uncovered equity return parity condition
Cappiello, L., E. Krylova & R.A. De Santis (2005)
Monetary policy and the illusionary exchange rate puzzle
Bjørnland, H.C. (2005)
Foreign Exchange Market Microstructure
Evans, M.D.D. (2005)
Arbitrage in the foreign exchange market: Turning on the microscope | Published
Akram, Q.F., D. Rime & L. Sarno (2005/08)
Investing in Foreign Currency is like Betting on your Intertemporal Marginal Rate of Substitution
Lustig, H. & A. Verdelhan (2005)
New Evidence on the Forward Unbiasedness Hypothesis in the Foreign Exchange Market
Nikolaou, K. & L. Sarno (2005)
Non-Linearities in the Relation between the Exchange Rate and its Fundamentals
Altavilla, C. & P. De Grauwe (2005)
The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly
Boudoukh, J., M. Richardson & R. Whitelaw (2005)
Exchange Rate Pass-through into Import Prices
Campa, J.M. & L.S. Goldberg (2005)
A Note on the Foreign Exchange Market Efficiency Hypothesis: Does Small Sample Bias affect Inference?
Al-Zoubi, H.A. & E. Daal (2005)
A semiparametric GARCH model for foreign exchange volatility
Yang, L. (2006)
Time-varying risk, interest rates, and exchange rates in general equilibrium | Published
Alvarez, F., A. Atkeson & P.J. Kehoe (2006/09)
Uncovered Interest Parity
SURVEY PAPER
Isard, P. (2006)
A Market Microstructure Analysis of Foreign Exchange Intervention | Alternative
Vitale, P. (2006)
The Forward Exchange Rate Bias Puzzle: Evidence from New Cointegration Tests
Aggarwal, R., B.M. Lucey & S.K. Mohanty (2006)
Uncovering Yield Parity: A new insight into the UIP puzzle through the stationarity of long maturity forward rates
Darvas, Z., G. Rappai & Z. Schepp (2006)
Another look at long-horizon uncovered interest parity
Montañés, A. & M. Sanso-Navarro (2006)
The microstructure approach to exchange rates: a survey from a central bank’s viewpoint
SURVEY PAPER
Gereben, A., G. Gyomai & N. Kiss M. (2006)
Towards Decoding Currency Volatilities
Juttner, D.J. & W. Leung (2006)
Fundamental volatility is regime specific
Arnold, I.J.M., R. MacDonald & C.G. de Vries (2006)
Learning to Forecast the Exchange Rate: Two Competing Approaches | Published
De Grauwe, P. & A. Markiewicz (2006/13)
Profits and Speculation in Intra-Day Foreign Exchange Trading | Published
Mende, A. & L. Menkhoff (2006)
A Habit-Based Explanation of the Exchange Rate Risk Premium
Verdelhan, A. (2006)
Exchange Rates and Order Flow in the Long Run
Boyer, M.M. & S. van Norden (2006)
Nonlinearity in Deviations from Uncovered Interest Parity: An Explanation of the Forward Bias Puzzle
Sarno, L., G. Valente & H.L. Leon (2006)
Structural Error-Correction Model of Best Prices and Depths in the Foreign Exchange Limit Order Market
Lo, I. & S.G. Sapp (2006)
Regional heterogeneity in the relationship between fiscal imbalances and foreign exchange market pressure
Bird, G. & A. Mandilaras (2006)
On the short-term predictability of exchange rates: A BVAR time-varying parameters approach
Sarantis, N. (2006)
Why use Markov-switching models in exchange rate prediction?
Lee, H-Y. & S-L. Chen (2006)
Can Affine Term Structure Models Help Us Predict Exchange Rates?
Diez, A. (2006)
Forecasting and Combining Competing Models of Exchange Rate Determination
Altavilla, P. & P. De Grauwe (2006)
What drives volatility persistence in the foreign exchange market? | Published
Berger, D., A. Chaboud, E. Hjalmarsson & E. Howorka (2006/09)
Transmission of volatility and trading activity in the global interdealer foreign exchange market: evidence from electronic broking services (EBS) data
Cai, F., E. Howorka & J. Wongswan (2006)
Clustering and psychological barriers in exchange rates
Mitchell, J. & H.Y. Izan (2006)
The Returns to Currency Speculation
Burnside, B., M. Eichenbaum, I. Kleshchelski & S. Rebelo (2006)
The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies | Published
Frankel, J. & J. Poonawala (2006/10)
Volatility impulse responses for multivariate GARCH models: An exchange rate illustration
Hafner, C.M. & H. Herwartz (2006)
Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment
Chinn, M.D. & R. Alquist (2006)
The interaction between technical currency trading and exchange rate fluctuations
Schulmeister, S. (2006)
Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?
Campa, J.M. & L.S. Goldberg (2006)
Accounting for the source of exchange rate movements: new evidence
Farrant, K. & G. Peersman (2006)
What Drives Heterogeneity in Foreign Exchange Rate Expectations: Deep Insights from a New Survey
Dreger, C. & G. Stadtmann (2006)
Affine term structure models for the foreign exchange risk premium
Benati, L. (2006)
Exchange rate volatility without the contrivance of fundamentals and the failure of PPP
Bask, M. (2006)
Announcement effects on exchange rate movements: continuity as a selection criterion among the REE
Bask, M. (2006)
Testing the uncovered interest parity using traded volatility, a time-varying risk premium and heterogeneous expectations
Sarantis, N. (2006)
Testing for multiple regimes in the tail behavior of emerging currency returns
Candelon, B. & S. Straetmans (2006)
Price Impacts of Deals and Predictability of the Exchange Rate Movements
Ito, T. & Y. Hashimoto (2006)
A Behavioral Finance Model of the Exchange Rate with Many Forecasting Rules
De Grauwe, P. & P.R. Kaltwasser (2006)
The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis
Menkhoff, L. & M.P. Taylor (2006)
On the trade impact of nominal exchange rate volatility
Tenreyro, S. (2006)
Production, trade, prices, exchange rates and equilibration in large experimental economies
Noussair, C., C. Plott & R. Riezman (2006)
On the inadequacy of newswire reports for empirical research on foreign exchange interventions
Fischer, A.M. (2006)
Exchange Rate Markets and Conservative Inferential Expectations | Published
Menzies, G. & D. Zizzo (2006/12)
Black Market and Official Exchange Rates: Long-Run Equilibrium and Short-Run Dynamics | Published
Caporale, G.M. & M. Cerrato (2006/07)
Exchange rate pass-through to domestic prices: Does the inflationary environment matter?
Choudhri, E.U. & D.S. Hakura (2006)
Sentiment in foreign exchange markets: Hidden fundamentals by the back door or just noise?
Rebitzky, R.R. (2006)
Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through
Ito, T. & K. Sato (2006)
Trade integration, competition, and the decline in exchange-rate pass-through | Published
Gust, C., S. Leduc & R.J. Vigfusson (2006/10)
Exchange Rate Pass-Through: Evidence Based on Vector Autoregression with Sign Restrictions
An, L. (2006)
Testing the Equilibrium Exchange Rate Model - Updated
Guilherme, M. & D.S. Sergio (2006)
Can Markov switching models predict excess foreign exchange returns?
Dueker, M. & C.J. Neely (2007)
The Overvaluation of Renminbi Undervaluation | Published
Cheung, Y-W., M.D. Chinn & E. Fujii (2007)
Random Walk Expectations and the Forward Discount Puzzle
Bacchetta, P. & E. van Wincoop (2007)
Evaluating An Estimated New Keynesian Small Open Economy Model | Published
Adolfson, M., S. Laséen, J. Lindé & M. Villani (2007/08)
Macroeconomic imbalances and exchange rate regime shifts
Post, E. (2007)
Testing PPP in the non-linear STAR framework
Bahmani-Oskooee, M., A.M. Kutan & S. Zhou (2007)
Industry Restructuring, Mark-ups, and Exchange Rate Pass-Through
Lapham, B. & D. Leung (2007)
A Yield Curve Perspective on Uncovered Interest Parity
Krippner, L. (2007)
Modeling foreign exchange rates with jumps
Maheu, J.M. & T.H. McCurdy (2007)
The Returns to Currency Speculation in Emerging Markets
Burnside, B., M. Eichenbaum & S. Rebelo (2007)
Home bias, exchange rate disconnect, and optimal exchange rate policy | Published
Wang , J. (2007/10)
Incomplete Cost Pass-Through Under Deep Habits
Ravn, M., S. Schmitt-Grohe & M. Uribe (2007)
Do Exchange Rates Move in Line With Uncovered Interest Parity?
Huisman, R., R.J. Mahieu & A. Mulder (2007)
The Forward Premium Puzzle: new evidence from futures contracts
Bernoth, K., J. von Hagen & C. de Vries (2007)
The exchange rate in a behavioral finance framework
Osler, C. (2007)
Forecasting exchange rate better with artificial neural network
Panda, C. & V. Narasimhan (2007)
Resolving the unbiasedness and forward premium puzzles
Thornton, D.L. (2007)
Abstract: There are two unresolved puzzles in the empirical foreign exchange literature. The first is the finding that tests of forward rate unbiasedness using the forward rate and forward premium equations yield markedly different conclusions. A companion puzzle?the forward premium puzzle?is the fact that the forward premium incorrectly predicts the direction of the subsequent change in the spot rate, which implies a massive rejection of uncovered interest parity. This paper resolves both puzzles.
Customer Trading in the Foreign Exchange Market: Empirical Evidence from an Internet Trading Platform
Nolte, I. & S. Lechner (2007)
Modeling Optimism and Pessimism in the Foreign Exchange Market | Published
De Grauwe, P. & P.R. Kaltwasser (2007/12)
Exchange rate forecasting, order flow and macroeconomic information | Published
Rime, D., L. Sarno & E. Sojli (2007/09)
The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Comment
Burnside, C. (2007)
A New Approach to Forecasting Exchange Rates | Published
Clements, K.W. & Y. Lan (2007/10)
Irving Fisher, Expectational Errors, and the UIP Puzzle
Campbell, R., K. Koedijk, J.R. Lothian & R.J. Mahieu (2007)
Exchange Rate Fundamentals and Order Flow
Evans, M.D.D. & R.K. Lyons (2007)
A Resolution of the Forward Discount Puzzle
Olmo, J. & K. Pilbeam (2007)
The Importance of Interest Rate Volatility in Empirical Tests of Uncovered Interest Parity
Hadzi-Vaskov, M. & C. Kool (2007)
End-user order flow and exchange rate dynamics
Reitz, S., M. Schmidt & M.P. Taylor (2007)
A Saddlepoint Approximation to the Distribution of the Half-Life Estimator in an Autoregressive Model: New Insights Into the PPP Puzzle
Chen, Q. & D.E. Giles (2007)
Pricing to Firm: an Analysis of Firm- and Product-level Import Prices
Halpern, L. & M. Koren (2007)
Random Walk Expectations and the Forward Discount Puzzle
Bacchetta, P. & E. van Wincoop (2007)
Macroeconomic news and exchange rates
Pearce, D.K. & M.N. Solakoglu (2007)
Measuring Long-Run Exchange Rate Pass-Through
de Bandt, O., A. Banerjee & R. Kozluk (2007)
Economic Integration and the Foreign Exchange
Weber, E. (2007)
On the returns generating process and the profitability of trading rules in emerging capital markets
Hatgioannides, J. & S. Mesomeris (2007)
Uncovered interest rate parity and the term structure
Bekaert, G., M. Wei & Y. Xing (2007)
Understanding the Forward Premium Puzzle: A Microstructure Approach
Burnside, C., M.S. Eichenbaum & S. Rebelo (2007)
Safe Haven Currencies
Soderlind, P. & A. Ranaldo (2007)
The Economics of Uncovered Interest Parity Condition for Emerging Markets: A Survey
Alper, C.E., O.P. Ardic & S. Fendoglu (2007)
Fourier Transform Method with an Asymptotic Expansion Approach: an Application to Currency Options
Takahashi, A. & K. Takehara (2007)
Exchange Rate Models Are Not as Bad as You Think
Engel, C., N.C. Mark & K.D. West (2007)
Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities
Mehl, A. & L. Cappiello (2007)
Currency and credit markets
Bilsona, J.F.O. & D. Cernauskas (2007)
Specifying the Forecast Generating Process for Exchange Rate Survey Forecasts
Cohen, R.H. & C. Bonham (2007)
Is Sterilized Intervention Effective? New International Evidence
Siklos, P.L. & D.N. Weymark (2007)
Aggregate Trading Behavior of Technical Models and the Yen/Dollar Exchange Rate
Schulmeister, S. (2007)
What can the data tell us about carry trades in Japanese yen?
Gagnon, J.E. & A.P. Chaboud (2007)
Conditional Volatility and Distribution of Exchange Rates: GARCH and FIGARCH Models with NIG Distribution
Kiliç, R. (2007)
Which Are the World's Wobblier Currencies? Reference Exchange Rates and Their Variation
Bowden, R.J. & J.Z. Zhu (2007)
Financial Exchange Rates and International Currency Exposures | Published
Lane, P. & J.C. Shambaugh (2007/10)
The uncovered return parity condition
Cappiello, L. & R.A. De Santis (2007)
Exchange rate pass-through to export prices: assessing some cross-country evidence | Published
Vigfusson, R.J., N. Sheets & J. Gagnon (2007/09)
Testing Uncovered Interest Parity: A Continuous-Time Approach | Published
Diez de los Rios, A. & E. Sentana (2007/11)
Solving Exchange Rate Puzzles with neither Sticky Prices nor Trade Costs | Published
Roche, M.J. & M.J. Moore (2007/10)
Professional forecasts of interest rates and exchange rates: Evidence from the Wall Street Journal’s panel of economists
Mitchell, K. & D.K. Pearce (2007)
Optimal Informed Trading in the Foreign Exchange Market
Vitale, P. (2007)
Where Does Price Discovery Occur in FX Markets?
D'Souza, C. (2007)
Using a New Open Economy Macroeconomics model to make real nominal exchange rate forecasts
Sellin, P. (2007)
The timing and magnitude of exchange rate overshooting
Hoffmann, M., J. Sondergaard & N.J. Westelius (2007)
A monetary model of the exchange rate with informational frictions
Martinez-Garcia, E. (2007)
Exchange rate volatility, macro announcements and the choice of intraday seasonality filtering method
Laakkonen, H. (2007)
Exchange Rate Volatility and Reserves Transparency
Cady, J. & J. Gonzalez-Garcia (2007)
Model-Free Evaluation of Directional Predictability in Foreign Exchange Markets
Chung, J. & Y. Hong (2007)
Investor Overconfidence and the Forward Discount Puzzle
Han, B., D. Hirshleifer & T. Wang (2008)
An Economic Evaluation of Empirical Exchange Rate Models
Della Corte, P., L. Sarno & I. Tsiakas (2008)
Note on The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk
Lustig, H. & A. Verdelhan (2008)
Rare Disasters and Exchange Rates
Farhi, E. & X. Gabaix (2008)
Abstract: We propose a new model of exchange rates, which yields a theory of the forward premium puzzle. Our explanation combines two ingredients: the possibility of rare economic disasters, and an asset view of the exchange rate. Our model is frictionless, has complete markets, and works for an arbitrary number of countries. In the model, rare worldwide disasters can occur and affect each country's productivity. Each country's exposure to disaster risk varies over time according to a mean-reverting process. Risky countries command high risk premia: they feature a depreciated exchange rate and a high interest rate. As their risk premium mean reverts, their exchange rate appreciates. Therefore, currencies of high interest rate countries appreciate on average. To make the notion of disaster risk more implementable, we show how options prices might in principle uncover latent disaster risk, and help forecast exchange rate movements. We then extend the framework to incorporate two factors: a disaster risk factor, and a business cycle factor. We calibrate the model and obtain quantitatively realistic values for the volatility of the exchange rate, the forward premium puzzle regression coefficients, and near-random walk exchange rate dynamics. Finally, we solve a model of stock markets across countries, which yields a series of predictions about the joint behavior of exchange rates, bonds, options and stocks across countries. The evidence from the options market appears to be supportive of the model.
Dispersion of Beliefs in the Foreign Exchange Market | Published
Jongen, R., W.F.C. Verschoor, C.C. Wolff & R.C.J. Zwinkels (2008/12)
Microstructure Noise, Realized Variance, and Optimal Sampling
Bandi, F.M. & J.R. Russell (2008)
Does FOMC News Increase Global FX Trading? | Published
Fischer, A.M. & A. Ranaldo (2008/11)
The Monetary Model Strikes Back: Evidence from the World | Published
Cerra, V. & S.C. Saxena (2008/10)
Expectations and chaotic dynamics: Empirical evidence on exchange rates
Resende, M. & R.M. Zeidan (2008)
Can Exchange Rates Forecast Commodity Prices?
Chen, Y-C., K. Rogoff & B. Rossi (2008)
Circular Aspects of Exchange Rates and Market Structure
Aksoy, Y. & H. Lustig (2008)
A new look at pass-through
Shambaugh, J. (2008)
The long swings in the spot exchange rates and the complex unit roots hypothesis
Al-Zoubi, H.A. (2008)
Unraveling the complex interrelationships between exchange rates and fundamentals
Murphy, A. & Y. Zhu (2008)
Order flow and exchange rate dynamics in electronic brokerage system data
Berger, D.W., A.P. Chaboud, S.V. Chernenko, E. Howorka & J.H. Wright (2008)
Forecasting foreign exchange rates using idiosyncratic volatility
Guo, H. & R. Savickas (2008)
Market structure and dealers’ quoting behavior in the foreign exchange market
Ding, L. (2008)
Do Peso Problems Explain the Returns to the Carry Trade?
Burnside, A.C., M.S. Eichenbaum, I. Kleshchelski & S. Rebelo (2008)
The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
Lane, P.R. & J.C. Shambaugh (2008)
Short-run Exchange-Rate Dynamics: Theory and Evidence
Carlson, J.A., C.M. Dahl & C.L. Osler (2008)
Real Exchange Rate Dynamics under Staggered Loan Contracts
Fujiwara, I. & Y. Teranishi (2008)
Market Microstructure Approach to the Exchange Rate Determination Puzzle
SURVEY PAPER
Mokoena, T., R. Gupta & R. Van Eyden (2008)
The Continuing Puzzle of Short Horizon Exchange Rate Forecasting
Rogoff, K.S. & V. Stavrakeva (2008)
Common Risk Factors in Currency Markets
Lustig, H., N. Roussanov & A. Verdelhan (2008)
Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability
Hashimoto, Y., T. Ito, T. Ohnishi, M. Takayasu, H. Takayasu & T. Watanabe (2008)
Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
Cheung, Y-W., M.D. Chinn & E. Fujii (2008)
Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set
Chinn, M.D. & M.J. Moore (2008)
Exchange Rate Puzzles: A Review of the Recent Theoretical and Empirical Developments
SURVEY PAPER
Mokoena, T., R. Gupta & R. van Eyden (2008)
Exchange rates and fundamentals: a generalization
Nason, J.M. & J.H. Rogers (2008)
Exchange rate determination under interest rate rules
Benigno, G. & P. Benigno (2008)
Order flows, news, and exchange rate volatility
Frömmel, M., A. Mende & L. Menkhoff (2008)
Emerging market hedge funds and the yen carry trade
Peltomäki, J. (2008)
New Keynesian Exchange Rate Pass-Through
Choi, W.G. & D. Cook (2008)
Nonlinearity as an Explanation of the Forward Exchange Rate Anomaly
Bond, D., N. Hession, M.J. Harrison & E.J. O’Brien (2008)
Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
Wagner, C. (2008)
Panel Cointegration and the Monetary Exchange Rate Model
Basher, S.A. & J. Westerlund (2008)
Freely Floating Exchange Rates Do Not Systematically Overshoot
Pippenger, J. (2008)
A structural time series test of the monetary model of exchange rates under four big inflations
Tawadros, G.B. (2008)
Bayesian Model Averaging and exchange rate forecasts
Wright, J.H. (2008)
News and Expectations in Financial Markets: An Experimental Study
Menzies, G. & D. Zizzo (2008)
Informational linkages across trading regions: Evidence from foreign exchange markets
Cai, F., E. Howorka & J. Wongswan (2008)
Is the forward bias economically small? Evidence from European rates
Sercu, M.V. & X. Wu (2008)
Local information in foreign exchange markets
Menkhoff, L. & M. Schmeling (2008)
McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates
de los Rios, A.D. (2008)
Foreign exchange market bid-ask spread and market power in an underdeveloped economy
Khemraj, T. & S. Pasha (2008)
Price discovery from cross-currency and FX swaps: a structural analysis
Baba, N. & S.Y. Amatatsu (2008)
Leveraged Carry Trade Portfolios
Darvas, Z. (2008)
Emerging Market Currency Excess Returns | Published
Gilmore, S. & F. Hayashi (2008/11)
Predictability and 'Good Deals' in Currency Markets
Levich, R.M. & V. Poti (2008)
Forecasting foreign exchange volatility: Why is implied volatility biased and inefficient? And does it matter?
Neely, C.J. (2008)
The Taylor rule and forecast intervals for exchange rates
Wang, J. & J.J. Wu (2008)
Nonlinear Exchange Rate Predictability | Published
Suarez, C.F.L. & J.A.R. Lopez (2008/11)
Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08
Baba, N. & S.F. Packer (2008)
Asymmetric information in the interbank foreign exchange market
Bjønnes, G.H., C.L. Osler & D. Rime (2009)
Does a “correct” parameter estimate tell a better story about foreign exchange market efficiency?
Wang, P. & P. Wang (2009)
Out-of-sample exchange rate predictability with Taylor rule fundamentals
Molodtsova, T. & D.H. Papell (2009)
Heterogeneous Expectations and Exchange Rate Dynamics
Chiarella, C., X-Z. He & M. Zheng (2009)
Uncertainty aversion in a heterogeneous agent model of foreign exchange rate formation
Kozhan, R. & M. Salmon (2009)
Heterogeneity in exchange rate expectations: Evidence on the chartist–fundamentalist approach
Menkhoff, L., R.R. Rebitzky & M. Schröder (2009)
The economic value of fundamental and technical information in emerging currency markets
de Zwart, G., T. Markwat, L. Swinkels & D. van Dijk (2009)
Expectations and exchange rate dynamics: A state-dependent pricing approach
Landry, A. (2009)
Liquidity Shocks and Order Book Dynamics
Biais, B. & P-O. Weill (2009)
State-Uncertainty preferences and the Risk Premium in the Exchange rate market
Jimenez-Martin, J-A. & A.N. Cinca (2009)
Can a Habit Formation Model really explain the forward premium anomaly?
da Costa, C.E. & J.X. Vasconcelos (2009)
Model Misspecification, Learning and the Exchange Rate Disconnect Puzzle
Lewis, V. & A. Markiewicz (2009)
On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
Bacchetta, P. & E. van Wincoop (2009)
Asymmetric volatility in the foreign exchange markets
Wang, J. & M. Yang (2009)
Two currencies, one model? Evidence from the Wall Street Journal forecast poll
Frenkel, M., J-C. Rülke & G. Stadtmann (2009)
Monetary policy and exchange rate overshooting: Dornbusch was right after all | Published
Bjørnland, H.J. (2009)
Volatility Models : from GARCH to Multi-Horizon Cascades
Subbotin, A., T. Chauveau & K. Shapovalova (2009)
Exchange Rate Volatility and Output Volatility: A Theoretical Approach
Grydaki, M. & S. Fountas (2009)
Exchange rates dependence: what drives it?
Benediktsdottir, S. & C. Scotti (2009)
The impact of macroeconomic announcements on real time foreign exchange rates in emerging markets
Cai, F., H. Joo & Z. Zhang (2009)
Informed trading in an electronic foreign exchange market
Gencay, R. & N. Gradojevic (2009)
Can Parameter Instability Explain the Meese-Rogoff Puzzle?
Bacchetta, P., E. van Wincoop & T. Beutler (2009)
Resolving the unbiasedness puzzle in the foreign exchange market
Thornton, D.L. (2009)
On causal Relationships Between Exchange Rates and Fundamentals: Better Than You Think
Christopoulos, D. & M.A. León-Ledesma (2009)
Identifying the effects of an exchange rate depreciation on country risk: Evidence from a natural experiment
Bordo, M.D., C.M. Meissner & M.D. Weidenmier (2009)
New evidence on nominal exchange rate predictability
Wu, J-L. & Y-H. Hu (2009)
Accounting for Incomplete Pass-Through | Published
Nakamura, E. & D. Zerom (2009)
A Model of Market Clearing Exchange Rates
Parchure, R. (2009)
Evidence on the contrarian trading in foreign exchange markets
Wan, J-Y. & C-W. Kao (2009)
International Portfolio Balance – Modeling the External Adjustment Process
Nils, H., K. Clemens & M. Joan (2009)
Segmentation and time-of-day patterns in foreign exchange markets
Ranaldo, A. (2009)
Dynamical Clustering of Exchange Rates
Fenn, D.J., M.A. Porter, P.J. Mucha, M. McDonald, S. Williams, N.F. Johnson & N.S. Jones (2009)
Commodity prices, commodity currencies, and global economic developments
Groen, J.J.J. & P.A. Pesenti (2009)
The Intertemporal Relation between Expected Return and Risk on Currency
Bali, T. & K. Yilmaz (2009)
Can long-horizon forecasts beat the random walk under the Engel-West explanation?
Engel, C., J. Wang & J. Wu (2009)
Wavelet Based Volatility Clustering Estimation of Foreign Exchange Rates
Iyengar, A.N.K. (2009)
Exchange rate expectations: The role of person specific forward looking variables
Koske, I. & G. Stadtmann (2009)
The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself | Published
Jorda, O. & A.M. Taylor (2009/12)
Time-Varying Currency Betas: Evidence from Developed and Emerging Markets
Jayasinghe, P. & A.K. Tsui (2009)
Currency Carry Trade Regimes: Beyond the Fama Regression | Published
Clarida, R., J. Davis & N. Pedersen (2009)
Announcement effect and intraday volatility patterns of euro-dollar exchange rate: monetary policy news arrivals and short-run dynamic response
Darmoul, M. & K. Mokhtar (2009)
For Rich or for Poor: When does Uncovered Interest Parity Hold?
Roche, M.J. & M.J. Moore (2009)
Segmentation across International Equity, Bond, and Foreign Exchange Markets
Ning, C. & S. Sapp (2009)
The Multi-Scale Interaction between Interest Rate, Exchange Rate and Stock Price
Hamrita, M.E., N. Ben Abdallah & S. Ben Ammou (2009)
Rise of the machines: algorithmic trading in the foreign exchange market
Chaboud, A., B. Chiquoine, E. Hjalmarsson & C. Vega (2009)
Order flows and the exchange rate disconnect puzzle
Evans, M.D.D. (2009)
A Disutility-Based Drift Control for Exchange Rates
Castellano, R., R. Cerqueti & R.L. D'Ecclesia (2009)
Modeling Exchange Rate Volatility
Balg, B.A. & H. Metcalf (2010)
Detecting Crowded Trades in Currency Funds
Pojarliev, M. & R.M. Levich (2010)
Exchange Rate Pass-Through and Inflation: A Nonlinear Time Series Analysis
Shintani, M., A. Terada-Hagiwara & T. Yabu (2010)
International order flows: Explaining equity and exchange rate returns
Dunne, P., H. Hau & M. Moore (2010)
Foreign exchange, fractional cointegration and the implied–realized volatility relation
Kellard, N., C. Dunis & N. Sarantis (2010)
Commodity prices, commodity currencies, and global economic developments
Groen, J.J.J. & P. Pesenti (2010)
What Drives Exchange Rates? New Evidence from a Panel of U.S. Dollar Bilateral Exchange Rates
Cayen, J-P., D. Coletti, R. Lalonde & P. Maier (2010)
Do Currency Fundamentals Matter for Currency Speculators?
Nozaki, M. (2010)
Does the uncovered interest parity hold in short horizons?
Levent, K. (2010)
Risk-Premia, Carry-Trade Dynamics, and Economic Value of Currency Speculation
Wagner, C. (2010)
Bond currency denomination and the yen carry trade
Candelaria, C.A., J.A. Lopez & M.M. Spiegel (2010)
A stochastic dominance analysis of yen carry trades
Fong, W.M. (2010)
Investor Overconfidence and the Forward Premium Puzzle
Burnside, C., B. Han, D. Hirshleifer & T.Y. Wang (2010)
The Forward Premium Puzzle and Latent Factors Day by Day
Bernoth, K., C.G. de Vries & J. von Hagen (2010)
Fluctuations in the foreign exchange market: How important are monetary policy shocks?
Bouakez, H. & M. Normandin (2010)
An Investigation of the Causal Relations between Exchange Rates and Interest Rate Differentials Using Wavelets
Hacker, S., H. Kim & K. Månsson (2010)
Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums
Mancini, L., A. Ranaldo & J. Wrampelmeyer (2010)
Causal Relationship between Stock Prices and Exchange Rates
Alagidede, P., T. Panagiotidis & X. Zhang (2010)
The Time-Varying Systematic Risk of Carry Trade Strategies
Christiansen, C., A. Ranaldo & P. Söderlind (2010)
A Transaction Data Study of the Forward Bias Puzzle
Breedon, F., D. Rime & P. Vitale (2010)
News announcements and price discovery in foreign exchange spot and futures markets
Chen, Y-L. & Y-F. Gau (2010)
Growth and inequality in a small open economy
Chen, Y-C. & S.J. Turnovsky (2010)
The demand for euros
Arnold, I.J.M. & S. Roelands (2010)
Exchange Rate and Industrial Commodity Volatility Transmissions, Asymmetries and Hedging Strategies
Hammoudeh, S.M., Y. Yuan & M. McAleer (2010)
Nominal exchange rate volatility, relative price volatility, and the real exchange rate
Ganguly, S. & J.B. Breuer (2010)
Testing the asset pricing model of exchange rates with survey data
Naszodi, A. (2010)
Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
Dominguez, K.M.E., R. Fatum & P. Vacek (2010)
Episodic Nonlinearity in Leading Global Currencies
Serletis, A., A.G. Malliaris, M. Hinich & P. Gogas (2010)
Renminbi's misalignment: A meta-analysis
Bineau, Y. (2010)
Search-Theoretic Money, Capital and International Exchange Rate Fluctuations | Published
Gomis-Porqueras, P., T. Kam & J. Lee (2010/13)
Monetary Policy and the Uncovered Interest Parity Puzzle
Backus, D.K., F. Gavazzoni, C. Telmer & S.E. Zin (2010)
Testing unit roots and long range dependence of foreign exchange
Guegan, D. & Z. Lu (2010)
The influence of fundamentals on exchange rates: findings from analyses of news effects
Rebitzsky, R.R. (2010)
Timing exchange rates using order flow: The case of the Loonie
King, M., L. Sarno & E. Sojli (2010)
Trader see, trader do: How do (small) FX traders react to large counterparties’ trades?
Menkhoff, L. & M. Schmeling (2010)
Taylor Rules and Exchange Rate Predictability in Emerging Economies | Published
Galimberti, J.K. & M.L. Moura (2010/13)
The Solution to the Forward-Bias and Related Puzzles | Published
Pippenger, J.E. (2010/11)
Countercyclical Currency Risk Premia | Published
Lustig, H., N. Roussanov & A. Verdelhan (2010/14)
A Cyclical Model of Exchange Rate Volatility | Published
Harris, R.D.F., E. Stoja & F. Yilmaz (2010/11)
Forecasting exchange rates: Non-linear adjustment and time-varying equilibrium
Grossmann, A. & D.G. McMillan (2010)
The electronic trading systems and bid-ask spreads in the foreign exchange market
Ding, L. & J. Hiltrop (2010)
Differences in beliefs and currency risk premiums
Beber, A., F. Breedon & A. Buraschi (2010)
On the Correlation Structure of Microstructure Noise: A Financial Economic Approach
Diebold, F.X. & G. Strasser (2010)
Currency Carry Trades
Berge, T.J., O. Jorda & A.M. Taylor (2010)
International money and stock market contingent claims
Gourieroux, C., A. Monfort & R. Sufana (2010)
Modeling exchange rate dependence dynamics at different time horizons
Dias, A. & P. Embrechts (2010)
Emerging floaters: Pass-throughs and (some) new commodity currencies
Kohlscheen, E. (2010)
Speculative capital and currency carry trades
Jylhä, P. & M. Suominen (2010)
Adaptive Forecasting of Exchange Rates with Panel Data
Morales-Arias, L. & A. Dross (2010)
A Transaction Data Study of the Forward Bias Puzzle
Breedon, F., D. Rime & P. Vital (2010)
Exchange rate response to macronews: Through the lens of microstructure
Savaser, T. (2010)
Money Supply Rules and Exchange Rate Dynamics
Tervala, J. (2010)
Price Discovery in Currency Markets | Published
Osler, C., A. Mende & L. Menkhoff (2010/11)
Extreme Returns: The Case of Currencies | Published
Osler, C. & T. Savaser (2010/11)
Micro approaches to Foreign Exchange Determination
SURVEY PAPER
Evans, M. & D. Rime (2010)
The Microstructure of Currency Markets
SURVEY PAPER
Evans, M. (2011)
The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth?
Della Corte, P., L. Sarno & G. Sestieri (2011)
Adaptive Forecasting of Exchange Rates with Panel Data
Morales-Arias, L. & A. Dross (2011)
Exchange rate determination, macroeconomic dynamics and stability under heterogeneous behavioral FX expectations
Proaño, C.R. (2011)
Sex Ratios and Exchange Rates
Du, Q. & S-J. Wei (2011)
Do technical trading profits remain in the foreign exchange market? Evidence from 14 currencies
Cialenco, I. & A. Protopapadakis (2011)
Fundamentalists vs. chartists: Learning and predictor choice dynamics
Berardi, M. (2011)
A Macro-Finance Approach to Exchange Rate Determination
Chen, Y-C. & K.P. Tsang (2011)
Carry Trades and Global Foreign Exchange Volatility
Menkhoff, L., L. Sarno, M. Schmeling & A. Schrimpf (2011)
Uncovered interest-rate parity over the past two centuries
Lothian, J.R. & L. Wu (2011)
Financial amplification of foreign exchange risk premia
Adrian, T., E. Etula, J.J.J. Groen (2011)
Nonlinearity and time-variation in the monetary model of exchange rates
Junttila, J. & M. Korhonen (2011)
On the sources of private information in FX markets
Moore, M.J. & R. Payne (2011)
A Simple Test of Momentum in Foreign Exchange Markets
Garcia-Suaza, A.F. & J.E. Gómez (2011)
Carry Trade and Momentum in Currency Markets
Burnside, C., M.S. Eichenbaum & S. Rebelo (2011)
Spot and forward volatility in foreign exchange
Della Corte, P., L. Sarno & I. Tsiakas (2011)
Uncovered Interest Parity: Cross-Sectional Evidence
Lee, B-J. (2011)
Analysis of the intraday effects of economic releases on the currency market
Sun, E.W., O. Rezania, S.T. Rachev & F. J. Fabozzi (2011)
Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia
Edwards, S. (2011)
An investigation of customer order flow in the foreign exchange market
Cerrato, M., N. Sarantis & A. Saunders (2011)
Gold and the Dollar (and the Euro, Pound, and Yen)
Pukthuanthong, K. & R. Roll (2011)
Solving Exchange Rate Puzzles with neither Sticky Prices nor Trade Costs
Roche, M.J. & M.J. Moore (2011)
Trading volume and exchange rate volatility: Evidence for the sequential arrival of information hypothesis
Mougoué, M. & R. Aggarwal (2011)
Exchange Rates and Fundamentals: Co-Movement, Long-Run Relationships and Short-run Dynamics | Published
Bekiros, S. (2011/13)
Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries | Published
Berganza, J.C. & C. Broto (2011/12)
Carry Trades and Risk
Burnside, C. (2011)
Risk, Monetary Policy and the Exchange Rate
Benigno, G., P. Benigno & S. Nistico (2011)
Exchange rate dynamics under state-contingent stochastic process switching
Naszodi, A. (2011)
Intertemporal risk-return trade-off in foreign exchange rates
Christiansen, C. (2011)
The forward-bias puzzle: Still unsolved
Müller, C. (2011)
On the (in)feasibility of covered interest parity as a solution to the forward bias puzzle
Chang, S.S. (2011)
Possible solutions to the forward bias paradox
Baillie, R.T. (2011)
Properties of Foreign Exchange Risk Premiums | Published
Sarno, L., P. Schneider & C. Wagner (2011/12)
The information content of a limit order book: The case of an FX market
Kozhan, R. & M. Salmon (2011)
Order Flows, Fundamentals and Exchange Rates
Iwatsubo, K. & I.W. Marsh (2011)
Structural Breaks and the Equilibrium Chinese Yuan/US Dollar Real Exchange Rate: A FEER Approach
You, K. & N. Sarantis (2011)
Regime switches in exchange rate volatility and uncovered interest parity
Ichiue, H. & K. Koyama (2011)
Markov-switching regimes and the monetary model of exchange rate determination: Evidence from the Central and Eastern European markets
Syllignakis, M.N. & G.P. Kouretas (2011)
Exchange rate misalignment estimates – Sources of differences
Cheung, Y-W. & E. Fujii (2011)
Lessons from the evolution of foreign exchange trading strategies | Published
Neely, C.J. & P.A. Weller (2011/13)
A Risk-Driven Approach to Exchange-Rate Modelling | Published
Keblowski, P. & A. Welfe (2011/12)
Foreign exchange market structure, players and evolution
King, M.R., C. Osler & D. Rime (2011)
The Forward Premium Puzzle in a Two-Country World
Martin, I. (2011)
Sources of exchange rate fluctuations with Taylor rule fundamentals
Kempa, B. & W. Wilde (2011)
Emerging markets and portfolio foreign exchange risk: An empirical investigation using a value-at-risk decomposition technique
Sirr, G., J. Garvey & L. Gallagher (2011)
The puzzling peso
Arteta, C., S.B. Kamin & J. Vitanza (2011)
A twelve-area model for the equilibrium Chinese Yuan/US dollar nominal exchange rate
You, K. & N. Sarantis (2011)
Effects of monetary policy on the $/£ exchange rate. Is there a 'delayed overshooting puzzle'?
Heinlein, R. & H-M. Krolzig (2011)
Currency Momentum Strategies | Published
Menkhoff, L., L. Sarno, M. Schmeling & A. Schrimpf (2012)
Continuous time regime switching model applied to foreign exchange rate
Goutte, S. & B. Zou (2012)
Short-run forecasting of the euro-dollar exchange rate with economic fundamentals
Dal Bianco, M., M. Camacho & G.P. Quiros (2012)
Do market fundamentals determine the Dollar–Euro exchange rate?
Apergis, N., G.K. Zestos & D.S. Shaltayev (2012)
The Scapegoat Theory of Exchange Rates: The First Tests | Published
Fratzscher, M., L. Sarno & G. Zinna (2012/15)
Are exchange rates serially correlated? New evidence from the Euro FX markets
Cheung, W-K. A., J-J. Su & A. Kim Choo (2012)
The Euro/Dollar exchange rate: Chaotic or non-chaotic? A continuous time model with heterogeneous beliefs
Federici, D. & G. Gandolfo (2012)
Sources of Risk in Currency Returns
Graveline, J., I. Zviadadze & M. Chernov (2012)
Temporal dimension and equilibrium exchange rate: A FEER/BEER comparison
Lòpez-Villavicencio, A., J. Mazier & J. Saadaoui (2012)
Risk appetite, carry trade and exchange rates
Liu, M-H., D. Margaritis & A. Tourani-Rad (2012)
Comprehensive Analysis of Market Conditions in the Foreign Exchange Market: Fluctuation Scaling and Variance-Covariance Matrix
Sato, A-H., T. Hayashi & Janusz A. Holyst (2012)
Can Oil Prices Forecast Exchange Rates? | Published
Ferraro, D., K.S. Rogoff & B. Rossi (2012/15)
A Note on Forecasting Emerging Market Exchange Rates: Evidence of Anti-herding
Pierdzioch, C., J-C. Rülke & G. Stadtmann (2013)
Exchange rates and oil prices: A multivariate stochastic volatility analysis
Ding, L. & M. Vo (2012)
Modelling oil price and exchange rate co-movements
Reboredo, J.C. (2012)
Do momentum-based trading strategies work in emerging currency markets?
Tajaddini, R. & T.F. Crack (2012)
Ambiguity Aversion: Implications for the Uncovered Interest Rate Parity Puzzle
Ilut, C. (2012)
Macroeconomic Determinants of Carry Trade Activity
Anzuini, A. & F. Fornari (2012)
Model uncertainty and exchange rate volatility
Markiewicz, A. (2012)
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets | Published
Levich, R.M. (2012)
A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets
Bansal, R. & I. Shaliastovich (2012)
Commodity Trade and the Carry Trade: a Tale of Two Countries
Roussanov, N. & R. Ready (2012)
The Exchange Rate Pass -Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice
Choudhri, E.U. & D. Hakura (2012)
Exchange-rate return predictability and the adaptive markets hypothesis: Evidence from major foreign exchange rates
Charles, A., O. Darné & J.H. Kim (2012)
Factor Model Forecasts of Exchange Rates
Engel, C., N.C. Mark & K.D. West (2012)
Long Horizon Uncovered Interest Parity Re-Assessed
Chinn, M.D. & S. Quayyum (2012)
Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
Ito, T., K. Yamada, M. Takayasu & H. Takayasu (2012)
Importers, Exporters, and Exchange Rate Disconnect
Amiti, M., O. Itskhoki & J. Konings (2012)
Exchange Rate Determination, Risk Sharing and the Asset Market View
Burnside, A.C. & J.J. Graveline (2012)
Asymmetries and state dependence: The impact of macro surprises on intraday exchange rates
Fatum, R., M. Hutchison & T. Wu (2012)
Modeling the horizon-dependent ex-ante risk premium in the foreign exchange market: Evidence from survey data
Prat, G. & R. Uctum (2013)
The Behavior of Currencies during Risk-off Episodes
De Bock, R. & I. Carvalho Filho (2013)
Fiscal deficits and mean reversion in real exchange rates
Gu, J., Q. Li & J. Yang (2013)
Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
Clarida, R.H. (2013)
Carry trade and foreign exchange rate puzzles
Spronk, R., W.F.C. Verschoor & R.C.J. Zwinkels (2013)
The microstructure of covered interest arbitrage in a market with a dominant market maker
Liu, H-C. & M.D. Witte (2013)
Exchange Rate Determination, Risk Sharing and the Asset Market View
Burnside, A.C. & J.J. Graveline (2013)
Exchange rate expectations of chartists and fundamentalists
Dick, C.D. & L. Menkhoff (2013)
Is the Relationship Between Prices and Exchange Rates Homogeneous?
Hall, S.G., G. Hondroyiannis, A. Kenjegaliev, P.A.V.B. Swamy & G.S. Tavlas (2013)
Nonlinear Exchange Rate Adjustment and the Monetary Model
Beckmann, J. (2013)
Exchange Rates and Interest Parity
SURVEY PAPER
Engel, C. (2013)
Exchange rates and commodity prices: measuring causality at multiple horizons
Zhang, H.J., J-M. Dufour & J. Galbraith (2013)
Financial crises and dynamic linkages among international currencies
Dimitriou, D. & D. Kenourgios (2013)
Predictability of currency carry trades and asset pricing implications
Bakshi, G. & G. Panayotov (2013)
Currency Jumps, Cojumps and the Role of Macro News
Chatrath, A., H. Miao, S. Ramchander & S. Villupuram (2013)
Effects of Speculation and Interest Rates in a "Carry Trade" Model of Commodity Prices | Published
Frankel, J.A. (2013)
Which Fundamentals Drive Exchange Rates? A Cross-Sectional Perspective
Sarno, L. & M. Schmeling (2013)
Delayed Overshooting: Is It an 80s Puzzle? | Published
Kim, S-H., S. Moon & C. Velasco (2013/17)
Time-Varying International Diversification and the Forward Premium
Jonen, B. & S. Scheuring (2013)
Currency Wars
Zhang, W., T. Mertens & T. Hassan (2013)
Volatility Risk Premia and Exchange Rate Predictability | Published
Della Corte, P., T. Ramadorai & L. Sarno (2013/16)
General equilibrium pricing of currency and currency options
Du, D. (2013)
Carry | Published
Koijen, R., T.J. Moskowitz, L.H. Pedersen & E.B. Vrugt (2013/18)
Abstract: Any security’s expected return can be decomposed into its “carry” and its expected price appreciation, where carry is a model-free characteristic that can be observed in advance. While carry has been studied almost exclusively for currencies, we find that carry predicts returns both in the cross section and time series for a variety of different asset classes including global equities, global bonds, commodities, US Treasuries, credit, and options. This predictability rejects a generalized version of the uncovered interest rate parity and expectations hypothesis in favor of models with varying risk premia. Our global carry factor across markets delivers strong average returns and, while it is exposed to recession, liquidity, and volatility risks, its performance presents a challenge to asset pricing models.
I discovered the peso problem: Irving Fisher and the UIP puzzle
Lothian, J.R., R.A.J. Pownall & K.G. Koedijk (2013)
The market microstructure approach to foreign exchange: Looking back and looking forward
King, M.R., C.L. Osler & D. Rime (2013)
The Term Structure of Currency Carry Trade Risk Premia | Published
Lustig, H., A. Stathopoulos & A. Verdelhan (2013/19)
An analysis of forward exchange rate biasedness across developed and developing country currencies: Do observed patterns persist out of sample?
Loring, G. & B. Lucey (2013)
Exchange rate dynamics revisited
de Macedo, J.B. & U. Lempinen (2013)
Currency Risk Premia and Uncovered Interest Parity in the International CAPM
Balvers, R.J. & A.F. Klein (2013)
Exchange Rate Predictability
Rossi, B. (2014)
Forecasting Exchange Rates Out-of-Sample with Panel Methods and Real-Time Data
Ince, O. (2014)
Macroeconomic fundamentals and the exchange rate dynamics: A no-arbitrage macro-finance approach
Yin, W. & J. Li (2014)
International Liquidity and Exchange Rate Dynamics
Gabaix, X. & M. Maggiori (2014)
Can time varying risk premiums explain the excess returns in the interest rate parity condition?
Aysun, U. & S. Lee (2014)
Forecasting exchange rates using panel model and model averaging
Garratt, A. & E. Mise (2014)
Foreign Exchange Risk and the Predictability of Carry Trade Returns
Cenedese, G., L. Sarno & I. Tsiakas (2014)
Order Choices under Information Asymmetry in Foreign Exchange Markets
Gau, Y-F. & Z-X. Wu (2014)
What explains deviations in the unbiased expectations hypothesis? Market irrationality vs. the peso problem
Chen, C.Y-H., I-D. Kuo & T.C. Chiang (2014)
Is There Momentum or Reversal in Weekly Currency Returns?
Raza, A., B.R. Marshall & N. Visaltanachoti (2014)
The Dynamic Relationship between Exchange Rates and Macroeconomic Fundamentals: Evidence from Pacific Rim Countries
Chang, M-J. & C-Y. Su (2014)
The Unbeatable Random Walk in Exchange Rate Forecasting: Reality or Myth?
Moosa, I. & K. Burns (2014)
Model Uncertainty and the Forward Premium Puzzle
Djeutem, E. (2014)
The impact of monetary policy on the exchange rate: A high frequency exchange rate puzzle in emerging economies
Kohlscheen, E. (2014)
Co-dependence of extreme events in high frequency FX returns
Polanski, A. & E. Stoja (2014)
Generating currency trading rules from the term structure of forward foreign exchange premia
Sager, M. & M.P. Taylor (2014)
The Long-Run Component of Foreign Exchange Volatility and Stock Returns
Du, D. & O. Hu (2014)
An Incomplete Markets Explanation to the UIP Puzzle | Published
Rabitsch, K. (2014/16)
Crash-neutral currency carry trades
Jurek, J.W. (2014)
Forward and Spot Exchange Rates in a Multi-currency World
Hassan, T.A. & R.C. Mano (2014)
Carry Trade, Uncovered Interest Parity and Monetary Policy
Felcser, D. & B. Vonnák (2014)
The exchange rate effect of multi-currency risk arbitrage
Hau, H. (2014)
Currency excess returns and global downside market risk
Atanasov, V. & T. Nitschka (2014)
Higher order beliefs and the dynamics of exchange rates
Pancotto, F., G. Pignataro & D. Raggi (2014)
Destabilizing carry trades
Plantin, G. & H.S. Shin (2014)
New estimates of time-varying currency betas: A trivariate BEKK approach
Jayasinghe, P., A.K. Tsui & Z. Zhang (2014)
The Carry Trade: Risks and Drawdowns
Daniel, K., R.J. Hodrick & Z. Lu (2014)
Quantifying Informational Linkages in a Global Model of Currency Spot Markets
Greenwood-Nimmo, M., V-H. Nguyen & Y. Shin (2014)
Price dynamics in the Belarusian black market for foreign exchange
Huett, H., M. Krapf & S.D. Uysal (2014)
Economic Policy Uncertainty and Exchange Rate Volatility
Krol, R. (2014)
Understanding Exchange Rate Behaviour
SURVEY PAPER
Chen, Y-C. (2014)
Conditional risk premia in currency markets and other asset classes
Lettau, M., M. Maggiori & M. Weber (2014)
Financial constraints, firm entry, and exchange rate pass-through
Kosaka, M.S. (2014)
Exchange Rate Predictability in a Changing World | Published
Byrne, J.P., D. Korobilis & P.J. Ribeiro (2014/16)
A Dynamic Exchange Rate Model with Heterogeneous Agents
Gori, M. & G. Ricchiuti (2014)
What Makes a Commodity Currency?
Lee, D. & Y-C. Chen (2014)
Explaining exchange rate anomalies in a model with Taylor-rule fundamentals and consistent expectations | Published
Lansing, K.J. & J. Ma (2014/17)
Fact or friction: Jumps at ultra high frequency?
Christensen, K., R.C.A. Oomen & M. Podolskij (2014)
Forex Trading and the WMR Fix | Published
Evans, M. (2014/18)
Carry Trade Activities: A Multivariate Threshold Model Analysis
Gubler, M. (2014)
What Makes a Currency Procyclical? An Empirical Investigation | Published
Cordella, T. & P. Gupta (2014/15)
An empirical examination of heterogeneity and switching in foreign exchange markets
Goldbaum, D. & R.C.J. Zwinkels (2014)
Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Kollmann, R. (2014)
Oil prices, exchange rates and asset prices
Fratzscher, M., D. Schneider & I. Van Robays (2014)
Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Kollmann, R. (2014)
The dynamics of exchange rate volatility: A panel VAR approach
Grossmann, A., I. Love & A.G. Orlov (2014)
Common Macro Factors and Currency Premia | Published
Filippou, I. & M.P. Taylor (2014/17)
Exchange rates, expected returns and risk: UIP unbound
Munro, A. (2014)
Can interest rate factors explain exchange rate fluctuations?
Yung, J. (2014)
Exchange Rate Forecasts and Expected Fundamentals
Dick, C.D., R. MacDonald & L. Menkhoff (2014)
The Macroeconomic Effects of Debt- and Equity-Based Capital Inflows | Published
Davis, S. (2014/15)
The Portfolio Theory of Exchange Rates-Then and Now
Black, S.W. (2015)
Exchange Rates, Interest Rates, and the Risk Premium | Published
Engel, C. (2015/16)
Abstract: The well-known uncovered interest parity puzzle arises from the empirical regularity that, among developed country pairs, the high interest rate country tends to have high expected returns on its short term assets. At the same time, another strand of the literature has documented that high real interest rate countries tend to have currencies that are strong in real terms - indeed, stronger than can be accounted for by the path of expected real interest differentials under uncovered interest parity. These two strands - one concerning short-run expected changes and the other concerning the level of the real exchange rate - have apparently contradictory implications for the relationship of the foreign exchange risk premium and interest-rate differentials. This paper documents the puzzle, and shows that existing models appear unable to account for both empirical findings. The features of a model that might reconcile the findings are discussed.
Exchange Rate Dynamics and Forecast Errors about Persistently Trending Fundamentals
Stillwagon. J.R. (2015)
The failure of the monetary model of exchange rate determination
Afat, D., M. Gómez-Puig & S. Sosvilla-Rivero (2015)
Foreign exchange market inefficiency and exchange rate anomalies
Li, J. & N.C. Miller (2015)
Currency forecast errors and carry trades at times of low interest rates: Evidence from survey data on the yen/dollar exchange rate
MacDonald, R. & J. Nagayasu (2015)
The behavior of currencies during risk-off episodes
De Bock, R. & I. de Carvalho Filho (2015)
Exchange rate forecasts and expected fundamentals
Dick, C.D., R. MacDonald & L. Menkhoff (2015)
Currency Exposure to Downside Risk: Which Fundamentals Matter?
Dobrynskaya, V. (2015)
Do foreign exchange forecasters believe in Uncovered Interest Parity?
Cuestas, J.C., F. Filipozzi & K. Staehr (2015)
High-frequency, Algorithmic Spillovers Between NASDAQ and Forex
Ito, T. & M. Yamada (2015)
A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle
Jung, K.M. & S. Lee (2015)
Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
Chinn, M.D. & Y. Zhang (2015)
Market Structure and Exchange Rate Pass-Through | Published
Auer, R. & R. Schoenle (2015/16)
Carry and Trend Following Returns in the Foreign Exchange Market
Clare, A., J. Seaton, P.N. Smith & S. Thomas (2015)
Understanding the price of volatility risk in carry trades
Ahmed, S. & G. Valente (2015)
Trading price jump clusters in foreign exchange markets
Novotny, J., D. Petrov & G. Urga (2015)
Order Flow Information and Spot Rate Dynamics
Evans, M. & D. Rime (2015)
Convergence of absolute purchasing power parity
Zhang, Z. (2015)
Third-country effects on the exchange rate
Berg, K.A. & N.C. Mark (2015)
Short-horizon excess returns and exchange rate and interest rate effects
Joseph, N.L., N. Lambertides & C.S. Savva (2015)
Understanding the common dynamics of the emerging market currencies
Chadwick, M.G., F. Fazilet & N. Tekatli (2015)
Modeling the impact of exchange rates using a multicurrency framework
Meng, S. (2015)
Commodity Currencies Revisited
Passari, E. (2015)
Forecasting exchange rates under parameter and model uncertainty
Beckmann, J. & R. Schüssler (2015)
Firm-level effects of asymmetric intervention in foreign exchange markets: Evidence from the Swiss currency floor
Streit, D. (2015)
Empirical evidence on the currency carry trade, 1900-2012
Doskov, N. & L. Swinkels (2015)
The Taylor Rule, Wealth Effects and the Exchange Rate | Published
Wang, R., B. Morley & J. Ordóñez (2015/16)
What Do Stock Markets Tell Us About Exchange Rates?
Cenedese, G., R. Payne, L. Sarno & G. Valente (2015)
Reassessing exchange rate overshooting in a monetary framework
Bhadury, S.S. & T. Ghosh (2015)
Safe haven currencies: a portfolio perspective
Cenedese, G. (2015)
The Carry Trade and UIP when Markets are Incomplete
Garlappi, L. & J. Favilukis (2015)
The Relation between National Stock Prices and Effective Exchange Rates: Does It Affect Exchange Rate Exposure?
Korhonen, M. (2015)
Not so Disconnected: Exchange Rates and the Capital Stock | Published
Hassan, T.A., T. Mertens & T. Zhang (2015/16)
What's news in exchange rate dynamics: A DSGE approach
Chen, K. & S. Zhang (2015)
Enhancing the forecasting power of exchange rate models by introducing nonlinearity: Does it work?
Burns, K. & I.A. Moosa (2015)
Google Trends and Forecasting Performance of Exchange Rate Models
Bulut, L. (2015)
A new technique for estimating currency premiums
Imakubo, K., K. Kamada & K. Kan (2015)
Investor attention and FX market volatility
Goddard, J., A. Kita & Q. Wang (2015)
Is Exchange Rate Trading Profitable?
Narayan, P.K., S. Mishra, S. Narayan & K. Thuraisamy (2015)
Global dollar credit and carry trades: a firm-level analysis
Bruno, V. & H.S. Shin (2015)
Liquidity premia and interest rate parity
Linnemann, L. & A. Schabert (2015)
Can implied volatility predict returns on the currency carry trade?
Egbers, T. & L. Swinkels (2015)
Was the Forex Fixing Fixed?
Ito, T. & M. Yamada (2015)
Half-lives of currencies and aggregation bias
Kunkler, M. & R. MacDonald (2015)
Trend Fundamentals and Exchange Rate Dynamics
Kaufmann, D. & F. Huber (2015)
Breaking the Curse of Kareken and Wallace with Private Information
Gomis-Porqueras, P., T. Kam & C.J. Waller (2015)
Can the Consumption Capital Asset Pricing Model Account for Traders' Expected Currency Returns?
Stillwagon, J.R. (2015)
Noisy news and exchange rates: A SVAR approach
Redl, C. (2015)
International Evidence on the Role of Monetary Policy in the Uncovered Interest Rate Parity Puzzle
Guender, A.V. (2015)
Government spending and the exchange rate
Di Giorgio, G., S. Nisticò & G. Traficante (2015)
Currency Premia and Global Imbalances
Riddiough, S., L. Sarno & P. Della Corte (2014)
Foreign exchange predictability during the financial crisis: implications for carry trade profitability
Anatolyev, S., N. Gospodinov, I. Jamali & X. Liu (2015)
The tail risk premia of the carry trades
Dupuy, P. (2015)
Exchange Rate and Current Account Dynamics: the Role of Asset Market Structure, Long-Run Risk and Risk Appetite
Kollmann, R. (2015)
Microstructure order flow: statistical and economic evaluation of nonlinear forecasts
Cerrato, M., H. Kim & R. MacDonald (2015)
Revisiting the relationship between exchange rates and fundamentals
Chen, S-S. & Y-H. Chou (2015)
Exchange Rates and UIP Violations at Short and Long Horizons
Valchev, R. (2015)
Which continuous-time model is most appropriate for exchange rates?
Erdemlioglu, D., S. Laurent & C.J. Neely (2015)
Revisiting the role of inflation environment in exchange rate pass-through: A panel threshold approach
Ben Cheikh, N. & W. Louhichi (2015)
Downside and upside risk spillovers between exchange rates and stock prices
Reboredo, J.C., M.A. Rivera-Castro & A. Ugolini (2015)
Risk appetite and exchange rates
Adrian, T., E. Etula & H.S. Shin (2015)
Forecasting exchange rates using multivariate threshold models
Huber, F. (2015)
Monetary policy and exchange rate dynamics
Stavrakeva, V. & J. Tang (2015)
What can Big Data tell us about the passthrough of big exchange rate changes?
Lewis, J. (2016)
Financial Markets' Views about the Euro-Swiss Franc Floor
Jermann, U.J. (2016)
Sovereign yields and the risk-taking channel of currency appreciation
Hofmann, B., I. Shim & H.S. Shin (2016)
Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates? | Published
Lustig, H. & A. Verdelhan (2016/19)
Limits to Arbitrage and Deviations from Covered Interest Rate Parity
Pinnington, J. & M. Shamloo (2016)
Exchange Rates and Fundamentals: A General Equilibrium Exploration
Kano, T. (2016)
Agreeing on disagreement: heterogeneity or uncertainty?
ter Ellen, S., W.F.C. Verschoor & R.C.J. Zwinkels (2016)
Pricing errors and the geography of trade in the foreign exchange market
Piccotti, L.R. (2016)
When the walk is not random: commodity prices and exchange rates
Kohlscheen, E., F. Avalos & A. Schrimpf (2016)
The speed of the exchange rate pass-through
Bonadio, B., A.M. Fischer & P. Sauré (2016)
Deep habits and exchange rate pass-through
Jacob, P. & L. Uuskula (2016)
Currency momentum, carry trade, and market illiquidity
Orlov, V. (2016)
How do Experts Forecast Sovereign Spreads?
Cimadomo, J., P. Claeys & M. Poplawski-Ribeiro (2016)
State-dependent exchange rate pass-through behavior
Donayre, L. & I. Panovska (2016)
What do retail FX traders learn?
Hayley, S. & I.W. Marsh (2016)
U.S. Dollar Dynamics: How Important Are Policy Divergence and FX Risk Premiums?
Balakrishnan, R., S. Laseen & A. Pescatori (2016)
Exchange rate forecasting with DSGE models | Published
Ca' Zorzi, M., M. Kolasa & M. Rubaszek (2016/17)
The Forward Premium Bias, Carry Trade Return and the Risks of Volatility and Liquidity
Shehadeh, A., Y. Li & M. Moore (2016)
Currency Value | Published
Menkhoff, L., L. Sarno, M. Schmeling & A. Schrimpf (2016/17)
Unconventional Monetary Policy and International Risk Premia
Rogers, J.H., C. Scotti & J.H. Wright (2016)
Can exchange rate pass-through explain the price puzzle?
Ali, S.Z. & S. Anwar (2016)
Global Macro Risks in Currency Excess Returns
Berg, K. & N.C. Mark (2016)
Do carry trade returns show signs of long memory?
Auer, B.R. & A. Hoffmann (2016)
The skewness risk premium in currency markets
Broll, M. (2016)
Considering all microstructure effects: The extension of a trade indicator model
Ryu, D. (2016)
Understanding bilateral exchange rate risks
Li, G., J. Zhu & J. Li (2016)
Macro uncertainty and currency premia
Krecetovs, A. & P. Della Corte (2016)
Technical trading: Is it still beating the foreign exchange market?
Hsu, P-H., M.P. Taylor & Z. Wang (2016)
A Network Model of Multilaterally Equilibrium Exchange Rates
Kireyev, A.P. & A. Leonidov (2016)
Cointegration, error correction and exchange rate forecasting
Moosa, I.A. & J.J. Vaz (2016)
Evidence of risk premiums in emerging market carry trade currencies
Coelho dos Santos, M.B., M.C. Klotzle, A.C. Figueiredo Pinto (2016)
Gravity in FX R^{2}: Understanding the Factor Structure in Exchange Rates
Lustig, H. & R.J. Richmond (2016)
Carry trades and monetary conditions
Falconio, A. (2016)
Are Exchange Rates Disconnected from Macroeconomic Variables? Evidence from the Factor Approach
Kim, Y. & C. Park (2016)
Exchange Rate Pass-Through into Retail Prices
Antoniades, A. & N. Zaniboni (2016)
Monetary policy and exchange rates: Further evidence using a new method for implementing sign restrictions
Fisher, L.A. & H-S. Huh (2016)
A heterogeneous agent exchange rate model with speculators and non-speculators
Elias, C.J. (2016)
Puzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased Pricing by Banks | Published
Ito, T. & M. Yamada (2016/17)
Order flow information and spot rate dynamics
Evans, M.D.D. & D. Rime (2016)
The sign switch effect of macroeconomic news in foreign exchange markets
Ben Omrane, W. & T. Savaser (2016)
Oil price shocks and exchange rate movements
Volkov, N.I. & K-H. Yuhn (2016)
Strong sterling pound and weak European currencies in the crises: Evidence from covered interest parity of secured rates
Fukuda, S-I. (2016)
The Role of Non-Traded Goods in Current Account and Exchange Rate Determination: A DSGE Analysis
Makanza, C.S. (2016)
Exchange rates and the yield curve
Stavrakeva, V. & J. Tang (2016)
Structural breaks in Taylor rule based exchange rate models - Evidence from threshold time varying parameter models
Huber, F. (2017)
Informativeness of trade size in foreign exchange markets
Gradojevic, N., D. Erdemlioglu & R. Gençay (2017)
Exchange rate dynamics in a Taylor rule framework
Chen, C., S. Yao & J. Ou (2017)
Monetary Policy and the Predictability of Nominal Exchange Rates | Published
Eichenbaum, M., B.K. Johannsen & S. Rebelox (2017/21)
Deviations from Covered Interest Rate Parity
Du, W., A. Tepper & A. Verdelhan (2017)
After the tide: Commodity currencies and global trade
Ready, R., N. Roussanov & C. Ward (2017)
Pass-through of competitors' exchange rates to US import and producer prices
Pennings, S. (2017)
Importers and exporters in exchange rate pass-through and currency invoicing
Devereux, M.B., W. Dong & B. Tomlin (2017)
FX Market Metrics: New Findings Based on CLS Bank Settlement Data
Hasbrouck, J. & R.M. Levich (2017)
Uncertainty, Currency Excess Returns, and Risk Reversals
Husted, L.F., J.H. Rogers & B. Sun (2017)
Rationality and forecasting accuracy of exchange rate expectations: Evidence from survey-based forecasts
Ince, O. & T. Molodtsova (2017)
Exchange Rates and Trade: A Disconnect?
Leigh, D., W. Lian, M. Poplawski-Ribeiro, R. Szymanski, V. Tsyrennikov & H. Yang (2017)
Exchange Rate Prediction Redux: New Models, New Data, New Currencies | Published
Cheung, Y-W., M.D. Chinn, A.G. Pascual & Y. Zhang (2017/19)
Violations of uncovered interest rate parity and international exchange rate dependences
Ames, M., G. Bagnarosa & G.W. Peters (2017)
The impact of uncertainty on professional exchange rate forecasts
Beckmann, J. & R. Czudaj (2017)
What can we Learn from Euro-Dollar Tweets?
Gholampour, V. & E. van Wincoop (2017)
Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction
Eichengreen, B.J., R. Lafarguette & A. Mehl (2017)
Nominal Exchange Rate Determinacy under the Threat of Currency Counterfeiting
Gomis-Porqueras, P., T. Kam & C. Waller (2017)
Monetary Policy and Global Banking
Braeuning, F. & V. Ivashina (2017)
Did the Reform Fix the London Fix Problem?
Ito, T. & M. Yamada (2017)
Equilibrium in FX Swap Markets: Funding Pressures and the Cross-Currency Basis
Bottazzi, J-M., J. Luque & M. Pascoa (2017)
On exchange rate comovements: New evidence from a Taylor rule fundamentals model with adaptive learning
de Truchis, G., C. Dell'Eva & B. Keddad (2017)
Exchange rate expectations since the financial crisis: Performance evaluation and the role of monetary policy and safe haven
Beckmann, J. & R. Czudaj (2017)
Systematic consumption risk in currency returns
Hoffmann, M. & R. Studer-Suter (2017)
Variance risk premiums and the forward premium puzzle
Londono, J.M. & H. Zhou (2017)
Exchange Rate Disconnect in General Equilibrium | Published
Itskhoki, O. & D. Mukhin (2017/21)
Using a Theory-Consistent CVAR Scenario to Test an Exchange Rate Model Based on Imperfect Knowledge
Juselius, K. (2017)
Do Term Premiums Matter? Transmission via Exchange Rate Dynamics | Published
Katagiri, M. & K. Takahashi (2017/23)
Detecting Scapegoat Effects in the Relationship Between Exchange Rates and Macroeconomic Fundamentals | Published
Pozzi, L. & B. Sadaba (2017/20)
Segmented money markets and covered interest parity arbitrage | Published
Rime, D., A. Schrimpf & O. Syrstad (2017/22)
Statistical Properties of Microstructure Noise
Jacod, J., Y. Li & X. Zheng (2017)
Why Are Exchange Rates So Smooth? A Heterogeneous Portfolio Explanation | Published
Naknoi, K., H. Lustig & Y. Chien (2017/20)
Nonlinearity and asymmetry in the exchange rate pass-through: What role for nominal price stickiness? (pages 711-732)
Razafindrabe, T. (2017)
The asymmetry in carry trade and the U.S. dollar
Wu, C-C. & C-C. Wu (2017)
Financial crises, exchange rate linkages and uncovered interest parity: Evidence from G7 markets
Dimitriou, D., D. Kenourgios & T. Simos (2017)
Asymmetric volatility connectedness on the forex market
Baruník, J, E. Kocenda & L. Vácha (2017)
Identifying Exchange Rate Common Factors | Published
Greenaway-McGrevy, R., D. Sul, N. Mark & J-L. Wu (2017/18)
Expectations and forecasting during the Great Depression: Real-time evidence from the business press
Mathy, G. & H. Stekler (2017)
Dollar pricing redux
Casas, C., F. Díez, G. Gopinath & P-O. Gourinchas (2017)
The exchange rate exposure puzzle: The long and the short of it
Snaith, S., S. Termprasertsakul & A. Wood (2017)
Carry trade strategies based on option-implied information: Evidence from a cross-section of funding currencies
Chen, S-H. (2017)
Exchange rates, interest rates and the global carry trade
Evans, M.D.D. & D. Rime (2017)
Quality Pricing-to-Market
Auer, R., T. Chaney & P. Sauré (2017)
Unemployment fluctuations and the predictability of currency returns
Nucera, F. (2017)
Macroeconomic announcements and price discovery in the foreign exchange market
Gau, Y-F. & Z-X. Wu (2017)
Interest Rates and Exchange Rates in Normal and Crisis Times
Forti Grazzini, C. & M. Rieth (2017)
Did the reform fix the London fix problem?
Ito, T. & M. Yamada (2017)
International correlation risk | Published
Mueller, P., A. Stathopoulos & A. Vedolin (2017)
Unconventional Policies and Exchange Rate Dynamics | Published
Adler, G., R. Lama & J.P. Medina (2017/19)
Central bank transparency and the volatility of exchange rates
Eichler, S. & H.C.N. Littke (2017)
The Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor Rules v
Engel, C., D. Lee, C. Liu, C. Liu & S.P.Y. Wu (2017/19)
Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices
Cunningham, R., C. Friedrich, K. Hess & M.J. Kim (2017)
An Equilibrium Theory of Determinate Nominal Exchange Rates, Current Accounts and Asset Flows
Hagedorn, M. (2017)
Bond Convenience Yields and Exchange Rate Dynamics | Published
Valchev, R. (2017/20)
Factor Models and the Time-Varying Parameter Framework for Forecasting Exchange Rates and Inflation: A Survey
SURVEY PAPER
Kavtaradze, L. & M. Mokhtari (2018)
On the Sources of Uncertainty in Exchange Rate Predictability
Byrne, J.P., D. Korobilis & P.J. Ribeiro (2018)
Explosiveness in G11 currencies
Steenkamp, D. (2018)
Does investor attention matter? The attention-return relationships in FX markets
Han, L., Y. Xu & L. Yin (2018)
Common information in carry trade risk factors
Byrne, J.P., B.M. Ibrahim & R. Sakemoto (2018)
An Over-the-Counter Approach to the Forex Market
Geromichalos, A. and Kuk Mo Jung (2018)
Jumps, cojumps, and efficiency in the spot foreign exchange market
Piccotti, L.R. (2018)
Crash Risk in Currency Returns
Chernov, M., J. Graveline & I. Zviadadze (2018)
The New Fama Puzzle
Bussiere, M., M.D. Chinn, L. Ferrara & J. Heipertz (2018)
Intraday momentum in FX markets: Disentangling informed trading from liquidity provision
Elaut, G., M. Frömmel & K. Lampaert (2018)
Do co-jumps impact correlations in currency markets?
Barunik, J. & L. Vacha (2018)
Forward Guidance and the Exchnage Rate
Gali, J. (2018)
The Macroeconomic Effects of Exchange Rate Movements
SURVEY PAPER
Anaya, P. & S. Hasenclever (2018)
Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate?
Siklos, P. (2018)
Foreign Safe Asset Demand and the Dollar Exchange Rate
Jiang, Z., A. Krishnamurthy & H. Lustig (2018)
Conditioning carry trades: Less risk, more return
Mulder, A. & B. Tims (2018)
Global liquidity and exchange market pressure in emerging market economies
Hossfeld, O. & M. Pramor (2018)
The speed of exchange rate pass-through | Published
Bonadio, B., A.M. Fischer & P. Sauré (2018/20)
How Important are the International Financial Market Imperfections for the Foreign Exchange Rate Dynamics: A Study of the Sterling Exchange Rate | Published
Xue, D., P. Minford & D. Meenagh (2018/19)
Bid-ask spread determination in the FX swap market: Competition, collusion or a convention?
Stenfors, A. (2018)
Uncovered Return Parity: Equity Returns and Currency Returns
Djeutem, E. & G.R. Dunbar (2018)
Exchange rates, sunspots and cycles
Bambi, M. & S. Eugeni (2018)
Uncovered Interest Rate Parity, Carry Trade, and Country Equity Return Differentials
Kanchanapoom, T., C. Padungsaksawasdi, P. Chunhachinda & M.E. de Boyrie (2018)
Future exchange rates and Siegel's paradox
Mallahi-Karai, K. & P. Safari (2018)
The impact of Chinese financial markets on commodity currency exchange rates
Ma, X., Z. Yang, X. Xu & C. Wang (2018)
Extreme co-movements and dependencies among major international exchange rates: A copula approach
Albulescu, C.T., C. Aubin, D. Goyeau & A.K. Tiwari (2018)
Foreign currency lending
Delis, M., P. Politsidis & L. Sarno (2018)
Modelling stock price-exchange rate nexus in OECD countries: A new perspective
Salisu, A.A. & U.B. Ndako (2018)
Fundamentals and exchange rate forecastability with simple machine learning methods
Amat, C., T. Michalski & G. Stoltz (2018)
Gradual learning about shocks and the forward premium puzzle
Moran, K. & S.A. Nono (2018)
Measures of global uncertainty and carry-trade excess returns
Berg, K.A. & N.C. Mark (2018)
Uncertainty, currency excess returns, and risk reversals
Husted, L., J. Rogers & B. Sun (2018)
Uncertainty and deviations from uncovered interest rate parity
Ismailov, A. & B. Rossi (2018)
Revisiting the Exchange Rate Pass Through: A General Equilibrium Perspective | Published
García-Schmidt, M. & J. Garcia-Cicco (2018/20)
Commodity Currencies and Monetary Policy
Devereux, M.B. & G.W. Smith (2018)
Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment | Published
Bacchetta, P. & E. van Wincoop (2018/21)
Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications
Hodrick, R.J. & T. Tomunen (2018)
The Effects of Conventional and Unconventional Monetary Policy on Exchange Rates | Published
Inoue, A. & B. Rossi (2018/19)
The quanto theory of exchange rates
Kremens, L. & I. Martin (2018)
An intermediation-based model of exchange rates
Malamud, S. & A. Schrimpf (2018)
The importance of hedging currency risk: Evidence from CNY and CNH
Du, J., J-N. Wang, Y-T. Hsu & K.K. Lai (2018)
Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
Ben-David, I., J. Birru & V. Prokopenya (2018)
The pricing of FX forward contracts: micro evidence from banks' dollar hedging
Abbassi, P. & F. Bräuning (2018)
International Yield Curves and Currency Puzzles
Chernov, M. & D.D. Creal (2018)
The Monetary Model of CIP Deviations
Ibhagui, O. (2018)
Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited
Saadon, Y. & N. Sussman (2018)
Linking Net Foreign Portfolio Debt and Equity to Exchange Rate Movements
Gardberg, M. (2018)
Decomposition of the uncovered equity parity correlation
Kunkler, M. & R. MacDonald (2018)
Inflation targeting and the forward bias puzzle in emerging countries
Coulibaly, D. & H. Kempf (2018)
Event-Related Exchange-Rate Forecasts Combining Information from Betting Quotes and Option Prices
Hanke, M., R. Poulsen & A. Weissensteiner (2018)
Liquidity and Exchange Rates: An Empirical Investigation | Published
Engel, C. & S.P.Y. Wu (2018/23)
Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks
Schmitt-Grohé, S. & M. Uribe (2018)
Does a big bazooka matter? Central bank balance-sheet policies and exchange rates | Published
Dedola, L., G. Georgiadis, J. Gräb & A. Mehl (2018/21)
Exchange rate comovements, hedging and volatility spillovers on new EU forex markets
Kocenda, E. & M. Moravcová (2019)
Intraday effects of the currency market
Khademalomoom, S. & P.K. Narayan (2019)
Can structural changes in the persistence of the forward premium explain the forward premium anomaly?
Cho, D. & S. Chun (2019)
Unexploited currency carry trade profit opportunity
Suh, S. (2019)
Carry trades and endogenous regime switches in exchange rate volatility
Cho, D., H. Han & N.K. Lee (2019)
Covered Interest Parity Deviations: Macrofinancial Determinants | Published
Cerutti, E.M., M. Obstfeld & H. Zhou (2019/21)
The impact of jumps on carry trade returns
Lee, S.S. & M. Wang (2019)
Private information in currency markets
Michaelides, A., A. Milidonis & G.P. Nishiotis (2019)
Oil Prices, Exchange Rates and Interest Rates | Published
Kilian, L. & Z. Xiaoqing (2019/22)
The forward premium puzzle and Markov-switching adaptive learning
Reed, J.R. (2019)
Liquidity withdrawal in the FX spot market: A cross-country study using high-frequency data
Stenfors, A. & M. Susai (2019)
Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes
Calomiris, C.W & H. Mamaysky (2019)
Implied Volatility Term Structure and Exchange Rate Predictability
Haas Ornelas, J.R. & R.B. Mauad (2019)
Microstructure of Foreign Exchange Markets
SURVEY PAPER
Evans, M.D.D. & D. Rime (2019)
The response of multinationals' foreign exchange rate exposure to macroeconomic news
Boudt, K., C.J. Neely, P. Sercu & M. Wauters (2019)
Exchange Rate Undershooting: Evidence and Theory
Hettig, T., G. Müller & M. Wolf (2019)
From carry trades to trade credit: financial intermediation by non-financial corporations
Hardy, B. & F. Saffie (2019)
Exchange rates and fundamentals: A bootstrap panel data analysis
Xie, Z. & S-W. Chen (2019)
Monetary Policy and Exchange Rates: A Balanced Two-Country Cointegrated VAR Model Approach
Heinlein, R. & H-M. Krolzig (2019)
Institutional Investors, the Dollar, and U.S. Credit Conditions
Niepmann, F. & T. Schmidt-Eisenlohr (2019)
Expectation errors in the foreign exchange market
Ferreira, A., M. Moore & S. Mukherjee (2019)
The effect of central bank transparency on exchange rate volatility
Weber, C.S. (2019)
Where's the Risk? The Forward Premium Bias, the Carry-Trade Premium, and Risk-Reversals in General Equilibrium
Berg, K.A. & N.C. Mark (2019)
Dealer activity and macro fundamentals - New evidence from hybrid exchange rate models
Krohn, I. & M.J. Moore (2019)
The term structure of exchange rate predictability: Commonality, scapegoat, and disagreement
Cao, S., H. Huang, R. Liu & R. MacDonald (2019)
The exchange rate effects of macro news after the global financial crisis
Cheung, Y-W., R. Fatum & Y. Yamamoto (2019)
How does FX liquidity affect the relationship between foreign ownership and stock liquidity?
Lee, J. & D. Ryu (2019)
Carry trades and commodity risk factors
Byrne, C.P., B.M. Ibrahim & R. Sakemoto (2019)
Exchange rate effects of financial regulations
Perez-Reyna, D. & M. Villamizar-Villegas (2019)
Out-of-sample exchange rate predictability in emerging markets: Fundamentals versus technical analysis
Jamali, I. & E. Yamani (2019)
Exchange rate disconnect and private information: What can we learn from Euro-Dollar tweets?
Gholampour, V. & E. van Wincoop (2019)
Housing Cycle and Exchange Rates
Ma, S. & S. Zhang (2019)
Anatomy of Sudden Yen Appreciations
Han, F. & N.J. Westelius (2019)
A consumption-based approach to exchange rate predictability
Ojeda-Joya, J. (2019)
Exchange Rate Reconnect
Lilley, A., M. Maggiori, B. Neiman & J. Schreger (2019)
Covered Interest Parity Deviations: Macrofinancial Determinants
Cerutti, E.M., M. Obstfeld & H. Zhou (2019)
Exchange rate puzzles: evidence from rigidly fixed nominal exchange rate systems
Engel, C. & F. Zhu (2019)
Cerutti, E.M., M. Obstfeld & H. Zhou (2019)
Covered interest rate parity, relative funding liquidity and cross-currency repos
Kohler, D. & N. Müller (2019)
Two-sided heterogeneity and exchange rate pass-through
Xu, J., Q. Du & Y. Wang (2019)
The Dollar, Bank Leverage, and Deviations from Covered Interest Parity
Avdjiev, S., W. Du, C. Koch & H.S. Shin (2019)
A new multiscale decomposition ensemble approach for forecasting exchange rates
Sun, S., S. Wang & Y. Wei (2019)
The January effect in the foreign exchange market: Evidence for seasonal equity carry trades
Girardin, E. & F.S. Namin (2019)
Exchange Rate Pass-Through: A Competitive Search Approach
Lapham, B. & A. Mnasri (2019)
Covered interest rate parity, relative funding liquidity and cross-currency repos
Kohler, D. & B. Müller (2019)
Forward-Looking Policy Rules and Currency Premia | Published
Filippou, I. & M.P. Taylor (2019/23)
Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment
Bacchetta, P. & E. van Wincoop (2019)
Business Cycles and Currency Returns | Published
Colacito, R., S.J. Riddiough & L. Sarno (2019/20)
Exchange Rate and Interest Rate Disconnect: The Role of Capital Flows, Currency Risk and Default Risk
Kalemli-Ozcan, S. & L. Varela (2019)
Foreign Currency Debt and the Exchange Rate Pass-Through
Fendoglu, S., M.S. Colak & Y.S. Hacihasanoglu (2019)
Estimates of Exchange Rate Pass-through with Product-level Data
Akgunduz, Y.E., E.M. Bastan,, U. Demiroglu & S. Tumen (2019)
US Fiscal Cycle and the Dollar | Published
Jiang, Z. (2019/21)
A comparative study of exchange rates and order flow based on wavelet transform coherence and cross wavelet transform
Firouzi, S. & X. Wang (2019)
Export Prices, Markups, and Currency Choice after a Large Appreciation
Kaufmann, D. & T. Renkin (2019)
Foreign exchange dealer asset pricing
Reitz, S. & D. Umlandt (2019)
Exchange rate dynamics and monetary policy - Evidence from a non-linear DSGE-VAR approach
Huber, F. & K. Rabitsch (2019)
Dealer Leverage and Exchange Rates: Heterogeneity Across Intermediaries
Correa, R. & L.P. Demarco (2019)
Attention to the tail(s): global financial conditions and exchange rate risks
Eguren-Martin, F. & A. Sokol (2019)
Towards a new monetary theory of exchange rate determination
Cesa-Bianchi, A., M. Kumhof, A. Sokol & G. Thwaites (2019)
Breaking the UIP: A Model-Equivalence Result
Yakhin, Y. (2019)
On the Asset Market View of Exchange Rates
Burnside, A.C. & J.J. Graveline (2019)
Forecasting exchange rates using principal components
Ponomareva, N., J. Sheen & B.Z. Wang (2019)
Does risk premium help uncover the uncovered interest parity failure?
Kumar, S. (2019)
Inflation and Exchange Rate Pass-Through | Published
Ha, J., M. Stocker & H. Yilmazkuday (2019/20)
Exchange Rate Risk and Business Cycles
Lloyd, S.P. & E.A. Marin (2019)
Do forecasters of major exchange rates herd?
Frenkel, M., M. Mauch & J-C. Rülke (2019)
Investigating asymmetric determinants of the CNY-CNH exchange rate spreads: The role of economic policy uncertainty
Li, X-L., X. Li & D-K. Si (2019)
A new wavelet-based ultra-high-frequency analysis of triangular currency arbitrage
Gradojevic, N., D. Erdemlioglu & R. Gençay (2019)
Currency Commodities and Causality: Some High-Frequency Evidence
Ahmed, R. (2019)
Exchange Rates and Consumer Prices: Evidence from Brexit
Breinlich, H., E. Leromain, D. Novy & T. Thomas (2019)
Exchange Rate Pass-through after a Large Depreciation
Colicev, A., J. Hoste & J. Konings (2019)
Execution Risk and Arbitrage Opportunities in the Foreign Exchange Markets
Ito, T., K. Yamada, M. Takayasu & H. Takayasu (2020)
Robust learning in the foreign exchange market
Djeutem, E. & P. Nguimkeu (2020)
Predicting exchange rate returns
Narayan, P.K., S.S. Sharma, D.H.B. Phan & G. Liu (2020)
Corporate investment and the exchange rate: The financial channel | Published
Banerjee, R.N., B. Hofmann & A. Mehrotra (2020/22)
Uncovered Interest Parity, Forward Guidance, and the Exchange Rate
Galí, J. (2020)
Economic momentum and currency returns
Dahlquist, M. & H. Hasseltoft (2020)
Shock-Dependent Exchange Rate Pass-Through: Evidence Based on a Narrative Sign Approach
An, L., M.A. Wynne & R. Zhang (2020)
Dollar borrowing, firm characteristics, and FX-hedged funding opportunities
Gambacorta, L., S. Mayordomo & J.M. Serena (2020)
Commodity currencies and causality: Some high-frequency evidence
Ahmed, R. (2020)
Money stock versus monetary base in time-frequency exchange rate determination
Funashima, Y. (2020)
Giving and receiving: Exploring the predictive causality between oil prices and exchange rates
Gomez-Gonzalez, J.E., J. Hirs-Garzon & J.M. Uribe (2020)
Tales of tails: Jumps in currency markets
Lee, S.S. & M. Wang (2020)
Dynamic pricing and exchange rate pass-through: Evidence from transaction-level data | Published
Nagengast, A.J., D. Bursian & J-O. Menz (2020/21)
Central bank information shocks and exchange rates
Franz, T. (2020)
Retaining Alpha: The Effect of Trade Size and Rebalancing Frequency on FX Strategy Returns
Melvin, M., W. Pan & P. Wikstrom (2020)
Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements | Published
Yamada, M. & T. Ito (2020/21)
Good Carry, Bad Carry
Bekaert, G. & G. Panayotov (2020)
Currency Futures' Risk Premia and Risk Factors
Bernoth, K., J. von Hagen & C.G. de Vries (2020)
Information rigidities and exchange rate expectations
Beckmann, J. & S. Reitz (2020)
Emerging market economy exchange rates and local currency bond markets amid the Covid-19 pandemic
Hofmann, B., I. Shim & H.S. Shin (2020)
Optimal Policy under Dollar Pricing
Egorov, K. & D. Mukhin (2020)
Approximately Right? Global v. Local Methods for Open-Economy Models with Incomplete Markets
de Groot, O., C.B. Durdu & E.G. Mendoza (2020)
Intraday-of-the-week effects: What do the exchange rate data tell us?
Khademalomoom, S. & P.K. Narayan (2020)
Foreign Exchange Order Flow as a Risk Factor
Burnside, C., M. Cerrato & Z. Zhang (2020)
Exchange Rates and Asset Prices in a Global Demand System
Koijen, R.S.J. & M. Yogo (2020)
Gravity in the Exchange Rate Factor Structure
Lustig, H. & R.J. Richmond (2020)
A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market
Corsetti, G. & E.A. Marin (2020)
The Open-Economy ELB: Contractionary Monetary Easing and the Trilemma
Cavallino, P. & D. Sandri (2020)
The Hedging Channel of Exchange Rate Determination | Published
Liao, G.Y. & T. Zhang (2020/25)
Forecasting short-run exchange rate volatility with monetary fundamentals: A GARCH-MIDAS approach
You, Y. & X. Liu (2020)
Is the exchange rate a shock absorber or a source of shocks? Evidence from the U.S.
De, K. & W. Sun (2020)
The Tobit cointegrated vector autoregressive model: An application to the currency market
Grabowski, W. & A. Welfe (2020)
On the cross-sectional relation between exchange rates and future fundamentals
Kharrat, S., Y. Hammami & I. Fatnassi (2020)
A Quantity-Driven Theory of Term Premia and Exchange Rates
Greenwood, R., S.G. Hanson, J.C. Stein & A. Sunderam (2020)
Predictability and pricing efficiency in forward and spot, developed and emerging currency markets
Potì, V., R. Levich & T. Conlon (2020)
Shock dependence of exchange rate pass-through: a comparative analysis of BVARs and DSGEs
Comunale, M. (2020)
The sources of pricing factors underlying the cross-section of currency returns
Chen, C-N. & C-H. Lin (2020)
International Evidence on Shock-Dependent Exchange Rate Pass-Through
Forbes, K., I. Hjortsoe & T. Nenova (2020)
Shifts in monetary policy and exchange rate dynamics: Is Dornbusch's overshooting hypothesis intact, after all?
Rüth, S.K. (2020)
Dynamic exchange rate dependences: The effect of the U.S.-China trade war
Xu, Y. & D. Lien (2020)
The Economics of Currency Risk
Hassan, T.A. & T. Zhang (2020)
Exchange Rates and Liquidity Risk
Evans, M. (2020)
Spillovers to exchange rates from monetary and macroeconomic communications events
Rossi, E. & V. Wolff (2020)
Unemployment Fluctuations and Currency Returns in the United Kingdom: Evidence from Over One and a Half Century of Data
Bathia, D., R. Demirer, R. Gupta & K. Kotze (2020)
Exchange Rate Predictability, Risk Premiums, and Predictive System
Bak, Y. & C. Park (2020)
The Global Factor Structure of Exchange Rates
Korsaye, S., F. Trojani & A. Vedolin (2020)
Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations
Ormaechea, S.A. (2020)
From CIP-deviations to a market for risk premia: A dynamic investigation of cross-currency basis swaps
Chatziantoniou, I., D. Gabauer & A. Stenfors (2020)
Credit migration and covered interest rate parity
Liao, G.Y. (2020)
Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India
Acharya, V.V. & S. Vij (2020)
Prospect Theory and Currency Returns: Empirical Evidence
Kozhan, R., M.P. Taylor & Q. Xu (2020)
Exchange Rate Prediction with Machine Learning and a Smart Carry Trade Portfolio
Filippou, I., D. Rapach, M.P. Taylor & G. Zhou (2020)
Global value chain participation and exchange rate pass-through
Georgiadis, G., J. Gräb & M. Khalil (2020)
Global Risks in the Currency Market
Panayotov, G. (2020)
Retaining alpha: The effect of trade size and rebalancing frequency on FX strategy returns
Melvin, M., W. Pan & P. Wikstrom (2020)
Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation | Published
Auer, R., A. Burstein, K. Erhardt & S. Lein (2020/21)
Unequal Exchange Rate Pass-Through across Income Groups | Published
Yilmazkuday, H. (2020/22)
Pricing Currency Risks
Chernov, M., M. Dahlquist & L.A. Lochstoer (2020)
A Fundamental Connection: Exchange Rates and Macroeconomic Expectations
Stavrakeva, V. & J. Tang (2020)
Attractive and non-attractive currencies
Dupuy, P., J. James & I.W. Marsh (2021)
Can risk explain the profitability of technical trading in currency markets?
Ivanova, Y., C.J. Neely, P. Weller & M.T. Famiglietti (2020)
A Reconsideration of the Failure of Uncovered Interest Parity for the U.S. Dollar | Published
Engel, C., E. Kazakova, M. Wang & N. Xiang (2021/22)
Delayed overshooting can still be a puzzle after the 1980s
Ahn, J. & S. Kim (2021)
Spoofing and pinging in foreign exchange markets
Stenfors, A. & M. Susai (2021)
Forecasting the U.S. Dollar in the 21st Century
Engel, C. & S.P.Y. Wu (2021)
Foreign exchange market efficiency and the global financial crisis: Fundamental versus technical information
Yamani, E. (2021)
The cross-section of currency volatility premia
Della Corte, P., R. Kozhan & A. Neuberger (2021)
The effects of asset price volatility on market participation: Evidence from the Thai foreign exchange market
Koosakul, J. & I. Shim (2021)
Can technical trading beat the foreign exchange market in times of crisis?
Yamani, E. (2021)
New "News" for the news model of the spot exchange rate
Du, W. & E.J. Pentecost (2021)
What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market
Holden, C.W., D. Lu, V. Lugovskyy & D. Puzzello (2021)
Exchange Rate Pass-Through into Industry-Specific Prices: An Analysis with Industry-Specific Exchange Rates
Saygili, H. & M. Saygili (2021)
External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging Markets
Kazdal, A. & M.H. Yilmaz (2021)
What do we know about the popularity of technical analysis in foreign exchange markets? A skewness preference perspective
Jin, X. (2021)
Asymmetric information risk in FX markets
Ranaldo, A. & F. Somogyi (2021)
How puzzling is the forward premium puzzle? A meta-analysis
Zigraiova, D., T. Havranek, Z. Irsova & J. Novak (2021)
CIP Deviations, the Dollar, and Frictions in International Capital Markets
Du, W. & J. Schreger (2021)
How much does economic news influence bilateral exchange rates?
Narayan, P.K., D. Bannigidadmath & S. Narayan (2021)
Testing for UIP: Nonlinearities, Monetary Announcements and Interest Rate Expectations
Anderl, C. & G.M. Caporale (2021)
Currency returns and downside risk: Debt, volatility, and the gap from benchmark values
Cavusoglu, N., M.D. Goldberg & J. Stillwagon (2021)
Conditional correlation between exchange rates and stock prices
Ding, L. (2021)
Volatility spillover between exchange rate and stock returns under volatility shifts
Malik, F. (2021)
Risk-adjusted return managed carry trade
Dupuy, P. (2021)
Five Facts about the UIP Premium
Kalemli-Özcan, S. & L. Varela (2021)
Currency Hedging: Managing Cash Flow Exposure
Alfaro, L., M. Calani & L. Varela (2021)
Volatility, intermediaries, and exchange rates
Fang, X. & Y. Liu (2021)
Network structure and pricing in the FX market
Hasbrouck, J. & R.M. Levich (2021)
A dynamic econometric analysis of the dollar-pound exchange rate in an era of structural breaks and policy regime shifts
Castle, J.L. & T. Kurita (2021)
Uncovered Interest Parity, Forward Guidance and the Exchange Rate
Galí, J. (2021)
Volatility and the cross-section of returns on FX options
Fullwood, J., J. James & I.W. Marsh (2021)
Market efficiency in foreign exchange market
Lee, N., W. Choi & Y. Pae (2021)
Central bank tone and currency risk premia
Dossani, A. (2021)
Currency Management by International Fixed Income Mutual Funds
Sialm, C. & Q. Zhu (2021)
To hedge or not to hedge: Carry trade dynamics in the emerging economies
Geyikçi, U.K. & S. Özyildirim (2021)
Short-term exchange rate forecasting: A panel combination approach
Ren, Y., X. Liang & Q. Wang (2021)
Dynamics of return and liquidity (co) jumps in emerging foreign exchange markets
Serdengeçti, S., A. Sensoy & D.K. Nguyen (2021)
Economic fundamentals and the long-run correlation between exchange rates and commodities
Tsiakas, I. & H. Zhang (2021)
Currency hedging for single-currency equity portfolios: Does cross-asset risk matter?
Kunkler, M. (2021)
Entangled risks in incomplete FX markets
Maurer, T. & N-K. Tran (2021)
Demand Effects in the FX Forward Market: Micro Evidence from Banks' Dollar Hedging
Puriya, A. & F. Bräuning (2021)
Risk and Return Spillovers in a Global Model of the Foreign Exchange Network
Greenwood-Nimmo, M., D. Steenkamp & R. van Jaarsveld (2021)
Stock market and deviations from covered interest parity
Ibhagui, O. (2021)
The conditional volatility premium on currency portfolios
Byrne, J.P. & R. Sakemoto (2021)
An Equilibrium Theory of Nominal Exchange Rates
Hagedorn, M. (2021)
Foreign Exchange Fixings and Returns Around the Clock
Krohn, I., P. Mueller & P. Whelan (2021)
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
Bianchi, J., S. Bigio & C. Engel (2021)
Trend followers, contrarians and fundamentalists: Explaining the dynamics of financial markets
Schmitt, N. & F. Westerhoff (2021)
The role of heterogeneity in price rigidities for delayed nominal exchange rate overshooting
Cooke, D. & E. Kara (2021)
FX spot and swap market liquidity spillovers
Krohn, I. & V. Sushko (2021)
Equity tail risk and currency risk premiums
Fan, Z., J.M. Londono & X. Xiao (2021)
Pricing ethics in the foreign exchange market: Environmental, Social and Governance ratings and currency premia
Filippou, I. & M.P. Taylor (2021)
Real Output and Cross-Currency Basis Swap Spreads: Evidence from the Eurozone
Ibhagui, O. (2021)
U.S. Dollar Currency Premium in Corporate Bonds
Gopinath, G., J. Caramichael & G.Y. Liao (2021)
Currency returns and FX dealer balance sheets
Reitz, S. & D. Umlandt (2021)
Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect
Jiang, Z., A. Krishnamurthy & H. Lustig (2021)
Exchange rate disconnect and the general equilibrium puzzle
Chen, Y-C., I. Fujiwara & Y. Hirose (2021)
ECB euro liquidity lines
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2021)
Currency carry trade: The decline in performance after the 2008 Global Financial Crisis
Fan, Z., A. Paseka, Z. Qi & Q. Zhang (2022)
Modelling the quantile cross-coherence between exchange rates: Does the COVID-19 pandemic change the interlinkage structure?
Ur Rehman, M., A.R. Al Rababa'a, G. El-Nader, A. Alkhataybeh & X.V. Vo (2022)
Global risk sentiment and the Swiss franc: A time-varying daily factor decomposition model
Fink, F., L. Frei & O. Gloede (2022)
Informed trading in foreign exchange futures: Payroll news timing
Park, Y-H. (2022)
Aggregation bias in tests of the commodity currency hypothesis
Bork, L., P.R. Kaltwasser & P. Sercu (2022)
Export pricing and exchange rate expectations under uncertainty
Fracasso, A., A. Secchi & C. Tomasi (2022)
Dissecting currency momentum
Zhang, S. (2022)
Pricing Implications of Covariances and Spreads in Currency Markets
Maurer, T., T-D. Tô & N-K. Tran (2022)
Exchange rate dependence and economic fundamentals: A Copula-MIDAS approach
Gong, Y., C. Ma & Q. Chen (2022)
Fundamentals, regimes and exchange rate forecasts: Insights from a meta exchange rate model
Aristidou, C., K. Lee & K. Shields (2022)
Heterogeneous beliefs in macroeconomic growth prospects and the carry risk premium
Park, S. (2022)
Shrouding and the FX trades of global custody bank
Osler, C. & T. Savaser (2022)
The cost of foreign-currency lending
Delis, M.D., P.N. Politsidis & L. Sarno (2022)
Dollar beta and stock returns
Bruno, V., I. Shim & H.S. Shin (2022)
Why exchange rate pass-through matters in forward exchange markets
Choi, Y. & E.K. Choi (2022)
Exchange-rate and news: Evidence from the COVID pandemic
Aquilante, T., F. Di Pace & R.M. Masolo (2022)
Foreign Exchange Volume
Cespa, G., A. Gargano, S.J. Riddiough & L. Sarno (2022)
The time-varying risk price of currency portfolios
Byrne, J.P., B.M. Ibrahim & R. Sakemoto (2022)
What Drives Long-Term Interest Rates? Evidence from the Entire Swiss Franc History 1852-2020
Hauzenberger, N., D. Kaufmann, R. Stuart & C. Tille (2022)
Informativeness of trades around macroeconomic announcements in the foreign exchange market
Wu, Z-X. & Y-F. Gau (2022)
The yen-dollar risk premium: A story of regime shifts in bond markets
Cho, S., S. Hyde & L. Liu (2022)
Nonlinearities in the Exchange Rate Pass-Through: The Role of Inflation Expectations
Anderl, C. & G.M. Caporale (2022)
Shorting the Dollar When Global Stock Markets Roar: The Equity Hedging Channel of Exchange Rate Determination | Published
Nathan, D. & N. Ben Zeev (2022/24)
FX option volume
Czech, R., P. Della Corte, S. Huang & T. Wang (2022)
Are Entrepreneurs Aware of Covered Interest Parity and Dollar Shortage?
Nariman, F. & A. Heshmati (2022)
Risk and return in the foreign exchange market: Measurement without VARs
Luo, S. (2022)
How Credit Improves the Exchange Rate Forecast
Casta, M. (2022)
Liquidity in the global currency market
Ranaldo, A. & P.S. de Magistris (2022)
Samuelson hypothesis and carry arbitrage: U.S. and China
Brooks, R. & J.A. Brooks (2022)
Maximally predictable currency portfolios
Harris, R.D.F., J. Shen & F. Yilmaz (2022)
Out-of-sample forecasting of foreign exchange rates: The band spectral regression and LASSO
Wada, T. (2022)
Uncovered return parity: Equity returns and currency returns
Djeutem, E. & G.R. Dunbar (2022)
Abstract: We propose an uncovered expected returns parity (URP) condition for the bilateral spot exchange rate that results from free entry into international finance by global financiers. Under URP, bilateral spot exchange rates are realizations of two underlying parity conditions that depend, in part, on the expected returns of risky assets available to financiers. We estimate finite mixture model regressions for six currencies against the US dollar (Australia, Canada, Japan, Norway, Switzerland and the UK) and show that expected excess equity returns are a statistically significant determinant of exchange rate dynamics. We subject our results to numerous robustness exercises and find consistent evidence of the importance of expected excess equity returns for exchange rate dynamics.
How Can Asset Prices Value Exchange Rate Wedges?
Lewis, K.K. & E. Liu (2022)
Trading with the Informed and against the Uninformed: Flows and Positioning in the Global Currency Market
Barrios, A., R. Franolic, D. Giovanardi & M. Melvin (2022)
Foreign currency exposure and the financial channel of exchange rates
Longaric, P.A. (2022)
A New Test for Market Efficiency and Uncovered Interest Parity
Baillie, R.T., F.X. Diebold, G. Kapetanios & K.H. Kim (2022)
Portfolio Capital Flows and the US Dollar Exchange Rate: Viewed from the Lens of Time and Frequency Dynamics of Connectedness
Goswami, M., V. Pontines & Y. Mohammed (2022)
Constrained Liquidity Provision in Currency Markets
Huang, W., A. Ranaldo, A. Schrimpf & F. Somogyi (2022)
Borrowing Constraints in Emerging Markets
Camara, S. & M. Sangiacomo (2022)
Can Time-Varying Currency Risk Hedging Explain Exchange Rates?
Bräuer, L. & H. Hau (2022)
Delayed Overshooting Puzzle: Does Systematic Monetary Policy Matter?
Castelnuovo, E., G. Pellegrino & G. Ranzato (2022)
Exchange Rate Predictability Based on Market Sentiments
Kim, H.S., E. Kang, Y. Kim, S. Moon & H. Jang (2022)
Non-Fundamental Flows and Foreign Exchange Rates
Aldunate., F.E., Z. Da, B. Larrain & C. Sialm (2022)
How do monetary shock, financial crisis, and quotation reform affect the long memory of exchange rate volatility? Evidence from major currencies
Wang, X., Z. Qi & J. Huang (2023)
Climate risks and realized volatility of major commodity currency exchange rates
Bonato, M., O. Cepni, R. Gupta & C. Pierdzioch (2023)
Market Timing and Predictability in FX Markets
Maurer, T.A., T-D. To & N-K. Tran (2023)
The Development of Local Currency Bond Markets and Uncovered Interest Rate Parity
Park, C-Y. & K. Shin (2023)
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect
Cerutti, E.M. & H. Zhou (2023)
ECB Euro Liquidity Lines
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2023)
An algorithmic trading system based on a stacked generalization model and hidden Markov model in the foreign exchange market
Fereydooni, A. & M. Mahootchi (2023)
The Transmission Mechanism of Stress in the International Banking System
Stenfors, A. & L. Muchimba (2023)
Deviations from covered interest parity in the emerging markets after the global financial crisis
Geyikçi, U.B. & S. Özyildirim (2023)
The foreign exchange market
Chaboud, A., D. Rime & V. Sushko (2023)
Sovereign Credit Default Swaps and the Currency Forward Bias
Calice, G. & M-T. Lin (2023)
Foreign Exchange Swap Liquidity
Kloks, P., E. Mattille & A. Ranaldo (2023)
Price discovery and triangular arbitrage in currency markets
Wu, Z-X., Y-F. Gau & Y-L. Chen (2023)
Liquidity yield and exchange rate predictability
Chen, S-S. & Y-H. Chou (2023)
Exchange Rates and Government Debt
Favaretto, F. (2023)
Tails of Foreign Exchange-at-Risk (FEaR)
Ostry, D.A. (2023)
Currency Risk Premiums: A Multi-horizon Perspective
Chernov, M. & M. Dahlquist (2023)
The words have power: the impact of news on exchange rates
Shugliashvili, T. (2023)
Transition risk of a petroleum currency
Benedictow, A. & R. Hammersland (2023)
Inflation in the aftermath of financial crises
Kaehler, J. & C.S. Weber (2023)
Price Formation in the Foreign Exchange Market
Gallien, F., S. Glebkin, S. Kassibrakis, S. Malamud & A. Teguia (2023)
Currency carry trades, risk management, and firm value: Evidence from Korean banking industry
Kim, S.F. (2023)
Granular banking flows and exchange-rate dynamics
Bippus, B., S. Lloyd & D. Ostry (2023)
The Persistent Widening of Cross-Currency Basis: When Increased FX Swap Demand Meets Limits of Arbitrage
Ben Zeev, N. & D. Nathan (2023)
An unconventional FX tail risk story
Cañon, C., E. Gerba, A. Pambira & E. Stoja (2023)
On the role of interest rate differentials in the dynamic asymmetry of exchange rates
Hambuckers, J. & M. Ulm (2023)
International trade and the risk in bilateral exchange rates
Hassan, R., E. Loualiche, A.R. Pecora & C. Ward (2023)
Implications of Asset Market Data for Equilibrium Models of Exchange Rates
Jiang, Z., A. Krishnamurthy & H. Lustig (2023)
Inattentive Search for Currency Fundamentals
Markiewicz, A.P., R.C. Verhoeks, W.F.C. Verschoor & R.C.J. Zwinkels (2023)
CIP deviations: The role of U.S. banks' liquidity and regulations
Bazán, W., M. Ortiz, M. Terrones & D. Winkelried (2023)
A credit-based theory of the currency risk premium
Della Corte, P., A. Jeanneret & E.D.S. Patelli (2023)
Original sin redux and deviations from covered interest parity
Zheng, H. (2023)
Explaining the stylized facts of foreign exchange markets with a simple agent-based version of Paul de Grauwe's chaotic exchange rate model
Mignot, S. & F.H. Westerhoff (2023)
Currency risk premiums redux?
Nucera, F.C., L. Sarno & G. Zinna (2023)
Estimation of Nonlinear Exchange Rate Dynamics in Evolving Regimes
Frankel, J., Y. Hou & D. Xie (2024)
Bonds, currencies and expectational errors
Granziera, E. & M. Sihvonen (2024)
Permanent and temporary monetary policy shocks and the dynamics of exchange rates
Carvalho, A., J. Valle e Azevedo & P.P. Ribeiro (2024)
Global Bank Lending and Exchange Rates
Becker, J., M. Schmeling & A. Schrimpf (2024)
An Intermediation-Based Model of Exchange Rates
Malamud, S., A. Schrimpf & Y. Zhang (2024)
Are FX communications effective? Evidence from emerging markets
Parra-Polanía, J., A. Sánchez-Jabba & M. Sarmiento (2024)
Beyond Carry: The Prospective Interest Rate Differential and Currencuy Excess Returns
Dong, M., S. Goto, Y. Xu & Y. Zhang (2024)
Deciphering Dollar Exchange Rates and Interest Parity
Yang, Y., R. Zhang & S. Zhang (2024)
The out-of-sample performance of carry trades
Hsu, P-H., M.P. Taylor, Z. Wang & Y. Li (2024)
Exchange rates and fundamentals: Forecasting with long maturity forward rates
Darvas, Z. & Z. Schepp (2024)
Which witch is which? Deconstructing the foreign exchange markets activity
Orlov, A.G. & R. Sharma (2024)
Forecasting Tail Risk via Neural Networks with Asymptotic Expansions
Sakurai, Y. & Z. Chen (2024)
The forward premium anomaly and the currency carry trade hypothesis
Elias, N., D. Smyrnakis & E. Tzavalis (2024)
Common risk factors in cross-sectional FX options returns
Zhang, X., R.H.Y. So & T. Driouchi (2024)
Media Sentiment and Currency Reversals
Filippou, I., M.P. Taylor & Z. Wang (2024)
30 years of exchange rate analysis and forecasting: A bibliometric review
SURVEY PAPER
Fang, S., Y. Wei & S. Wang (2024)
What do Financial Markets say about the Exchange Rate?
Chernov, M., V. Haddad & O. Itskhoki (2024)
Fundamental determinants of exchange rate expectations
Beckmann, J. & R.L. Czudaj (2024)
Delayed Overshooting: The Case for Information Rigidities
Muller, G.J., M. Wolf & T. Hettig (2024)
Importance of transaction costs for asset allocation in foreign exchange markets
Filippou, I., T.A. Maurer, L. Pezzo & M.P. Taylor (2024)
Concealed carry
Andrews, S., R. Colacito, M.M. Croce & F. Gavazzoni (2024)
Losing sleep at the international market: Daylight Saving Time and exchange rates
Nower, M. (2024)
Exchange Rate Disconnect Revisited
Chahrour, R., V. Cormun, P. De Leo, P.A. Guerrón-Quintana & R. Valchev (2024)
UIP deviations in times of uncertainty: not all countries behave alike | Published
Gole, P., E. Perego & C. Turcu (2024)
Exchange rate determination, dependency and super-exploitation of labour
Porcherot, R. & M. Féliz (2024)
Managing Foreign Exchange Rate Risk: Capacity Development for Public Debt Managers in Emerging Market and Low-Income Countries
Jonasson, T., S. Malik, K. Chung & M.G. Papaioannou (2024)
Nominal exchange rates and heterogeneous beliefs
Croitoru, B., F. Jiao & L. Lu (2024)
Foreign exchange order flow as a risk factor
Burnside, C., M. Cerrato & Z. Zhang (2024)
Currencies in Turbulence: Exploring the Impact of Natural Disasters on Exchange Rates
Nguyen, A.T.N. & H. Nguyen (2024)
Limits to arbitrage and the term structure of CIP violations
Wohlfarth, P. & X. Chen (2024)
Arbitraging Covered Interest Rate Parity Deviations and Bank Lending
Keller, L. (2024)
Exchange Rate Determination under Limits to CIP Arbitrage
Bacchetta, P., J.S. Davis & E. van Wincoop (2024)
Foreign Exchange Risk Premiums and Global Currency Factors
Krohn, I. & M. Maguiña (2024)
Quantities and Covered-Interest Parity
Moskowitz, T.J., C.P. Ross, S.Y. Ross & K. Vasudevan (2024)
An Anatomy of Currency Strategies: The Role of Emerging Markets
Chernov, M., M. Dahlquist & L.A. Lochstoer (2024)
Explaining the Great Moderation Exchange Rate Volatility Puzzle | Published
Stavrakeva, V. & J. Tang (2024/25)
Exchange Rate Disconnect and the Trade Balance
Bodenstein, M., P.A. Cuba-Borda, N.M. Gornemann & I. Presno (2024)
UIP Deviations in Times of Uncertainty: Not all Countries Behave Alike
Gole, P., E. Perego & C. Turcu (2024)
Oil shocks and currency behavior: A dual approach to digital and traditional currencies
Afshan, S., T. Yaqoob, Y. Ben Zaied, S. Mishra & S. Mishra (2024)
Bank cost efficiency and credit market structure under a volatile exchange rate
Mamonov, M., C.F. Parmeter & A.B. Prokhorov (2024)
Exchange Rate Pass-Through to Domestic Prices: Evidence from VECM
Sindala, E., G. Musonda, M. Mumba & M. Basila (2024)
Exchange Rates, Natural Rates, and the Price of Risk
Kekre, R. & M. Lenel (2024)
Exchange rate overshooting: unraveling the puzzles
Braig, M., S.K. Rüth & W. Van der Veken (2024)
Covered interest parity: a forecasting approach to estimate the neutral band
Hernández, J.R. (2024)
Global uncertainty and exchange rate conditions: Assessing the impact of uncertainty shocks in emerging markets and advanced economies
Glebocki, H. & S. Saha (2024)
Information spillover and cross-predictability of currency returns: An analysis via Machine Learning
Jia, Y., Y. Liu, Y. Wu & S. Yan (2024)
UIP Deviations: Insights from Event Studies
Albagli, E., L. Ceballos, S. Claro & D. Romero (2024)
Interest Rates, Global Risk and Inflation Expectations: Drivers of US Dollar Exchange Rates
Bernoth, K., H. Herwartz & L. Trienens (2024)
Exchange Rate Narratives
Cormun, V. & K. Ristolainen (2024)
A Currency Premium Puzzle
Hassan, T.A., T.M. Mertens & J. Wang (2024)
Impact of asymmetry on exchange rate determination: The role of fundamentals
Korap, L. (2024)
Forecasting exchange rate volatility: An amalgamation approach
Alexandridis, A.K., E. Panopoulou & I. Souropanis (2024)
Risk and return spillovers among developed and emerging market currencies
Greenwood-Nimmo, M., D. Steenkamp & R. van Jaarsveld (2024)
Time-frequency co-movement and cross-quantile connectedness of exchange rates: Evidence from ASEAN+3 Countries
Zhu, H., X. Deng, Y. Ren & X. Huang (2024)
Reconciling Random Walks and Predictability: A Dual- Component Model of Exchange Rate Dynamics
Bakker, B.B. (2024)
Interest Rates, Convenience Yields, and Inflation Expectations: Drivers of US Dollar Exchange Rates
Bernoth, K., H. Herwartz & L. Trienens (2024)
Relative monetary policy and exchange rates
Karau, S. (2024)
Connecting Exchange Rates to Fundamentals Under Indeterminacy
Fujiwara, I. & Y. Hirose (2024)
Portfolio Inertia and Expected Excess Returns in Currency Markets: Evidence from Advanced Economies
Bakker, B.B. (2025)
Global currency hedging with ambiguity
Ulrych, U. & N. Vasiljevic (2025)
What Drives the Exchange Rate?
Itskhoki, O. & D. Mukhin (2025)
How to deal with exchange rate risk in infrastructure and other long-lived projects
de Castro, L., C. Frischtak & A. Rodrigues (2025)
Event-Driven Changes in Volatility Connectedness in Global Forex Markets
Albrecht, P. & E. Kocenda (2025)
Rethinking the delayed overshooting puzzle: An examination through present value framework
Yun, J. (2025)
Dornbusch Overshooting, UIP, and the Systematic Components of Domestic and Foreign Monetary Policy in SVARs
Groshenny, N. & N. Javed (2025)
Dynamic Impact of Foreign Exchange Trading Volume on Foreign Exchange Volatility
Kang, J.W. & C. Cabaero (2025)
Constrained liquidity provision in currency markets
Huang, W., A. Ranaldo, A. Schrimpf & F. Somogyi (2025)
Was it Real? The Exchange Rate-Interest Differential Relation Over the Modern Floating-Rate Period
Meese, R. & K. Rogoff (1988)
Abstract: In this paper, we explore the relationship between real exchange rates and real interest rate differentials in the United States, Germany, Japan, and the United Kingdom. Contrary to theories based on the joint hypothesis that domestic prices are sticky and monetary disturbances are predominant, we find little evidence of a stable relationship between real interest rates and real exchange rates. We consider both in-sample and out-of-sample tests. One hypothesis that is consistent with our findings is that real disturbances (such as productivity shocks) may be a major source of exchange rate volatility.
A Century of Purchasing Power Parity
Taylor, A.M. (2000)
PPP and the Balassa Samuelson Effect - The Role of the Distribution Sector
MacDonald, R. & L.A. Ricci (2001)
Border Effects within the NAFTA Countries
Rogers, J.H. & H.P. Smith (2001)
Interpreting Real Exchange Rate Movements in Transition Countries | Published
De Broeck, M. & T. Slok (2001/06)
Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market | Published
Goldberg, P.K. & F. Verboven (2001)
Abstract: This paper exploits the unique case of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices, we examine how the process of integration has affected cross-country price dispersion in Europe. We find surprisingly strong evidence of convergence towards both the absolute and the relative versions of the Law of One Price (LOOP). Our analysis illuminates the main sources of segmentation in international markets and suggests the type of institutional changes that can successfully reduce it.
Purchasing Power Parity and Interest Parity in the Laboratory
Fisher, E. (2001)
Supply Shocks and Real Exchange Rates | Published
Alexius, A. (2001)
New multi-country evidence on purchasing power parity
J.J.J. Groen (2001)
The Law of One Price Over 700 Years
Rogoff, K., K.A. Froot & M. Kim (2001)
An Unbiased Appraisal of Purchasing Power Parity | Published
Cashin, P.A. & C.J. McDermott (2001)
Determinants of the euro real effective exchange rate: a BEER/PEER approach
Maeso-Fernandez, F., C. Osbat & B. Schnatz (2001)
Sources of Euro Real Exchange Rate Fluctuations: What Is Behind the Euro Weakness in 1999-2000?
Döpke, J., J. Gottschalk & C. Kamps (2001)
World-Wide Purchasing Power Parity
Jacobson, T. & M. Nessen (2001)
PPP May not Hold After all: A Further Investigation
Ng, S. & P. Perron (2001)
A New Look at Panel Testing of Stationarity and the PPP Hypothesis
Bai, J. & S. Ng (2001)
PPP and the real exchange rate-real interest rate differential puzzle revisited: evidence from non-stationary panel data
Chortareas, G.E. & R.L. Driver (2001)
A Bayesian analysis of the PPP puzzle using an unobserved components model
Kleijn, R.H. & H.K. Van Dijk (2001)
Purchasing Power Parity and New Trade Theory
Macdonald, R. & L.A. Ricci (2002)
A Bayesian Analysis of the PPP Puzzle using an Unobserved Components Model
Kleijn, R. & H. K. van Dijk (2002)
A simple test for PPP among traded goods
Franses, P.H. & D.J. van Dijk (2002)
Real Exchange Rates in the Long and Short Run: A Panel Co-Integration Approach
Calderón, C. (2002)
Testing for PPP: Should We Use Panel Methods?
Banerjee, A. & M. Marcellino & C. Osbat (2002)
How does the world interest rate affect the real exchange rate?
Gente, K. (2002)
Beyond Burgernomics and MacParity: Exchange Rate Forecasts Based on the Law of One Price
Lutz, M. (2002)
Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model
Jacobson, T., J. Lyhagen, R. Larsson & M. Nessén (2002)
External Wealth, the Trade Balance, and the Real Exchange Rate
Lane, P. & G.M. Milesi-Ferretti (2002)
Current Account and Real Exchange Rate Dynamics in the G-7 Countries | Published
Chinn, Menzie & J. Lee (2002/06)
Price setting, price dispersion, and the value of money - or - The law of two prices
Curtis, E. & R. Wright (2002)
The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests | Published
Apte, P., P. Sercu & R. Uppal (2002)
The Real Exchange Rate Always Floats
Gylfason, T. (2002)
Does the Balassa-Samuelson Hypothesis Hold for Asian Countries? An Empirical Analysis using Panel Data Cointegration Tests
Drine, I. & C. Rault (2002)
Real Exchange Rates in Transition Economies
Jazbec, B. (2002)
Does the Purchasing Power Parity Hold Within the US?
Pedersen, M. (2002)
PPP Strikes Back: Aggregation and the Real Exchange Rate | Alternative | Published
Imbs, J, H. Mumtaz, M. Ravn & H. Rey (2003)
Abstract: We show the importance of a dynamic aggregation bias in accounting for the PPP puzzle. We prove that established time series and panel methods substantially exaggerate the persistence of real exchange rates because of heterogeneity in the dynamics of disaggregated relative prices. When heterogeneity is properly taken into account, estimates of the real exchange rate half-life fall dramatically, to little more than one year, or significantly below Rogoff's consensus view' of three to five years. We show corrected estimates are consistent with plausible nominal rigidities, thus, arguably, solving the puzzle. We also explain why traded goods prices account for the bulk of the persistence and volatility of the real exchange rate. The reason is that traded goods prices display dynamics that are more heterogeneous than non-traded ones.
Stock Markets and Real Exchange Rate: An Intertemporal Approach
Mercereau, B. (2003)
Forecasting the Dollar/Euro Exchange Rate: Can International Parities Help?
Sosvilla-Rivero, S. and Garcia, E. (2003)
Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?
Lee, J. & M.K. Tang (2003)
The Real Exchange Rate in Small Open Developed Economies: Evidence from Cointegration Analysis
Bagchi, D., G.E. Chortareas & S.M. Miller (2003)
Short Memory and the PPP-puzzle | Published
Ryu, D. & M.A. El-Gamal (2003/06)
Countercyclical Trade Balance and Persistent Real Exchange Rates in a Neomonetarist Model
Zamulin, O. (2003)
Convergence to Purchasing Power Parity at the Commencement of the Euro
Lopez, C. & D.H. Papell (2003)
A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates | Published
Parsley, D.C. & S-J. Wei (2003/07)
Commodity Currencies and the Real Exchange Rate
Cashin, P., L.F. Céspedes & R. Sahay (2003)
A re-examination of the Purchasing Power Parity using non-stationary dynamic panel methods : a comparative approach for developing and developed countries
Drine, I. & C. Rault (2003)
On the long-run determinants of real exchange rates for developing countries : Evidence from Africa, Latin America and Asia
Drine, I. & C. Rault (2003)
Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustment | Published
Cheung, Y-W., K.S. Lai & M. Bergman (2003)
A Re-examination of the Link between Real Exchange Rates and Real Interest Rate Differentials
Hoffmann, M. & R. MacDonald (2003)
Does "Aggregation Bias" Explain the PPP Puzzle?
Chen, S-S. & C. Engel (2004)
Non-Parametric Tests of Real Exchange rates in the Post-Bretton Woods Era
Ahking, F.W. (2004)
The Modern Theory of the LOP and PPP: Some Implications
Pippenger, J. (2004)
Getting PPP Right: Identifying Mean Reverting Real Exchange Rates in Panels | Published
Chortareas. G. & G. Kapetanios (2004/08)
State of the Art Unit Root Tests and Purchasing Power Parity
Lopez, C., C.J. Murray & D.H. Papell (2004)
The Purchasing Power Parity Debate
Taylor, A.M. & M.P. Taylor (2004)
Abstract: Originally propounded by the sixteenth-century scholars of the University of Salamanca, the concept of purchasing power parity (PPP) was revived in the interwar period in the context of the debate concerning the appropriate level at which to re-establish international exchange rate parities. Broadly accepted as a long-run equilibrium condition in the post-war period, it was first advocated as a short-run equilibrium by many international economists in the first few years following the breakdown of the Bretton Woods system in the early 1970s and then increasingly came under attack on both theoretical and empirical grounds from the late 1970s to the mid 1990s. Accordingly, over the last three decades, a large literature has built up that examines how much the data deviated from theory, and the fruits of this research have provided a deeper understanding of how well PPP applies in both the short run and the long run. Since the mid 1990s, larger datasets and nonlinear econometric methods, in particular, have improved estimation. As deviations narrowed between real exchange rates and PPP, so did the gap narrow between theory and data, and some degree of confidence in long-run PPP began to emerge again. In this respect, the idea of long-run PPP now enjoys perhaps its strongest support in more than thirty years, a distinct reversion in economic thought.
Unbiased Estimation of the Half-Life to PPP Convergence in Panel Data
Choi, C-Y., N. Mark & D. Sul (2004)
Parity Reversion in Real Exchange Rates: Fast, Slow or Not at All? | Published
Cashin, P.A. & C.J. McDermott (2004/06)
The Long-Run Volatility Puzzle of the Real Exchange Rate
Hausmann, R., U. Panizza & R. Rigobon (2004)
Testing for Long Run Relative PPP in Europe
Coakley, J. & S. Snaith (2004)
Real Exchange Rates in Developing Countries: Are Balassa-Samuelson Effects Present? | Published
Choudhri, E.U. & M.S. Khan (2004/05)
International Deviations from the Law of One Price: The Role of Search Frictions and Market Share
Alessandria, G. (2004)
Panel Data Tests Of Ppp: A Critical Overview
Caporale, G.M. & M. Cerrato (2004)
PPP rules, macroeconomic (In)stability and learning | Published
Zanna, L-F. (2004/09)
The determination of the equilibrium exchange rate in a simple general equilibrium model
Van, C.L., C. Couharde & T.B. Luong (2004)
Estimating an equilibrium exchange rate for the dollar and other key currencies
Hughes Hallett, A. & C. Richter (2004)
The European Union currencies and the US dollar: from post-Bretton-Woods to the Euro
Gadea, M-D., A. Montañés & M. Reyes (2004)
The Purchasing Power Parity Debate
Taylor, A.M. & M.P. Taylor (2004)
Taylor Rules and the Deutschmark-Dollar Real Exchange Rate
Engel, C. & K.D. West (2004)
Real exchange rates and the relative prices of non-traded and traded goods: an empirical analysis
Groen, J.J.J. & C. Lombardelli (2004)
How Puzzling is the PPP Puzzle? An Alternative Half-Life Measure of Convergence to PPP
Chortareas, G. & G. Kapetanios (2004)
The purchasing power parity puzzle, temporal aggregation, and half-life estimation
Chambers, M.J. (2005)
Real Exchange Rate and Consumption Fluctuations following Trade Liberalization
Jonsson, K. (2004)
Trade Costs and Real Exchange Rate Volatility: The Role of Ricardian Comparative Advantage
Bravo-Ortega, C. & J. di Giovanni (2005)
Higher Power Tests for Bilateral Failure of PPP after 1973
Elliott, G. & E. Pesavento (2004)
Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Mark, N.C. (2005)
Real exchange rates and switching regimes
Bergman, U.M. & J. Hansson (2005)
A Nonparametric Measure of Convergence Toward Purchasing Power Parity
Shintani, M. (2005)
Purchasing power parity and the theory of general relativity: The first tests
Coakley, J., R.P. Flood, A.M. Fuertes & M.P. Taylor
Abstract: We implement novel tests of general relative purchasing power parity (PPP), defined as a long-run unit elasticity of the nominal exchange rate with respect to relative national prices, allowing for potentially permanent real exchange rate shocks. The finite-sample properties of the estimators used are analyzed through Monte Carlo analysis, allowing for country heterogeneity, cross-sectional dependence and non-stationary disturbances. Application to panel data sets of industrialized and developing economies reveals that inflation differentials are on average reflected one-for-one in long-run nominal exchange rate depreciation—i.e. that general relative PPP holds.
The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates
Lane, P.R. & G.M. Milesi-Ferretti (2005)
An oversimplified inquiry into the sources of exchange rate variability
Kempa, B. (2005)
Nominal rigidity, desired markup variations, and real exchange rate persistence
Bouakez, H. (2005)
New Rates from New Weights | Published
Bayoumi, T.A., J. Lee & S. Jayanthi (2005/06)
The PPP debate: Price matters!
Coakley, J., N. Kellard & S. Snaith (2005)
Joint Tests for Non-linearity and Long Memory: The Case of Purchasing Power Parity
Smallwood, A.D. (2005)
Monetary Shocks and Real Exchange Rate Dynamics: a Reappraisal
Hairault, J-O. & T. Sopraseuth (2005)
A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation
Chinn, M.D. (2005)
Productivity Bias Hypothesis and The Purchasing Power Parity: a review article
SURVEY PAPER
Bahmani-Oskooee, M. & A.B.M. Nasir (2005)
Demand and Distance: Evidence on Cross-Border Shopping
Asplund, M., R. Friberg & F. Wilander (2005)
Real Exchange Rate Misalignment: A Panel Co-Integration and Common Factor Analysis
Dufrenot, G.J. & E.B. Yehoue (2005)
Testing long-run purchasing power parity under exchange rate targeting
Brissimis, S.N., D.A. Sideris & F.K. Voumvaki (2005)
"Aggregation Bias" DOES Explain the PPP Puzzle
Imbs, J., H. Mumtaz, M.O. Ravn & H. Rey (2005)
Real Exchange Rate Overshooting RBC Style
Sofat, P., P. Minford, E. Nowell & D. Meenagh (2005)
Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: Evidence from Dual Exchange Rates in Developing Countries
Cheung, Y-W. & K.S. Lai (2005)
Investigating the threshold effects of inflation on PPP
Ho, T-W. (2005)
Just how Undervalued is the Chinese Renminbi
Funke, M. & J. Rahn (2005)
Do Dollar Forecasters Believe too Much in PPP?
Menkhoff, L., R. Rafael & M. Schröder (2005)
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
Mendoza, E.G. (2005)
The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations
Burstein, A., M. Eichenbaum & S. Rebelo (2005)
Are Real Exchange Rates Nonlinear or Nonstationary? Evidence from a New Threshold Unit Root Test
Basci, E. & M. Caner (2005)
The Triple-Parity Law
Lambelet, J-C. & A. Mihailov (2005)
Testing Linearity in Cointegrating Relations with an Application to Purchasing Power Parity
Hong, S.H. & P.C.B. Phillips (2005)
Purchasing Power Parity and Heterogeneous Mean Reversion | Published
Koedijk, C.G., B. Tims & M.A. van Dijk (2006/11)
Nonlinear PPP Under the Gold Standard
Paya, I. & D.A. Peel (2006)
The Purchasing Power Parity Persistence Paradigm: Evidence from Black Currency Markets
Cerrato, M., N. Kellard & N. Sarantis (2005)
Testing for Purchasing Power Parity Under a Target Zone Exchange Rate Regime
Miller, J.I. (2006)
Reconsidering Real Interest Parity for Traded and Nontraded Goods
Kim, J. (2006)
Fundamentals and exchange rate volatility
Bleaney, M. (2006)
Co-integrating currencies and yield differentials
Inci, A.C. (2006)
International financial integration through the law of one price
Schmukler, S.L., E. Levy Yeyati & N. Van Horen (2006)
Pairwise Tests of Purchasing Power Parity Using Aggregate and Disaggregate Price Measures
Pesaran, M.H., R.P. Smith, T. Yamagata & L. Hvozdyk (2006)
The Contribution of Growth and Interest Rate Differentials to the Persistence of Real Exchange Rates
Malliaropulos, D., E. Panopoulou, N. Pittis & T. Pantelidis (2006)
Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
Égert, B., L. Halpern & R. MacDonald (2006)
Structural Breaks in the Real Exchange Rate Adjustment Mechanism
Copeland, L. & S. Heravi (2006)
Real Exchange Rate Volatility and Asset Market Structure
Thoenissen, C. (2006)
Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model: What Is Important and What Is Not | Published
Rabanal, P & V. Tuesta (2006/10)
An alternative test of purchasing power parity
Wallace, F.H. & G.L. Shelley (2006)
Can Firms’ Location Decisions Counteract the Balassa-Samuelson Effect?
Mejean, I. (2006)
On the Equality of Real Interest Rates across Borders in Integrated Capital Markets
Minford, P. & D.A. Peel (2006)
Persistence in Law-Of-One-Price Deviations: Evidence from Micro-Data | Published
Crucini, M.J. & M. Shintani (2006/08)
The behaviour of the real exchange rate: evidence from regression quantiles | Published
Nikolaou, K. (2006/08)
A reappraisal of the evidence on PPP: a systematic investigation into MA roots in panel unit root tests and their implications
Fischer, C. & D. Porath (2006)
Real Exchange Rate Dynamics With Endogenous Distribution Costs
Mulraine, M.L.B. (2006)
Cointegration Tests of PPP: Do they also Exhibit Erratic Behaviour?
Caporale, G.M. & C. Hanck (2006)
Testing Real Interest Parity in Emerging Markets
Singh, M. & A. Banerjee (2006)
Can the Law of One Price be tested?
Philip, K. (2006)
International asset markets and real exchange rate volatility | Published
Bodenstein, M. (2006/08)
Real equilibrium exchange rates: A panel data approach for advanced and emerging economies
Villavicencio, A.L. (2006)
Is Reversion to PPP in Euro Exchange Rates Non-Linear?
Schnatz, B. (2006)
Does Productivity Growth Appreciate the Real Exchange Rate?
Lee, J. & Tang M-K. (2007)
Pricing to Habits and the Law of One Price
Ravn, M.O., S. Schmitt-Grohé & M. Uribe (2007)
Purchasing power parity and country characteristics: Evidence from panel data tests
Alba, J.D. & D.H. Papell (2007)
Does the real interest parity hypothesis hold? Evidence for developed and emerging markets
Ferreira, A.L. & M.A. León-Ledesma (2007)
Foreign Exchange Intervention and Equilibrium Real Exchange Rates | Published
Sideris, D.S. (2007/08)
Household Heterogeneity and Real Exchange Rates
Kocherlakota, N.R. & L. Pistaferri (2007)
The Law of One Price: Nonlinearities in Sectoral Real Exchange Rate Dynamics
Juvenal, L. & M.P. Taylor (2007)
The behaviour of the real exchange rate: Evidence from regression quantiles
Nikolaou, K. (2007)
Capturing asymmetry in real exchange rate with quantile autoregression
Ferreira, M.S. (2007)
A Framework for Identifying the Sources of Local-Currency Price Stability with an Empirical Application
Goldberg, P.K. & R. Hellerstein (2007)
Fertility and the Real Exchange Rate
Rose, A.K. & S. Supaat (2007)
Purchasing Power Parity for Developing and Developed Countries: What Can We Learn from Non-Stationary Panel Data Models? | Published
SURVEY PAPER
Drine, I. & C. Rault (2007/08)
Uncover Latent PPP by Dynamic Factor Error Correction Model (DF-ECM) Approach: Evidence from five OECD countries
Qin, D. (2007)
Does Purchasing Power Parity Hold Sometimes? Regime Switching in Real Exchange Rates
Lee, H-T. & G. Yoon (2007)
International investment positions and exchange rate dynamics: a dynamic panel analysis
Binder, M. & C.J. Offermanns (2007)
International asset pricing under segmentation and PPP deviations
Chaieb, I. & V. Errunza (2007)
Do Internet Converge Prices to the "Law of One Price"? Evidence from Transaction Data for Airline Tickets
Sengupta, A. (2007)
Real exchange rates, imperfect substitutability, and imperfect competition
MacDonald, R. & L.A. Ricci (2007)
Financial Market Integration and World Economic Stabilization toward Purchasing Power Parity
Okimoto, T. & K. Shimotsu (2007)
The Relative Price of Non-traded Goods in an Imperfectly Competitive Economy: Empirical Evidence for G7 Countries
Coto-Martinez, J. & J. Reboredo (2007)
Does the Nominal Exchange Rate Regime Affect the Long Run Properties of Real Exchange Rates?
Dreger, C. & E. Girardin (2007)
Testing for Purchasing Power Parity in Cointegrated Panels
Carlsson, M., J. Lyhagen & P. Österholm (2007)
Equilibrium Exchange Rates: Assessment Methodologies
Isard, P. (2007)
Real interest parity (RIP) over the 20th century: New evidence based on confidence intervals for the largest root and the half-life
Sekioua, S.H. (2008)
Real Exchange Rates and Fundamentals: A Cross-Country Perspective
Ricci, L.A., G.M. Milesi-Ferretti & J. Lee (2008)
The PPP Puzzle: What the Data Tell when Allowed to Speak Freely
Juselius, K. (2008)
Volatile and persistent real exchange rates with or without sticky prices
Moore, M.J. & M.J. Roche (2008)
The black market exchange rate vs. the official rate in testing PPP: Which rate fosters the adjustment process?
Bahmani-Oskooee, M. & A. Tankui (2008)
The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
Aizenman, J. & J. Lee (2008)
U.S. dollar real exchange rates: Nonlinearity revisited
Sollis, R. (2008)
A revisit on dissecting the PPP puzzle: Evidence from a nonlinear approach
Wu, J-L. & P-F. Chen (2008)
Nonlinearities or outliers in real exchange rates?
Villavicencio, A.L. (2008)
How Robust are Estimated Equilibrium Exchange Rates? A Panel BEER Approach
Benassy-Quere, A., S. Bereau & V. Mignon (2008)
Non-linearity versus non-normality in real exchange rate dynamics
Arghyrou, M.G. & A. Gregoriou (2008)
Bivariate Assessments of Real Exchange Rates Using PPP Data
Zalduendo, J. (2008)
Persistent Real Exchange Rates
Johri, A. & A. Lahiri (2008)
The Composition of Government Spending and the Real Exchange Rate
Galstyan, V.A. & P.R. Lane (2008)
Skill Upgrading and the Real Exchange Rate
Alvarez, R. & R. Lopez (2008)
Some pitfalls in testing the law of one price in commodity markets
Pippenger, J. & L. Phillips (2008)
Long-run PPP in a system context: No favorable evidence after all for the U.S., Germany, and Japan
Cushman, D.O. (2008)
Cointegration Tests of Purchasing Power Parity
Wallace, F., R. Lozano Cortés & L.F. Cabrera-Castellanos (2008)
Threshold adjustment in deviations from the law of one price
Juvenal, L. & M.P. Taylor (2008)
Local Costs of Distribution, International Trade Costs and Micro Evidence on the Law of One Price
Giri, R. (2008)
Median-Unbiased Estimation in DF-GLS Regressions and the PPP Puzzle
Lopez, C., C.J. Murray & D.H. Papell (2008)
Regional Mc Parity: Do Common Pricing Points Reduce Deviations From the Law of One Price?
Mathä, T.Y. (2008)
Nontraded Goods, Market Segmentation, and Exchange Rates | Published
Dotsey, M. & M. Duarte (2008)
Real Exchange Rate Movements and the Relative Price of Non-traded Goods
Betts, C.M. & T.J. Kehoe (2008)
Estimating exchange rate responsiveness to shocks
Narayan, P.K. (2008)
Aggregation and the PPP puzzle in a sticky-price model
Carvalho, C. & F. Nechio (2008)
A Resolution of the Purchasing Power Parity Puzzle: Imperfect Knowledge and Long Swings
Frydman, R., M.D. Goldberg, S. Johansen & K. Juselius (2008)
Net Foreign Assets, Productivity and Real Exchange Rates in Constrained Economies | Published
Christopoulos, D.K., K. Gente & M.A. Leon-Ledesma (2008/12)
Does the law of one price hold in international financial markets? Evidence from tick data | Published
Akram, Q.F., D. Rime & L. Sarno (2008/09)
Nonlinear Adjustment of the Real Exchange Rate Towards its Equilibrium Value: a Panel Smooth Transition Error Correction Modelling
Bereau, S., A.L. Villavicencio & V. Mignon (2008)
3-Regime symmetric STAR modeling and exchange rate reversion
Cerrato, M., H. Kim & R. MacDonald (2008)
Real rigidities and real exchange rate volatility
Craighead, W.D. (2009)
Nonlinear PPP Deviations: A Monte Carlo Investigation of Their Unconditional Half-Life
Lo, M.C. (2009)
Consumption and Real Exchange Rates in Professional Forecasts | Published
Devereux, M.B., G.W. Smith & J. Yetman (2009/12)
Nonlinear Adjustment in Law of One Price Deviations and Physical Characteristics of Goods
Berka, M. (2009)
Estimating Exchange Rate Equations Using Estimated Expectations
Fair, Ray C. (2009)
Fiscal Shocks and The Real Exchange Rate
Bénétrix, A.S. & P.R. Lane (2009)
The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices | Published
Crucini, M.J., M. Shintani & T. Tsuruga (2009/10)
Currency Misalignments and Optimal Monetary Policy: A Reexamination | Published
Engel, C. (2009)
Does higher openness cause more real exchange rate volatility? | Published
Calderon, C. & M. Kubota (2009/18)
The real exchange rate in sticky-price models: does investment matter?
Martinez-Garcia, E. & J. Sondergaard (2009)
Productivity shocks and real exchange rates - a reappraisal
Peltonen, T.A. & M. Sager (2009)
A New Test of the Real Interest Rate Parity Hypothesis: Bounds Approach and Structural Breaks
Bagdatoglou. G. & A. Kontonikas (2009)
Real Exchange Rate Misalignments
Terra, C. & F. Valladares (2009)
Household Heterogeneity and the Real Exchange Rate: Still a Puzzle
Kollmann, R. (2009)
Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?
Weisbrot, M., J. Cordero & L. Sandoval (2009)
The confusing time-series behaviour of real exchange rates: Are asymmetries important?
McMillan, D.G. (2009)
Purchasing Power Parity and Breaking Trend Functions in the Real Exchange Rate
Joya, J.O. (2009)
Real Exchange Rates and Time-Varying Trade Costs
Peel, D., I. Paya & E. Pavlidis (2009)
Nonlinearity and Persistence in PPP: Does Controlling for Nonlinearity Solve the PPP Puzzle?
Kiliç, R. (2009)
Purchasing Power Parity in Less-Developed and Transition Economies: A Review Paper
SURVEY PAPER
Bahmani-Oskooee, M. & S.W. Hegerty (2009)
The Real Exchange Rate as an Instrument of Development Policy
Razmi, R., M. Rapetti & P. Skott (2009)
Can Non-Linear Real Shocks Explain The Persistence of PPP Exchange Rate Disequilibria?
Peltonen, T.A., A. Popescu & M. Sager (2009)
The pass-through effect: a twofold analysis
Forte, A. (2009)
Government Purchases and the Real Exchange Rate
Kollmann, R. (2009)
Forecasting the Real Exchange Rate using a Long Span of Data. A Rematch: Linear vs Nonlinear
Peel, D., I. Paya & E. Pavlidis (2009)
Understanding forecast failure of ESTAR models of real exchange rates
Buncic, D. (2009)
Productivity, the Terms of Trade, and the Real Exchange Rate: The Balassa-Samuelson Hypothesis Revisited
Choudhri, E.U. & L.L. Schembri (2009)
Sources of exchange rate fluctuations: are they real or nominal?
Juvenal, L. (2009)
A Century of Purchasing Power Parity Confirmed: The Role of Nonlinearity | Published
Kim, H. & Y-K. Moh (2009/10)
What Makes Currencies Volatile? An Empirical Investigation
Bleaney, M. & M. Francisco (2009)
One TV, One Price?
Imbs, J., H. Mumtaz, M.O. Ravn & H. Rey (2009)
Analyzing aggregate real exchange rate persistence through the lens of sectoral data | Published
Mayoral. L. & M.D. Gadea (2009/11)
Real exchange rates and real interest rate differentials: A present value interpretation
Hoffmann, M. & R. MacDonald (2009)
The dollar in the turmoil
Bénassy-Quéré, A., S. Béreau & V. Mignon (2009)
Reverse Shooting of Exchange Rates
Wang, P. (2009)
A model of international cities: implications for real exchange rates
Crucini, M.J. & H. Yilmazkuday (2009)
Do uncertainty and technology drive exchange rates?
Guerron-Quintana, P.A. (2009)
What do we know about real exchange rate non-linearities?
Kruse, R., M. Frömmel, L. Menkhoff & P. Sibbertsen (2009)
International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries: Some Panel Evidence
Caporale, G.M., T.H. Amor & C. Rault (2009)
The Micro-Macro Disconnect of Purchasing Power Parity
Bergin, P.R., R. Glick & J-L. Wu (2009)
Productive Government Purchases and the Real Exchange Rate
Basu, P. & R. Kollmann (2010)
Real exchange rate dynamics in the presence of non-traded goods and transaction costs
Lee, I. & J. Shin (2010)
Methodological advances in the assessment of equilibrium exchange rates
Bussière, M., M. Ca’ Zorzi, A. Chudík & A. Dieppe (2010)
A Model of the Exchange Rate with Informational Frictions
Martínez-García, E. (2010)
Local persistence and the PPP hypothesis
Kim, S. & L.R. Lima (2010)
The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium | Published
Chong, Y., O. Jorda & A.M. Taylor (2010/12)
Fiscal Policy, the Real Exchange Rate and Traded Goods
Monacelli, T. & R. Perotti (2010)
Investigating nonlinearities in real exchange rate adjustment: Threshold cointegration and the dynamics of exchange rates and relative prices
Nakagawa, H. (2010)
How well does nonlinear mean reversion solve the PPP puzzle?
Norman, S. (2010)
The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium
Chong, Y., O. Jordà & A.M. Taylor (2010)
Decline in the persistence of real exchange rates, but not sufficient for purchasing power parity
Okimoto, T. & K. Shimotsu (2010)
The Balassa-Samuelson Hypothesis Through the Lens of the Dependent Economy Model
Brock, P. (2010)
Purchasing power parity and the long memory properties of real exchange rates: Does one size fit all?
Aloy, M., M. Boutahar, Karine Gente & A. Péguin-Feissolle (2011)
Long-run purchasing power parity with asymmetric adjustment: Further evidence from nine transition countries
Chang, T. & H-W. Tzeng (2011)
Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
Aizenman, J. & V. Sushko (2011)
Temporal aggregation and purchasing power parity persistence
Ahmad, Y. & W.D. Craighead (2011)
Sources of exchange rate fluctuations: Are they real or nominal?
Juvenal, L. (2011)
Is the evidence for PPP reliable? A sustainability examination of the stationarity of real exchange rates
Zhou, S. & A.M. Kutan (2011)
Aggregation and the PPP Puzzle in a Sticky-Price Model
Carvalho, C. & F. Nechio (2011)
Home bias, distribution services and determinants of real exchange rates
Chaban, M. (2011)
Nonlinear trends in real exchange rates: A panel unit root test approach
Cushman, D.O. & N. Michael (2011)
Spatial panel data analysis with feasible GLS techniques: An application to the Chinese real exchange rate
Hall, S.G. & Q. Guo (2011)
Financial liberalization, structural change, and real exchange rate appreciations
Meza, F. & C. Urrutia (2011)
Accounting for Real Exchange Rates Using Micro-data | Published
Crucini, M.J. & A. Landry (2012/19)
Microeconomic Sources of Real Exchange Rate Variability | Published
Crucini, M.J. & C.I. Telmer (2012/20)
The PPP debate: Multiple breaks and cross-sectional dependence
Snaith, S. (2012)
Rational expectations, changing monetary policy rules, and real exchange rate dynamics
Chen, S-S. & Y-H. Chou (2012)
Real exchanges rates in commodity producing countries: A reappraisal
Bodart, V., B. Candelon & J.-F. Carpantier (2012)
Estimation of consistent multi-country FEERs
Carton, B. & K. Hervé (2012)
Examining the evidence of purchasing power parity by recursive mean adjustment
Kim, H. & Y-K. Moh (2012)
Correcting Real Exchange Rate Misalignment: Conceptual and Practical Issues
Eden, M. & H. Nguyen (2012)
Mussa Redux and Conditional PPP | Published
Bergin, P.R., R. Glick & J-L. Wu (2012/14)
Globalization, exports, and effective exchange rate indices
Ho, L.S. (2012)
Value-Added Exchange Rates
Bems, R. & R.C. Johnson (2012)
Can producer currency pricing models generate volatile real exchange rates?
Povoledo, L. (2012)
Product Introductions, Currency Unions, and the Real Exchange Rate
Cavallo, A., B. Neiman & R. Rigobon (2012)
History, Gravity and International Finance | Published
Chitu, L., B. Eichengreen & A.J. Mehl (2013/14)
Purchasing power parity and the Taylor rule
Ogaki, M., B.E. Hansen, I. Fujiwara & H. Kim (2013)
Understanding Long-run Price Dispersion | Published
Crucini, M.J. & H. Yilmazkuday (2013/14)
International Prices and Exchange Rates
SURVEY PAPER
Burstein, A. & G. Gopinath (2013)
Real exchange rate fluctuations and the relative importance of nontradables
Ouyang, A.Y. & R.S. Rajan (2013)
Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions
Kano, K., T. Kano & K. Takechi (2013)
The consumption-real exchange rate anomaly with extensive margins
Hamano, M. (2013)
How do currency misalignments' threshold affect economic growth?
Couharde, C. & A. Sallenave (2013)
Borders and Big Macs
Landry, A. (2013)
Testing Black Market vs. Official PPP: A Pooled Mean Group Estimation Approach
Goswami, G.G. & M.Z. Hossain (2013)
Do sticky prices increase real exchange rate volatility at the sector level?
Crucini, M.J., M. Shintani & T. Tsuruga (2013)
Estimating the Half-life of Theoretically Founded Real Exchange Rate Misalignments
Kubota, M. (2013)
Revisiting the Balassa-Samuelson Model with Markup Variations
Restout, R. (2013)
Roads and the Real Exchange Rate
Du, Q., S-J. Wei & P. Xie (2013)
Bond Market Co-movements, Expected Inflation and the GBP-USD Equilibrium Real Exchange Rate
Macchiarelli, C. (2013)
Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation
Caglayan, M. & F. Demir (2013)
Real Exchange Rate Appreciation in Emerging Markets: Can Fiscal Policy Help?
Badia, M.M. & A. Segura-Ubiergo (2014)
Trade Intensity and Purchasing Power Parity
Cho, D. & A. Doblas-Madrid (2014)
The Harrod-Balassa-Samuelson effect and endogenous extensive margins
Hamano, M. (2014)
Persistence in real exchange rate convergence
Stengos, T. & M.E. Yazgan (2014)
Real exchange rate dynamics in sticky wage models
Crucini, M.J., M. Shintani & T. Tsuruga (2014)
Real Exchange Rate and Productivity in a Specific-Factor Model with Skilled and Unskilled Labour
Doan, T.H.T. & K. Gente (2014)
Non-linear adjustments to intranational PPP
Woo, K-Y., S-K. Lee & A. Chan (2014)
Do Real Exchange Rate Appreciations Matter for Growth?
Bussière, M., C. Lopez & C. Tille (2014)
Through the Looking Glass: A WARPed View of Real Exchange Rate History
Campbell, D.L. & J.H. Pyun (2014)
Deconstructing shocks and persistence in OECD real exchange rates
Basher, S.A. & J.L. Carrion-i-Silvestre (2014)
Global Value Chains and Effective Exchange Rates at the Country-Sector Level
Patel, N., Z. Wang & S-J. Wei (2014)
Common Trends and Common Cycles in Oil Price and Real Exchange Rate
Basnet, H.C., P. Vatsa & S. Sharma (2014)
Can Monetary Policy Cause the Uncovered Interest Parity Puzzle?
Park, C. & S. Park (2014)
The Price of Development | Published
Hassan, F. (2014/16)
The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered | Published
Bordo, M.D., E.U. Choudhri, G. Fazio & R. MacDonald (2014)
Did Purchasing Power Parity Hold in Medieval Europe?
Bell, A.R., C. Brooks & T.K. Moore (2014)
Real Exchange Rate Persistence in US Dollar PPP Systems
Crowder, W.J. (2014)
Real Financial Market Exchange Rates and Capital Flows | | Published
Gelman, M., A. Jochem, S. Reitz & M.P. Taylor (2014/15)
Real Exchange Rates and Sectoral Productivity in the Eurozone | Published
Berka, M., M.B. Devereux & C. Engel (2014/18)
Monetary Policy and Real Exchange Rate Dynamics in Sticky-Price Models
de Carvalho, C.V. & F.F. Necchio (2014)
The Federal Reserve Engages the World (1970-2000): An Insider's Narrative of the Transition to Managed Floating and Financial Turbulence
Truman, E.M. (2014)
The Macroeconomics of a Financial Dutch Disease
Botta, A. (2014)
Imperfect mobility of labor across sectors: a reappraisal of the Balassa-Samuelson effect | Published
Cardi, O. & R. Restout (2014/15)
Inflation targeting and real exchange rates: A bias correction approach
Kim, J. (2014)
Versailles Redux? Eurozone Competitiveness in a Dynamic Balassa-Samuelson-Penn Framework
Stahler, K. & A. Subramanian (2014)
The Macroeconomics of a Financial Dutch Disease
Botta, A. (2014)
Foreign Technology Acquisition and Changes in the Real Exchange Rate
Alvarez, R. & R.A. Lopez (2014)
Phillips curve shocks and real exchange rate fluctuations: SVAR evidence
Gehrke, B. & F. Yao (2014)
A Nonparametric Study of Real Exchange Rate Persistence over a Century
Kim, H. & D. Ryu (2014)
Real exchange rates and fundamentals: robustness across alternative model specifications
Adler, K. & C. Grisse (2014)
Persistence of Current-account Disequilibria and Real Exchange-rate Misalignments
Gnimassoun, B. & V. Mignon (2015)
Real Exchange Rate Determination and the China Puzzle
Tyers, R. & Y. Zhang (2014)
A pair-wise analysis of the law of one price: Evidence from the crude oil market
Giulietti, M., A.M. Iregui & J. Otero (2015)
Can international macroeconomic models explain low-frequency movements of real exchange rates? | Published
Rabanal, P. & J.F. Rubio-Ramirez (2015)
Inter-Temporal Purchasing Power Parity
Breuer, J.B., V. Kumar & S.G. Suresh (2015)
Demand for Value Added and Value-Added Exchange Rates | Published
Bems, R. & R.C. Johnson (2015/17)
Measuring the dollar-euro permanent equilibrium exchange rate using the unobserved components model
Chen, X. & R. MacDonald (2015)
PPP may hold better than you think: Smooth breaks and non-linear mean reversion in real effective exchange rates
Kutan, A.M. & S. Zhou (2015)
Testing for linear and nonlinear Granger causality in the real exchange rate-consumption relation
Pavlidis, E.G., I. Paya & D.A. Peel (2015)
Real exchange rate forecasting and ppp: this time the random walk loses
Ca'Zorzi, M., J. Muck & M. Rubaszek (2015)
Sources of Fluctuations in the Real Exchange Rates and Trade Balances of the G-7: A Sign Restriction VAR Approach
Huh, H-S. & W.S. Kwon (2015)
Noisy information, distance and law of one price dynamics across US cities
Crucini, M.J., M. Shintani & T. Tsuruga (2015)
Real Exchange Rates and Commodity Prices
Nicolini, J., C. Hevia & J. Ayres (2015)
Price Indexes are a Problem for Testing PPP
Wallace, F. (2015)
Real exchange rate volatility and business cycles in emerging market economies
Gumus, I., Z.T. Taspinar (2015)
Exchange Rate Movements and the Distribution of Productivity
Tomlin, B. & L. Fung (2015)
International Relative Prices: Evidence from Online Retailers in Seven Countries
Neiman, B. & A. Cavallo (2015)
Through the Looking Glass: A WARPed View of Real Exchange Rate History
Campbell, D.L. (2015)
Absolute purchasing power parity in industrial countries
Zhang, Z. & Z. Bian (2015)
Bayesian analysis of nonlinear exchange rate dynamics and the purchasing power parity persistence puzzle
Lo, M.C. & J. Morley (2015)
The law of one price revisited: How do goods market frictions generate large and volatile price deviations? | Published
Lee, I. & S.S. Park (2015)
A Small Open Economy with the Balassa-Samuelson Effect
Ambrisko, R. (2015)
Valuation effects and long-run real exchange rate dynamics
Mileva, M. (2015)
Real Exchange Rate Volatility and Imports of Intermediate Inputs: A Microeconometric Analysis of Manufacturing Plants
López, R.A. & H.D. Nguyen (2015)
On the impact of volatility on the real exchange rate - terms of trade nexus: Revisiting commodity currencies
Coudert, V., C. Couharde & V. Mignon (2015)
Skilled Emigration, Wages and Real Exchange Rate in a Globalized World
Ouyang, A. & S. Paul (2015)
Accounting for real exchange rate changes at long time horizons
Chen, L-L., S. Choi & J. Devereux (2015)
Oil Prices and the Dynamics of Output and Real Exchange Rate
Meenagh, D., P. Minford & O. Oyekola (2015)
Bayesian forecasting of real exchange rates with a Dornbusch prior
Ca' Zorzi, M., A. Kociecki & M. Rubaszek (2015)
The Dynamics of the Trade Balance and the Real Exchange Rate: The J Curve and Trade Costs?
Choi, H. & G. Alessandria (2015)
The Determination of the Equilibrium Exchange Rates Based on a General Equilibrium Model
Li, W. (2015)
Why Are Exchange Rates So Smooth? A Segmented Asset Markets Explanation
Chien, Y., H. Lustig & K. Naknoi (2015)
Labor market flexibility and the real exchange rate
Du, Q. & Q. Liu (2015)
Sources of asymmetric shocks: The exchange rate or other culprits?
Skorepa, M. & L. Komarek (2015)
Parameter drifts, misspecification and the real exchange rate in emerging countries
Seoane, H.D. (2016)
Adoption of the Gold Standard and Real Exchange Rates in the Core and Periphery, 1870-1913
Mollick, A.V. (2016)
When and why hyperinflating monetary authorities abandon a currency
Miller, S.M. (2017)
Quantitative assessment of the role of incomplete asset markets on the dynamics of the real exchange rate
Martinez-Garcia, E. (2016)
Conditional PPP and Real Exchange Rate Convergence in the Euro Area
Bergin, P.R., R. Glick & J-L. Wu (2016)
Effective exchange rates, current accounts and global imbalances | Published
Beckmann, J. & R. Czudaj (2016/17)
Commonality and Heterogeneity in Real Effective Exchange Rates: Evidence from Advanced and Developing Countries
Nagayasu, J. (2016)
Exchange Rate Predictability and State-of-the-Art Models
Yesin, P. (2016)
Debt Thresholds and Real Exchange Rates: An Emerging Markets Perspective | Published
Galstyan, V. & A. Velic (2016)
The 'Real' Explanation of the PPP Puzzle
Ford, N. & C.Y. Horioka (2016)
Barriers to price convergence
Glushenkova, M., A. Kourtellos & M. Zachariadis (2016)
Boom Goes the Price: Giant resource discoveries and real exchange rate appreciation | Published
Harding, T., R. Stefanski & G. Toews (2016/20)
On the link between the US economic policy uncertainty and exchange rates
Kido, Y. (2016)
Current Account and Real Exchange Rate changes: the impact of trade openness | Published
Romelli, D., C. Terra & E. Vasconcelos (2016/18)
Purchasing power parity in emerging markets: A panel stationary test with both sharp and smooth breaks
Bahmani-Oskooee, M., T. Chang & K-C. Lee (2016)
Estimating Currency Misalignment Using the Penn Effect: It's Not as Simple As It Looks | Published
Cheung, Y-W., M. Chinn & X. Nong (2016/17)
The Balassa-Samuelson hypothesis in the developed and developing countries revisited
Wang, W., J. Xue & C. Du (2016)
Nonlinear Trend and Purchasing Power Parity
Luo, Y. (2016)
Real Exchange Rate Persistence and Country Characteristics | Published
Curran, M. & A. Velic (2016/19)
Sovereign Risk and the Real Exchange Rate: A Non-Linear Approach
Ojeda-Joya, J.N. & G. Sarmiento (2016)
Boom or Gloom? Examining the Dutch Disease in Two-speed Economies
Bjørnland, H.C. & L.A. Thorsrud (2016)
Persistence and Volatility of Real Exchange Rates: The Role of Supply Shocks Revisited
Gehrke, B. & F. Yao (2016)
An exchange market pressure measure for cross country analysis
Patnaik, I., J. Felman & A. Shah (2017)
Real Exchange Rate and External Balance: How Important Are Price Deflators?
Ahn, J., R. Mano & J. Zhou (2017)
The real exchange rate and economic growth: Revisiting the case using external instruments
Habib, M.M., E. Mileva & L. Stracca (2017)
Information Frictions and Real Exchange Rate Dynamics | Published
Candian, G. (2017/19)
The Balassa-Samuelson relationship: Services, manufacturing and product quality
Zhang, Q. (2017)
Thousands of BEERs: Take your pick
Adler, K. & C. Grisse (2017)
Portfolio Inflows and Real Effective Exchange Rates: Does the Sectorization Matter?
Ouedraogo, R. (2017)
Current Account Imbalances, Real Exchange Rates, and Nominal Exchange Rate Variability
Velic, A. (2017)
Ramsey-optimal Tax Reforms and Real Exchange Rate Dynamics
Auray, S., A. Eyquem & P. Gomme (2017)
Corporate Investment and the Real Exchange Rate | Published
Dao, M.C., C. Minoiu & J.D. Ostry (2017/21)
Purchasing power parity across eight worlds
Morrison, M. & M. Fontenla (2017)
Law of One Price, Distance, and Borders
Borraz, F. & L. Zipitría (2017)
EQCHANGE: A World Database on Actual and Equilibrium Effective Exchange Rates
Couharde, C., A-L. Delatte, C. Grekou, V. Mignon & F. Morvillier (2017)
Does Real Exchange Rate Undervaluation Really Promote Economic Growth?
Marques Ribeiro., R.S., J.S.L. McCombie & G.T. Lima (2017)
Real Exchange Rates, Income per Capita, and Sectoral Input Shares | Published
Cravino, J., S.E. Haltenhof (2017/20)
The PPP approach revisited: A study of RMB valuation against the USD
Almås, I., M. Grewal, M. Hvide & S. Ugurlu (2017)
The impact of exchange rate deviations from relative PPP equilibrium on the U.S. demand for foreign equities
Grossmann, A., C. Paul & M.W. Simpson (2017)
Nominal Exchange Rates and Net Foreign Assets' Dynamics: the Stabilization Role of Valuation Effects
Eugeni, S. (2017)
The PPP Puzzle: An Update
Razzak, W. (2017)
Why Are Exchange Rates So Smooth? A Household Finance Explanation
Chien, Y., H. Lustig & K. Naknoi (2017)
Are supply shocks important for real exchange rates? A fresh view from the frequency-domain
Gehrke, B. & F. Yao (2017)
Equilibrium Exchange Rates and Misalignments: The Case of Homogenous Emerging Market Economies
Tipoy, C.K., M.C. Breitenbach & M.F. Zerihun (2017)
Real exchange rate misalignments in the euro area
Fidora, M., C. Giordano & M. Schmitz (2017)
Equilibrium Exchange Rates and Misalignments: The Case of Homogenous Emerging Market Economies
Tipoy, C.K., M.C. Breitenbach & M.F. Zerihun (2017)
The Phillips Curve: Price Levels or Real Exchange Rates?
Geerolf, F. (2017)
The cause of an integral correction mechanism of the real exchange rate
Jiang, S. (2017)
Intermediate Goods and Exchange Rate Disconnect
Craighead, W. (2017)
Are Risk Premia Related to Real Exchange Rate Swings? Evidence from I(2) CVARs with Survey Expectations
Stillwagon, J.R. (2018)
Real exchange rate variability in a two-country business cycle model
Tretvoll, H. (2018)
The Impact of Real Exchange Rate Shocks on Manufacturing Workers: An Autopsy from the MORG
Campbell, D.L. & L. Lusher (2018)
Shining a Light on Purchasing Power Parities | Published
Pinkovskiy, M. & X. Sala-i-Martin (2018/20)
Liquidity and exchange rate volatility
Pham, T.H.H. (2018)
Price level convergence and purchasing power divergence
Eleftheriou, M. & N.A. Müller-Plantenberg (2018)
Multihorizon Currency Returns and Purchasing Power Parity
Chernov, M. & D.D. Creal (2018)
Real Exchange Rates, Economic Complexity, and Investment
Brito, S., N.E. Magud & S. Sosa (2018)
Price Rigidities and Relative PPP | Published
Blanco, A. & J. Cravino (2018/20)
Estimating a Latent Risk Premium in Exchange Rate Futures
Bernoth, K., J. von Hagen & C.G. de Vries (2018)
The Factor Content of Equilibrium Exchange Rates
Clarida, R.H. (2018)
The real exchange rate in Taylor rules: A Re-Assessment
Froyen, R.T. & A.V. Guender (2018)
Real exchange rate appreciation after the financial crisis of 2008-2009: Misalignment or fundamental correction?
Caputo, R. (2018)
A Nonlinear Analysis of the Real Exchange Rate-Consumption Relationship
Pavlidis, E.G., I. Paya & D.A. Peel (2018)
U.S. Income Comparisons with Regional Price Parity Adjustments
Bishop, J.A., J.M. Lee & L.A. Zeager (2018)
Real exchange rate dynamics in New-Keynesian models - The Balassa-Samuelson effect revisited
Brede, M. (2018)
The effects of government spending on real exchange rates: Evidence from military spending panel data
Miyamoto, W., T.L. Nguyen & V. Sheremirov (2019)
Real exchange rate dynamics: Relative importance of Taylor-rule fundamentals, monetary policy shocks, and risk?premium shocks
Kim, C-J. & C. Park (2019)
Real exchange rate convergence: The roles of price stickiness and monetary policy
Engel, C. (2019)
Equilibrium real exchange rate estimates across time and space
Fischer, C. (2019)
Reliability of basic heading PPPs
Hajargasht, G., D.S.P. Rao & A. Valadkhani (2019)
Macro-prudential policies, the global financial cycle and the real exchange rate
Ouyang, A.Y. & S. Guo (2019)
Reforms and the real exchange rate: The role of pricing-to-market
Patureau, L. & C. Poilly (2019)
The Law of One Food Price
Clements, E., J. Si & L.H. Vo (2019)
Ramsey Tax Competition with Real Exchange Rate Determination
Gomme, P. (2019)
Real Exchange Rates and Primary Commodity Prices
Hevia, C., J.L. Ayres & J.P. Nicolini (2019)
The Level REER model in the External Balance Assessment (EBA) Methodology
Mano, R., C.O. Buitron, L.A. Ricci & M. Vargas (2019)
Foreign exchange inflows, the trade balance and real effective exchange rates
Bleaney, M. & M. Tian (2019)
Measuring the Balassa-Samuelson Effect: A guidance Note on the RPROD Database
Couharde, C. A-L. Delatte, C. Grekou, V. Mignon & F. Morvillier (2019)
How frequent a BEER? Assessing the impact of data frequency on real exchange rate misalignment estimation
Giordano, C. (2019)
Subnational purchasing power of parity in OECD countries: Estimates based on the Balassa-Samuelson hypothesis
Costa, A., J. Garcia, J.L. Raymond & D. Sanchez-Serra (2019)
Economic policy uncertainty shocks, economic activity, and exchange rate adjustments
Nilavongse, R., R. Michal & G.S. Uddin (2019)
Revisiting real exchange rate volatility: non-traded goods and cointegrated TFP shocks
Dogan, A. & T. Bettendorf (2020)
Revisiting the persistence of real exchange rates
Chen, S-L. & J-L. Wu (2020)
The predictive power of equilibrium exchange rate models
Mijakovic, A., M. Rubaszek, M.C. Zorzi & A. Cap (2020)
Beyond Basis Basics: Leverage Demand and Deviations from the Law of One Price
Hazelkorn, T.M., T.J. Moskowitz & K. Vasudevan (2020)
Exchange rate forecasting on a napkin
Ca' Zorzi, M. & M. Rubaszek (2020)
Real Exchange Rate Dynamics Beyond Business Cycles
Cao, D., M. Evans & W. Lua (2020)
Cross border flows, financial Intermediation and interactions of policy rules in a small open economy model
Goyal, A. & A.K. Verma (2020)
Exchange Rate Risk, Distribution Asymmetry and Deviations from Purchasing Power Parity
Arghyrou, M.G., W. Lu, Wenna & P.M. Pourpourides (2020)
The changing nature of the real exchange rate: The role of central bank preferences
Caputo, R. & M. Pedersen (2020)
The Law of One Price, Purchasing Power Parity, and Exchange Rates
Pippenger, J. (2020)
Explaining the Volatility of the Real Exchange Rate in Emerging Markets
Agosin, M. & J.D. Díaz (2020)
Heterogenous Job Separations and the Balassa-Samuelson Effect
Gaston, N. & T. Yoshimi (2020)
Structural changes and the real exchange rate dynamics
Ju, J., J.Y. Lin, Q. Liu & K. Shi (2020)
Inflation - Harrod-Balassa-Samuelson effect in a DSGE model setting
Lenarcic, C. (2020)
A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate
Crucini, M., M. Shintani & T. Tsuruga (2020)
The evolution of purchasing power parity
Rabe, C. & A. Waddle (2020)
Long-run purchasing power parity redux
Papell, D.H. & R. Prodan (2020)
Quantile nonlinear unit root test with covariates and an application to the PPP hypothesis
Yang, Y. & Z. Zhao (2020)
Long-run dynamics of exchange rates: A multi-frequency investigation
Vo, D.H. (2020)
Sovereign Capital, External Balance, and the Investment-Based Balassa-Samuelson Effect in a Global Dynamic Equilibrium
Derviz, A. (2020)
The Story of the Real Exchange Rate
Itskhoki, O. (2020)
Climate Risk and Commodity Currencies
Kapfhammer, F., V.H. Larsen & L.A. Thorsrud (2020)
An asymmetrical overshooting correction model for G20 nominal effective exchange rates
Bec, F. & M. Ben Salem (2020)
Causal and frequency analyses of purchasing power parity
Nagayasu, J. (2021)
Facing up to the polysemy of purchasing power parity: New international evidence
Xie, Z., S-W. Chen & C-K. Hsieh (2021)
Covariability of real exchange rates and fundamentals
Grisse, C. & F. Scheidegger (2021)
Imperfect Exchange Rate Pass-through: Empirical Evidence and Monetary Policy Implications
Mirfatah, M., V.J. Gabriel & P. Levine (2021)
Nonlinearities and Asymmetric Adjustment to PPP in an Exchange Rate Model with Inflation Expectations
Anderl, C. & G.M. Caporale (2021)
Purchasing-power-parity and the saving behavior of temporary migrants
Akay, A., A. Brausmann, S. Djajic & M.G. Kirdar (2021)
The PPP View of Multihorizon Currency Risk Premiums
Chernov, M. & D. Creal (2021)
Long-run equilibrium in international assets and goods markets: Why is the law of one price required?
Bosi, S., P. Fontaine & C.L. Van (2021)
Licence to Dine: 007 and the Real Exchange Rate
Craig, L.E., J. Treme & T.J. Weiss (2021)
The real exchange rate and household consumption heterogeneity: Testing Kocherlakota and Pistaferri's (2007) model
Kollmann, R. (2021)
Licence to Dine: 007 and the Real Exchange Rate
Craig, L.A., J. Treme & T.J. Weiss (2021)
Timely measurement of real effective exchange rates
Darvas, Z. (2021)
Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith
Ayres, J., C. Hevia & J.P. Nicolini (2021)
The Real Exchange Rate and Development: Theory, Evidence, Issues and Challenges
SURVEY PAPER
Demir, F. & A. Razmi (2022)
The missing risk premium in exchange rates
Dahlquist, M. & J. Pénasse (2022)
Fiscal Cyclicality and Currency Risk Premia
Jiang, Z. (2022)
Real Exchange Rate Decompositions
Feunou, B., J-S. Fontaine & K. Ingomar (2022)
The purchasing power parity and exchange-rate economics half a century on
SURVEY PAPER
Vo, H.L. & D.H. Vo (2022)
Revisiting the PPP puzzle: Nominal exchange rate rigidity and region of inaction
Choi, J.H. & S. Song (2022)
Macroeconomic determinants of foreign exchange rate exposure
Fuchs, F.U. (2022)
The origin of the law of one price deviations: Insights from the good-level real exchange rate volatility
Nakamura, F. (2022)
The Law of One Price, Borders, and Purchasing Power Parity
Pippenger, J. (2022)
How many fundamentals should we include in the behavioral equilibrium exchange rate model?
Ca' Zorzi, M. & M. Rubaszek (2023)
Real Exchange Rate Risk and FDI flows: stylized facts and theory
Rothert, J., A. McQuoid & K. Smith (2023)
Real exchange rate and international reserves in the era of financial integration
Aizenman, J., S-H. Ho, L.D.T. Huynh, J. Saadaoui & G.S. Uddin (2023)
External Shocks, Policies, and the Distribution of Real Exchange Rate Movements
Magud, N.E. & S. Pienknagura (2023)
Missing: A correlation between exchange rate misalignment and GDP growth
Goncalves, C. & M. Rodrigues (2023)
Liquidity premia: the PPP puzzle's missing piece?
Olk, C. (2023)
Revisiting the real exchange rate misalignment?economic growth nexus via the across?sector misallocation channel
Giordano, C. (2023)
Long-Run Movements in Real Exchange Rates: 1264 to 2020
Kellard, N., J.B. Madsen & S. Snaith (2023)
Low Risk Sharing with Many Assets
Marin, E.A. & S.R. Singh (2023)
Dynamic Theory of the Balassa-Samuelson Effect
Takahashi, H. & A. Venditti (2023)
Exchange rate shocks and equity prices: the role of currency denomination
Baeriswyl, R., A. Oktay & M-A. Ramelet (2023)
Asymmetry and non-linearity in exchange rate pass-through: Evidence from scanner data
Kim, K., J. Lee & H. Im (2023)
Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate
Born, B., F. D'Ascanio, G. Mueller & J. Pfeifer (2024)
Real Exchange Rates and the Earnings of Immigrants
Dustmann, C., H. Ku & T. Surovtseva (2024)
Exchange rate dynamics and consumption of traded goods
Chaban, M. (2024)
Understanding Korea's Long-Run Real Exchange Rate Behavior
Irwin, D.A. & M. Obstfeld (2024)
The Special Theory of Employment, Exchange Rate, and Money With the Focus on Inflation and Technological Progress
Masuda, K. (2024)
Business Cycle Insurance, Inflation and Currency Returns
Dalgic, H. & G.K. Ozhan (2024)
Real Exchange Rates and the Global Financial Cycle
Davis, J.S. & A. Zlate (2024)
Deviations from the LOP with labor and goods market frictions
Kim, C. (2025)
Piecing the Puzzle: Real Exchange Rates and Long-Run Fundamentals
Bjornland, H.C., L. Brubakk & N. Maffei-Faccioli (2025)
Can International Policy Coordination Be Counterproductive?
Rogoff, K. (1985)
Abstract: This paper demonstrates that increased international monetary cooperation may actually be counterproductive. The potential problem is that cooperation between central banks may exacerbate the credibility problem of central banks vis-a-vis the private sector. Coordinated monetary expansion yields a better output/inflation tradeoff than unilateral expansion because it does not induce exchange rate depreciation. Wage setters realize that the incentives to inflate are greater in a cooperative regime, and thus time-inconsistent nominal wage rates are higher. Cooperation does improve responses to disturbances. Thus, a cooperative regime which contains institutional constraints on systematic inflation is definitely superior.
Can International Policy Coordination Really Be Counterproductive?
Carraro, C. & F. Giavazzi (1988)
Abstract: This paper shows that international policy coordination is not counterproductive in a world where the incentive to run beggar-thy-neighbor policies internationally arises from the inefficiency that characterizes, within each country, the interaction between policymakers and private agents. The domestic inefficiency arises from the presence of nominal contracts that give central banks the power to affect real variables. In this setting we show that international cooperation belongs to the central banks' dominant strategy. The paper is motivated by a common and misleading interpretation of a paper by Rogolf `1985(, namely that international cooperation may be counterproductive in the presence of a domestic inefficiency.
Credibility of Policies Versus Credibility of Policymakers
Drazen, A. & P.R. Masson (1994)
Abstract: Standard models of policy credibility, defined as the expectation that an announced policy will be carried out, emphasize the preferences of the policymaker and the role of tough policies in signaling toughness and raising credibility. Whether a policy is carried out, however, will also reflect the state of the economy. We present a model in which a policymaker maintains a fixed parity in good times, but devalues if the unemployment rate gets too high. Our main conclusion is that if there is persistence in unemployment, observing a tough policy in a given period may lower rather than raise the credibility of a no-devaluation pledge in subsequent periods. We test this implication on EMS interest rates and find support for our hypothesis.
Does Foreign Exchange Market Intervention Signal Future Monetary Policy
Kaminsky, G.L. K.K. Lewis (1999)
Abstract: A frequently cited explanation for why foreign exchange interventions affect the exchange rate is that these interventions signal future monetary policy intentions. This explanation says that central banks signal a more contractionary monetary policy in the future by buying domestic currency today. Therefore, the expectations of future tighter monetary policy make the domestic currency appreciate, even though the current monetary effects of the intervention are typically offset by central banks. Of course, this explanation presumes that central banks in fact back up interventions with subsequent changes in monetary policy. In this paper, we empirically examine this presumption.
Fear of Floating | Published
Svensson, L.E.O. (2000)
Abstract: Many emerging market countries have suffered financial crises. One view blames soft pegs for these crises. Adherents of this view suggest that countries move to corner solutions - hard pegs or floating exchange rates. We analyze the behavior of exchange rates, reserves, and interest rates to assess whether there is evidence that country practice is moving toward corner solutions. We focus on whether countries that claim they are floating are indeed doing so. We find that countries that say they allow their exchange rate to float mostly do not - there seems to be an epidemic case of "fear of floating."
The Role of the Exhange Rate in Monetary Policy - the Experience of Other Countries
Artis, M. (1999)
Recent Thinking About Exchange Rate Determination and Policy
Krugman, P. (1999)
The Foreign Exchange Orgins of Japan's Economic Slump and Low Interest Liquidity Trap
McKinnon, R. & K. Ohno (2000)
An Interest Rate Defense of a Fixed Exchange Rate?
Flood, R. & O. Jeanne (2000)
Equilibrium Exchange Rate Policies: Complicit Renegotiation-Proof Outcomes
Mella-Barral, P. & P. Vitale (2001)
Abstract: Countries can repeatedly and opportunistically renegotiate the terms of agreements to which they can only complicitly assent. Therefore, when attempting to coordinate exchange rate policies, they continuously play partnership games. We develop a reduced form model of exchange rate management where, as a starting point, (a) sequences of discrete realignments and (b) shared intervention are desirable. We show that the implementation of the ex-ante optimal policy suffers from severe time-inconsistencies. We analyse the Stackelberg equilibria of the stochastic game played by partner countries. We find that equilibrium complicit renegotiation-proof policies are supported by net cross-country wealth transfers from the weaker to the stronger bargaining power country. Our theoretical results provide a game-theoretic interpretation of the evolution of monetary arrangements in Europe and the emergence of EMU.
Measures to Limit the Offshore Use of Currencies-Pros and Cons
Ishii, S., I. Otker-Robe & L. Cui (2001)
Optimal Exchange Rate Policy: The Influence of Price-Setting and Asset Markets
Engel, C. (2001)
On the Use of Local Currency When Less Inflationary Currencies are Available: An Overlapping Generations Model
Eden, B. (2001)
Official Intervention in the Foreign Exchange Market or, Bet Against the Central Bank
Taylor, D. (2001)
Monetary Implications of Cross-Border Derivatives for Emerging Economies
Morales, A. (2001)
Exchange Rate Risk Management: Evidence from East Asia
Allayannis, G., G.W. Brown & L.F. Klapper (2001)
On Commodity-Sensitive Currencies and Inflation Targeting
Clinton, K. (2001)
Living with Fear of Floating: An Optimal Policy Perspective
Lahiri, A. & C.A. Vegh (2001)
Financial Repression and Exchange Rate Management in Developing Countries: Theory and Empirical Evidence for India
Kletzer, K. & R. Kohli (2001)
Exchange Rate Exposure | Published
Dominguez, K.M.E. & L.L. Tesar (2001/05)
Exchange Rate Pass-through and Partial Dollarization: Is There a Link?
González, J.A. (2001)
International Transmission under Floating Exchange Rates
Lothian, J.R. & C.H. McCarthy (2001)
Exchange rate volatility and EURO area imports
Anderton, R., F. Skudelny (2001)
The Effects of Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach
Jang, K. & M. Ogaki (2001)
Policy Options for Joining the Euro
de Crombrugghe, A. (2001)
Dollarization of Liabilities in Non-tradable Goods Sector
Chabellard, F. (2001)
What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility
Reinhart, C.M. & V.R. Reinhart (2001)
Abstract: With many emerging market currencies tied to the U.S. dollar either implicitly or explicitly, movements in the exchange values of the currencies of major countries have the potential to influence the competitive position of many developing countries. According to some analysts, establishing target bands to reduce the variability of the G-3 currencies would limit those destabilizing shocks emanating from abroad. This paper examines the argument for such a target zone strictly from an emerging market perspective. Given that sterilized intervention by industrial economies tends to be ineffective and that policy makers show no appetite to return to the controls on international capital flows that helped keep exchange rates stable over the Bretton Woods era, a commitment to damping G-3 exchange rate fluctuations requires a willingness on the part of G-3 authorities to use domestic monetary policy to that end. Under a system of target zones, then, relative prices for emerging market economies may become more stable, but debt-servicing costs may become less predictable. We use a simple trade model to show that the resulting consequences for welfare are ambiguous. Our empirical work supplements the traditional literature on North-South links by examining the importance of the volatilities of G-3 exchange-rates, and U.S. interest rate and consumption on capital flows and economic growth in developing countries over the past thirty years.
Banking and the political support for dollarization
Ennis, H.M. (2001)
Dollarization: An Irreversible Decision
Craine, R. (2001)
Is adopting Full Dollarization the solution? Looking at the evidence
Goldfajn, I. & G. Olivares (2001)
Dollarization and Economic Performance: An Empirical Investigation
Edwards, S. (2001)
Dollarization: A Primer
Levy-Yeyati, E. & F. Sturzenegger (2001)
Abstract: The purpose of this piece is not to settle the complex dollarization debate that hinges on country specific characteristics and, as such, can only be resolved, if ever, once sufficient dollarization experiences are in place to conduct a thorough comparison. Rather, here we intend to provide an impartial survey of the main issues associated with dollarization, and their most relevant empirical and analytical underpinnings, to contribute a framework that feeds into the more specific and detailed discussions undertaken in the following chapters. In doing so, we will try to distill a cohesive view whenever possible, emphasizing the historical determinants of the debate and the importance of the initial macroeconomic conditions in each particular country when judging the benefits and disadvantages of a full dollarization strategy.
Official Intervention in the Foreign Exchange Market: Is It Effective, and, If So, How Does It Work?
SURVEY PAPER
Taylor, M.P. & L. Sarno (2001)
Deposit Dollarization and the financial sector in emerging economies
Shi, A. (2002)
Dollarization: A Dead End
Izurieta, A. (2002)
Dollarization: Analytical Issues
Chang, R. & A. Velasco (2002)
A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention
Kumhof, M. & S. Van Nieuwerburgh (2002)
Nominal Exchange Rate Anchoring Under Inflation Inertia
Calvo, G.A., O. Celasun & M. Kumhof (2002)
How Valuable Is Exchange Rate Flexibility? Optimal Monetary Policy under Sectoral Shocks
Tille, C. (2002)
On the Distributional Effects of Exchange Rate Fluctuations | Published
Tille, C. (2002/06)
Dread of Depreciation: Measuring Real Exchange Rate Interventions
Dutta, J. (2002)
Expenditure Switching and Exchange Rate Policy
Engel, C. (2002)
Foreign Currency Pricing
Levina, I. & O. Zamulin (2002)
Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility
Feige, E.L., V. Šošiæ, M. Faulend & V. Šonje (2002)
Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'
Mendoza, E.G. (2002)
Dollarization and Economic Performance: What Do We Really Know?
Edwards, S. & I.I. Magendzo (2002)
Optimal Exchange Rate Policy, Optimal Incomplete Taxation and Business Cycles
Cunha, A.B. (2002)
Global Implications of Self-Oriented National Monetary Rules | Published
Obstfeld, M. & K. Rogoff (2001/2002)
Real Exchange Rate Targeting and Macroeconomic Instability
Uribe, M. (2002)
Should government smooth exchange rate risk?
Goldfajn, I. & A. Silveira (2002)
Dollarization, Monetary Policy, and the Pass-Through
Ize, A. & E. Parrado (2002)
Exchange Rate Monitoring Bands: Theory and Policy | Alternative
Corrado, L., M. Miller & L. Zhang (2002)
The Great Exchange Rate Debate After Argentina
Edwards, S. (2002)
A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
Edwards, S. & I. Magendzo (2003)
Endogenous Deposit Dollarization
Broda, C. & E.L. Yeyati (2003)
Dollarization of Liabilities: Beyond the Usual Suspects
Barajas Estrada, A. & A. Morales (2003)
The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries
Feige, E.L. (2003)
Revisiting the Interest Rate-Exchange Rate Nexus: A Markov Switching Approach
Chen, S.S. (2003)
Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data
Faust, J., J.H. Rogers, E. Swanson & J.H. Wright (2003)
Twin Fallacies About Exchange Rate Policy in Emerging Markets
Reinhart, C.M. & V.R. Reinhart (2003)
Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey
Canales Kriljenko, J.I. (2003)
Intervention and Exchange Rate Stabilization Policy in Developing Countries
Hutchison, M.M. (2003)
Strict Dollarization and Economic Performance: An Empirical Investigation
Edwards, S. & I. Magendzo (2003)
Overshooting and Dollarization in the Democratic in the Democratic Republic of the Congo
Beaugrand, P. (2003)
The East Asian Dollar Standard, Fear of Floating, and Original Sin
McKinnon, R. & G. Schnabl (2003)
Large Devaluations and the Real Exchange Rate | Alternative
Burstein, A., M. Eichenbaum & S. Rebelo (2003)
Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework
Kim, S. (2003)
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements? | Published
Dominguez, K.M.E. (2003/06)
Dollarization, Inflation Volatility and Underdeveloped Financial Markets in Transition Economies
Piontkovsky, R. (2003)
The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies,and Capital Mobility | Alternative | Published
Obstfeld, M.,J.C. Shambaugh & A.M. Taylor (2003/04/05)
Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization | Published
Celasun, O. (2003/06)
Official Intervention in the Foreign Exchange Market: Elements of Best Practice
Canales Kriljenko, J.I., R. Guimaraes & C. Karacadag (2003)
Exploring the Implications of Official Dollarization on Macroeconomic Volatility
Duncan, R. (2003)
Dollarization of the Banking System: Good or Bad?
Honohan, P., A. Ize & G. De Nicolo (2003)
Financial Dollarization and Central Bank Credibility
Cowan, K. & Do Q-T (2003)
Economic Policy in the International Economy
Helpman, E. & E. Sadka (2003)
Abstract: This book contains fifteen major essays on international economics. The authors investigate five principal themes: theory, and empirics, of financial issues in open economies; economic growth; public economies; and political economy. Written to honor Professor Assaf Razin of Tel Aviv and Cornell Universities on the occasion of his sixtieth birthday, the essays pay close attention to policy issues as well as formal analysis. The contributors include renowned specialists in international economics based in North America, Europe, Israel, and China. This volume of cutting edge research will be of interest to scholars, policy makers, and advanced students alike.
Why Do Emerging Economies Borrow in Foreign Currency? | Alternative
Jeanne, O. (2003)
Addicted to Dollars
Reinhart, C.M., K.S. Rogoff & M.A. Savastano (2003)
The Travails of Current Macroeconomic and Exchange Rate Management in China: The Complications of Switching to a New Growth Engine
Woo, W.T. (2003)
Monetary policy's role in exchange rate behavior
Faust, J. & J.H. Rogers (2003)
Reuters News Reports versus Official Interventions: A Cautionary Warning
Fischer, A. (2003)
Optimal fear of floating: the role of currency mismatches and fiscal constraints | Alternative
Ganapolsky, E.J.J. (2003)
Financial Globalisation, Exchange Rates and Capital Controls in Developing Countries
Joshi, V. (2003)
Government intervention in the foreign exchange market
SURVEY PAPER
Humpage, O.F. (2003)
Is a transactions tax an effective means to stabilize the foreign exchange market?
Terzi, A. (2003)
Limited Arbitrage, Segmentation, and Investor Heterogeneity: Why the Law of One Price So Often Fails
Flynn, S.M. (2003)
The Gains from International Monetary Cooperation Revisited
Tchakarov, I. (2004)
Euro at Five: Ready for a Global Role?
CONFERENCE VOLUME
Various authors (2004)
Abstract: The euro so far has born the brunt of the dollar's recent decline, thus its value and its management will be key to the successful adjustment of international imbalances. And as a long-run competitor and collaborator with the dollar, the birth of the euro creates the potential for a bipolar international monetary system, offering policymakers unprecedented challenges and opportunities. At a recent Institute conference, senior staff and expert discussants explored the role of the euro.
Coping with Risk Through Mismatches: Domestic and International Financial Contracts for Emerging Economies
de la Torre, A. & S. Schmukler (2004)
Fear of Floating in East Asia
Kim, S., S.H. Kim & Y. Wang (2004)
Computing currency invariant indices with an application to minimum variance currency baskets
Hovanov, N.V., J.W. Kolari & M.V. Sokolov (2004)
Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2004)
Productivity Shocks and Delayed Exchange-Rate Overshooting
Pierdzioch, P. (2004)
Economic Integration, Sectoral Diversification, and Exchange Rate Policy in a Developing Economy
Srour, G. (2004)
Dollarization and currency exchange
Craig, B. & C.J. Waller (2004)
Balance Sheets, Exchange Rate Policy, and Welfare | Published
Elekdag, S. & I. Tchakarov (2004/07)
What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function
Ito, T. & T. Yabu (2004)
The liquidity effects of foreign exchange intervention
Ho, W-M. (2004)
On the determinants of "small" and "large" foreign exchange market interventions: The case of the Japanese interventions in the 1990s
Frenkel, M., C. Pierdzioch & G. Stadtmann (2004)
Prudential Responses to De Facto Dollarization
Ize, A. & A. Powell (2004)
Optimal Currency Hedging | Published
Albuquerque, R. (2004/07)
Assessing Financial Vulnerability in Partially Dollarized Economies
Moron, E., J.F. Castro & D. Winkelried (2004)
Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates | Published
Coenen, G. & V.W. Wieland (2004)
Adjusting China’s Exchange Rate Policies
Goldstein, M. (2004)
The Return to Soft Dollar Pegging in East Asia. Mitigating Conflicted Virtue
McKinnon, R. & G. Schnabl (2004)
An Assessment of the Case for Monetary Union or Official Dollarization in Argentina, Brazil, Chile, Uruguay and Venezuela
Hallwood, P., I.W. Marsh & J. Scheibe (2004)
Target Zone Interventions and Coordination of Expectations
Reitz, S., F. Westerhoff & C. Wieland (2004)
Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
Jeanne, O. & L.E.O. Svensson (2004)
Sterilization costs and exchange rate targeting
Kletzer, K. & M.M. Spiegel (2004)
Monetary policy in emerging markets: Can liability dollarization explain contractionary devaluations?
Cook, D. (2004)
Foreign exchange market intervention: implications of publicly announced and secret intervention for the euro exchange rate and its volatility
Brissimisa, S.N. & D.P. Chionis (2004)
Balance Sheets and Exchange Rate Policy
Cespedes, L.F., R. Chang & A. Velasco (2004)
Dollars, Debt and the IFIs: Dedollarizing Multilateral Lending
Levy Yeyati, E. (2004)
Exchange Rate and Inflation Dynamics in Dollarized Economies | Published
Carranza. L., J.E. Galdon-Sanchez & J.G. Biscarri (2004/09)
Models of foreign exchange intervention: Estimation and testing
Brown, B.W. & D.J. Hodgson (2004)
A simple theoretical framework for the analysis of liability dollarization
Heymann, D. & E. Kawamura (2004)
Financial Dollarization: Evaluating the consequences
Levy-Yeyati, E. (2004)
Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries
Jahjah, S. & V.Z. Yue (2004)
Communication and Exchange Rate Policy | Published
Fratzscher, M. (2004/08)
Living with flexible exchange rates
Ho, C. & R.N. McCauley (2004)
A Risk Allocation Approach to Optimal Exchange Rate Policy
Mundaca, G.B. & J. Strand (2004)
Monitoring and Endogenous Financial Dollarization
Corrado, G. (2005)
Currency Boards and Productivity Growth
Canavese, A. (2004)
Labour market reform and the sustainability of exchange rate pegs
Castrén, O., T. Takalo & G. Wood (2004)
Official dollarization: a last resort solution to financial instability in Latin America?
Minda, A. (2005)
Fear of floating and domestic liability dollarization
Honig, A. (2005)
Exits from Heavily Managed Exchange Rate Regimes
Detragiache, E., A. Mody & E. ` (2005)
Other People's Money
Eichengreen, B. (2005)
Abstract: Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for countries whose debts are denominated in foreign currencies. The contributors suggest that the problem is linked to the operation of international financial markets, which prevent countries from borrowing in their own currencies.
Rational Fear of Floating: A Simple Model of Exchange Rates and Income Distribution
Keiding, H. & M.J. Knudsen (2005)
Dollarization of bank deposits: Causes and consequences
De Nicoló, G., P. Honohan & A. Ize (2005)
On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate
Frankel, J. (2005)
Friedman redux: Restricting monetary policy rules to support flexible exchange rates
Devereux, M.B., K. Shi & J. Xu (2005)
Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue
McKinnon, R.I. (2005)
The need for international policy coordination: what's old, what's new, what's yet to come?
Canzoneri, M.B., R.E. Cumby & B.T. Diba (2005)
Dollarization in Latin America: seigniorage costs and policy implications
Lange, C. & C. Sauer (2005)
Regime-switching in exchange rate policy and balance sheet effects
Fiess, N. & R. Shankar (2005)
Dollarization and trade
Klein, M.W. (2005)
Strategies of exchange rate policy in G3 economies
Fratzscher, M. (2005)
Explicit and Implicit Targets in Open Economies
Sgherri, S. (2005)
Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era
Eichengreen, B. & M. Hatase (2005)
Managing Systemic Liquidity Risk in Financially Dollarized Economies
Ize, A., M.A. Kiguel & E. Levy Yeyati (2005)
Financial Dollarization Equilibria: A Framework for Policy Analysis
Ize, A. (2005)
Financial De-Dollarization: Is It for Real?
Ize, A. & E. Levy Yeyati (2005)
The Impact of FX Central Bank Intervention in a Noise Trading Framework | Published
De Grauwe, P., M. Grimaldi & M.A.R. Beine (2005/09)
Fear of Floating: An optimal discretionary monetary policy analysis
Bokil, M. (2005)
Financial Dollarization and the Size of the Fear
Castro, J.F. & E. Morón (2005)
Currency Manipulation versus Current Account Manipulation
Cai, J. (2005)
How to Exit from Fixed Exchange Rate Regimes
Asici, A.A. & N. Ivanova & C. Wyplosz (2005)
Regime-Switching in Exchange Rate Policy and Balance Sheet Effects
Fiess, N. & R. Shankar (2005)
Exchange Rate Cointegration Across Central Bank Regime Shifts
Lopez, J.A. (2005)
Monetary Policy News and Exchange Rate Responses: Do Only Surprises Matter? | Published
Fatum, R. & B. Scholnick (2005/08)
Exchange Rate Targeting in a Small Open Economy
Nielsen, M.E.B. (2005)
Financial Dollarization in Latin America
Rennhack, R. & M. Nozaki (2006)
Toward an Effective Supervision of Partially Dollarized Banking Systems
Cayazzo, J., A.G. Pascual, E. Gutierrez & S. Heysen (2006)
How tight should one's hands be tied? Fear of floating and credibility of exchange regimes
López, J.R. & H.R. Mendizábal (2006)
Fear of Floating and Fear of Pegging: An Empirical Analysis of De Facto Exchange Rate Regimes in Developing Countries
von Hagen, J. & J. Zhou (2006)
Stabilization of Effective Exchange Rates Under Common Currency Basket Systems
Ogawa, E. & J. Shimizu (2006)
Expectations and Exchange Rate Policy
Devereux, M.D. & C. Engel (2006)
Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy | Published
Devereux, M.D. & C. Engel (2006/07)
The Foreign Exchange Rate Exposure of Nations
Entorf,H., J. Moebert & K. Sonderhof (2006)
Central bank intervention and exchange rate volatility, its continuous and jump components
Beine, M., J. Lahaye, S. Laurent, C.J. Neely & F.C. Palm (2006)
Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects | Published
Fatum, R. & M.M. Hutchison (2006/10)
Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice | Published
Meissner, C.M. & N. Oomes (2006/09)
Optimal monetary policy in a regime-switching economy: the response to abrupt shifts in exchange rate dynamics
Zampolli, F. (2006)
Inflation Targeting in Dollarized Economies
Leiderman, L., R. Maino & E. Parrado (2006)
The Coordination Channel of Foreign Exchange Intervention | Published
Reitz, S. & M.P. Taylor (2006/08)
Authorities' beliefs about foreign exchange intervention: getting back under the hood | Published
Neely, C.J. (2006/08)
Passthrough Estimates and the Choice of an Exchange Rate Index
Pollard, P.S. & C.C. Coughlin (2006)
Should central banks react to exchange rate movements? An analysis of the robustness of simple policy rules under exchange rate uncertainty
Wollmershäuser, T. (2006)
Why do Central Bankers Intervene in the Foreign Exchange Market? Some New Evidence and Theory
Guerron, P.A. (2006)
The Effect of a Transaction Tax on Exchange Rate Volatility
Lanne. M. & T. Vesalay (2006)
Foreign exchange market interventions as monetary policy
Post, E. (2006)
A Critical Appraisal of Recent Developments in the Analysis of Foreign Exchange Intervention
Vitale, P. (2006)
On the Credibility of Currency Boards
Feuerstein, S. & O. Grimm (2006)
The Historical Origins of U.S. Exchange Market Intervention Policy
Bordo, M.D., O. Humpage & A.J. Schwartz (2006)
Devaluation without common knowledge
Rochon, C. (2006)
Dollarization and financial integration | Published
Arellano, C. & J. Heathcote (2007/10)
Exchange Rate Policy and Liability Dollarization: An Empirical Study
Berkmen, P & E.E. Cavallo (2007)
Currency Crises and Monetary Policy in Economies with Partial Dollarisation of Liabilities
Flaschel, P., C. Proano & W. Semmler (2007)
Talks, financial operations or both? Generalizing central banks’ FX reaction functions | Published
Bernal, O. & J-Y. Gnabo (2007/09)
Fed intervention, dollar appreciation, and systematic risk
Sweeney, R.J. (2007)
What prompts Japan to intervene in the Forex market? A new approach to a reaction function
Ito, T. & T. Yabu (2007)
"Optimal" inflation under dollarization
Kurasawa, K. & A.L. Marty (2007)
Solving Endogeneity in Assessing the Efficacy of Foreign Exchange Market Interventions
Park, S.G. (2006)
The Influence of Actual and Unrequited Interventions
Dominguez, K.M.E. & F. Panthaki (2007)
Dollarization and exchange rate fluctuations
Honohan, P. (2007)
Monetary Policy in an Equilibrium Portfolio Balance Model
Kumhof, M. & S. van Nieuwerburgh (2007)
Why China Should Keep Its Dollar Peg
McKinnon, R. (2007)
Why China Should Abandon Its Dollar Peg
Roubini, N. (2007)
Solving Endogeneity in Assessing the Efficacy of Foreign Exchange Market Interventions
Park, S.G. (2007)
Informative trading or just costly noise? An analysis of Central Bank interventions
Pasquariello, P. (2007)
Persistent Appreciations and Overshooting: A Normative Analysis
Caballero, R.J. & G. Lorenzoni (2007)
Optimal exchange rate policy in a low interest rate environment | Published
Pavasuthipaisit, R. (2007/09)
Optimal Monetary Policy with Vertical Production and Trade
Shi, K. & J. Xu (2007)
Fear of Floating and Social Welfare
Tambakis, D.N. (2007)
The Renminbifs Dollar Peg at the Crossroads
Obstfeld, M. (2007)
Fear of appreciation | Published
Levy-Yeyati, E. & F. Sturzenegger (2007/13)
A Heterogenous Agents Model Usable for the Analysis of Currency Transaction Taxes
Demary, M. (2008)
Liquidity shocks and the dollarization of a banking system
Machicado, C.G. (2008)
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
Lavigne, R. (2008)
Sterilization, Monetary Policy, and Global Financial Integration
Aizenman, J. & R. Glick (2008)
Accumulating Foreign Reserves Under Floating Exchange Rates
Gonçalves, F.M. (2008)
Oral Interventions Versus Actual Interventions in Fx Markets - An Event-Study Approach
Fratzscher, M. (2008)
Conditional Efficacy of Sterilized Intervention
Jun, J. (2008)
Fear of Declaring: Do Markets Care What Countries Say About Their Exchange Rate Policies?
Barajas, A., L. Erickson & R. Steiner (2008)
Exchange Rate Dynamics and the Relationship between the Random Walk Hypothesis and Official Interventions
Lima, E.J.A. & B.M. Tabak (2008)
A class of quadratic options for exchange rate stabilization
Suh, S. & F. Zapatero (2008)
Foreign Debt and Fear of Floating: A Theoretical Exploration
Bleaney, M. & F.G. Ozkan (2008)
The welfare implications of foreign exchange intervention
Ho, W-M. (2008)
Currency interdependence and dollarization
Dutu, R. (2008)
Dollarization, exchange rate regimes and government quality
Honig, A. (2009)
A new solution to the Purchasing Power Parity puzzles: Risk-aversion, exchange rate uncertainty and the Law of One Price
Arghyrou, M.G., A. Gregoriou & P.M. Pourpourides (2009)
Evaluating Historical CGER Assessments:How Well Have They Predicted Subsequent Exchange Rate Movements?
Abiad, A., P. Kannan & J. Lee (2009)
Learning under Fear of Floating | Published
Bigio, S. (2009/10)
The Effects of Real Exchange Rate Shocks in an Economy with Extreme Liability Dollarization
Melander, O. (2009)
Optimal devaluations
Hevia, C. & J.P. Nicolini (2009)
Should central bankers talk to the foreign exchange markets?
Beine, M., G. Janssen & C. Lecourt (2009)
A brief empirical history of U.S. foreign-exchange intervention: 1973-1995
Bordo, M.D., O.F. Humpage & A.J. Schwartz (2009)
The Future of China's Exchange Rate Policy
Goldstein, M. & N.R. Lardy (2009)
Policy Responses to Exchange-Rate Movements
Ball, L.M. (2009)
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2009)
Financial dollarization: Short-run determinants in transition economies
Neanidis, K.C. & C.S. Savva (2009)
Speculative hyperinflations and currency substitution
Arce, O.J. (2009)
Exchange rate management in emerging markets: Intervention via an electronic limit order book
Melvin, M., L. Menkhoff & M. Schmeling (2009)
How successful is the G7 in managing exchange rates?
Fratzscher, M. (2009)
Do China and oil exporters influence major currency configurations?
Fratzscher, M. & A. Mehl (2009)
The Mechanics of Central Bank Intervention in Foreign Exchange Markets
Basu, K. (2009)
Optimal intervention in the foreign exchange market when interventions affect market dynamics
Kercheval, A.N. & J.F. Moreno (2009)
On-Going versus Completed Interventions and Yen/Dollar Expectations - Evidence from Disaggregated Survey Data
Yoshida, Y. & J.C. Rülke (2009)
Does inflation targeting lead to excessive exchange rate volatility?
Pétursson, T.G. (2009)
Currency Misalignments and Growth: a New Look Using Nonlinear Panel Data Methods
Bereau, S., A.L. Villavicencio & V. Mignon (2009)
Capturing the time dynamics of central bank intervention
Douglas, C.C. & M. Kolar (2009)
The Interest Rate — Exchange Rate Nexus: Exchange Rate Regimes and Policy Equilibria
Himmels, C. & T. Kirsanova (2009)
Macro-Hedging for Commodity Exporters
Borensztein, E., O. Jeanne & D. Sandri (2009)
High-Frequency Analysis of Foreign Exchange Interventions: What Do We Learn?
SURVEY PAPER
Menkhoff, L. (2010)
Revisiting the Tobin Tax, in the Context of Development and the Financial Crisis
Yates, N.A. (2010)
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
Xu, J. (2010)
Official Central Bank Interventions in the Foreign Exchange Markets: A DCC Approach with Exogenous Variables
Antonakakis, N. (2010)
FX Swaps: Implications for Financial and Economic Stability
Barkbu, B. & L.L. Ong (2010)
International reserves and swap lines: substitutes or complements?
Aizenman, J., Y. Jinjarak & D. Park (2010)
The economic consequences of a Tobin tax—An experimental analysis
Hanke, M., J. Huber, M. Kirchler & M. Sutter (2010)
Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma | Published
Aizenman, J., M.D. Chinn & H. Ito (2010/11)
Financial Stability, the Trilemma, and International Reserves
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2010)
Implementing Official Dollarization
Jácome, L.I. & A. Lönnberg (2010)
Twin dollarization and exchange rate policy
Shi, K. & J. Xu (2010)
Are Small Countries Able to Set their Own Interest Rates? Assessing the Implications of the Macroeconomic Trilemma
Herwartz, H. & J. Roestel (2010)
Does Export Pricing Explain ‘Fear of Floating’ in Small Open Emerging Market Economies?
Farid, M. (2010)
Undervaluation through Foreign Reserve Accumulation: Static Losses, Dynamic Gains | Published
Korinek, A. & L. Serven (2010/16)
On the theory of sterilized foreign exchange intervention
Kumhof, M. (2010)
China as a reserve sink: The evidence from offset and sterilization coefficients
Ouyang, A.Y., R.S. Rajan & T.D. Willett (2010)
Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries
Gala, P. & G. Libanio (2010)
Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?
Lama, R., M. Guzman & J. Pablo (2010)
Dedollarization
Kokenyne, A., J. Ley, & R. Veyrune (2010)
Dollarization does promote trade
Lin, S. & H. Ye (2010)
Are the intraday effects of central bank intervention on exchange rate spreads asymmetric and state dependent? | Published
Fatum, R., J. Pedersen & P.N. Sørensen (2010/13)
Deposit Dollarization and Its Impact on Financial Deepening in the Developing World
Court, E., E. Ozsoz & E.W. Rengifo (2010)
Absorbing A Windfall of Foreign Exchange: Dutch disease dynamics
van der Ploeg, F. & A.J. Venables (2010)
Desperately Seeking the Positive Impact of Undervaluation on Growth
Nouira, R. & K. Sekkat (2010)
Liability dollarization and fear of floating
Nguyen, Q.H. (2010)
Order flow and central bank intervention: An empirical analysis of recent Bank of Japan actions in the foreign exchange market
Marsh, I.W. (2011)
Financial dollarization: The role of foreign-owned banks and interest rates
Basso, H.S., O. Calvo-Gonzalez & M. Jurgilas (2011)
Pegs and Pain
Schmitt-Grohe, S. & M. Uribe (2011)
Large Devaluations, Foreign Direct Investment and Exports: A Speculative Note
Lederman, D. (2011)
Financial Protectionism: the First Tests
Rose, A.K. & T. Wieladek (2011)
Nonlinear exchange rate dynamics under stochastic official intervention
Lee, H-Y. (2011)
Taxing Financial Transactions: An Assessment of Administrative Feasibility
Brondolo, J. (2011)
A structural threshold model of the exchange rate under optimal intervention
Lee, H-Y. & H-P. Lai (2011)
Real Exchange Rates and Growth Surges
McLeod, D. & E. Mileva (2011)
Exchange Rate Policy and Sovereign Spreads in Emerging Market Economies
Gumus, I. (2011)
International Reserves and the Global Financial Crisis
Dominguez, K.M.E., Y. Hashimoto & T. Ito (2011)
Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Rose, A.K. & M.M. Spiegel (2011)
Foreign Exchange Intervention: A Shield Against Appreciation Winds?
Adler, G. & C.E. Tovar Mora (2011)
The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995
Bordo, M.D., O.F. Humpage & A.J. Schwartz (2011)
The relationship between investment and large exchange rate depreciations in dollarized economies
Carranza, L., J.E. Galdon-Sanchez & J. Gomez-Biscarri (2011)
Hybrid Inflation Targeting Regimes | Published
Roger, S., J. Restrepo & C. Garcia (2009/11)
Opposition to capital market opening
Engler, P. & A. Wulff (2011)
Currency blocs in the 21st century
Fischer, C. (2011)
Market microstructure matters when imposing a Tobin tax—Evidence from the lab
Kirchler, M., J. Huber & D. Kleinlercher (2011)
Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010
Gerlach, P., R.N. McMauley & K. Ueda (2011)
The Signalling Channel of Central Bank Interventions: Modelling the Yen/US Dollar Exchange Rate
Chen, Y-F., M. Funke & N. Glanemann (2011)
Exchange Rate Policy in Small Rich Economies
Breedon, F., T.G. Pétursson & Andrew K. Rose (2011)
The Impact of Monetary Policy on the Exchange Rate: puzzling evidence from three emerging economies | Published
Kohlscheen, E. (2011/14)
The Scope of Foreign Exchange Market Interventions
Bofinger, P. (2011)
Trilemma Policy Convergence Patterns and Output Volatility
Aizenman, J. & H. Ito (2012)
Global liquidity risk in the foreign exchange market
Banti, C., K. Phylaktis & L. Sarno (2012)
Resurrecting the weak credibility hypothesis in models of exchange-rate-based stabilization
Buffie, E.F. & M. Atolia (2012)
Financial Repression and External Imbalances
Johansson, A.C. & X. Wang (2012)
Capital controls and foreign exchange policy
Fratzscher, M. (2012)
Financial dollarization and systemic risks: New empirical evidence
Vieira, F.A.C., M. Holland & M.F. Resende (2012)
Currency intervention - the profitability of some recent international experiences
Cassino, E. & M. Lewis (2012)
Currency Intervention: A Case Study of an Emerging Market | Published
Fry-McKibbin, R. & S. Wanaguru (2012/13)
Does foreign exchange intervention volume matter?
Fatum, R. & Y. Yamamoto (2012)
Are changes in foreign exchange reserves a good proxy for official intervention?
Suardi, S. & Y. Chang (2012)
Capital Account Policies and the Real Exchange Rate
Jeanne, O. (2012)
Exchange rate undervaluation and economic growth: Díaz Alejandro (1965) revisited
Glüzmann, P.A., E. Levy-Yeyati & F. Sturzenegger (2012)
How to devalue exchange rates, without building up reserves: Strategic theory for central banking
Basu, K. (2012)
Central bank interventions and limit order behavior in the foreign exchange market
Susai, M. & Y. Yoshida (2012)
Capital Inflows and Booms in Assets Prices: Evidence From a Panel of Countries
Olaberría, E. (2012)
Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
Benes, J., A. Berg, R. Portillo & D. Vavra (2013)
Short- and Long-term Growth Effects of Exchange Rate Adjustment
Kocenda, E., M. Maurel & G. Schnabl (2013)
Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets
Malloy, M. (2013)
Monetary and exchange rate policy under remittance fluctuations
Mandelman, F.S. (2013)
Foreign exchange intervention and expectation in emerging economies
Miyajima, K. (2013)
Official Interventions through Derivatives: affecting the demand for foreign exchange
Kohlscheen, E. & S.C. Andrade (2013)
A DSGE Model for a SOE with Systematic Interest and Foreign Exchange Policies in Which Policymakers Exploit the Risk Premium for Stabilization Purposes
Escude, G.J. (2013)
Volatility and Spillover Effects of Yen Interventions
Chortareas, G., Y. Jiang & J.C. Nankervis (2013)
China's Profits and Losses from Currency Intervention, 1994-2011
Jin, H. & E.K. Choi (2013)
Foreign Exchange Market Interventions and the $-¥ Exchange Rate in the Long-Run
Beckmann, J., A. Belke & M. Kühl (2013)
How to Move the Exchange Rate If You Must: The Diverse Practice of Foreign Exchange Intervention by Central Banks and a Proposal for Doing It Better
Basu, K. & A. Varoudakis (2013)
Institutions and financial dollarization: Indirect effects based on a policy experiment
Neanidis, K.C. & C. S. Savva (2013)
Macroeconomic impacts of Chinese currency appreciation on China and the Rest of World: A global CGE analysis
Yang, J., W. Zhang & S. Tokgoz (2013)
Optimal Exchange Rate Policy in a Growing Semi-Open Economy
Bacchetta, P., K. Benhima & Y. Kalantzis (2013)
The Art of Currency Manipulation: How to Profiteer by Deliberately Distorting Exchange Rates
Basu, K. (2013)
Should developing countries undervalue their currencies?
Schröder, M. (2013)
Inflation-Targeting and Foreign Exchange Interventions in Emerging Economies
Pourroy, M. (2013)
Currency Wars in Action: How Foreign Exchange Interventions Work in an Emerging Economy
Moura, M.L., F.R. Pereira & G.M. Attuy (2013)
Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E.R. Young (2013)
Exchange Rate Management and Crisis Susceptibility: A Reassessment
Ghosh, A.R., J.D. Ostry & M.S. Qureshi (2014)
Gauging Exchange Rate Targeting
Parsley, D. & H. Popper (2014)
One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?
Deng, Y., X. Liu & S-J. Wei (2014)
Market vs. Residence Principle: Experimental Evidence on the Effects of a Financial Transaction Tax
Huber, J., M. Kirchler, D. Kleinlercher & M. Sutter (2014)
Large Versus Small Foreign Exchange Interventions
Fatum, R. & Y. Yamamoto (2014)
On the effectiveness of devaluations in emerging and developing countries
Grekou, C. (2014)
The Impact of Different Types of Foreign Exchange Intervention: An Event Study Approach
Echavarría, J.J., L.F. Melo Velandia & M. Villamizar (2014)
Globalisation, Pass-through and the Optimal Policy Response to Exchange Rates | Published
Devereux, M.B. & J. Yetman (2014)
The Mechanics of Real Undervaluation and Growth
Wlasiuk, J.M. (2014)
A Model of the Twin Ds: Optimal Default and Devaluation | Published
Na, S., S. Schmitt-Grohe, M. Uribe & V.Z. Yue (2014/18)
Official FX interventions through derivatives
Kohlscheen, E. & S.C. Andrade (2014)
Foreign Exchange Intervention and Monetary Policy: A Tale of Two Agencies with Conflicting Objectives
Lambson, V., S. Takagi & I. Kozuru (2014)
The interbank market risk premium, central bank interventions, and measures of market liquidity
Alexius, A., H. Birenstam & J. Eklund (2014)
Inflation targeting and exchange rate volatility smoothing: A two-target, two-instrument approach
Castillo, C. (2014)
Competing for Order Flow in OTC Markets
Lester, B., G. Rocheteau & P-O. Weill (2014)
On the Effectiveness of Exchange Rate Interventions in Emerging Markets
Daude, C., E. Levy Yeyati & A. Nagengast (2014)
Currency substitution, risk premia and the Taylor principle
Airaudo, M. (2014)
Exchange Rate Policy and Export Performance in Efficiency-Driven Economies
Rowbotham, N.K., A. Saville & D. Mbululu (2014)
The International Policy Trilemma in the Post-Bretton Woods Era | Published
Mandilaras, A. (2014/15)
The real exchange rate as a target of macroeconomic policy
Frenkel, R. & M. Rapetti (2014)
Motives and Effectiveness of Forex Interventions: Evidence from Peru
Tashu, M. (2014)
Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries
Mwase, N. & F.Y. Kumah (2015)
Advanced-Country Policies and Emerging-Market Currencies: The Impact of U. S. Tapering on India's Rupee
Ikeda, Y., D. Medvedev & M. Rama (2015)
Monetary Policy Independence under Flexible Exchange Rates: An Illusion?
Edwards, S. (2015)
A Survey on the Effects of Sterilized Foreign Exchange Intervention
SURVEY PAPER
Villamizar-Villegas, M. & D. Perez-Reyna (2015)
The Open-Economy Trilemma in China: Monetary and Exchange-Rate Policy Interaction under Financial Repression
Wu, Y. (2015)
Two targets, two instruments: Monetary and exchange rate policies in emerging market economies
Ghosh, A.R., J.D. Ostry & M. Chamon (2015)
A model of a heterodox exchange rate based stabilization
Aytac, O. (2015)
Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries | Published
Aizenman, J. & H. Ito (2013/14)
Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy | Published
Klein, M.W. & J.C. Shambaugh (2013/15)
Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions | Published
Aizenman, J., M.D. Chinn & H. Ito (2015/16)
Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence
Rey, H. (2015)
Unveiling the Effects of Foreign Exchange Intervention: A Panel Approach | Published
Adler, G., N. Lisack & R. Mano (2015/19)
Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
Blanchard, O.J., G. Adler & I.E. Carvalho Filho (2015)
Distributional Effects of Monetary Policy in Emerging Market Economies
Prasad, E. & B. Zhang (2015)
Was the Forex Fixing Fixed?
Ito, T. & M. Yamada (2015)
Real-Exchange-Rate-Adjusted Inflation Targeting in an Open Economy: Some Analytical Results
Froyen, R.T. & A.V. Guender (2015)
Exchange Rate Manipulation and Constructive Ambiguity
Fernholz, R.T. (2015)
Input substitution, export pricing, and exchange rate policy
Shi, K., J. Xu & X. Yin (2015)
Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
Blanchard, O., G. Adler & I. de Carvalho Filho (2015)
Foreign exchange market intervention and price discovery
Chen, Y-L. & Y-F. Gau (2015)
External Devaluations: Are Small States Different?
Mejia, S.A., A. Cebotari, K. Greenidge & G.N. Keim (2015)
When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries | Published
Fratzscher, M., O. Goede, L. Menkhoff, L. Sarno & T. Stöhr (2015/19)
The Plaza Accord, 30 Years Later
Frankel, J. (2015)
The Impact of the Tobin Tax in a Heterogeneous Agent Model of the Foreign Exchange Market
Kukacka, J. & F. Stanek (2015)
A Darwinian Perspective on "Exchange Rate Undervaluation" | Published
Du, Q. & S-J. Wei (2015/16)
Currency intervention and the global portfolio balance effect: Japanese lessons
Gerlach-Kristen, P., R.N. McCauley & K. Ueda (2016)
Foreign Exchange Intervention under Policy Uncertainty
Adler, G., R. Lama & J.P. Medina Guzman (2016)
The Cost of Foreign Exchange Intervention: Concepts and Measurement
Adler, G. & R. Mano (2016)
Foreign exchange market interventions under inflation targeting: The case of Guatemala
Catalán-Herrera, J. (2016)
What to Aim for? The Choice of an Inflation Objective When Openness Matters
Froyen, R.T. & A.V. Guender (2016)
The Real Exchange Rate in Open-Economy Taylor Rules: A Re-Assessment
Froyen, R.T. & A.V. Guender (2016)
Large Depreciations: Recent Experience in Historical Perspective
De Gregorio, J. (2016)
Inflation announcements and asymmetric exchange rate responses
Arghyrou, M.G. & P. Pourpourides (2016)
Exchange Rate Targeting in the Presence of Foreign Debt Obligations | Published
Staveley-O'Carroll, J. & O.M. Staveley-O'Carroll (2016/18)
Exchange Rate-Based Stabilizations: A Literature Review
Aytaç, O. (2016)
Capital account liberalization and income inequality
Bumann, S. & R. Lensink (2016)
Foreign exchange intervention and monetary policy design: a market microstructure analysis
Montoro, C. & M. Ortiz (2016)
Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change
Dixon, R., Z. Zhang & Y. Dai (2016)
Currency Manipulation
Hassan, T.A., T.M. Mertens & T. Zhang (2016)
Taylor rule deviations and out-of-sample exchange rate predictability
Ince, O., T. Molodtsova & D.H. Papell (2016)
The Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil
Saborowski, C. & M. Nedeljkovic (2017)
A Theoretical Approach to Sterilized Foreign Exchange Intervention
Villamizar-Villegas, M. & D. Perez-Reyna (2017)
Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies
Gagnon, J.E., T. Bayoumi, J.M. Londono, C. Saborowski & H. Sapriza (2017)
Exchange Rate Policies at the Zero Lower Bound | Published
Amador, M., J. Bianchi, L. Bocola & F. Perri (2017/20)
Foreign Exchange Intervention and the Dutch Disease
Faltermeier, J., R. Lama & J.P. Medina (2017)
Private Equity and Devaluation in Emerging Countries
Herrera-Echeverri, H., J. Haar & J.G. Salazar-Duque (2017)
Exchange Rates, International Trade and Growth: Re-Evaluation of Undervaluation
Sokolova, M.V. (2017)
The Currency-Plus-Commodity Basket; A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically
Frankel, J. (2017)
Effects of Consumption Taxes on Real Exchange Rates and Trade Balances
Freund, C. & J.E. Gagnon (2017)
The Distributional Consequences of Large Devaluations | Published
Cravino, J. & A.A. Levchenko (2017)
A stopping time approach to assessing the effectiveness of foreign exchange intervention: An application to Japanese data
Kitamura, Y. (2017)
Mundell's trilemma: Policy trade-offs within the middle ground
Herwartz, H. & J. Roestel (2017)
Financial Frictions and Export Dynamics in Large Devaluations | Published
Kohn, D., F. Leibovici & M. Szkup (2017/20)
The Exchange Rate as an Instrument of Monetary Policy
Heipertz, J., I. Mihov & A.M. Santacreu (2017)
Exchange rate policy and the role of non-traded goods prices in real exchange rate fluctuations
Azcona, N. (2017)
FX Intervention in the New Keynesian Model
Alla, Z., R.A. Espinoza & A.R. Ghosh (2017)
Retail Sales of Durable Goods, Inventories and Imports after Large Devaluations
Charnavoki, V. (2017)
FX interventions in Brazil: A synthetic control approach
Chamon, M., M. Garcia & L. Souza (2017)
Real Exchange Rate Policies for Economic Development
Guzman, M., J.A. Ocampo & J.E. Stiglitz (2017)
Beggar-Thy-Neighbor Effects of Exchange Rates: A Study of the Renminbi
Mattoo, A., P. Mishra & A. Subramanian (2017)
Did the exchange rate interventions enhance inflation in Switzerland?
Zídek, L. & M. Suterova (2017)
Financial Repression in General Equilibrium
Scheer, A., G. Müller & A. Kriwoluzky (2017)
Optimal Exchange-Rate Policy in a Model of Local-Currency Pricing with Vertical Production and Trade
Gong, L., C. Wang & H-F. Zou (2017)
Exchange Rate Misalignment and Growth: A Myth?
Goncalves, C. & M. Rodrigues (2017)
The real exchange rate, innovation and productivity
Alfaro, L., A. Cunat, H. Fadinger & Y. Liu (2017)
Monetary Policy and Carry Trade
López Gaviria, J.I. & V. Olivella (2017)
Inflation Targeting Consequences for Exchange Rates
Beaudry, P. & A. Lahiri (2017)
Inflation targeting and exchange rate management in less developed countries
Buffie, E.F., M. Airaudo & F. Zanna (2018)
Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency
Brito, S., Y. Carriere-Swallow & B. Gruss (2018)
Examining the success of the central banks in inflation targeting countries: the dynamics of the inflation gap and institutional characteristics
Ardakani, O.M. & N.K. Kishor (2018)
Does Inflation Targeting Matter? An Experimental Investigation
Cornand, C. & C.K. M'baye (2018)
Carry Trade vs. Deposit-Driven Euroization
Geng, N., T. Scutaru & J. Wiegand (2018)
Can appreciation be expansionary? Evidence from the euro area
Lane, P.R. & L. Stracca (2018)
Foreign Exchange Intervention Redux
Chang, R. (2018)
Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt, Dennis (2018)
Policy Conflicts and Inflation Targeting: The Role of Credit Markets
Choi, W.G. & D. Cook (2018)
Self-selection and treatment effects in macroeconomics: Revisiting the effectiveness of foreign exchange intervention | Published
Pontines, V. (2018)
Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit and Global Financial Cycles
Barbone Gonzalez, R., D. Khametshin, J.L. Peydró & A. Polo (2018)
Devaluation with Exchange rate Floor in a Small Open Economy
Svacina, D. (2018)
Central bank intervention, public debt and interest rate target zones
Della Posta, P. (2018)
The RMB central parity formation mechanism: August 2015 to December 2016
Cheung, Y-W., C-H. Hui & A. Tsang (2018)
Classical and restricted impulse control for the exchange rate under a stochastic trend model
Runggaldier, W.J. & K. Yasuda (2018)
Effective sterilized foreign exchange intervention? Evidence from a rule-based policy
Kuersteiner, G.M., D.C. Phillips & M. Villamizar-Villegas (2018)
Real exchange rate policies for economic development
Guzman, M., J.A. Ocampo & J.E. Stiglitz (2018)
Market power, inflation targeting, and commodity currencies
Chen, Y-C. & D. Lee (2018)
Dollarization and Financial Development
Bannister, G.J., J. Turunen & M. Gardberg (2018)
Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt (2018)
Devaluations and Growth: The Role of Financial Development
Perez-Reyna, D. & F. Rebessi (2018)
No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect
Carriere-Swallow, Y., N.E. Magud & J. Yepez (2018)
Foreign exchange intervention revisited: A new way of estimating censored models
Ordoñez-Callamand, D., M. Villamizar-Villegas & L.F. Melo-Velandia (2018)
Regional Inflation, Banking Integration, and Dollarization
Brown, M., R. De Haas & V. Sokolov (2018)
One fundamental and two taxes: When does a Tobin tax reduce financial price volatility?
Deng, Y., X. Liu & S-J. Wei (2018)
Foreign exchange market intervention and asymmetric preferences
Keefe, H.G. & H. Shadmani (2018)
Financial Dollarization in Emerging Markets: An Insurance Arrangement | Published
Dalgic, H.C. (2018/24)
Financial Dollarization of Households and Firms: Does It Differ? | Published
Corrales, J.S. & P.A. Imam (2019/21)
Verbal interventions and exchange rate policies: The case of Swiss franc cap
Mirkov, N., I. Pozdeev & P. Söderlind (2019)
The German undervaluation regime under Bretton Woods: How Germany became the nightmare of the world economy
Höpner, M. (2019)
Capital Flows and Foreign Exchange Intervention
Cavallino, P. (2019)
Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage | Published
Bergin, P.R. & G. Corsetti (2019/20)
Contractionary Devaluation Risk: Evidence from the Free Silver Movement, 1878-1900
Weiss, C. (2019)
Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance | Published
Ahmed, R., J. Aizenman & Y. Jinjarak (2019/21)
Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid
Moldovan, I., S-C.S. Yang & L-F. Zanna (2019)
Impairment of monetary autonomy: Case of "trilemma" vs. "duo"
Rohit, A.K., A. Kumar & P. Dash (2019)
Optimal Monetary Policy Under Bounded Rationality
Bechimol, J. & L. Bounader (2019)
A modern reincarnation of Mundell-Fleming's trilemma
Aizenman, J. (2019)
Facing the Quadrilemma: Taylor Rules, Intervention Policy and Capital Controls in Large Emerging Markets | Published
Chertman, F., M. Hutchison & D. Zink (2019/20)
Foreign exchange intervention and inflation targeting: The role of credibility
Adler, G., R. Lama & J.P. Medina (2019)
Emerging markets, household heterogeneity, and exchange rate policy
Cugat, G. (2019)
Does monetary policy credibility mitigate the fear of floating?
Montes, G.C. & C.F. Ferreira (2019)
Do currency undervaluations affect the impact of inflation on growth?
Morvillier, F. (2019)
SFX Interventions, Financial Intermediation, and External Shocks in Emerging Economies
Carrasco, A., D.F. Hoyle & R. Nivin (2019)
Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy | Published
Ito, T. & T. Yabu (2020)
The Market Microstructure of Central Bank Bond Purchases
Schlepper, K., H. Hofer, R. Riordan & A. Schrimpf (2020)
Dollar shortages and central bank swap lines
Eguren-Martin, F. (2020)
Global banks' dollar funding needs and central bank swap lines
Aldasoro, I., T. Ehlers, P. McGuire & G. von Peter (2020)
Intervention Under Inflation Targeting--When Could It Make Sense?
Hofman, D.J., M. Chamon, P. Deb, T. Harjes, U. Rawat & I. Yamamoto (2020)
Money demand and seignorage maximization before the end of the Zimbabwean dollar
Miller, S.M. & T. Ndhlela (2020)
Is the response of the bank of England to exchange rate movements frequency-dependent?
Caraiani, P. & R. Gupta (2020)
The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies
Keefe, H.G. (2020)
Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?
Corsetti, G., L. Dedola & S. Leduc (2020)
Currency devaluation and trade balance: Evidence from the US services trade
Cheng, K.M. (2020)
Global implications of a US-led currency war
Triggs, A. & W.J. McKibbin (2020)
Do inflation-targeting central banks adjust inflation targets to meet the target?
Kim, S. & G. Yim (2020)
The dynamic impact of FX interventions on financial markets
Menkhoff, L., M. Rieth & T. Stöhr (2020)
Sterilized FX interventions may not be so sterilized
Mkhatrishvili, S., G. Tsutskiridze & L. Arevadze (2020)
Patterns of Foreign Exchange Intervention under Inflation Targeting
Adler, G., K.S. Chang & Z. Wang (2020)
Interest Rate Uncertainty as a Policy Tool
Ghironi, F. & G.K. Ozhan (2020)
A lesson from the four recent large public Japanese FX interventions
Kitamura, Y. (2020)
Real Exchange Rate Overshooting in Large Depreciations: Determinants and Consequences
Culiuc, A. (2020)
Domestic Price Dollarization in Emerging Economies | Published
Drenik, A. & D. Perez (2020/21)
The central banks' ability to control variability of money market interest rates: The case of inflation targeting countries
Bruna, K. & Q.V. Tran (2020)
Monetary Policy Surprises and Exchange Rate Behavior | Published
Gürkaynak, R.S., A.H. Kara, B. Kisacikoglu & S.S. Lee (2020/21)
A Theory of Foreign Exchange Interventions | Published
Fanelli, S. & L. Straub (2020/21)
The Effectiveness of FX Interventions: A Meta-Analysis
Arango-Lozano, L., L. Menkhoff, D. Rodríguez-Novoa & M. Villamizar-Villegas (2020)
Forex interventions and exchange rate exposure: Evidence from emerging market firms
Sikarwar, E. (2020)
Foreign exchange intervention and financial stability
Agénor, P-R., T. Jackson & A. Pereira da Silva (2020)
Winners and losers of central bank foreign exchange interventions
Viziniuc, M. (2021)
Foreign exchange reserves as a tool for capital account management
Davis, J.S., I. Fujiwara, K.X.D. Huang & J. Wang (2021)
The Cost of Foreign Exchange Intervention: Concepts and Measurement
Adler, G. & R.C. Mano (2021)
Daily currency interventions in an emerging market: Incorporating reserve accumulation to the reaction function
Frömmel, M. & M. Midiliç (2021)
Macroprudential FX regulations: Shifting the snowbanks of FX vulnerability?
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt (2021)
Currency Depreciations in Emerging Economies: A Blessing or a Curse for External Debt Management?
Fisera, B., M.W. Tiruneh & D. Hojdan (2021)
Exchange rate policy and firm dynamics
Hamano, M. & F. Pappadà (2021)
FX policy when financial markets are imperfect
Maggiori, M. (2021)
Optimal exchange-rate policy under collateral constraints and wage rigidity
Ottonello, P. (2021)
The case for starting a new exchange rate after debt settlement: Reexamining alternatives to Argentina's exchange rate policy in 2001-2002
Ho, T-K., Y-C. Lin & K-C. Yeh (2021)
Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?
Christiano, L., H. Dalgic & A. Nurbekyan (2021)
Exogenous and endogenous sterilisation under managed exchange rates
Pantelopoulos, G. (2021)
Macroeconomic instability and targeting rules for monetary policy in an endogenously growing small open economy
Chen, K-J., C-C. Lai & T-W. Lai (2021)
Foreign Exchange Intervention, Capital Flows, and Liability Dollarization
Castillo, P. & J.P. Medina (2021)
Monetary policy surprises, stock returns, and financial and liquidity constraints, in an exchange rate monetary policy system
Sequeira, J.M. (2021)
Default or Depreciate
Önder, Y.K. & E. Sunel (2021)
Fiscal and exchange rate policies drive trade imbalances: New estimates
Gagnon,, J.E. & M. Sarsenbayev (2021)
The end of currency manipulation? Global production networks and exchange rate outcomes
Weldzius, R.M. (2021)
Central bank swap lines: evidence on the effects of the lender of last resort | Published
Bahaj, S. & R. Reis (2021/22)
The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy
Cai, J., J. He, W. Jiang & W. Xiong (2021)
Hitting the elusive inflation target
Bianchi, F., L. Melosi & M. Rottner (2021)
Strategic Trading When Central Bank Intervention Is Predictable
Yang, L. & H. Zhu (2021)
Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings
Jin, Z., H. Wang & Y. Zhao (2021)
Currency Wars, Trade Wars, and Global Demand
Jeanne, J. (2021)
Monetary policy implications of deviations in inflation targeting: the need for a global cooperative, coordinated and correlated response
Ojo, M. & T. Dierker (2021)
Rounding the corners of the trilemma: A simple framework | Published
Jeanne, O. (2022)
Detecting persistent one-sided intervention in foreign exchange markets: A simple test
Chen, S-S. & J-K. Wang (2022)
Managing macroeconomic fluctuations with flexible exchange rate targeting
Heipertz, J., I. Mihov & A.M. Santacreu (2022)
Currency Undervaluation and Comparative Advantage | Published
Bergin, P. (2022)
Inflation concerns and mass preferences over exchange-rate policy
Aklin, M., E. Arias & J. Gray (2022)
Foreign exchange intervention for commodity booms and busts
Faltermeier, J., R. Lama & J.P. Medina (2022)
Devaluations, Deposit Dollarization, and Household Heterogeneity
Ferrante, F. & N. Gornemann (2022)
A Minimalist Model for the Ruble During the Russian Invasion of Ukraine | Published
Lorenzoni, G. & I. Werning (2022/23)
Foreign exchange interventions under a minimum exchange rate regime and the Swiss franc
Hertrich, M. (2022)
Does the monetary policy regime matter in the effect of credit on growth?
Altuzarra, A., R. Bustillo & C. Rodríguez (2022)
"Wait and See" or "Fear of Floating"?
Lei, X., D. Lu & K. Kasa (2022)
Oral FX Interventions in Emerging Markets: the Colombian case
Parra-Polania, J.A., A. Sánchez-Jabba & M. Sarmiento (2022)
Foreign Exchange Interventions: The Long and the Short of It
Alexander, P., S. Alpanda & S. Kabaca (2022)
Exchange-Rate Swings and Foreign Currency Intervention
Filardo, A., R.G. Gelos & T. McGregor (2022)
Central bank swap lines: micro-level evidence
Ferrara, G., P. Mueller, G. Viswanath-Natraj & J. Wang (2022)
Fear of Appreciation and Current Account Adjustment
Bergin, P., K. Kim & J.H. Pyun (2022)
Leaning-against-the-wind Intervention and the "Carry-Trade" View of the Cost of Reserves
Levy Yeyati, E. & J.F. Gómez (2022)
Changing anchor of the renminbi: A Bayesian learning approach to the decade-long transition
Zhang, C., Y. Fang & L. Niu (2022)
Foreign Reserves Management and Original Sin
Devereux, M.B. & S.Y.W. Pak (2022)
A Multi-Currency Exchange and Contracting Platform
Adrian, T., F. Grinberg, T.M. Griffoli, R.M. Townsend & N. Zhang (2022)
Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance
Zhang, Z. & S. Wang (2022)
FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability
Sandri, D. (2022)
Geographical and Cultural Proximity in Retail Banking
Carbo-Valverde, S., H.P. Saiz & H. Xiao (2023)
The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence
Camous, A. & D. Matveev (2023)
International Sanctions and Dollar Dominance
Bianchi, J. & C. Sosa-Padilla (2023)
The First Practical Guide to Inflation Targeting
Jonung, L. (2023)
Can governments sleep more soundly when holding international reserves? A banking and financial vulnerabilities perspective
Sallenave, A., J-P. Allegret & T. Omay (2023)
The ECB's new inflation target from a short- and long-term perspective
Benigno, P., P. Canofari, G. Di Bartolomeo & M. Messori (2023)
A Theory of Fear of Floating
Bianchi, J. & L. Coulibaly (2023)
Exchange Controls As A Fiscal Instrument
Schmitt-Grohé, S. & M. Uribe (2023)
Dollarization Dynamics
Caravello, T.E., P. Martinez-Bruera & I. Werning (2023)
The Macroeconomic Consequences of Exchange Rate Depreciations
Fukui, M., E. Nakamura & J. Steinsson (2023)
On the pass-through of large devaluations
Casacuberta, C. & O. Licandro (2023)
Distributional Effects of Exchange Rate Depreciations: Beggar-Thy-Neighbour or Beggar-Thyself?
Fisera, B. (2023)
Central banks' interventions in exchange rate markets during the international gold standard: Italy 1880-1913
Di Martino, P. (2023)
Effectiveness of Foreign Exchange Interventions Evidence and Lessons from Chile
Arenas, J. & S. Griffith-Jones (2023)
On the Effectiveness of Foreign Exchange Reserves during the 2021-22 U.S. Monetary Tightening Cycle
Ahmed, R., J. Aizenman, J. Saadaoui & G.S. Uddin (2023)
Determinants of Inflation Targeting: A Survey of Empirical Literature
Petrevski, G. (2023)
Growth and inflation tradeoffs of dollarization: Meta-analysis evidence
Koráb, P., J. Fidrmuc & S. Dibooglu (2023)
Trilemma revisited with dollar dominance in trade and finance/A>
Dovonou, V.O. (2023)
Intervening against the Fed
Rodnyansky, A., Y. Timmer & N. Yago (2023)
Exchange Rate Policy and Firm Heterogeneity
Hamano, M. & F. Pappadà (2023)
Central bank swap arrangements and exchange rate volatility: Evidence from China
Yu, Z., X. Liu, Z. Liu & Y. Li (2023)
Foreign Exchange Intervention with UIP and CIP Deviations: The Case of Small Safe Haven Economies
Bacchetta, P., K. Benhima & B. Berthold (2023)
Taylor rules around the world: Mapping monetary policy
El-Shagi, M. & Y. Ma (2023)
Chronicle of a Dollarization Foretold: Inflation and Exchange Rates Dynamics
Caravello, T.E., P. Martinez-Bruera & I. Werning (2023)
Exchange rate volatility and the effectiveness of FX interventions: the case of Chile
Jara, A. & N. Piña (2023)
Negative Externalities of Financial Dollarization
Pantsulaia, V., A. Jangveladze & S. Mkhatrishvili (2023)
Foreign Exchange Intervention: A New Database
Fratzscher, M., T. Heidland, L. Menkhoff, L. Sarno & M. Schmeling (2023)
The High Frequency Effects of Dollar Swap Lines
Kekre, R. & M. Lenel (2023)
International effects of quantitative easing and foreign exchange intervention
Kim, D. (2023)
Negative Externalities of Financial Dollarization
Pantsulaia, V., A. Jangveladze & S. Mkhatrishvili (2023)
Optimal Exchange Rate Policy
Itskhoki, O. & D. Mukhin (2023)
Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics
Mimir (2023)
Foreign Exchange Interventions in the New-Keynesian Model: Transmission, Policy, and Welfare
Yakhin, Y. (2023)
Currency misalignments, international trade in intermediate inputs, and inflation targeting | Published
Gong, L., C. Wang, L. Wu & H-F. Zhou (2023)
Trade Openness and Exchange Rate Management
Parrado, E. & R. Heresi (2024)
Exchange rate and inflation under weak monetary policy: Turkey verifies theory
Gürkaynak, R.S., B. Kisacikoglu & S.S. Lee (2024)
Competitive devaluations in the 1930s: myth or reality?
Ljungberg, J. (2024)
Exchange rates and the speed of economic recovery: The role of financial development
Fisera, B. (2024)
The Causal Effects of Expected Depreciations
Delgado, M.E., J. Herreño, M. Hofstetter & M. Pedemonte (2024)
An Exchange Rate Policy Rule
Parrado, E. (2024)
FX interventions as a form of unconventional monetary policy
Cwik, T. & C. Winter (2024)
Central Banks Casting a Global Financial Safety Net: What Drives the Supply of Bilateral Swaps?
Koosakul, J. & A. Miksjuk (2024)
The economics of liquidity lines between central banks
Bahaj, S. & R. Reis (2024)
EMDE Central Bank Interventions during COVID-19 to Support Market Functioning
Eckhold, K., J. Faltermeier, D. King, I. Mak & D. Petrov (2024)
Nominal Devaluations, Inflation and Inequality
Blanco, A., A. Drenik & E. Zaratiegui (2024)
Gradual Portfolio Adjustment, Foreign Exchange Intervention, and Open Market Operations
Li, R., D. Mei & B. Tong (2024)
The Exchange Rate as an Industrial Policy
Ottonello, P., D.J. Perez & W. Witheridge (2024)
The Nonlinear Case Against Leaning Against the Wind
Boyarchenko, N., R.K. Crump, K. Dogra, L. Elias & I.L. Gaffney (2024)
How does liberalization affect emerging stock markets? Theories and empirical evidence
SURVEY PAPER
Hoang, B.T. & C. Mateus (2024)
Escaping the Financial Dollarization Trap: The Role of Foreign Exchange Intervention
Castillo, P., R. Lama & J.P. Medina (2024)
Reconciling contrasting views on the growth effect of currency undervaluations
Mignon, V., C. Couharde, C. Grekou & F. Morvillier (2024)
Inflation target adjustments: Does an improvement in institutional or economic preconditions matter?
Cho, D. & H. Kim (2024)
Managing Remittances Inflows with Foreign Exchange Intervention
Oliva, M-A. & N. Khinashvili (2024)
Average Inflation Targeting: How far to look into the past and the future?
Masek, F. & J. Zemlicka (2024)
Trilemma versus dilemma: Monetary autonomy and long-term interest rate independence
Kim, K. & S. Kim (2024)
International reserves accumulation and monetary policy autonomy: A nonlinear approach
Lamagnere, T. (2024)
Tariffs and the Exchange Rate: Evidence from Twitter
Matveev, D. & F. Ruge-Murcia (2024)
A two-for-one deal: Targeting nominal GDP to create a supply-shock robust inflation target
Beckworth, D. & P.J. Horan (2024)
Financial Conditions Targeting
Caballero, R.J., T.E. Caravello & A. Simsek (2024)
Foreign Exchange Interventions and Intermediary Constraints
Ferreira, A., R. Mullen, G. Ricco, G. Viswanath-Natraj & Z. Wang (2024)
Currency Wars and Trade
Mitchener, K.J. & K. Wandschneider (2024)
A Theory of Dynamic Inflation Targets
Clayton, C. & A. Schaab (2025)
The exchange rate elasticity of the Swiss current account
Eugster, J. & G. Donato (2025)
Foreign exchange intervention and capital flow measures under external tail risks
Magud, N.E. & S. Pienknagura (2025)
Target Zones and Exchange Rate Dynamics
Krugman, P.R. (1991)
Abstract: This paper develops a simple model of exchange rate behavior under a target zone regime. It shows that the expectation that monetary policy will be adjusted to limit exchange rate variation affects exchange rate behavior even when the exchange rate lies inside the zone and is thus not being defended actively. Somewhat surprisingly, the analysis of target zones turns out to have a strong formal similarity to problems in option pricing and investment under uncertainty.
An Interpretation of Recent Research on Exchange Rate Target Zones
Svensson, L.E.O. (1992)
Abstract: A review of the theory, including extensions, and the empirics on research in exchange rate target zones.
No Single Currency Regime Is Right for All Countries or at All Times
Frankel, J.A. (1999)
Abstract: This essay considers some currently popular prescriptions for exchange-rate regimes: a general movement toward floating, toward fixing, or toward either extreme and away from the middle. The whole spectrum from fixed to floating is covered (including basket pegs, crawling pegs, and bands), with special attention to currency boards and dollarization. One overall theme is that the appropriate exchange-rate regime varies depending on the specific circumstances of the country in question (which includes the classic optimum-currency-area (OCA) criteria, as well as some newer criteria related to credibility) and depending on the circumstances of the period in question (which includes the problem of successful exit strategies). Latin American interest rates are seen to be more sensitive to U.S. interest rates when the country in question has a loose dollar peg than when it has a tight peg. It is also argued that such relevant country characteristics as income correlations and openness can vary over time, and that the OCA criterion is accordingly endogenous.
A regional export-weighted dollar: a different way of looking at exchange rate changes
Hervey, J.L. & W.A. Strauss (1996)
Optimal Choice of Exchange Rate Regime: The Case of Australia
Lim, J.J. (1998)
Fixed or Flexible? Getting the Exchange Rate Right in the 1990s
Caramazza, F. & J. Aziz (1998)
Exchange Rate Regimes and the Stability of Trade Policy in Transition Economies
Drabek, Z. & J.C. Brada (1998)
Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia
Kawai, M. & S. Akiyama (2000)
Proposed Strategy for a Regional Exchange Rate Arrangement in Post-Crisis East Asia
Kawai, M. & S. Takagi (2000)
Examining the Case for Currency Basket Regimes for Southeast Asia
Rajan, R.S. (2000)
Mundell, the Euro, and Optimum Currency Areas
McKinnon, R. (2000)
Monetary Independence in Emerging Markets - Does the Exchange Rate Regime Make a Difference?
Borensztein, E.R., J. Zettelmeyer & T. Philippon (2001)
Currency Unions
Alesina, A. & R.J. Barro (2001)
Abstract: This book brings together a diverse group of experts on international monetary policy to examine the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates, and assess the available empirical evidence on the performance of these alternative monetary systems. They also draw some policy conclusions on the desirability of currency unions for countries in various circumstances. Currency Unions reviews the traditional case for flexible exchange rates and countercyclical—that is, expansionary during recessions and contractionary in booms—monetary policy and shows how flexible exchange rate regimes can better insulate the economy from such real disturbances as terms-of-trade shocks. The book also looks at the pitfalls of flexible exchange rates—and why fixed rates, particularly full dollarization—might be a more sensible choice for some emerging-market countries. The contributors also detail the factors that determine the optimal sizes of currency unions, explain how a currency union greatly expands the volume of international trade among its members, and examine the recent implementation of dollarization in Ecuador.
Exchange Rate Regimes: Some Lessons from Postwar Europe
Wyplosz, C. (2001)
Sustaining Fixed Exchange Rates - A Model with Debt and Institutions
Pitt, A. (2001)
How Do Countries Choose Their Exchange Rate Regime?
Poirson, H. (2001)
Real and Monetary Shocks to the Canadian Dollar: Do Canada and the U.S Form an Optimal Currency Area?
Carr, J.L. & J.E. Floyd (2001)
The Mechanics of a successful Exchange-Rate Peg: Lessons from Emerging Markets
Dueker, M. & A. Fischer (2001)
Fewer Monies, Better Monies
Dornbusch, R. (2001)
Does the Exchange Rate Regime Affect Macroeconomic Performance? Evidence from Transition Economies
Domac, I., K. Peters & Y. Yuzefovich (2001)
Real Exchange Rate Behavior Under Floating and Fixed Regimes
Lothian, J.R. & C.H. McCarthy (2001)
Baltic Monetary Regimes in the XX1st Century
Viksnins, G. (2001)
Pricing Currency Risk: Facts and Puzzles from Currency Boards
Schmukler, S. & L. Serven (2001)
Terms of Trade and Exchange Rate Regimes in Developing Countries | Published
Broda, C. (2001/2004)
Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era
Córdova, J.E.L. & C. Meissner (2001)
To Float or to Trail: Evidence on the Impact of Exchange Rate Regimes
Levy-Yeyati, E. & F. Sturzenegger (2001)
Exchange Rate Regimes and Economic Performance
Levy-Yeyati, E. & F. Sturzenegger (2001)
Fixed versus Flexible: Lessons from EMS Order Flow | Published
Killeen, W.P., R.K. Lyons & M.J. Moore (2001/06)
A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe
Sahay, R. (2001)
Fixed or floating: is it still possible to manage in the middle?
Glick, R. (2001)
Pegging and macroeconomic performance in East Asia
Moreno, R. (2001)
Estimation and Arbitrage Opportunities for Exchange Rate Baskets
Mercurio, D. & C. Torricelli (2001)
Characterizing Exchange Rate Regimes in Post-Crisis East Asia
Baig, T. (2001)
Core, Periphery, Exchange Rate Regimes, and Globalization
Bordo, M.D. & M. Flandreau (2001)
Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes
Clare, A. & R. Courtenay (2001)
Maastricht and the Choice of Exchange Rate Regime in Transition Countries during the Run-Up to EMU
Szapary, G. (2001)
Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks
Kuttner, K.N. & A.S. Posen (2001)
Abstract: A great deal of attention has been focused recently on the impact of exchange rate regimes, just as previous empirical research examined central bank autonomy and announced targets for domestic monetary policy. To date, however, these three elements of monetary frameworks have been assessed in isolation from one another, and all have been viewed in terms of a unidimensional spectrum of fixity versus flexibility. Using a newly-constructed dataset, this paper jointly analyzes and compares all three elements’ effects on inflation and exchange rate behavior. The results show that each of the three elements has independent and distinct effects on nominal outcomes. Key findings include: (1) although hard pegs do tend to reduce inflation and attenuate exchange rate fluctuations within some range, they are clearly characterized by large devaluations; (2) central bank autonomy is associated with a more stable exchange rate and lower inflation; and (3) explicit inflation targeting reduces both inflation and its persistence, consistent with the view that inflation targeting increases flexibility through transparency. These results raise the possibility that a combination of central bank autonomy, inflation targeting, and a free float might offer the same benefits as any intermediate exchange rate regime on its own, without the proclivity to occasional large depreciations.
Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries
Buiter, W.H. & C. Grafe (2002)
Exchange Rate Regimes and Capital Flows
SURVEY PAPER
Tavlas, G.S. & M.K. Ulan (2002)
Abstract: From the series Annals of the American Academy of Political and Social Science, Vol 579.
Exchange rate regimes and financial dollarization: does flexibility reduce bank currency mismatches? | Published
Arteta, C. (2002/2005)
Global Transmission of Interest Rates: Monetary Independence and Currency Regime | Published
Frankel, J.A., S.L. Schmukler & L. Serven (2002)
Terms of Trade and Exchange Rate Regimes in Developing Countries
Broda, C. (2002)
Pricing Currency Risk: Facts and Puzzles from Currency Boards
Schmukler, S.L. & L. Servén (2002)
Optimal exchange rate regime in a two-sector economy
Wibaut, Q. (2002)
Currency Substitution in Russia
Fridman, A. & A. Verbetsky (2002)
Terms of trade and exchange rate regimes in developing countries
Broda, C. (2002)
Do "Flexible" Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries?
Wickham, P. (2002)
Exchange rate overshooting and the costs of floating
Cavallo, M., K. Kisselev, F. Perri & N. Roubini (2002)
"New" views on the optimum currency area theory : what is EMU telling us?
Mongelli, F.P. (2002)
Policy pre-commitment and institutional design: A synthetic indicator applied to Currency Boards
Gilson, M.T.C. (2002)
Abstract: Currency boards have been portrayed as an extreme way of creating currency quality and improving monetary policy credibility in emerging market economies. Yet the link between currency board operations and credibility is far from obvious. Indeed, under the heading of currency boards, there is in fact a number of significantly diverse institutional arrangements. Furthermore, currency boards can only be viewed as part of a wider policy framework encompassing fiscal sustainability and flexibility in the real economy. Along these lines, this paper describes as precisely as possible what constitutes, in theory, a currency board. It highlights the specificities of money multiplier and balance sheet issues in currency board frameworks. The paper offers an in-depth review of the actual institutional arrangements underlying existing currency boards in Eastern Europe and Asia (as well as that of Argentina until 2001) and derives a synthetic indicator of institutional pre-commitment. The paper concludes with a discussion of flexibility and credibility tradeoffs and exit issues.
The Modern History of Exchange Rate Arrangements: A Reinterpretation | Published
Reinhart, C.M. & K.S. Rogoff (2002/2004)
Abstract: We develop a novel system of reclassifying historical exchange rate regimes. One key difference between our study and previous classifications is that we employ monthly data on market-determined parallel exchange rates going back to 1946 for 153 countries. Our approach differs from the IMF official classification (which we show to be only a little better than random); it also differs radically from all previous attempts at historical reclassification. Our classification points to a rethinking of economic performance under alternative exchange rate regimes. Indeed, the breakup of Bretton Woods had less impact on exchange rate regimes than is popularly believed.
Uncertainty, Exchange Rate Regimes, and National Price Levels | Published
Broda, C. (2002/06)
Optimal Currency Areas
Alesina, A., R.J. Barro & S. Tenreyro (2002)
Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets
Osakwe, P.N. (2002)
Self-Validating Optimum Currency Areas
Corsetti, G. & P. Pesenti (2002)
Long-Run Determinants of Exchange Rate Regimes: A Simple Sensitivity Analysis
Juhn, G.S. & P. Mauro (2002)
Does It Really Matter Whether the Exchange Rate Floats or Not?
Cunha, A.B. (2002)
Classifying Exchange Rate Regimes
Nitithanprapas, I. & T.D. Willett (2002)
Exchange Rate Regimes: Choices and Consequences
Ghosh, A.R., A.M. Gulde & H.C. Wolf (2003)
Exchange Rate Regime Considerations in an Oil Economy: the Case of the Islamic Republic of Iran
Celasun, O. (2003)
On the Choice of an Exchange Regime: Target Zones Revisited
López, J.R. & H.R. Mendizábal (2003)
Segmented Asset Markets and Optimal Exchange Rate Regimes | Published
Lahiri, A., R. Singh & C. Vegh (2003/07)
Exchange Rate Regime Choice in Historical Perspective
Bordo, M.D. (2003)
Do Fixed Exchange Rates Induce More Fiscal Discipline?
Sun, Y. (2003)
Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets
Iwata, S. & E. Tanner (2003)
The Mirage of Exchange Rate Regimes for Emerging Market Countries | Published
Calvo, G. & F.S. Mishkin (2003/2004)
Abstract: This paper argues that much of the debate on choosing an exchange rate regime misses the boat. It begins by discussing the standard theory of choice between exchange rate regimes, and then explores the weaknesses in this theory, especially when it is applied to emerging market economies. It then discusses a range of institutional traits that might predispose a country to favor either fixed or floating rates, and then turns to the converse question of whether the choice of exchange rate regime may favor the development of certain desirable institutional traits. The conclusion from the analysis is that the choice of exchange rate regime is likely to be of second order importance to the development of good fiscal, financial, and monetary institutions in producing macroeconomic success in emerging market countries. This suggests that less attention should be focused on the general question whether a floating or a fixed exchange rate is preferable, and more on these deeper institutional arrangements. A focus on institutional reforms rather than on the exchange rate regime may encourage emerging market countries to be healthier and less prone to the crises that we have seen in recent years.
Choosing (and reneging on) exchange rate regimes
Alesina, A. & A. Wagner (2003)
A Proposed Monetary Regime for Small Commodity Exporters: Peg the Export Price
Frankel, J. (2003)
Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board
Levy-Yeyati, E., A. de la Torre & S. Schmukler (2003)
Regional currency areas and the use of foreign currencies
CONFERENCE VOLUME
Various authors (2003)
Flexible Exchange Rates as Shock Absorbers | Published
Edwards, S. & E.L. Yeyati (2003/05)
Exits From Pegged Regimes: An Empirical Analysis
Duttagupta, R. & I. Otker-Robe (2003)
Noise trading and exchange rate regimes: Some empirical evidence
Herz, B. & C. Bauer (2003)
Exchange Rate Regime Choice in Historical Perspective
SURVEY PAPER
Bordo, M.D. (2003)
Abstract: In this paper, I survey the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. I first survey the theoretical issues beginning with a taxonomy of regimes. I then examine the empirical evidence on the delineation of regimes and their macroeconomic performance. The penultimate section provides a brief history of monetary regimes in industrial and emerging economies. The conclusion considers the case for a managed float regime for today's emerging economies.
Technical trading and exchange rate regimes: Some empirical evidence | Published
Bauer, C. & B. Herz (2003/2005)
A time series model for an exchange rate in a target zone with applications | Published
Lundbergh, S. & T. Terasvirta (2003/06)
How Tight Should Central Bank's Hands be Tied? Credibility, Volatility and the Optimal Band Width of a Target Zone
Lopez, J.R. & H.R. Mendizabal (2003)
Exchange Rate Regimes and Monetary Discipline - Only Hard Pegs Make a Difference
Francisco, M. & M. Bleaney (2003)
Monetary Fundamentals and Exchange Rate Dynamics under Different Nominal Regimes
Sarno, L., G. Valente & M.E. Wohar (2003)
Experience of and Lessons from Exchange Rate Regime in Emerging Economies
SURVEY PAPER
Frankel, J.A. (2003)
The Choice of Monetary/Exchange Rate Regimes: Concepts and Arguments
Dehejia, V.H. (2003)
Exchange Rate Regimes for the 21st Century: Asia, Europe and the Americas
Dean, J. (2003)
Explaining the Transition Between Exchange Rate Regimes
Masson, P. & F.J. Ruge-Murcia (2003)
Exchange Rate Regimes and Volatility: Comparison of the Snake and Visegrad | Published
Valachy, J. & E. Kocenda (2003/06)
Evolution and Performance of Exchange Rate Regimes
Rogoff, K., A.M. Husain, A. Mody, R.J. Brooks & N. Oomes (2003)
Optimum currency area theory: A selective review
SURVEY PAPER
Horvath, J. (2003)
Good Housekeeping? Reputation, Fixed Exchange Rates, and the 'Original Sin' Problem
Tan, K.Y. & P. Gai (2003)
A Time Series Model for an Exchange Rate in a Target Zone with Applications
Lundbergh, S. & T. Terasvirta (2003)
Financial Dollarization and Debt Deflation under a Currency Board
Levy-Yeyati, E., E. Schargrodsky & S. Galiani (2004)
The Effect of Fixed Exchange Rates on Monetary Policy
Shambaugh, J.C. (2004)
Exchange Rate Regimes, Globalisation And The Cost Of Capital In Emerging Markets
de los Rios, A.D. (2004)
The basket-peg, dollar-peg, and floating: A comparative analysis
Yoshino, N., S. Kaji & A. Suzuki (2004)
The Expenditure Switching Effect and the Choice Between Fixed and Floating Exchange Rates
Senay, O. & A. Sutherland (2004)
From Fixed to Float: Operational Aspects of Moving Towards Exchange Rate Flexibility
Karacadag, C., R. Duttagupta & G. Fernandez (2004)
Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies | Published | Comment
Husain, A.M., A. Mody & K.S. Rogoff (2004)
Fixed Exchange Rates and Trade | Published
Klein, M.W. & J.C. Shambaugh (2004)
Structural Factors Affecting Exchange Rate Volatility: A Cross-Section Study
Canales Kriljenko, J.I. & K.F. Habermeier (2004)
Exchange-Rate Regimes: "Does What Countries Say Matter?" | Published
Genberg, H. & A.K. Swoboda (2004)
Endogenous Price Flexibility, the Expenditure Switching Effect and Exchange Rate Regime Choice
Senay, O. & A. Sutherland (2004)
An Institutional Framework for Comparing Emerging Market Currency Boards
Camilleri Gilson, M-T. (2004)
Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria | Published
Velasco, A. & R. Chang (2004/06)
Exchange Rate Regimes and Economic Linkages
Lee, J-W. & K. Shin (2004)
Could the Exchange Rate Regime Reduce Macroeconomic Volatility?
Carrera, J. & D. Bastourre (2004)
Fixed, Float or Intermediate? A Cross-COuntry Time Series Analysis Of Exchange Rate Regimes
Uctum, M. & I. Kato (2004)
Exchange Rate Regimes And Fiscal Performance. Do Fixed Exchange Rate Regimes Generate More Discipline Than Flexible Ones?
Vuletin, G.J. (2004)
Exchange Rate Regimes Past, Present and Future
Bordo, M.D., J. Christl, C. Just & H. James (2004)
Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China
Prasad, E., T. Rumbaugh & Q. Wang (2005)
Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
Senay, O. & A. Sutherland (2005)
Classifying exchange rate regimes: Deeds vs. words
Levy-Yeyati, E. & F. Sturzenegger (2005)
The global implications of regional exchange rate regimes
Dellas, H. & G. Tavlas (2005)
Macroeconomic effects of nominal exchange rate regimes: new insights into the role of price dynamics
Kollmann, R. (2005)
Effective Exchange Rate Classifications and Growth | Published
Dubas, J.M., B-J. Lee & N.C. Mark (2005/10)
Cataclysms and Currencies: Does The Exchange Rate Regime Matter for Real Shocks? | Published
Ramcharan, R. (2005/07)
Are Emerging Market Countries Learning to Float?
Hakura, D. (2005)
Peg the export price index: A proposed monetary regime for small countries
Frankel, J.A. (2005)
The original sin and the blessing trinity: An investigation
Özmen, E. & D. Arinsoy (2005)
Pitfalls in estimating equilibrium exchange rates for transition economies
Maeso-Fernandez, F., C. Osbat & B. Schnatz (2005)
A modified currency board system: Theory and evidence
Wu, Y. (2005)
Pegged Exchange Rate Regimes -- A Trap?
Aizenman, J. & R. Glick (2005)
Productivity Growth and the Exchange Rate Regime: The Role of Financial Development
Aghion, P., P. Bacchetta, R. Rancière & K. Rogoff (2005)
Welfare implications of joining a common currency
Ca’Zorzi, M., R.A. De Santis & F. Zampolli (2005)
Exchange Rate Regimes and Trade
Adam, C. & D. Cobham (2005)
Structural Reforms and the Exchange Rate Regime: A Panel Analysis for the World versus OECD Countries
Belke, A., B. Herz & L. Vogel (2005)
The duration of fixed exchange rate regimes
Walti, S. (2005)
Evaluation of Currency Regimes: The Unique Role of Sudden Stops
Razin, A. & Y. Rubinstein (2005)
Output Costs, Currency Crises, and Interest Rate Defense of a Peg
Lahiri, A. & C.A. Vegh (2005)
Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy | Published
Flandreau, M. & J. Komlos (2005/06)
Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
Armenter, R. & M. Bodenstein (2005)
Bi-Polar Disorder: Exchange Rate Regimes, Economic Crises and the IMF
Bird, G. & D. Rowlands (2005)
The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime | Published
di Giovanni, J. & J.C. Shambaugh (2006/08)
On the identification of de facto currency pegs
Bénassy-Quéré, A., B. Cœuré & V. Mignon (2006)
Openness and the case for flexible exchange rates
Corsetti, G. (2005)
De facto and official exchange rate regimes in transition economies
von Hagen, J. & J. Zhou (2005)
To Peg or Not to Peg: A Template for Assessing the Nobler
Husain, A.M. (2006)
The choice between fixed and flexible exchange rates: Which is best for a small open economy?
Berger, W. (2006)
Exchange Rate Regimes, Location, and Specialization
Ricci, L.A. (2006)
Fiscal Policy and Welfare under Different Exchange Rate Regimes
Finn, Ø. (2006)
Choice of exchange rate regime in transition economies: An empirical analysis
Markiewicz, A. (2006)
International Exchange Rate Systems - Where do we Stand?
Siebert, H. (2006)
The exchange rate – A shock-absorber or source of shocks? A study of four open economies
Artis, M. & M. Ehrmann (2006)
Target zones for exchange rates and policy changes
Driffill, J. & M. Sola (2006)
Deviations from purchasing power parity under different exchange rate regimes: Do they revert and, if so, how?
Sarno, L. & G. Valente (2006)
Capital inflows, fiscal discretion, and exchange rate policy
Cook, D. & M.B. Devereux (2006)
Implications of the Modigliani-Miller Theorem for the Study of Exchange Rate Regimes
Cunha, A.B. (2006)
Exchange Rate Regimes, Specialization and Trade Volume
Devereux, M.B. & G.M. Voss (2006)
Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head
Lahiri, A., R. Singh & C.A. Vegh (2006)
Abstract: A famous dictum in open economy macroeconomics -- which obtains in the Mundell-Fleming world of sticky prices and perfect capital mobility -- holds that the choice of the optimal exchange rate regime should depend on the type of shock hitting the economy. If shocks are predominantly real, a flexible exchange rate is optimal, whereas if shocks are mainly monetary, a fixed exchange rate is optimal. There is no obvious reason, however, why this paradigm should be the most appropriate one to think about this important issue. Arguably, asset market frictions may be as pervasive as goods market frictions (particularly in developing countries). In this light, we show that in a model with flexible prices and asset market frictions, the Mundell-Fleming dictum is turned on its head: flexible rates are optimal in the presence of monetary shocks, whereas fixed rates are optimal in response to real shocks. We thus conclude that the choice of an optimal exchange rate regime should depend not only on the type of shock (real versus monetary) but also on the type of friction (goods versus asset market).
On the Relevance of Exchange Rate Regimes for Stabilization Policy | Published
Adao, B., M.I.H. Correia & P. Teles (2006/09)
Exchange Rate Regimes, Globalisation, and the Cost of Capital in Emerging Markets
de los Rios, A.D. (2007)
Assessing China's Exchange Rate Regime
Frankel, J.A. & S-J. Wei (2007)
Parametric and Non-parametric Approaches to Exits from Fixed Exchange Rate Regimes
Asici, A.A. (2007)
Segmented Asset Markets and Optimal Exchange Rate Regimes
Lahiri, A., R. Singh & C.A. Vegh (2007)
Exchange Rate Regimes, Inflation and Growth in Developing Countries -- An Assessment
Bleaney, M. & M. Francisco (2007)
The choice of exchange rate regimes in developing countries: A multinomial panel analysis
von Hagen, J. & J. Zhou (2007)
Exchange rate dynamics in a target zone: a heterogeneous expectations approach
Bauer, C., P. De Grauwe & S. Reitz (2007)
IMF Support and Inter-regime Exchange rate Volatility
Arnold, I.J.M., R. MacDonald & C.G. de Vries (2007)
Expenditure-Switching Effect and the Choice of Exchange Rate Regime
Dong, W. (2007)
Pass-through of Exchange Rates and Competition Between Floaters and Fixers
Bergin, P.R. & R.C. Feenstra (2007)
Real exchange rate fluctuations, endogenous tradability and exchange rate regimes
Naknoi, K. (2008)
The dynamics of exchange rate regimes: Fixes, floats, and flips
Klein, M.W. & J.C. Shambaugh (2008)
Why Do Countries Peg the Way They Peg?The Determinants of Anchor Currency Choice
Meissner, C.M. & N. Oomes (2008)
Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights | Published
Frankel, J.A. & S-J. Wei (2008)
When is it Optimal to Abandon a Fixed Exchange Rate?
Rebelo, S. & C.A. Vegh (2008)
Abstract: The influential Krugman–Flood–Garber (KFG) model of balance of payment crises assumes that a fixed exchange rate is abandoned if and only if international reserves reach a critical threshold value. From a positive standpoint, the KFG rule is at odds with many episodes in which the central bank has plenty of international reserves at the time of abandonment. We study the optimal exit policy and show that from a normative standpoint, the KFG rule is generally suboptimal. We consider a model in which the fixed exchange rate regime has become unsustainable due to an unexpected increase in government spending. We show that when there are no exit costs, it is optimal to abandon immediately. When there are exit costs, the optimal abandonment time is a decreasing function of the size of the fiscal shock. For large fiscal shocks, immediate abandonment is optimal. Our model is consistent with evidence suggesting that many countries exit fixed exchange rate regimes with still plenty of international reserves in the central bank’s vault.
Exchange Rate Regimes and Capital Mobility: How Much of the Swoboda Thesis Survives? | Alternative
Eichengreen, B. (2008)
The Rise and Fall of the Dollar, or When did the Dollar Replace Sterling as the Leading Reserve Currency?
Eichengreen, B. & M. Flandreau (2008)
Forward-rate target zones and exchange rate dynamics
Lin, H.C. (2008)
Currency Misalignments and Exchange Rate Regimes in Emerging and Developing Countries | Published
Coudert, V. & C. Couharde (2008/09)
Exchange Rate Regimes and the Extensive Margin of Trade
Bergin, P.R. & C-Y. Lin (2008)
Exploring different views of exchange rate regime choice
Carmignani, F., E. Colombo & P. Tirelli (2008)
Does the Nominal Exchange Rate Regime Affect the Real Interest Parity Condition?
Dreger, C. (2008)
A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
Chinn, M.D. & S-J. Wei (2008)
The Classification and Perfomance of Alternative Exchange-Rate Systems
Tavlas, G., H. Dellas & A. Stockman (2008)
Not Complements, But Substitutes: Fixed Exchange Rate Commitments, Central Bank Independence, and External Currency Stability
Bearce, D.H. (2008)
Automatic stabilizer feature of fixed exchange rate regimes
Aysun, U. (2008)
SURVEY PAPER
SURVEY PAPER
Harms, P. & M. Kretschmann (2009)
Does the currency regime shape unhedged currency exposure? | Published
Patnaik, I. & A. Shah (2008/10)
The Benefit of Exchange Rate Flexibility, Trade Openness and Extensive Margin
Naknoi, K. (2008)
Determinants of exchange rate regime switching
Fiess, N. & R. Shankar (2009)
Openness, exchange rate regimes and the Phillips curve
Bowdler, C. (2009)
Institutional development and the choice of exchange rate regime: A cross-country analysis
Hossain, M. (2009)
The Name of the Rose: Classifying 1930s Exchange-Rate Regimes
Urban, S.A. (2009)
Choosing and assessing exchange rate regimes: A survey of the literature
SURVEY PAPER
Cruz Rodriguez, A. (2009)
The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility
Kaltenbrunner, A. & M. Nissanke (2009)
Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rates Regimes
Hall, S. (2009)
The Importance of the Exchange Rate Regime in Limiting Misalignment
Dubas, J.M. (2009)
Revised System for the Classification of Exchange Rate Arrangements
Habermeier, K.R., A. Kokenyne, R. Veyrune & H. Anderson (2009)
Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Mitchener, J.M. & M.D. Weidenmier (2009)
Structure and evolution of the foreign exchange networks
Kwapien, J., S. Gworek & S. Drozdz (2009)
Analysis of a network structure of the foreign currency exchange market
Kwapien, J., S. Gworek, S. Drozdz & A. Gorski (2009)
Exchange rate regimes, globalisation, and the cost of capital in emerging markets
de los Rios, A.D. (2009)
Exchange Rate Regimes in Developing and Emerging Economies and the Incidence of IMF Programs
Bird, G. & D. Rowlands (2009)
Advantages of Fixed Exchange Rate Regime from a General Equilibrium Perspective
Ajevskis, V. & K. Vitola (2009)
Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes
Frankel, J.A. & D. Xie (2009)
Deciding to Peg the Exchange Rate in Developing Countries:The Role of Private-Sector Debt
Harms, P. & M. Hoffmann (2009)
Analysis of exchange-rate regime effect on growth: theoretical channels and empirical evidence with panel data
Petreski, M. (2009)
Modeling Sample Selection for Durations with Time-Varying Covariates, with an Application to the Duration of Exchange Rate Regimes
Boehmke, F.J. & C.M. Meissner (2009)
On the endogeneity of exchange rate regimes | Published
Levy-Yeyati, E., F. Sturzenegger & I. Reggio (2009/10)
Exchange Rate Choices of Microstates
Imam, P.A. (2010)
The Empirics of Exchange Rate Regimes and Trade: Words vs. Deeds
Qureshi, M.S. & C.G. Tsangarides (2010)
Exchange Rate Regimes in the Modern Era
Klein, M.W. & J.C. Shambaugh (2010)
Abstract: An analysis of the operation and consequences of exchange rate regimes in an era of increasing international interdependence.
Terms of Trade Shocks and Economic Performance Under Different Exchange Rate Regimes
Ahmad, A.H. & E.J. Pentecost (2010)
Foreign direct investment and exchange rate regimes
Busse, M., C. Hefeker & S. Nelgen (2010)
Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky
Rose, A.K. (2010)
A Case for Intermediate Exchange-Rate Regimes
Salins, V. & A. Benassy-Quere (2010)
The macroeconomic effects of monetary and fiscal policy in a small open economy: Does the exchange rate regime matter?
Darius, R. (2010)
The Fall of the Vanishing Interim Regime Hypothesis: Towards a New Paradigm of the Choice of the Exchange Rate Regimes
Jurek, M. (2011)
Pegs and Pain
Schmitt-Grohé, S. & M. Uribe (2011)
Limits of Floating Exchange Rates: the Role of Foreign Currency Debt and Import Structure | Published
Towbin, P. & S. Weber (2011/13)
Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression
Mathy, G.P. & C.M. Meissner (2011)
Words vs. Deeds: What Really Matters?
Ghosh, A.R., M.S. Qureshi, M. Saeed & C. Tsangarides (2011)
The role of financial development in exchange rate regime choices
Lin, S. & H. Ye (2011)
International monetary arrangements for the 21st century—Which way?
Hossain, M. (2011)
Testing the bounds: Empirical behavior of target zone fundamentals
Miller, J.I. (2011)
Exchange rate regime verification: An alternative method of testing for regime changes
Ahmad, A.H., D.I. Harvey & E.J. Pentecost (2011)
How Reliable are De Facto Exchange Rate Regime Classifications?
Eichengreen, B. & R. Razo-Garcia (2011)
Fixed Exchange Rate Versus Inflation Targeting: Evidence from DSGE Modelling
Ajevskis V. & K. Vitola (2011)
How Flexible Can Inflation Targeting Be and Still Work?
Kuttner, K. & A.S. Posen (2011)
Exchange rate arrangements and misalignments: contrasting words and deeds
Yougbaré, L. (2011)
Mark my Words: Information and the Fear of Declaring one’s Exchange Rate Regime | Published
Méon, P-G. & G. Minne (2011/14)
Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky
SURVEY PAPER
Rose, A.K. (2011)
Capital market imperfections and the theory of optimum currency areas
Agénor, P-R. & J. Aizenman (2011)
On the Distribution of Exchange Rate Regime Treatment Effects on International Trade
Dorn, S. & P. Egger (2011)
Global Imbalances, Exchange Rate Pegs and Capital Flows: A Closer Look
van den Noord, P. (2011)
Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries
Abbott, A., D.O. Cushman & G. De Vita (2012)
Hard or Soft Pegs? Choice of Exchange Rate Regime and Trade in Africa
Qureshi, M.S. & C.G. Tsangarides (2012)
Analysis of an unannounced foreign exchange regime change
Khemraj, T. & S. Pasha (2012)
Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?
Lonkeng Ngouana, C. (2012)
Remittances, Exchange Rate Regimes and the Dutch Disease: A Panel Data Analysis
Lartey, E.K.K., F.S. Mandelman & P.A. Acosta (2012)
Prudential Policy for Peggers
Schmitt-Grohe, S. & M. Uribe (2012)
Managing Currency Pegs
Schmitt-Grohé, S. & M. Uribe (2012)
Exchange rate regimes and fiscal multipliers
Born, B., F. Juessen & G. Müller (2012)
Explaining Shifts in Exchange Rate Regimes
Bird, G., A. Mandilaras & H. Popper (2012)
Bayesian estimation of exchange rate regime choice with spatial effect
Zhang, G. (2012)
Budgetary consolidation under different exchange rate regimes
Beetsma, R., M. Giuliodori & J. Hanson (2012)
Is the exchange rate regime really irrelevant for external adjustment?
Ghosh, A.R., M.S. Qureshi & C.G. Tsangarides (2012)
The "Great Moderation" in a Dual Exchange Rate Regime
Arndt, S.W. (2012)
Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries
Pontines, V. & R.Y. Siregar (2012)
International financial integration and national price levels: The role of the exchange rate regime
Hoffmann, M. & P. Tillmann (2012)
Does exchange rate control improve inflation targeting in emerging economies?
Pourroy, M. (2012)
Fiscal Policy, Monetary Regimes and Current Account Dynamics
Hohberger, S. & B. Herz (2012)
Welfare analysis of currency regimes with defaultable debts
Araujo, A., M. Leon & R. Santos (2013)
Fixed currency regimes and the time pattern of trade effects
Dorn, S. & P.H. Egger (2013)
Exchange Rate Target Zones: A Survey of the Literature
SURVEY PAPER
Duarte, A.P., J.S. Andrade & A. Duarte (2013)
Evaluating the effect of de facto pegs on currency crises
Esaka, T. (2013)
Fixed currency regimes and the time pattern of trade effects
Dorn, S. & P.H. Egger (2013)
Convergence, capital accumulation and the nominal exchange rate
Benczur, P. & I. Konya (2013)
Duration of Fixed Exchange Rate Regimes in Emerging Economies
Tamgac, U. (2013)
Carry Trade, Reserve Accumulation, and Exchange-Rate Regimes
Alfaro, L. & F. Kanczuk (2013)
Exchange rate regimes and asset prices
Dellas, H. & G. Tavlas (2013)
Surprising Similarities: Recent Monetary Regimes of Small Economies | Published
Rose, A.K. (2013/14)
Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime | Published
Berg, A., R.A. Portillo & L-F. Zanna (2014)
An Empirical Inquiry into the Role of Sectoral Diversification in Exchange Rate Regime Choice
Chowdhury, M.T.H., P.S. Bhattacharya, D. Mallick & M.A. Ulubasoglu (2014)
Crises and Exchange Rate Regimes: Time to break down the bipolar view?
Combes, J-L., A. Minea & M.N. Sow (2014)
The Devil you Know: Pegs vs Floats with Uncertain Outcomes
Bizuneh, M. & N. Valev (2014)
Exchange Rate Regimes and Business Cycles: An Empirical Investigation
Erdem, F.P. & E. Ozmen (2014)
Friedman Redux: External Adjustment and Exchange Rate Flexibility | Published
Ghosh, A.R., M.S. Qureshi & C.G. Tsangarides (2014/18)
The Bond Market: An Inflation-Targeter's Best Friend
Rose, A.K (2014)
Monetary policy credibility and exchange rate pass-through: Some evidence from emerging countries
Aleem, A. & A. Lahiani (2014)
Capital Inflows, Exchange Rate Regimes and Credit Dynamics in Emerging Market Economies
Boudias, R. (2014)
Exchange Rate Flexibility under the Zero Lower Bound | Published
Cook, D. & M.B. Devereux (2014/16)
Exchange rate regimes and foreign exchange exposure: The case of emerging market firms
Ye, M., E. Hutson & C. Muckley (2014)
Examining the volatility of exchange rate: Does monetary policy matter?
Lim, S.Y. & S.K. Sek (2014)
Dynamic Effect of a Change in the Exchange Rate System: From a Fixed Regime to a Basket-Peg or a Floating Regime
Yoshino, N., S. Kaji & T. Asonuma (2015)
Fixed exchange rate regimes, real undervaluation and economic growth
Mao, R. & Y. Yao (2015)
On the distribution of exchange rate regime treatment effects on international trade
Dorn, S. & P. Egger (2015)
De Facto Exchange Rate Regime Classifications Are Better Than You Think
Bleaney, M., N. Tian & L. Yin (2015)
Exchange rate misalignments and the external balance under a pegged currency system | Published
Gnimassoun, B. (2015/17)
Financial development, exchange rate regimes and productivity growth: Theory and evidence
Slavtcheva, D. (2015)
The role of the exchange rate regime in the process of real and nominal convergence
D'Adamo, G. & R. Rovelli (2015)
Global Trends in the Choice of Exchange Rate Regime
Bleaney, M., M. Tian & L. Yin (2015)
On the sustainability of exchange rate target zones with central parity realignments
Martínez-García, E. (2015)
Exchange rate regimes and current account adjustment: an empirical investigation | Published
Eguren-Martin, F. (2015/16)
Export diversification and exchange-rate regimes: Evidences from 72 developing countries
Liu, X. & J. Zhang (2015)
Persistent real misalignments and the role of the exchange rate regime
Caputo, R. (2015)
Inflation Targeting and Exchange Rate Regimes in Emerging Markets | Published
Ebeke, C. & A. Fouejieu (2015/18)
Floating with a Load of FX Debt?
Kliatskova, T. & U. Mikkelsen (2015)
Global Liquidity and Monetary Policy Autonomy
Angrick, S. (2015)
How false beliefs about exchange rate systems threaten global growth and the existence of the Eurozone
White, W.R. (2015)
Current account dynamics, real exchange rate adjustment, and the exchange rate regime in emerging-market economies
Gervais, O., L. Schembri & L. Suchanek (2016)
Quantitative modelling of the EUR/CHF exchange rate during the target zone regime of September 2011 to January 2015
Lera, S.C. & D. Sornette (2016)
Optimal exchange rate flexibility with large labor unions
Cuciniello, V. & L. Lambertini (2016)
Austerity and recovery: Exchange rate regime choice, economic growth, and financial crises
Bohl, M.T., P. Michaelis & P.L. Siklos (2016)
Classifying Exchange Rate Regimes: 15 Years Later
Levy Yeyati, E. & F. Sturzenegger (2016)
Does the microsimulation approach used in macro-micro modelling matter? An application to the distributional effects of capital outflows during Argentina's Currency Board regime
Debowicz, D. (2016)
Financial market segmentation and choice of exchange rate regimes
Mathur, V. & C. Subramanian (2016)
Dynamic Efficiency of Stock Markets and Exchange Rates | Published
Sensoy, A. & B.M. Tabak (2016)
Global Financial Conditions and Monetary Policy Autonomy
Caceres, C., Y. Carriere-Swallow & B. Gruss (2016)
The Case for Flexible Exchange Rates in a Great Recession
Corsetti, G., K. Kuester & G.J. Müller (2016)
Currency Misalignments in emerging and developing countries: reassessing the role of exchange rate regimes
Couharde, C. & C. Grekou (2016)
Exchange Rate Regimes and Growth Collapses
Bleaney, M., S. Saxena & L. Yin (2016)
Purchasing power parity and the behavior of prices and nominal exchange rates across exchange-rate regimes
Lothian, J.R. (2016)
Pegxit Pressure: Evidence from the Classical Gold Standard | Published
Mitchener, K.J. & C. Pina (2016/20)
Fiscal Discipline and Exchange Rates: Does Politics Matter?
Jalles, J.T., C. Mulas-Granados & J. Tavares (2016)
Monetary Policy Credibility and Exchange Rate Pass-Through
Carriere-Swallow, Y., B. Gruss, N.E. Magud & F. Valencia (2016)
Exchange Rate Flexibility and the Effect of Remittances on Economic Growth
Lartey, E.K.K. (2016)
Dissecting Exchange Rates and Fundamentals in the Modern Floating Era: The Role of Permanent and Transitory Shocks
Chou, Y-S. (2017)
The Missing Bretton Woods Debate over Flexible Exchange Rates
Irwin, D.A. (2017)
Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold? | Published
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2017/19)
The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2017)
Exchange Rate Flexibility, Financial Market Openness and Economic Growth
Lee , I.H., K. Kim & E. Kang (2017)
A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies | Published
Obstfeld, M., J.D. Ostry & M.S. Qureshi (2017/19)
Output stabilization in fixed and floating regimes: Does trade of new products matter?
Cavallari, L. & S. D'Addona (2017)
Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments
Iyer, T. (2017)
Foreign Financial Deregulation under Flexible and Fixed Exchange Rates
Welfens, P.J.J. (2017)
Systematic Managed Floating
Frankel, J.A. (2017)
Borrowing Credibility: Global Banks and Monetary Regimes
Grittersová, J. (2017)
Exchange rate regimes and FDI in developing countries: A propensity score matching approach
Cushman, D.O. & G. De Vita (2017)
Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession
Corsetti, G., K. Kuester & G. Müller (2017)
Dealing with time-inconsistency: Inflation targeting vs. exchange rate targeting
Davis, J.S., I. Fujiwara & J. Wang (2017)
Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis
Balima, H.W., E.G. Kilama & R. Tapsoba (2017)
IT Countries: A Breed Apart? the case of Exchange Rate Pass-Through
López-Villavicencio, A. & M. Pourroy (2017)
The Continuing Validity of Monetary Policy Autonomy Under Floating Exchange Rates
Nelson, E. (2017)
Asset Prices under Alternative Exchange Rate Regimes
Aregger, N. (2018)
Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets
Obstfeld, M., J.D. Ostry & M.S. Qureshi (2018)
Trilemma, dilemma and global players
Ligonniere, S. (2018)
Are inflation targets credible? A novel test
Mehrotra, A. & J. Yetman (2018)
Discretionary policy in a small open economy: Exchange rate regimes and multiple equilibria
Himmels, C. & T. Kirsanova (2018)
Does a flexible exchange rate regime increase inflation persistence?
Wu, J-W. & J-L. Wu (2018)
Informal one-sided target zone model and the Swiss franc
Chen, Y-F., M. Funke & R. Moessner (2018)
Exchange rate regimes, devaluations and growth collapses
Bleaney, M., S. Saxena & L. Yin (2018)
A market-based measure for currency risk in managed exchange rate regimes
Eichler, S. & I. Roevekamp (2018)
Global credit supply shocks and exchange rate regimes
Ben Zeev, N. (2019)
When do fixed exchange rates work? Evidence from the Gold Standard
Chen, Y. & F. Ward (2019)
Classifying de facto exchange rate regimes of financially open and closed economies: A statistical approach
Dabrowski, M.A., M. Papiez & S. Smiech (2019)
China's rise, asymmetric trade shocks and exchange rate regimes
Caselli, F.G. (2019)
Exchange rate regimes in a liquidity trap
Badarau, C. & I. Sangaré (2019)
China's Evolving Exchange Rate Regime
Das, S. (2019)
Liquidity Management under Fixed Exchange Rate with Open Capital Account
El Hamiani Khatat, M. & R.M. Veyrune (2019)
Change of Monetary Regime, Contracts, and Prices: Lessons from the Great Depression, 1932-1935 | Published
Edwards, S. (2019/20)
A Re-Evaluation of the Choice of an Inflation Target in the Wake of the Global Financial Crisis
Froyen, R.T. & A.V. Guender (2019)
National culture and the choice of exchange rate regime
Cao, Z., S. El Ghoul, O. Guedhami & C. Kwok (2019)
Exchange Rate Policy in Emerging Economics: Should Floating Be Clean or Dirty?
Bird, G. (2019)
Firm turnover in the export market and the case for fixed exchange rate regime
Hamano, M. & F. Pappadà (2020)
Harry Johnson's "Case for Flexible Exchange Rates" - 50 Years Later
Obstfeld, M. (2020)
Do fixers perform worse than non-fixers during global recessions and recoveries?
Terrones, M.E. (2020)
Price and wage inflation persistence across countries and monetary regimes
Di Bartolomeo, G., M. Di Pietro & E. Beqiraj (2020)
Milton Friedman and Exchange Rates in Developing Countries
Edwards, S. (2020)
The welfare implications of exchange rate choices in developing agricultural economies
Iyer, T. (2020)
How do countries choose their monetary policy frameworks?
Cobham, D. & M. Song (2020)
The Fata Morgana of Exchange Rate Regimes: Reconciling the LYS and the RR classifications
Couharde, C. & C. Grekou (2020)
Exchange Rates and Insulation in Emerging Markets
Eichengreen, B., D. Park, A. Ramayandi & K. Shin (2020)
The impact of US monetary policy on managed exchange rates and currency peg regimes
Roevekamp, I. (2021)
The Exchange Rate Insulation Puzzle
Corsetti, G., K. Kuester, K., G.J. Müller & S. Schmidt (2021)
A comprehensive classification of monetary policy frameworks in advanced and emerging economies
Cobham, D. (2021)
Fixed exchange rate - a friend or foe of labor cost adjustments?
Milivojevic, L. & B. Tatar (2021)
Effective Exchange Rate Regimes and Inflation
Harms, P. & J. Knaze (2021)
Exchange rate flexibility, the real exchange rate, and adjustment to terms-of-trade shocks
Carrière-Swallow, Y., N.E. Magud & J.F. Yépez (2021)
Output volatility and exchange rates: New evidence from the updated de facto exchange rate regime classifications
Dabrowski, M.A., M. Papiez & S. Slawomir (2021)
Economic performance under different monetary policy frameworks
Cobham, D., P. Macmillan, C. Mason & M. Song (2021)
Fiscal regimes and the exchange rate
Alberola-Ila, A., C. Cantú, P. Cavallino & N. Mirkov (2021)
Bilateral de-jure exchange rate regimes and foreign direct investment: A gravity analysis
Harms, P. & J. Knaze (2021)
Exchange rate regimes and price efficiency: Empirical examination of the impact of financial crisis
Diniz-Maganini, N., A.A. Rasheed & H.H. Sheng (2021)
The Currency Board Debate of the 1940s-1960s
Thakkar, P. (2021)
How does the ZLB affect the properties of alternative exchange rate systems?
Balfoussia, H., H. Dellas, D. Papageorgiou & E. Vourvachaki (2021)
Rethinking Exchange Rate Regimes
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2021)
Better Two Eyes than One: A Synthesis Classification of Exchange Rate Regimes
Couharde, C. & C. Grekou (2021)
Macroeconomic policy under a managed float: a simple integrated framework
Agénor, P-R. & L.A. Pereira da Silva (2021)
The Exchange Rate as a Shock Absorber and Amplifier: An Analysis of the Transmission Channels and the Policy Toolbox in Small Open Economies
Dvoskin, A. & S. Katz (2021)
The impact of the exchange rate regime on the dispersion of the price-change distribution: Evidence from a large panel of countries
Abdelraouf, N. & D. Noureldin (2022)
Flexible exchange rates in emerging markets: shock absorbers or drivers of endogenous cycles?
Kohler, K. & E. Stockhammer (2022)
Gold rush: the political economy of the Yugoslavian gold exchange standard
Jevtic, A.R. (2022)
Optimal Currency Areas with Labor Market Frictions
Kekre, R. (2022)
Currency regimes and external competitiveness: the role of institutions, trade agreements and monetary frameworks
Aman, Z., S. Mallick & I. Nemlioglu (2022)
Weather Shocks and Exchange Rate Flexibility | Published
Elekdag, S. & M. Tuuli (2022/23)
Output Divergence in Fixed Exchange Rate Regimes: Is the Euro Area Growing Apart?
Chen, Y. & F. Ward (2022)
Better two eyes than one: A synthesis classification of exchange rate regimes
Couharde, C. & C. Grekou (2022)
Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimes
Banerjee, R.N., V. Boctor, A. Mehrotra & F. Zampolli (2022)
Exchange arrangements and economic growth. What relationship is there?
Cruz-Rodríguez, A. (2022)
Classifying Exchange Rate Regimes: 20 Years Later
Levy Yeyati, E. & F. Sturzenegger (2022)
One country, two currencies: The adoption of the Hong Kong currency board, 1983
Rognes, A.M. & C.R. Schenk (2022)
Macro-financial policies under a managed float: A simple integrated framework
Agénor, P-R., L.A. Pereira da Silva (2023)
Fallacy of floating? Reconsidering the ability of flexible exchange rates to offset terms-of-trade volatility in developing countries
Popescu, I.O. (2023)
A model of the gold standard
Fernández-Villaverde, J. & D. Sanches (2023)
Trade and Welfare Under Alternative Exchange Rate Regimes
Singh, R. (2023)
Inflation Indexation: Current International Practices
Balasundharam, V., A. Kayastha, M.P. Ribeiro (2023)
The "real" exchange rate regime in China since 2015's exchange rate reform
Chen, J. (2024)
The anatomy of a peg: lessons from China's parallel currencies
Bahaj, S. & R. Reis (2024)
The industrial cost of fixed exchange rate regimes
Mignon, V., B. Gnimassoun & C. Grekou (2024)
Monetary Regimes and Real Exchange Rates: Long-Run Evidence at the Product Level
Kim, K., M. Mello & C. Petracchi (2024)
An assessment of inflation targeting
Milas, C., T. Dergiades, T. Panagiotidis & G. Papapanagiotou (2024)
The Macro Neutrality of Exchange-Rate Regimes in the presence of Exporter-Importer Firms
Petracchi, C. (2024)
The Industrial Cost of Fixed Exchange Rate Regimes
Gnimassoun, B., C. Grekou & V. Mignon (2024)
Energy Price Dynamics in the Face of Uncertainty Shocks and the role of Exchange Rate Regimes: A Global Cross-Country Analysis
Afonso, A., J. Alves, J. Jalles & S. Monteiro (2024)
Exchange rate regime and optimal policy: The case of China
Cho, Y., Y. He, Y. Huang, J. Wang & C. Yu (2025)
Stablecoin price dynamics under a peg-stabilising mechanism
Hui, C-H., A. Wong & C-F. Lo (2025)
Exchange rate regime changes and market efficiency: An event study
Corzo, T., K. Martin-Bujack, J. Portela & A. Rodríguez-Gallego (2025)
Due to the vast amount of literature in this field, a separate page on financial crises has been set up. You can access it here.
International Business Cycles
Ahmed, P., B. Ickes, P. Wang & S. Yoo (1993)
Abstract: The authors estimate a dynamic two-country model in which economic fluctuations are driven by a worldwide supply shock; country-specific supply shocks; and relative fiscal, money, and preference shocks. Identification is achieved using only long-run restrictions based on a theoretical model. The main results are: (1) supply shocks, particularly country-specific ones, are very important in generating international business cycles and (2) although the post-1973 flexible-exchange-rate period has been inherently more volatile, there are no differences in transmission properties of economic disturbances across exchange-rate regimes for the endogenous variables they focus on.
What Can Explain the Apparent Lack of International Consumption Risk Sharing?
Lewis, K.K. (1996)
International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)
Brandt, M.W., J.H. Cochrane & P. Santa-Clara (2001)
Spurious Welfare Reversals in International Business Cycle Models
Kim, J. & S.H. Kim (2001)
Capital Imports and the Jacksonian Economy: The Business Cycle and the Balance of Payments
Dick, T. J. O. & J.E. Floyd (2001)
Variable Factor Utilization and International Business Cycles
Baxter, M. & D. Farr (2001)
Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
Dedola, L. & S. Leduc (2001)
The Rise in Comovement Across National Stock Markets: Market Integration or Global Bubble?
Brooks, R.J. & M. Del Negro (2002)
Synchronized Business Cycles in East Asia: Fluctuations in the Yen/Dollar Exchange Rate and China’s Stabilizing Role
McKinnon, R. & G. Schnabl (2002)
The Trade Comovement Problem in International Macroeconomics
Kose, M.A. & K.M. Yi (2002)
Substitution elasticities and investment dynamics in international business cycle models
Pakko, M.R. (2003)
The trade comovement problem in international macroeconomics
Kose, M.A. & K.M. Yi (2003)
How Does Globalization Affect the Synchronization of Business Cycles?
Kose, A., E.S. Prasad & M.E. Terrones Silva (2003)
International Business Cycles: The Quantitative Role of Transportation Costs
Mazzenga, E. & M. Ravn (2003)
How much does international trade affect business cycle synchronization?
Gruben, W.C., J. Koo & E. Millis (2003)
Are They All in the Same Boat? The 2000-01 Growth Slowdown and the G-7 Business Cycle Linkages
Helbling, T. & T. Bayoumi (2003)
Trade, Finance, Specialization, and Synchronization | Published
Imbs, J. (2003)
International Transmission of Business Cycles in an Increasingly Integrated Trade Structure, Industrial Structure, and International Business Cycles
Baxter, M. & M.A. Kouparitsas (2003)
How Does Globalization Affect the Synchronization of Business Cycles?
Kose, M.A., E.S. Prasad amp; M.E. Terrones (2003)
Understanding Changes in International Business Cycle Dynamics
Stock, J.H. & M.W. Watson (2003)
Abstract: The volatility of economic activity in most G7 economies has moderated over the past forty years. Also, despite large increases in trade and openness, G7 business cycles have not become more synchronized. After documenting these twin facts, we interpret G7 output data using a structural VAR that separately identifies common international shocks, the domestic effects of spillovers from foreign idiosyncratic shocks, and the effects of domestic idiosyncratic shocks. This analysis suggests that, with the exception of Japan, the widespread reduction in volatility is in large part associated with a reduction in the magnitude of the common international shocks. Had the common international shocks in the 1980s and 1990s been as large as they were in the 1960s and 1970s, G7 business cycles would have been substantially more volatile and more highly synchronized than they actually were.
Home Bias and the Structure of International and Regional Business Cycles
Artis, M.J. & M. Hoffmann (2003)
International Business Cycles: World, Region, and Country-Specific Factors
Kose, M.A., C. Otrok & C.H. Whiteman (2003)
Tariffs and the Great Depression Revisited
Crucini, M.J. & J. Kahn (2003)
Country Spreads and Emerging Countries: Who Drives Whom? | Published
Uribe, M. & V.Z. Yue (2003/06)
A spectral analysis of the cross-country consumption correlation puzzle
Pakko, M.R. (2003)
The transmission mechanism in a changing world
Artis, M.J., A.B.C. Galvao & M. Marcellino (2003)
Have National Business Cycles Become More Synchronized?
Bordo, M.D. & T. Helbling (2003)
Volatility and Comovement in a Globalized World Economy: An Empirical Exploration
Kose, A., E.S. Prasad, & M.E. Terrones Silva (2003)
International business cycles under fixed and flexible exchange rate regimes
Kouparitsas, M.A. (2003)
Determinants of Business Cycle Comovement: A Robust Analysis | Published | Comment
Baxter, M. & M.A. Kouparitsas (2004)
Financial globalization and real regionalization
Heathcote, J. & F. Perri (2004)
The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G7
Artis, M.J., D.R. Osborn & P. Perez-Vazquez (2004)
Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach
Smets, F. & R. Wouters (2004)
Financial Globalization, International Business Cycles and Consumption Risk Sharing
Artis, M.J. & M. Hoffmann (2004)
Consumption and Real Exchange Rates with Incomplete Markets and Non-traded Goods | Published
Benigno, G. & C. Thoenissen (2004/08)
Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
Ehrmann, M., M. Fratzscher & R. Rigobon (2005)
Deflation and the International Great Depression: A Productivity Puzzle
Cole, H.L., L.E. Ohanian & R. Leung (2005)
Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic
Darvas, Z., A.K. Rose & G. Szapary (2005)
Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth
Sorensen, B.E., Y-T. Wu, O. Yosha & Y. Zhu (2005)
Can the Standard International Business Cycle Model Explain the Relation Between Trade and Comovement? | Published
Kose, M.A. & K-M. Yi (2005/06)
Has Financial Development Made the World Riskier?
Rajan, R.G. (2005)
Global Inflation
Ciccarelli, M. & B. Mojon (2005)
Intra- and international risk-sharing in the short run and the long run
Becker, S.O. & M. Hoffmann (2006)
International business cycles with domestic and foreign lenders
Iacoviello, M. & R. Minetti (2006)
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
Lewis, K.K. (2006)
Trade intensity and business cycle synchronization: Are developing countries any different?
Calderón, C., A. Chong & E. Stein (2007)
Heterogeneous preferences and equilibrium trading volume
Berrada, T., J. Hugonnier & M. Rindisbacher (2007)
Similarities and convergence in G-7 cycles
Canova, F., M. Ciccarelli & E. Ortega (2007)
Business Cycle Accounting
Chari, V.V., P.J. Kehoe & E.R. McGrattan (2007)
Abstract: We propose a simple method to help researchers develop quantitative models of economic fluctuations. The method rests on the insight that many models are equivalent to a prototype growth model with time-varying wedges that resemble productivity, labor and investment taxes, and government consumption. Wedges that correspond to these variables—efficiency, labor, investment, and government consumption wedges—are measured and then fed back into the model so as to assess the fraction of various fluctuations they account for. Applying this method to U.S. data for the Great Depression and the 1982 recession reveals that the efficiency and labor wedges together account for essentially all of the fluctuations; the investment wedge plays a decidedly tertiary role, and the government consumption wedge plays none. Analyses of the entire postwar period and alternative model specifications support these results. Models with frictions manifested primarily as investment wedges are thus not promising for the study of U.S. business cycles.
Finance and international business cycles
Faia, E. (2007)
Business cycles with staggered prices and international trade in intermediate inputs
Huang, K.X.D. & Z. Liu (2007)
The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice
Matsumoto, A. (2007)
Monetary regime change and business cycles
Cúrdia, V. & D. Finocchiaro (2007)
Twin Deficits, Openness and the Business Cycle
Corsetti, G. & G.J. Mueller (2007)
High level of international risk sharing when the productivity growth contains long run risk
Chang, Y. (2007)
How Does Financial Globalization Affect Risk Sharing? Patterns and Channels | Published
Kose, M.A., E. Prasad & M. Terrones (2007/09)
International Diversification Gains and Home Bias in Banking
García-Herrero, A. & F.F. Vázquez (2007)
Changing Nature of North-South Linkages: Stylized Facts and Explanations
Akin, C. & M.A. Kose (2007)
Comovements in international stock markets
Morana, C. & A. Beltratti (2008)
Trade, Production Sharing, and the International Transmission of Business Cycles
Burstein, A., C. Kurz & L. Tesar (2008)
On the empirics of international smoothing
Asdrubali, P. & S. Kim (2008)
Stochastic Discount Factor Approach to International Risk-Sharing: Evidence from Fixed Exchange Rate Episodes
Hadzi-Vaskov, M. & C.J.M. Kool (2008)
Net exports, consumption volatility and international business cycle models
Raffo, A. (2008)
Understanding the evolution of world business cycles
Kose, M.A., C. Otrok & C.H. Whiteman (2008)
Closing international real business cycle models with restricted financial markets
Boileau, M. & M. Normandin (2008)
Global Business Cycles: Convergence or Decoupling? | Published
Kose, M.A., C. Otrok & E. Prasad (2008/12)
Trade elasticity of substitution and equilibrium dynamics | Published
Bodenstein, M. (2008/10)
International Financial Remoteness and Macroeconomic Volatility | Published
Rose, A.K. & M.M. Spiegel (2008/09)
What Are the Driving Forces of International Business Cycles? | Published
Crucini, M.J., M.A. Kose & C. Otrok (2008/10)
Vertical specialization and international business cycle synchronization
Arkolakis, C. & A. Ramanarayanan (2008)
Financial Integration and Business Cycle Synchronization
Kalemli-Ozcan, S., E. Papaioannou & J.L. Peydro (2009)
On the international transmission of technology shocks
Enders, Z. & G.J. Müller (2009)
Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis | Published
Dooley, M.P. & M.M. Hutchison (2009)
International business cycles and the relative price of investment goods
Basu, P. & C. Thoenissen (2009)
Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement
di Giovanni, J. & A.A. Levchenko (2009)
Commodity Terms of Trade: The History of Booms and Busts
Spatafora, N. & I. Tytell (2009)
International Risk Sharing During the Globalization Era
Flood, R.P., N.P. Marion & A. Matsumoto (2009)
Cointegrated TFP Processes and International Business Cycles
Rabanal, P., J.F. Rubio-Ramirez & V. Tuesta (2009)
Regime Switches in GDP Growth and Volatility: Some International Evidence and Implications for Modeling Business Cycles
Smith, P. & P.M. Summers (2009)
Cointegrated TFP processes and international business cycles
Rabanal, P., J.F. Rubio-Ramirez & V. Tuesta (2009)
International portfolio reallocation: Diversification benefits and European monetary union
De Santis, R.A. & B. Gérard (2009)
International Business Cycle Accounting
Otsu, K. (2009)
Medium-term business cycles in developing countries
Comin, D., N. Loayza, F. Pasha & L. Serven (2009)
Modeling News-Driven International Business Cycles | Published
Beaudry, P., M. Dupaigne & F. Portier (2009/10)
Limited asset market participation and the consumption-real exchange rate anomaly
Kollmann, R. (2010)
Global versus country-specific shocks and international business cycles
Boileau, M., M. Normandin & B.P. Fosso (2010)
Terms of Trade Shocks and Fiscal Cycles
Kaminsky, G.L. (2010)
Market power in banking, countercyclical margins and the international transmission of business cycles
Olivero, M.P. (2010)
Leverage constraints and the international transmission of shocks
Devereux, M.B. & J. Yetman (2010)
Inflation targeting and business cycle synchronization
Flood, R.P. & A.K. Rose (2010)
Banking Globalization and International Business Cycles | Published
Ueda, K. (2010/12)
Organizational Capital and the International Co-movement of Investment | Published
Johri, A., M-A. Letendre & D. Luo (2010/11)
International Business Cycle Spillovers
Yilmaz, K. (2010)
Business Cycles around the Globe: A Regime-switching Approach
Altug, S.G. & M. Bildirici (2010)
Global Banking and International Business Cycles | Published
Enders, Z., R. Kollmann & G. Müller (2010/11)
The First Global Recession in Decades
Imbs, J. (2010)
Technology Shocks: Novel Implications for International Business Cycles
Raffo, A. (2010)
Investment - Specific Technology Shocks and International Business Cycles: An Empirical Assessment
Rabanal, P., F. Mandelman, J.F. Rubio-Ramirez & D. Vilan (2010)
Incentive problems and the pattern of international risk sharing
Eijffinger, S. & W. Wagner (2010)
Banking globalization and international business cycles
Ueda, K. (2010)
Deconstructing The International Business Cycle: Why Does A U.S. Sneeze Give The Rest Of The World A Cold?
Bayoumi, T. & T.T. Bui (2010)
Do Credit Shocks Matter? A Global Perspective | Published
Helbling, T., R. Huidrom, M.A. Kose & C. Otrok (2010/11)
Exporting recessions: International links and the business cycle
Yetman, J. (2010)
International comovements, business cycle and inflation: A historical perspective
Mumtaz, H., S. Simonelli & P. Surico (2010)
How does multinational production change international comovement?
Contessi, S. (2010)
Is History a Blessing or a Curse? International Borrowing without Commitment, Leapfrogging and Growth Reversals
Boucekkine, R. & P-A. Pintus (2010)
Trade and synchronization in a multi-country economy | Published
Juvenal, L. & P.S. Monteiro (2010/17)
Multi-country real business cycle models: Accuracy tests and test bench
Juillard, M. & S. Villemot (2011)
Comparison of solutions to the multi-country Real Business Cycle model
Kollmann, R., S. Maliar, B.A. Malin & P. Pichler (2011)
Robust control, informational frictions, and international consumption correlations | Published
Luo, Y., J. Nie & E.R. Young (2010/14)
Robustness, information-processing constraints, and the current account in small open economies
Luo, Y., J. Nie & E.R. Young (2010)
Globalization, the Business Cycle, and Macroeconomic Monitoring
Aruoba, S.B., F.X. Diebold, M.A. Kose & M. Terrones (2011)
Revisiting the consumption-real exchange rate anomaly in a model with non-traded goods
Nuntramas, P. (2011)
Endogenous Entry, International Business Cycles, and Welfare
Auray, S. & A. Eyquem (2011)
Business Cycle Synchronization Since 1880
Artis, M.J., G. Chouliarakis & P.K.G. Harischandra (2011)
How Do Business and Financial Cycles Interact?
Claessens, S., M.A. Kose & M. Terrones (2011)
Cointegrated TFP processes and international business cycles
Rabanal, P., J.F. Rubio-Ramírez, V. Tuest (2011)
Business cycle synchronisation: disentangling trade and financial linkages
Dées, S. & N. Zorell (2011)
The World Has More Than Two Countries: Implications of Multi- Country International Real Business Cycle Models
Ishise, H. (2011)
Closing large open economy models
Bodenstein, M. (2011)
International Risk Cycles | Published
Gourio, F., M. Siemer & A. Verdelhan (2011/13)
Labor wedges and open economy puzzles
Karabarbounis, L. (2011)
Abstract: A parsimonious model with home production, estimated to match moments of the “labor wedge,” explains prominent puzzles of the international business cycle. If market and home activity are substitutes, then the measured labor wedge increases whenever market consumption and employment decrease. Home production breaks the tight negative link between market consumption and its marginal utility and therefore helps explain the international risk sharing puzzle. In an estimated two-country dynamic general equilibrium model in which the labor wedge is endogenously generated to match its empirical moments, market output and market employment are more correlated than market consumption and investment across countries, relative market consumption is negatively related to the real exchange rate and real net exports are countercyclical. Further, the international risk sharing puzzle becomes easier to explain as the degree of financial completeness increases.
The Extensive Margin, Sectoral Shares and International Business Cycles
Devereux, M.B. & V. Hnatkovska (2011)
International Recessions | Published
Perri, F. & V. Quadrini (2011/18)
Trade agreements and international comovements: The case of NAFTA (North American Free Trade Agreement)
Bejan, M. (2011)
Medium Term Business Cycles in Developing Countries | Published
Comin, D., N. Loayza, F. Pasha & L. Servén (2011)
Financial integration and international business cycle co-movement: the role of balance sheets
Davis, S. (2011)
International Business Cycle Comovement: Trade and Foreign Direct Investment
Jansen, J. & A. Stokman (2011)
Foreign direct investment and business cycle co-movements: The panel data evidence
Hsu, C-C., J-Y. Wu & R. Yau (2011)
Factor Proportions and International Business Cycles
Jin, K. & N. Li (2011)
Risk Sharing through Capital Gains
Balli, F., S. Kalemli-Ozcan & B. Sorensen (2011)
International real business cycles with endogenous markup variability
Davis, J.S. & K.X.D. Huang (2011)
The yield curve in a small open economy
Kulish, M. & D. Rees (2011)
Firms entry, monetary policy and the international business cycle
Lilia, C. (2011)
Emerging from the war: Gold Standard mentality, current accounts and the international business cycle 1885-1939
Hoffmann, M. & U. Woitek (2011)
A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk
Blommestein, H.J., S.C.W Eijffinger & Z. Qian (2011)
The role of credit in international business cycles
Xu, T.T. (2011)
International transmission of business cycles: Evidence from dynamic correlations
Fidrmuc, J., T. Ikeda & K. Iwatsubo (2012)
The Trade Comovement Puzzle and the Margins of International Trade
Liao, W. & A.M. Santacreu (2012)
International business cycles with complete markets
Dmitriev, A. & I. Roberts (2012)
Investment Composition and International Business Cycles | Published
Oviedo, P.M. & R. Singh (2012)
Business cycles through international shocks: A structural investigation
Yilmazkuday, H. (2012)
Global Banks, Financial Shocks and International Business Cycles: Evidence from an Estimated Model
Kollmann, R. (2012)
Trade Wedges, Inventories, and International Business Cycles | Published
Alessandria, G., J. Kaboski & V. Midrigan (2012/13)
International Business Cycles and Financial Frictions | Published
Yao, W. (2012/19)
Home Production, Labor Wedges, and International Real Business Cycles | Published
Karabarbounis, L. (2012/14)
Business cycle synchronization during US recessions since the beginning of the 1870s
Antonakakis, N. (2012)
The Few Leading The Many: Foreign Affiliates and Business Cycle Comovement | Published
Kleinert, J., J. Martin & F. Toubal (2012/15)
Expected Currency Excess Returns and International Business Cycles
Lee, S. (2012)
International Transmission of Financial Shocks in an Estimated DSGE model | Published
Aysun, U. & S. Alpanda (2012/14)
Trade and Synchronization in a Multi Country Economy
Monteiro, P.S. & L. Juvenal (2012)
Workers’ Remittances: An Overlooked Channel of International Business Cycle Transmission?
Barajas, A., R. Chami, C. Ebeke & S. Tapsoba (2012)
How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis
Anginer, D., A. Demirguc-Kunt & M. Zhu (2012)
The Rising Resilience of Emerging Market and Developing Economies
Abiad, A., J. Bluedorn, J. Guajardo & P. Topalova (2012)
Banks, Sovereign Debt and the International Transmission of Business Cycles
Guerrieri, L., M. Iacoviello & R. Minetti (2013)
Macroeconomic Model Spillovers and Their Discontents
Bayoumi, T. &amnp; F. Vitek (2013)
Emerging economies in the 2000s: Real decoupling and financial recoupling
Levy Yeyati, E. & T. Williams/I> (2013)
Regionalization vs. Globalization
Hirata, H., M. Kose & C. Otrok (2013)
The Global Financial Crisis: An Anatomy of Global Growth
Matheson, T. (2013)
Assessing International Efficiency
Heathcote, J. & F. Perri (2013)
Do Institutions and Culture Matter for Business Cycles?
Altug, S.G. & F. Canova (2013)
The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, P. & E. van Wincoop (2013)
Large global volatility shocks, equity markets and globalisation: 1885-2011
Mehl,. A. (2013)
International Business Cycles with Complete Markets
Dmitriev, A. & I. Roberts (2013)
Financial exposure and the international transmission of financial shocks
Kamber, G. & C. Thoenissen (2013)
Financial factors and the international transmission mechanism
Haddow, A. & M. Mileva (2013)
News Shocks, Real Exchange Rates and International Co-Movements
Lambrias, K. (2013)
The Great Recession: A Self-Fulfilling Global Panic
Bacchetta, P. & E. van Wincoop (2013)
World, Country, and Sector Factors in International Business Cycles
Karadimitropoulou, A. & M. León-Ledesma (2013)
Business cycle convergence in EMU: A first look at the second moment
Crespo-Cuaresma, J. & O. Fernández-Amador (2013)
Output gap and non-linear economic convergence
Beyaert, A. & J. García-Solanes (2013)
Economic depression in the world
Breuer, J.B. & J. McDermott (2013)
Firms' entry, monetary policy and the international business cycle
Cavallari, L. (2013)
Cross-country Transmission Effect of the U.S. Monetary Shock under Global Integration
Fukuda, Y., Y. Kimura, N. Sudo & H. Ugai (2013)
Limited participation in international business cycle models: A formal evaluation
Gao, X., V. Hnatkovska & V. Marmer (2013)
Labor market polarization and international macroeconomic dynamics |
Mandelman, F.S. (2013/16)
Half a century of Empirical Evidence of Business Cycles in OECD countries
Konstantakopoulou, I. & E.G. Tsionas (2014)
Financial Integration and International Business Cycle Co-movement
Davis, J.S. (2014)
The International Business Cycle and Gold-Price Fluctuations
Pierdzioch, C., M. Risse & S. Rohloff (2014)
News-driven international business cycles
Kosaka, M.S. (2014)
Have business cycles changed over the last two decades? An empirical investigation
Calderón, C. & J.R. Fuentes (2014)
Emerging Economies' Supply Shocks and Japan's Price Deflation: International Transmissions in a Three-Country DSGE Model
Hirakata, N., Y. Iwasaki & M. Kawai (2014)
Trade Integration and Business Cycle Synchronization: A Reappraisal with Focus on Asia
Duval, R.A., K.C. Cheng, K.H. Oh, R. Saraf & D. Seneviratne (2014)
Emerging Market Fluctuations: What Makes The Difference?
Hevia, C. (2014)
Preference Shocks, International Frictions, and International Business Cycles
Hirata, H. (2014)
International business cycles and remittance flows
Cooray, A. & D. Mallick (2014)
Business cycle accounting of the BRIC economies
Chakraborty, S. & K. Otsu (2014)
International Banking and Liquidity Risk Transmission: Lessons from Across Countries
Buch, C. & L.S. Goldberg (2014)
Business cycles synchronization in East Asia: A Markov-switching approach
Dufrénot, G. & B. Keddad (2014)
International transmission of productivity shocks with nonzero net foreign debt
Mykhaylova, O. & J. Staveley-O'Carroll (2014)
The role of investment-specific technology shocks in driving international business cycles: a bayesian approach
Dey, J. (2014)
Trade in Intermediate Inputs and Business Cycle Comovement
Johnson, R.C. (2014)
International (spillovers in) macrofinancial linkages and the decoupling phenomenon
Pesce, A. (2014)
Determinants of Financial Market Spillovers: The Role of Portfolio Diversification, Trade, Home Bias, and Concentration
Shinagawa, Y. (2014)
International Transmission of Credit Shocks: Evidence from Global Vector Autoregression Model | Published
Fadejeva, L., M. Feldkircher & T. Reininger (2014/17)
Policy uncertainty spillovers to emerging markets - evidence from capital flows
Gauvin, L., C. McLoughlin & D. Reinhardt (2014)
Policy and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, F. (2014)
Foreign shocks in an estimated multi-sector model
Bergholt, D. (2014)
'N Sync: how do countries' economies move together?
Graham, J. (2014)
Entry, trade costs, and international business cycles
Fattal Jaef, R.N. & J.I. Lopez (2014)
Comovement in GDP trends and cycles among trading partners
Blonigen, B.A., J. Piger & N. Sly (2014)
One money, one cycle? The EMU experience
Gächter, M. & A. Riedl (2014)
International Comovement of Economic Fluctuations: A Spatial Analysis
Wang, M., M.C.S. Wong & J. Granato (2014)
Globalization and international business cycle dynamics: A conditional GVAR approach
Binder, M. & C.J. Offermanns (2014)
Eurosclerosis and international business cycles
Cook, D. & J. Xu (2015)
TFP, News, and 'Sentiments': The International Transmission of Business Cycles | Published
Levchenko, A.A. & N. Pandalai-Nayar (2015/20)
Abstract: We propose a novel identification scheme for a non-technology business cycle shock, that we label “sentiment.” This is a shock orthogonal to identified surprise and news TFP shocks that maximizes the short-run forecast error variance of an expectational variable, alternatively a GDP forecast or a consumer confidence index. We then estimate the international transmission of three identified shocks – surprise TFP, news of future TFP, and “sentiment” – from the US to Canada. The US sentiment shock produces a business cycle in the US, with output, hours, and consumption rising following a positive shock, and accounts for the bulk of short-run business cycle fluctuations in the US. The sentiment shock also has a significant impact on Canadian macro aggregates. In the short run, it is more important than either the surprise or the news TFP shocks in generating business cycle comovement between the US and Canada, accounting for up to 50% of the forecast error variance of Canadian GDP and about one-third of Canadian hours, imports, and exports. The news shock is responsible for some comovement at 5-10 years, and surprise TFP innovations do not generate synchronization.
Financial Crisis, US Unconventional Monetary Policy and International Spillovers
Chen, Q., A. Filardo, D. He & F. Zhu (2015)
Can indeterminacy and self-fulfilling expectations help explain international business cycles?
McKnight, S. & L. Povoledo (2015)
Network Effects of International Shocks and Spillovers
Kireyev, A. & A. Leonidov (2015)
Cross-border Banking, Spillover Effects and International Business Cycles
Kopoin, A. (2015)
International Transmission of Credit Shocks in an Equilibrium Model with Production Heterogeneity
Imura, Y. & J. Thomas (2015)
Bank Capital, Credit Market Frictions and International Shocks Transmission
Kopoin, A., K. Moran & J-P. Kevin (2015)
Agency Costs, Risk Shocks and International Cycles
Letendre, M-A. & J. Wagner (2015)
Foreign banks and international shock transmission: Does bank ownership still matter?
Xu, Y. & H.A. La (2015)
Household Debt and Business Cycles Worldwide | Published
Mian, A.R., A. Sufi & E. Verner (2015/17)
Big Players Out of Synch: Spillovers Implications of US and Euro Area Shocks
Osorio Buitron, C. & E. Vesperoni (2015)
Monitoring the world business cycle
Camacho, M. & J. Martinez-Martin (2015)
Credit, Asset Prices and Business Cycles at the Global Level
Dees, S. (2015)
Business cycle and financial cycle spillovers in the G7 countries
Antonakakis, N., M. Breitenlechner & J. Scharler (2015)
National Financial Frictions and International Business Cycle Synchronization
Rouillard, J-F. (2015)
Demand-Driven Propagation: Evidence from the Great Recession
Nguyen, H. (2015)
Global prediction of recessions
Dovern, J. & F. Huber (2015)
How Do Public Debt Cycles Interact with Financial Cycles?
Poghosyan, T. (2015)
Measuring Business Cycles with Structural Breaks and Outliers: Applications to International Data
Perron, P. & T. Wada (2015)
Business cycle (de)synchronization in the aftermath of the global financial crisis: implications for the Euro area
Bekiros, S., D.K. Nguyen, G.S. Uddin & B. Sjö (2015)
A contribution to the chronology of turning points in global economic activity (1980-2012)
Martínez-García, E., V. Grossman & A. Mack (2015)
Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies
Fernandez, A., A. Gonzalez & D. Rodriguez (2015)
International Spillovers of Large-Scale Asset Purchases | Published
Alpanda, S. & S. Kabaca (2015/20)
The international transmission of US shocks-Evidence from Bayesian global vector autoregressions
Feldkircher, M. & F. Huber (2015)
Channels of US Monetary Policy Spillovers into International Bond Markets | Published
Albagli, E., L. Ceballos, S. Claro & D. Romero (2015/19)
Global Banking, Trade, and the International Transmission of the Great Recession
Enders, Z. & A. Peter (2015)
Real growth co-movements and business cycle synchronization in the GCC countries: Evidence from time-frequency analysis
Aloui, C., B. Hkiri & D.K. Nguyen (2016)
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
Rey, H. (2016)
The Micro Origins of International Business Cycle Comovement | Published
di Giovanni, J., A.A. Levchenko & I. Mejean (2016/18)
International Transmissions of Monetary Shocks
Han, X. & S-J. Wei (2016)
Has Globalization Really Increased Business Cycle Synchronization?
Monnet, E. & D. Puy (2016)
International fiscal spillovers
Faccini, R., H. Mumtaz & P. Surico (2016)
Value-added trade and business cycle synchronization
Duval, R., N. Li, R. Saraf & D. Seneviratne (2016)
Banks' balance sheets and the international transmission of shocks
Krenz, J. (2016)
Monetary policy spillovers and currency networks in cross-border bank lending
Avdjiev, S. & E. Takats (2016)
International Business Cycles and Risk Sharing with Uncertainty Shocks and Recursive Preferences | Published
Kollmann, R. (2016)
Foreign Branches of US Global Banks: Geography, Balance Sheet Structure and Contagion
D'Avino, C. (2016)
International correlation of business cycles in a behavioral macroeconomic model
De Grauwe, P. & Y. Ji (2016)
The International Impact of Financial Shocks: A Global VAR and Connectedness Measures Approach
Smith, D. (2016)
Product Quality and International Price Dynamics
Arespa, M. & D. Gruber (2016)
Optimal Unemployment Insurance and International Risk Sharing | Published
Moyen, S., N. Stahler, Nikolai; Winkler, Fabian (2016/9)
Does joint modelling of the world economy pay off? Evaluating global forecasts from a Bayesian GVAR
Dovern, J., M. Feldkircher & F. Huber (2016)
Multinational Firms and International Business Cycle Transmission
Cravino, J. & A.A. Levchenko (2016)
Globalization and monetary policy comovement: International evidence
Chatterjee, A. (2016)
Dynamics of global business cycle interdependence
Ductor, L. & D. Leiva-Leon (2016)
Real exchange rates and international co-movement: news-shocks and non-tradable goods with complete markets | Published
Lambrias, K. (2016/20)
International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
Amiti, M., O. Itskhoki & J. Konings (2017)
Macrofinancial History and the New Business Cycle Facts
Jorda, J., M. Schularick & A.M. Taylor (2016)
Abstract: In advanced economies, a century-long near-stable ratio of credit to GDP gave way to rapid financialization and surging leverage in the last forty years. This “financial hockey stick” coincides with shifts in foundational macroeconomic relationships beyond the widely-noted return of macroeconomic fragility and crisis risk. Leverage is correlated with central business cycle moments, which we can document thanks to a decade-long international and historical data collection effort. More financialized economies exhibit somewhat less real volatility, but also lower growth, more tail risk, as well as tighter real-real and real-financial correlations. International real and financial cycles also cohere more strongly. The new stylized facts that we discover should prove fertile ground for the development of a new generation of macroeconomic models with a prominent role for financial factors.
International spill-overs of uncertainty shocks: Evidence from a FAVAR
Kamber, G., O. Karagedikli, M. Ryan & T Vehbi (2016)
Bilateral Tax Treaties and GDP Comovement
Sly, N. & C. Weber (2016)
Credit constraints and the international propagation of US financial shocks
Metiu, N., B. Hilberg & M. Grill (2016)
Trade, finance or policies: What drives the cross-border spill-over of business cycles?
Montinari, L. & L. Stracca (2016)
Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013
Miyamoto, W. & T.L. Nguyen (2016)
International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma
Han, X. & S-J. Wei (2016)
World Shocks, World Prices, and Business Cycles: An Empirical Investigation | Published/A>
Fernandez, A., S. Schmitt-Grohe & M. Uribe (2016/17)
Is there really a Global Business Cycle? A Dynamic Factor Model with Stochastic Factor Selection
Berger, T. & L. Pozzi (2016)
International Transmission of Growth Shocks and the World Business Cycle
Yifan, S. & T. Abeysinghe (2016)
Crisis severity and the international trade network
Endrész, M. & F. Skudelny (2016)
By force of demand: Explaining cyclical fluctuations of international trade and government spending
Jiang, M. (2016)
Business cycle synchronisation in EMU: Can fiscal policy bring member-countries closer?
Degiannakis, S., D. Duffy, G. Filis & A. Livada (2016)
Output and Inflation Co-movement: An Update on Business-Cycle Stylized Facts
Andrle, M., J. Bruha & S. Solmaz (2016)
Business cycle synchronization in the EMU: Core vs. periphery
Belke, A., C. Domnick & D. Gros (2016)
The G7 business cycle in a globalized world | Published
Carstensen, K. & L. Salzmann (2016/17)
International Business Cycle and Financial Intermediation
Csabafi, T., M. Gillman & R. Naraidoo (2016)
The currency dimension of the bank lending channel in international monetary transmission | Published
Takats, E. & J. Temesvary (2016/20)
Finance and synchronization | Published
Cesa-Bianchi, A. (2016/19)
Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market
Demirgüç-Kunt, A., B.L. Horváth & H. Huizinga (2017)
Composite habits and international transmission of business cycles
Dmitriev, A. (2017)
International Spillovers and Local Credit Cycles | Published
Baskaya, Y.S., J. di Giovanni, S. Kalemli-Özcan & M.F. Ulu (2017/22)
The Global Role of the U. S. Economy: Linkages, Policies and Spillovers
Kose, M.A., C. Lakatos, F. Ohnsorge & M. Stocker (2017)
Common and country specific economic uncertainty
Mumtaz, H. & K. Theodoridis (2017)
Inattentive consumers and international business cycles
Ekinci, M.F. (2017)
Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence | Published
Ozhan, G.K. (2017/20)
A Meta-Analysis of FDI and Productivity Spillovers in Developing Countries
SURVEY PAPER
Demena, B.A. & P.A.G. van Bergeijk (2017)
The Decoupling of Emerging Economies: Theoretical and Empirical Puzzle
SURVEY PAPER
Pesce, A. (2017)
Fiscal Spillovers; The Importance of Macroeconomic and Policy Conditions in Transmission
Blagrave, P., G. Ho, K. Koloskova & E. Vesperoni (2017)
Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel
Kollmann, R. (2017)
Endogenous Asymmetric Shocks in the Eurozone: The Role of Animal Spirits
De Grauwe, P. & Y. Ji (2017)
Risk sharing and real exchange rates: the role of non-tradable sector and trend shocks | Published
Akkoyun, H.C., Y. Arslan & M. Kilinç (2017)
International Real Business Cycle Models with Incomplete Information
Guo, Z-Y. (2017)
If the Fed sneezes, who catches a cold? | Published
Dedola, L., G. Rivolta & L. Stracca (2017)
International effects of euro area versus US policy uncertainty: A FAVAR approach
Belke, A. & T. Osowski (2017)
Global commodity prices and global stock volatility shocks: Effects across countries
Kang, W., R.A. Ratti & J. Vespignani (2017)
China's slowdown and global financial market volatility: Is world growth losing out?
Cashin, P., K. Mohaddes & M. Raissi (2017)
To bi, or not to bi? Differences between spillover estimates from bilateral and multilateral multi-country models
Georgiadis, G. (2017)
How Important are Spillovers from Major Emerging Markets? | Published
Huidrom, R., A. Kose & F. Ohnsorge (2017/20)
Coherent financial cycles for G-7 countries: Why extending credit can be an asset | Published
Schüler, Y.S., P.P. Hiebert & T.A. Peltonen (2017/19)
Co-movement of ASEAN stock markets: New evidence from wavelet and VMD-based copula tests
Jiang, Y., H. Nie & J.Y. Monginsidi (2017)
International spillovers in global asset markets
Belke, A. & I. Dubova (2017)
International financial spillovers to emerging market economies: How important are economic fundamentals?
Ahmed, S., B. Coulibaly & A. Zlate (2017)
U.S. credit-market sentiment and global business cycles
Du, D. (2017)
Understanding the Cross-Country Effects of US Technology Shocks
Miyamoto, W. & T.L. Nguyen (2017)
International business cycles: quantifying the effects of a world market for oil
Gars, J. & C. Olovsson (2017)
The synchronization of credit cycles
Meller, B. & N. Metiu (2017)
Good Policies or Good Luck? New Insights on Globalization and the International Monetary Policy Transmission Mechanism
Martinez-Garcia, E. (2017)
A fresh look at integration of risks in the international stock markets: A wavelet approach
Marfatia, H.A. (2017)
Business Cycles in Small Open Economies: Evidence from Panel Data Between 1900 and 2013
Miyamoto, W. & T.L. Nguyen (2017)
Does institutional ownership matter for international stock return comovement?
Faias, J.A. & M.A. Ferreira (2017)
Financial frictions, interest rate dynamics, and international business cycle synchronization
Rouillard, J-F. (2017)
International Credit Supply Shocks | Published
Cesa-Bianchi, A., A. Ferrero & A. Rebucci (2017/18)
Emerging economies business cycles: The role of commodity terms of trade news
Ben Zeev, N., E. Pappa & A. Vicondoa (2017)
Accounting for Automation and Offshoring in International Macroeconomic and Employment Dynamics
Mandelman, F. (2017)
On demand shocks and international business cycle puzzles
Jiang, M. (2017)
US monetary regimes and optimal monetary policy in the Euro Area
Mavromatis, K. (2017)
Synchronicity of real and financial cycles and structural characteristics in EU countries
Comunale, M. (2017)
Advanced economies and emerging markets: Dissecting the drivers of business cycle synchronization | Published
Karadimitropoulou, A. (2017/18)
When arm's length is too far: Relationship banking over the credit cycle
Beck, T., H. Degryse, R. De Haas & N. van Horen (2017)
International Transmission of Financial Shocks without Financial Integration | Published
Ohdoi, R. (2017/18)
Does Credit Market Integration Amplify the Transmission of Real Business Cycle During Financial Crisis?
Kim, K., J.H. Pyun & J. An (2017)
What's News in International Business Cycles
Siena, D. (2017)
Global Spillover Effects of US Uncertainty | Published
Bhattarai, S., A. Chatterjee & W.Y. Park (2017/20)
Clustering regional business cycles
Gadea-Rivas, M.D., A. Gómez-Loscos & E. Bandrés (2018)
Finance and Business Cycles: The Credit-Driven Household Demand Channel | Published
Mian, A.R. & A. Sufi (2018)
International transmissions of monetary shocks: Between a trilemma and a dilemma
Han, X. & S-J. Wei (2018)
The Regime-Switching Volatility of Euro Area Business Cycles
Lhuissier, S. (2018)
Regional business cycle synchronization in emerging and developing countries: Regional or global integration? Trade or financial integration?
Gong, C. & S. Kim (2018)
The International Transmission of Monetary Policy | Published
Buch, C.M., M. Bussiere, L. Goldberg & R. Hills (2018/19)
International co-movements in recessions
Roth, M.A. (2018)
Assessing International Commonality in Macroeconomic Uncertainty and Its Effects
Carriero, A., T.E. Clark & M. Marcellino (2018)
Agency Costs, Risk Shocks, and International Cycles
Letendre, M.A. & J. Wagner (2018)
Trade in Commodities and Business Cycle Volatility
Kohn, D., F. Leibovici & H. Tretvoll (2018)
Business Cycle Synchronization and Vertical Trade Integration: A Case Study of the Eurozone and East Asia
Saiki, A. (2018)
Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions
Blagrave, P., G. Ho, K. Koloskova & E. Vesperoni (2018)
International Monetary Policy Transmission through Banks in Small Open Economies | Published
Auer, S., C. Friedrich, M. Ganarin, T. Paligorova & P. Towbin (2018)
International Spillovers of Forward Guidance Shocks
Jones, C., M. Kulish & D.M. Rees (2018)
The international credit channel of U.S. monetary policy transmission to developing countries: Evidence from trade data
Lin, S. & H. Ye (2018)
Remittances and the informal economy
Chatterjee, S. & S.J. Turnovsky (2018)
International trade and the transmission of shocks: The case of ASEAN-4 and NIE-4 economies
Dungey, M., F. Khan & M. Raghavan (2018)
Balance Sheets, Exchange Rates, and International Monetary Spillovers
Akinci, O. & A. Queralto (2018)
International Credit Markets and Global Business Cycles
Pintus, P.A., Y. Wen & X. Xing (2018)
Financial Institutions' Business Models and the Global Transmission of Monetary Policy | Pubished
Argimon, I., C. Bonner, R. Correa, P. Duijm, J. Frost, J. de Haan, L. de Haan & V. Stebunovs (2018)
International confidence spillovers and business cycles in small open economies
Brzoza-Brzezina, M. & J. Kotlowski (2018)
Intangible Capital Formation, International Equity Investments, and Output Synchronization
Baldi, G. & A. Bodmer (2018)
Oil and Commodities Drive the World Business Cycle: A Long-Commodity-Cycle Model of the World Economy Over a Century and a Half
Le, V.P.M., D. Meenagh & P. Minford (2018)
Fiscal foresight: Do expectations have cross-border effects?
Romano, S. (2018)
Pricing behavior and the role of trade openness in the transmission of monetary shocks
Povoledo, L. (2018)
Common business cycles and volatilities in US states and MSAs: The role of economic uncertainty
Gupta, R., J. Ma, M. Risse & M.E. Wohar (2018)
Transmission of monetary policy through global banks: whose policy matters?
Avdjiev, S., C. Koch, P. McGuire & G. von Peter (2018)
House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach
Katagiri, M. (2018)
A Unified Model of International Business Cycles and Trade
Bhattarai, S. & K. Kucheryavyy (2018)
International Transmission with Heterogeneous Sectors
Jin, K. & N. Li (2018)
Going the Extra Mile: Distant Lending and Credit Cycles
Granja, J., C. Leuz & R. Rajan (2018)
What are the consequences of global banking for the international transmission of shocks? A quantitative analysis
Fillat, J.L., S. Garetto & A. Smith (2018)
Financial connectedness of BRICS and global sovereign bond markets
Ahmad, W., A.V. Mishra & K.J. Daly (2018)
Modeling time-variation over the business cycle (1960-2017): an international perspective
Martínez-García, E. (2018)
Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 T?hoku Earthquake
Boehm, C.E., A. Flaaen & N. Pandalai-Nayar (2018)
International business cycles: Information matters | Published
Iliopulos, E., E. Perego & T. Sopraseuth (2018/21)
Changes in Economic and Financial Synchronisation: A Global Factor Analysis
Maravalle, A. & L. Rawdanowicz (2018)
Firm Leverage and Regional Business Cycles
Giroud, X. & H.M. Mueller (2018)
The growing impact of US monetary policy on emerging financial markets: Evidence from India
Lakdawala, A. (2018)
Cross-border spillovers of monetary policy: what changes during a financial crisis?
Barbosa, L., D. Bonfim, S. Costa & M. Everett (2018)
Commodities and International Business Cycles
Kim, M. (2018)
Spillovers from US monetary policy: Evidence from a time-varying parameter GVAR model
Crespo Cuaresma, J., G. Doppelhofer, M. Feldkircher & F. Huber (2018)
What are the consequences of global banking for the international transmission of shocks? A quantitative analysis
Fillat, J.L., S. Garetto & A.V. Smith (2018)
Are business and credit cycles synchronised internally or externally?
Kurowski, L. & K. Rogowicz (2019)
China's increasing global influence: Changes in international growth linkages
Bataa, E., D.R. Osborn & M. Sensier (2019)
Models of international fiscal spillovers
Devereux, M.B. & C. Yu (2019)
Global Inflation Synchronization
Ha, J., M.A. Kose & F.L. Ohnsorge (2019)
International Linkages and the Changing Nature of International Business Cycles
Miyamoto, W. & T.L. Nguyen (2019)
Monetary Policy Autonomy and International Monetary Spillovers
Demir, I. (2019)
Monetary news in the United States and business cycles in emerging economies
Vicondoa, A. (2019)
Global financial cycles since 1880
Potjagailo, G. & M.H. Wolters (2019)
Does the Number of Countries in an International Business Cycle Model Matter?
Kim, M. (2019)
Explaining Monetary Spillovers: The Matrix Reloaded
Kearns, J., A. Schrimpf & F.D. Xia (2019)
International spillovers into Asian stock markets under the unconventional monetary policies of advanced countries
Sugimoto, K. & T. Matsuki (2019)
Foreign effects of higher U.S. interest rates
Iacoviello, M. & G. Navarro (2019)
Global Liquidity and the Impairment of Local Monetary Policy Transmission
Fendoglu, S., E. Gulsen & J-L. Peydro (2019)
The Global Business Cycle: Measurement and Transmission
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2019)
Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
Blagrave, P. (2019)
International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending
Choi, S., D. Furceri & C. Yoon (2019)
How Does Unconventional Monetary Policy Affect the Global Financial Markets?: Evaluating Policy Effects by Global VAR Models
Inoue, T. & T. Okimoto (2019)
Global Dimensions of U.S. Monetary Policy
Obstfeld, M. (2019)
Adding Space to the International Business Cycle | Published
Abate, G.D. & L. Serven (2019/20)
International spillovers of quantitative easing | Published
Kolasa, M. & G. Wesolowski (2019/20)
Shock Transmission through Cross-Border Bank Lending: Credit and Real Effects | Published
Hale, G., T. Kapan & C. Minoiu (2019/20)
The Effect of Exchange Rate Regimes on Business Cycle Synchronization: A Robust Analysis
Hou, J. & J. Knaze (2019)
A Model for International Spillovers to Emerging Markets
Houssa, R., J. Mohimont & C. Otrok (2019)
International Welfare Spillovers of National Pension Schemes
Staveley-O'Carroll, J. & O. Staveley-O'Carroll (2019)
Production Network and International Fiscal Spillovers
Devereux, M.B., K. Gente & C. Yu (2019)
Monetary Policy Spillovers and Currency Networks in Cross-Border Bank Lending: Lessons from the 2013 Fed Taper Tantrum
Avdjiev, S. & E. Takáts (2019)
One Ring to Rule Them All? New Evidence on World Cycles
Monnet, E. & D. Puy (2019)
Credit intermediation and the transmission of macro-financial uncertainty: International evidence | Published
Gächter, M., M. Geiger & S. Stöckl (2019/20)
Exchange Rates Co-movement and International Trade
Babii, A. (2019)
International Spillovers of U.S. Monetary Policy
Demir, I. (2019)
Making Sense of Increased Synchronization in Global House Prices
Duca, J.V. (2019)
The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets
Liu, E., F. Niepmann & T. Schmidt-Eisenlohr (2019)
Spread the Word: International Spillovers from Central Bank Communication | Published
Armelius, H., C. Bertsch, I. Hull & X. Zhang (2019)
The global financial cycle and US monetary policy in an interconnected world | Published
Dées, S. & A. Galesi (2019/21)
Global Spillovers of a China Hard Landing
Ahmed, S., R. Correa, D.A. Dias, N. Gornemann, J. Hoek, A.K. Jain, E.X. Liu & A. Wong (2019)
In the face of spillovers: prudential policies in emerging economies | Published
Coman, A. & S.P. Lloyd (2019/22)
International Spillovers and Bailouts
Azzimonti, M. & V. Quadrini (2019)
Global Liquidity and Impairment of Local Monetary Policy
Fendoglu, S., E. Gulsen & J-L. Peydró (2020)
Different No More: Country Spreads in Advanced and Emerging Economies
Born, B., G. Müller, J. Pfeifer, S. Wellmann & G.J. Müller (2020)
The Trade-Comovement Puzzle | Published
Drozd, L.A., S. Kolbin & J.B. Nosal (2020/21)
The Global Impact of Brexit Uncertainty
Hassan, T.A., S. Hollander, L. van Lent & A. Tahoun (2020)
Noisy information, risk sharing, and international business cycles
Guo, Z-Y. (2020)
International Business Cycles in Emerging Markets
Rothert, J. (2020)
Monetary Policy Transmission in Emerging Markets and Developing Economies
Brandao-Marques, L., R.G Gelos, T. Harjes, R. Sahay & Y. Xue (2020)
Global Macro-Financial Cycles and Spillovers
Ha, J., M.A. Kose, C. Otrok & E.S. Prasad (2020)
Utilization-Adjusted TFP Across Countries: Measurement and Implications for International Comovement | Published
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2020/24)
Climate policies under dynamic international economic cycles: A heterogeneous countries DSGE model
Xiao, B., X. Guo, Y. Fan, S. Voigt & L. Cui (2020)
Utilization-Adjusted TFP Across Countries: Measurement and Implications for International Comovement
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2020)
A fistful of dollars:Transmission of global funding shocks to EMs
Kumar, S.H. & A. Mathur (2020)
Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data
Lin, S., J. Xiao & H. Ye (2020)
Monetary Policy Spillovers under Intermediate Exchange Rate Regimes | Published
Ahmed, R. (2020/21)
Nonlinear transmission of U.S. monetary policy shocks to international financial markets
Ha, J. (2020)
The transmission of business cycles: Lessons from the 2004 enlargement of the EU and the adoption of the euro
Nguyen, H.S. & F. Rondeau (2020)
Are cyclical patterns of international housing markets interdependent?
Chang, K-L. (2020)
The dollar, bank leverage and real economic activity: an evolving relationship
Erik, B., M.J. Lombardi, D. Mihaljek & H.S. Shin (2020)
International credit markets and global business cycles
Pintus, P., Y. Wen & X. Xing (2020)
International information flows, sentiments and cross-country business cycle fluctuations
Brzoza-Brzezina, M. & J. Kotlowski & G. Wesolowski (2020)
Home sweet host: Prudential and monetary policy spillovers through global banks | Published
Avdjiev, S., B. Hardy, P. McGuire & G. von Peter (2020/21)
The International Spillover Effects of US Monetary Policy Uncertainty | Published
Lakdawala, A., T. Moreland & M. Schaffer (2020/21)
The Global Transmission of U.S. Monetary Policy
Degasperi, R., S.S. Hong & G. Ricco (2020)
Global and domestic financial cycles: variations on a theme
Aldasoro, I., S. Avdjiev, C. Borio & P. Disyatat (2020)
Does monetary policy impact international market co-movements?
Caporin, M., L. Pelizzon & A. Plazzi (2020)
Liquidity connectedness and output synchronisation
Inekwe, J.N. (2020)
Volatility spillovers and the global financial cycle across economies: Evidence from a global semi-structural model
Gómez-Pineda, J.G. (2020)
Monetary Policy Independence and the Strength of the Global Financial Cycle
Friedrich, C., P. Guérin & D. Leiva-Leon (2020)
Dynamic Spillovers between REITs and Stock Markets in Global Financial Markets
Gomez-Gonzalez, J.E. & J. Hirs-Garzon (2020)
When the U.S. catches a cold, Canada sneezes: A lower-bound tale told by deep learning
Lepetyuk, V., L. Maliar & S. Maliar (2020)
Does the Commodity Super Cycle Matter?
Fernández, A., S. Schmitt-Grohé & M. Uribe (2020)
The Ends of 30 Big Depressions
Ellison, M., S.S. Lee & K.H. O'Rourke (2020)
Monetary policy and its transmission in a globalised world
Ca' Zorzi, M., L. Dedola, G. Georgiadis, M. Jarocinski, L. Stracca & G. Strasser (2020)
The global effects of global risk and uncertainty
Bonciani, D. & M. Ricci (2020)
When the Fed sneezes, the whole world catches the cold, when the ECB - only Europe
Walerych, M. & G. Wesolowski (2020)
Global Trade and GDP Co-Movement
de Soyres, F. & A. Gaillard (2020)
Trade, Growth, and the International Transmission of Financial Shocks
Ohdoi, R. (2020)
Exploring GDP growth volatility spillovers across countries
Abosedra, S., M. Arayssi, B. Ben Sita & C. Mutshinda (2020)
On the (Changing) asymmetry of global spillovers: Emerging markets vs. advanced economies
Arezki, R. & Y. Liu (2020)
Measuring Global Macroeconomic Uncertainty
Moramarco, G. (2020)
Global Recessions
Terrones, M.E., A. Kose & N. Sugawara (2020)
Global shocks and emerging economies: disentangling the commodity roller coaster
Ferreira, M.S. & A.C. Valério (2020)
The global effects of Covid-19-induced uncertainty
Caggiano, G., E. Castelnuovo & R. Kima (2020)
How much does aggregate demand travel across the Atlantic?
Van Robays, I. & L. Stracca (2020)
Synchronization of globalized economies
Sánchez Carrera, E.J., V. Avalos-Gaytán & Y.C. Valdés (2020)
Matched trade at the firm level and the micro origins of international business-cycle comovement
Friberg, R. & M. Sanctuary (2020)
Financial spillover and global risk in a multi-region model of the world economy
Croitorov, O., M. Giovannini, S. Hohberger, M. Ratto & L. Vogel (2020)
Global Business and Financial Cycles: A Tale of Two Capital Account Regimes
Acalin, J. & A. Rebucci (2020)
Fragility and the effect of international uncertainty shocks
Cuaresma, J.C., F. Huber & L. Onorante (2020)
Is Business Cycle Asymmetry Intrinsic in Industrialized Economies?
Morley, J. & I.B. Panovska (2020)
Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis
Blattner, T. & J. Swarbrick (2020)
The International Propagation of Economic Downturns Through Multinational Companies: The Real Economy Channel
Bena, J., S. Dinc & I. Erel (2020)
Foreign banks and international transmission of monetary policy: Evidence from the syndicated loan market
Demirgüç-Kunt, A., B.L. Horváth & H. Huizinga (2020)
Global Financial Cycle and Liquidity Management | Published
Jeanne, J. & D. Sandri (2020/24)
The US, Economic News, and the Global Financial Cycle
Boehm, C.E. & T.N. Kroner (2020)
Emerging economy business cycles: Interest rate shocks vs trend shocks
Letendre, M-A. & S. Obaid (2020)
U.S. Monetary Policy and the Global Financial Cycle
Miranda-Agrippino, S. & H. Rey (2020)
Global effects of US uncertainty: real and financial shocks on real and financial markets
Gomez-Gonzalez, J.E., J. Hirs-Garzon & J.M. Uribe (2020)
Global Flight-to-Safety Shocks
Ahmed, R. (2020)
An Analysis of International Shock Transmission: A Multi-level Factor Augmented TVP GVAR Approach
Hallam, B.S. (2020)
Fed's unconventional monetary policy and risk spillover in the US financial markets
Balcilar, M., Z.A. Ozdemir, H. Ozdemir & M.E. Wohar (2020)
The cross-country transmission of credit risk between sovereigns and firms in Asia
Zha, Y., D. Power & N. Tantisantiwong (2020)
Financial globalisation, monetary policy spillovers and macro-modelling: Tales from 1001 shocks
Georgiadis, G. & M. Jancoková (2020)
Dissecting Trade and Business Cycle Co-movement
Ko, P.I. (2020)
Foreign Shocks as Granular Fluctuations | Published
di Giovanni, J., A.A. Levchenko & I. Mejean (2020/24)
Production Networks and International Fiscal Spillovers | Published
Devereux, M.B., K. Gente & C. Yu (2020/23)
Investment funds, monetary policy, and the global financial cycle
Kaufmann, C. (2020)
A comparative assessment of the spillovers of US monetary policy shocks and its mitigation
Rohit, A., P. Dash & D.T. Rao (2020)
On the International Spillover Effects of Country-Specific Financial Sector Bailouts and Sovereign Risk Shocks
Greenwood-Nimmo, M., V.H. Nguyen & E. Wu (2020)
Fiscal policy shocks and international spillovers | Published
Ilori, A.E., J. Paez-Farrell & C. Thoenissen (2020/22)
Common Trade Exposure and Business Cycle Comovement
Avila-Montealegre, O. & C. Mix (2020)
Are global spillovers complementary or competitive? Need for international policy coordination
Bhattarai, K., S.K. Mallick & B. Yang (2021)
On the International Spillover Effects of Country-Specific Financial Sector Bailouts and Sovereign Risk Shocks
Greenwood-Nimmo, M., V.H. Nguyen & E. Wu (2020)
Financial spillovers and spillbacks: New evidence from China and G7 countries
Fang, Y., Z. Jing, Y. Shi & Y. Zhao (2021)
The effect of US stress tests on monetary policy spillovers to emerging markets
Niepmann, F., T. Schmidt-Eisenlohr & E. Liu (2021)
Sharing is caring: Spillovers and synchronization of business cycles in the European Union
Arcabic, V. & T. Skrinjaric (2021)
The Internationalization of Domestic Banks and the Credit Channel of Monetary Policy
Morales, P., D. Osorio, J.S. Lemus & M. Sarmiento Paipilla (2021)
The macroeconomic response to real and financial factors, commodity prices, and monetary policy: International evidence
Siklos, P.L. (2021)
Real exchange rate and international spillover effects of US technology shocks
Klein, M. & L. Linnemann (2021)
Quantitative Easing in the US and Financial Cycles in Emerging Markets
Kolasa, M. & G. Wesolowski (2021)
The International Transmission of Local Economic Shocks Through Migrant Networks
Caballero, M.E., B. Cadena & B.K. Kovak (2021)
International medium-term business cycles
Hirschbühl, D. & M. Spitzer (2021)
Vulnerable Funding in the Global Economy | Published
Chuliá, H., I. Garrón & J.M. Uribe (2021/24)
Facing the Global Financial Cycle: What Role for Policy
Batini, N. & L. Durand (2021)
International spillover effects of U.S. tax reforms: evidence from Germany
Christofzik, D.I. & S. Elstner (2021)
Global volatility accounting and structural transformation
Harchaoui, T.M. (2021)
Does debt market integration amplify the international transmission of business cycles during financial crises?
An, J., K. Kim & J.H. Pyun (2021)
GEA tracker: A daily indicator of global economic activity
Diaz, E.M. & G. Perez-Quiros (2021)
Output falls and the international transmission of crises
Brinca, P. & C-F. João (2021)
The puzzling change in the international transmission of U.S. macroeconomic policy shocks
Ilzetzki, E. & K. Jin (2021)
Stock Market Spillovers via the Global Production Network: Transmission of U.S. Monetary Policy
di Giovanni, J. & G. Hale (2021)
Testing for international business cycles: A multilevel factor model with stochastic factor selection
Berger, T., G. Everaert & L. Pozzi (2021)
Heterogeneous Global Booms and Busts | Published
Farboodi, M. & P. Kondor (2021/22)
Economies of scale and international business cycles
Kim, D. (2021)
The Gold Standard and the International Dimension of the Great Depression
Pensieroso, L. & R .Restout (2021)
Spillovers in global production networks
Frohm, E. & V. Gunnella (2021)
Exchange rates and the global transmission of equity market shocks | Published
Ojea-Ferreiro, J. & J.C. Reboredo (2021)
International Yield Spillovers | Published
Kim, D.H. & M. Ochoa (2021/23)
The Transmission of Monetary Policy Shocks
Miranda-Agrippino, S. & G. Ricco (2021)
U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
Ahmed, S., O. Akinci & A. Queraltó (2021)
Capital mobility and the synchronization of business cycles: Evidence from the European Union
Beck, K. (2021)
"When it rains, it pours": Fiscal policy, credit constraints and business cycles in emerging and developed economies
Dzhambova, K. (2021)
US Spillovers of US Monetary Policy: Information effects and Financial Flows | Published
Camara, S. (2021/25)
Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, J. & L. Coulibaly (2021)
Faraway, so close! International transmission in the medium-term cycle of advanced economies
Correa-López, M. & B. de Blas (2021)
The European growth synchronization through crises and structural changes
Uctum, M., R. Uctum, C-P.C. Vijverberg (2021)
A Theory of the Global Financial Cycle
Davis, J.S. & E. van Wincoop (2021)
Growing Apart or Moving Together? Synchronization of Informal and Formal Economy Cycles
Elgin, C. M.A. Kose, F. Ohnsorge & S. Yu (2021)
Global Banking and Firm Financing: A Double Adverse Selection Channel of International Transmission
Shen, L.S. (2021)
Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets
Bonatti, L., A. Fracasso & R. Tamborini (2021)
International output synchronization at different frequencies
Hwang, S.H. & Y.J. Kim (2021)
Financial market spillovers of U.S. monetary policy shocks
Ha, J. (2021)
The Global Financial Cycle
Miranda-Agrippino, S. & H. Rey (2021)
Exchange rate depreciations and local business cycles: The role of bank loan supply
Beck, T., P. Bednarek, D.M. te Kaat & N. von Westernhagen (2021)
Fed and ECB monetary policy spillovers to Emerging Market Economies
Walerych, M. & G. Wesolowski (2021)
News-driven international credit cycles | Published
Ozhan, G.K. (2021)
Singular spectrum analysis for real-time financial cycles measurement
Coussin, M. (2021)
Fluctuations in global output volatility
Ductor, L. & D. Leiva-León (2021)
Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies
Yepez, J. (2021)
Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?
Cao, J., V. Dinger, T. Gomez, Z. Gric, M. Hodula, A. Jara, R. Juelsrud, K. Liaudinskas, S. Malovana & Y. Terajima (2021)
Global spillovers of the Fed information effect | Published
Pinchetti, M. & A. Szczepaniak (2021/24)
News-Driven International Credit Cycles
Ozhan, G.K. (2021)
Endogenous Fluctuations and International Business Cycles
McKnight, S. & L. Povoledo (2021)
Learning and Cross-Country Correlations in a Multi-Country DSGE Model
Audzei, V. (2021)
The Transmission Mechanisms of International Business Cycles: Output Spillovers through Trade and Financial Linkages
Bräuning, F. & V. Sheremirov (2021)
Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rate
Cao, J., V. Dinger, T. Gómez, Z. Gric, M. Hondula, A. Jara, R. Juelsrud, K. Liaudinskas, S. Malovaná & Y. Terajima (2021)
Transmission of U.S. monetary policy to commodity exporters and importers
Kim, M. (2022)
International determinants of asymmetric dependence in investment returns
Alcock, J. & P. Sinagl (2022)
Monetary policy spillovers under COVID-19: Evidence from lending by U.S. foreign bank subsidiaries
Spiegel, M.M. (2022)
Global vs. Group-Specific Business Cycles: The Importance of Defining the Groups
Berger, T. & M. Wortmann (2022)
The internationalization of domestic banks and the credit channel of monetary policy
Morales, P., D. Osorio, J.S. Lemus & M. Sarmiento (2022)
One Money, Many Markets
Corsetti, G., J.B. Duarte & S. Mann (2022)
Financial shocks, credit spreads, and the international credit channel
Cesa-Bianchi, A. & A. Sokol (2022)
What price index should central banks target? An open economy analysis
Matsumura, M. (2022)
The effects of permanent monetary shocks on exchange rates and uncovered interest rate differentials
Schmitt-Grohé, S. & M. Uribe (2022)
Doubly heterogeneous monetary spillovers
Shah, N. (2022)
Forecasting inflation rates with multi-level international dependence
Ergemen, Y.E. (2022)
Global trade and GDP comovement
de Soyres, F. & A. Gaillard (2022)
Interest rates and foreign spillovers
De Santis, R.A. & S. Zimic (2022)
A tale of two global monetary policies
Miranda-Agrippino, S. & T. Nenova (2022)
Are higher U.S. interest rates always bad news for emerging markets?
Hoek, J., S. Kamin & E. Yoldas (2022)
The currency channel of the global bank leverage cycle
Pedrono, J. (2022)
Alternative Measures for the Global Financial Cycle: Do They Make a Difference?
Tian, X., J. Jacobs & J. de Haan (2022)
State-owned banks and international shock transmission
Borsuk, M., O. Kowalewski & P. Pisany (2022)
The way digitalization is impacting international financial markets: Stock price synchronicity
Chen, C., M.M.M. Gharagozloo, L. Darougar & L. Shi (2022)
The international real business cycle when demand matters
Cavallari, L. (2022)
Measuring credit procyclicality: A new database
Bouvatier, V., A.-L. Delatte & P-N. Rehault (2022)
Global shocks and international policy coordination
Goyal, A. & R. Pal (2022)
On the international co-movement of natural interest rates
Agnello, L., V. Castro & R.M. Sousa (2022)
What goes around comes around: How large are spillbacks from US monetary policy?
Breitenlechner, M., G. Georgiadis & B. Schumann (2022)
U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data
Saxegaard, E.C.A., M. Firat, D. Furceri & J. Verrier (2022)
Real business cycles in emerging countries: Are Asian business cycles different from Latin American business cycles?
Hwang, S. & S. Kim (2022)
Alternative Measures for the Global Financial Cycle: Do They Make a Difference?
Tian, X., J.P.A.M. Jacobs & J. de Haan (2022)
Measuring 25 years of global equity market co-movement using a time-varying spatial model
Heil, T.L.A., F.J. Peter & P. Prange (2022)
Global Monetary and Financial Spillovers: Evidence from a New Measure of Bundesbank Policy Shocks
Cloyne, J., P. Hürtgen & A.M. Taylor (2022)
Exchange Rate Synchronization for a set of Currencies from Different Monetary Areas
Duarte, A.M.P. & N.J.H. Baetas da Silva (2022)
The Impact of U.S. Monetary Policy on Foreign Firms
di Giovanni, J. & J.H. Rogers (2022)
What Happens in China Does Not Stay in China
Barcelona, W., D. Cascaldi-Garcia, J. Hoek & E. Van Leemput (2022)
Quantitative Easing in the US and Financial Cycles in Emerging Markets
Kolasa, M. & G. Wesolowski (2022)
International Business Cycle Synchronization: A Synthetic Assessment
Lee, H-H., C-Y. Park & J.H. Pyu (2022)
Commodity Exports, Financial Frictions and International Spillovers | Published
Houssa, R., J. Mohimont & C. Otrok (2022/23)
Chinese supply chain shocks
Khalil, M. & M-D. Weber (2022)
Multilateral Comovement in a New Keynesian World: A Little Trade Goes a Long Way
Ho, P., P-D.G. Sarte & F. Schwartzman (2022)
Origins of international factor structures
Jiang, Z. & R.J. Richmond (2023)
What are the events that shake our world? Measuring and hedging global COVOL
Engle, R.F. & S. Campos-Martins (2023)
Carry trades and US monetary policy
Falconio, A. (2023)
The impact of macroprudential policies on the transmission of shocks across financially integrated countries
Intungane, D. (2023)
Trade Credit and the Transmission of Unconventional Monetary Policy
Adelino, M., M.A. Ferreira, M. Giannetti & P. Pires (2023)
The Global Transmission of U.S. Monetary Policy
Degasperi, R., S.S. Hong & G. Ricco (2023)
The Transmission of International Monetary Policy Shocks on Firms' Expectations
Frache, S., R. Lluberas, M. Pedemonte & J. Turen (2023)
The macroeconomic effects of global supply chain disruptions
Finck, D. & P. Tillmann (2023)
The transmission of euro area monetary policy to financially euroized countries
Moder, I. (2023)
International business cycles
Sopraseuth, T. & E. Iliopulos (2023)
The Transmission of US Monetary Policy Shocks The Role of Investment & Financial Heterogeneity
Camara, S. & S.R. Venegas (2023)
Spillovers to Emerging Markets from US Economic News and Monetary Policy
Engler, P., R. Piazza & G. Sher (2023)
Technology diffusion and international business cycles
Aysun, U. (2023)
Persistence and long run co-movements across stock market prices
Gil-Alana, L.A., J. Infante, M.A. Martín-Valmayor (2023)
The Global Financial Cycle and Country Risk in Emerging Markets During Stress Episodes: A Copula-CoVaR Approach
Melo-Velandia, L.F., J.V. Romero-Chamorro & M.S. Ramírez-González (2023)
Stock market evidence on the international transmission channels of US monetary policy surprises
Maurer, T.D. & T. Nitschka (2023)
The network and own effects of global-systemically-important-bank designations
Egger, P.H., J. Li & J. Zhu (2023)
The Impact of Risk Cycles on Business Cycles: A Historical View
Danielsson, J., M. Valenzuela & I. Zer (2023)
GVC trade and business cycle synchronization between China and belt-road countries
Yu, C., J. Zhao & S. Cheng (2023)
Monitoring multicountry macroeconomic risk
Korobilis, D. & M. Schröder (2023)
International Spillovers of ECB Interest Rates Monetary Policy & Information Effects
Camara, S. (2023)
Lockdown spillovers
Chen, H. & P. Tillman (2023)
Risk-Off Shocks and Spillovers in Safe Havens
Beirne, J. & E. Sugandi (2023)
Globalization, Structural Change and International Comovement
Bonadio, B., Z. Huo, A.A. Levchenko & N. Pandalai-Nayar (2023)
The cross-border interconnectedness of shadow banking
Ozgur, G. (2023)
Cross-Border Risks of a Global Economy in Mid-Transition
Espagne, E., W. Oman, J-F. Mercure, R. Svartzman, U. Volz, H. Pollitt, G. Semieniuk & E. Campiglio (2023)
Heterogeneous international monetary transmissions: The role of inflation
Li, J., X. Meng, L. Zhang & T. Zhou (2023)
The Network Gravity of Global Banking
Minetti, R., G. Romanini & O. Ziv (2023)
China Spillovers: Aggregate and Firm-Level Evidence
Copestake, A., M. Firat, D. Furceri & C. Redl (2023)
On foreign drivers of emerging markets fluctuations
Bajraj, G., J. Lorca & J.M. Wlasiuk (2023)
Nonbank Lenders as Global Shock Absorbers: Evidence from US Monetary Policy Spillovers
Elliott, D., R.R. Meisenzahl & J-L. Peydró (2023)
Pandemic-Era Inflation Drivers and Global Spillovers
di Giovanni, J., S. Kalemli-Özcan, A. Silva & M.A. Yildirim (2023)
Demographics and Real Interest Rates Across Countries and Over Time
Carvalho, C., A. Ferrero, F. Mazin & F. Nechio (2023)
The effects of uncertainty on the dynamics of stock market interdependence: Evidence from the time-varying cointegration of the G7 stock markets
Babaei, H., G. Hübner & A. Muller (2023)
The effect of real money balances on international monetary policy transmission
Ida, D. (2023)
Global banking and the international transmission of shocks: A quantitative analysis
Fillat, J.L., S. Garetto & A.V. Corea-Smith (2023)
The international transmission of local economic shocks through migrant networks
Caballero, M.E., B.C. Cadena & B.K. Kovak (2023)
Global impacts of US monetary policy uncertainty shocks
Lastauskas, P. & A.D.M. Nguyen (2023)
Global Flight to Safety, Business Cycles, and the Dollar
Bodenstein, M., P.A. Cuba-Borda, N.M. Gornemann, I. Presno, A. Prestipino, A. Queraltó & A. Raffo (2023)
Risk, monetary policy and asset prices in a global world
Bekaert, G., M. Hoerova & N.R. Xu (2023)
The Channels of International Comovement
Barbiero, O. (2023)
Neoclassical Growth in an Interdependent World
Kleinman, B., E. Liu, S.J. Redding & M. Yogo (2023)
To What Degree and through Which Channel Do Central Banks Other Than the Federal Reserve Cause Spillovers?
Cotton, C.D. (2023)
Carbon Taxes and Tariffs, Financial Frictions, and International Spillovers
Carattini, S>, G. Kim, G. Melkadze & A. Pommeret (2023)
Growth, Housing, and Global Imbalances
Franjo, L., L. Lambertini & S. Stepanchuk (2024)
Global Banks and the Transmission of Shocks across Borders
Radev, D. (2024)
Regional fiscal spillovers: The role of trade linkages
Bettarelli, L., D. Furceri, P. Pizzuto & K. Yarveisi (2024)
Quantifying spillovers among regions
Gefang, D., S.G. Hall, G.S. Tavlas & Y. Wang (2024)
A note on international spillovers of economic policy uncertainty across business cycles: evidence from OECD countries
Popp, A. & F. Zhang (2024)
Credit market developments and sectoral business cycles worldwide
Ulussever, T. & M. Kilinc (2024)
The international spillovers of synchronous monetary tightening
Caldara, D., F. Ferrante, M. Iacoviello, A. Prestipino & A. Queralto (2024)
International Spillovers and Bailouts
Azzimonti, M. & V. Quadrini (2024)
International input-output linkages and changing business cycle volatility
Miyamoto, W. & T.L. Nguyen (2024)
International trade network and stock market connectedness: Evidence from eleven major economies
You, K., V.L.R. Chinthalapati, T. Mishra & R. Patra (2024)
State-owned banks and international shock transmission
Borsuk, M., O. Kowalewski & P. Pisany (2024)
Energy and international business cycles
Kim, M. (2024)
Financial integration and international shock transmission: The terms-of-trade effect
Krenz, J. (2024)
International monetary spillovers to frontier financial markets: Evidence from Bangladesh
Sardar, M.R.R. & M. Schaffer (2024)
The Role of International Financial Integration in Monetary Policy Transmission | Published
Wu, J.C., Y. Xie & J. Zhang (2024)
Central Bank Exit Strategies Domestic Transmission and International Spillovers
Erceg, C.J., M. Kolasa, J. Lindé, H. Mumtaz & P. Zabczyk (2024)
The Global Credit Cycle
Boyarchenko, N. & L. Elias (2024)
Unveiling the Dance of Commodity Prices and the Global Financial Cycle
Juvenal, L. & I. Petrella (2024)
The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles: A Cross-Country Resilience Analysis
Aizenman, J., D. Park, I.A. Qureshi, G.S. Uddin & J. Saadaoui (2024)
Spillover effects of US monetary policy on emerging markets amidst uncertainty
Lastauskas, P. & A.D.M. Nguyen (2024)
Chinese Macroeconomic Surprises and the Global Financial Cycle
Gutierrez, C., J. Turen & A. Vicondoa (2024)
The global financial cycle and capital flows: Taking stock
SURVEY PAPER
Scheubel, B., L. Stracca & C. Tille (2024)
Commodity returns co-movement, uncertainty shocks, and the US dollar exchange rate
Liao, W., J. Ma & C. Zhang (2024)
Heterogeneous macro and financial effects of ECB asset purchase programs
van der Zwan, T., E. Kole & M. van der Wel (2024)
Exposure to Dollar, Financial Openness, and the Heterogeneous Impact of US Monetary Spillover
Liu, J., S.R. Tan & W.M. Chia (2024)
Spillovers from US monetary policy: Role of policy drivers and cyclical conditions
Arbatli-Saxegaard, E.C., D. Furceri, P.G. Dominguez, J.D. Ostry & S.J. Peiris (2024)
Global Spillovers from FED Hikes and a Strong Dollar: The Risk Channel
Cristi, J., S. Kalemli-Özcan, M. Sans & F.D. Unsal (2024)
Global Transmission of FED Hikes: The Role of Policy Credibility and Balance Sheets
Kalemli-Özcan, S. & F.D. Unsal (2024)
International transmission of quantitative easing policies: Evidence from Canada
Kabaca, S. & K. Tuzcuoglu (2024)
Monetary Policy Transmission in Emerging Markets: Proverbial Concerns, Novel Evidence
Checo, A., F. Grigoli & D. Sandri (2024)
Dynamic connectedness of inflation around the world: A time-varying approach from G7 and E7 countries
Jiang, Y., B. Qu, Y. Hong & X. Xiao (2024)
Drivers of international fiscal spillovers
Yilmazkuday, H. (2024)
Commodity Price Shocks and Global Cycles: Monetary Policy Matters
Castelnuovo, E., L. Mori & G. Peersman (2024)
Shocks in a highly interlinked global economy
Arriola, C., P. Kowalski & F. van Tongeren (2024)
ECB Spillovers to Emerging Europe: The Past and Current Experience
Engler, P., G. Ferrucci, P. Zabczyk & T. Zheng (2024)
Determinacy in Multi-Country DSGE Models: The Role of Pricing Paradigms and Economic Openness
Girstmair, S. (2024)
The Global Financial Cycle and International Monetary Policy Cooperation
Li, S. (2024)
Multinational entry and exit, technology transfer, and international business cycles
Udupa, G. (2024)
International Spillovers of U.S. Fiscal Challenges
Aizenman, J., W. Eldén, Y. Jinjarak, G.S. Uddin & F. Widholm (2024)
What shapes spillovers from monetary policy shocks in the United States to emerging market economies?
Andres-Escayola, E., P. McQuade, C. Schroeder & M. Tirpák (2024)
International co-movements of inflation, 1851-1913
Gerlach, S. & R. Stuart (2024)
Do Investor Differences Impact Monetary Policy Spillovers to Emerging Markets?
Faia, E., K.K. Lewis & H. Zhou (2024)
Determinants and international transmission of interest rates: Do foreign reserves and sovereign debt matter?
Afonso, A., F. Huart, J.T. Jalles & P. Stanek (2024)
A New Dataset of High-Frequency Monetary Policy Shocks
Bolhuis, M.A., S. Das & B. Yao (2024)
Resolving Puzzles of Monetary Policy Transmission in Emerging Markets | Published
Ha, J., D. Kim, M.A. Kose & E.S. Prasad (2024/25)
Global Spillovers of US Monetary Policy: New Insights from the Remittance Channel
Perez, P.A. (2024)
Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks
Montañez-Enríquez, R., M.O. Busch & M. Ramos-Francia (2024)
Comovement and Global Imbalances of Current Accounts
You, Y., J. Lee, Y. Kim & Z. Yang (2024)
Corporate Debt Structure over the Global Credit Cycle
Boyarchenko, N. & L. Elias (2024)
Asymmetries in Financial Spillovers
Huber, F., K. Klieber, M. Marcellino, L. Onorante & M. Pfarrhofer (2024)
International Spillovers of Quality Regulations
Macedoni, L. & A. Weinberger (2024)
How Does Fiscal Policy affect the Transmission of Monetary Policy into Cross-border Bank Lending? Cross-country Evidence
Pradhan, S-K., E. Takáts & J. Temesvary (2024)
International Comovement in the Global Production Network
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2025)
Spillovers from Large Emerging Economies: How Dominant Is China?
Abdel-Latif, H. & A. Popescu (2025)
Monetary policy transmission under supply chain pressure
Laumer, S. & M. Schaffer (2025)
TLTRO Spillovers Outside the Euro Area
Lopez-Quiles, C. & A. Mohommad (2025)
A Neoclassical Model of the World Financial Cycle
Bai, Y., P.J. Kehoe, P. Lopez & F. Perri (2025)
Monetary policy spillovers: Is this time different?
Chen, H. & P. Tillmann (2025)
Spillover effects of US economic policy uncertainty on emerging markets: Evidence from transnational supply chains
Gao, J., Q. Qin & S. Zhou (2025)
Global Footprints of U.S. Energy Innovations: Energy Efficiency and the Shale Revolution
Zahid, H. (2025)
Whither the World Bank and the IMF?
Krueger, A. (1997)
International Institutions for Reducing Global Financial Instability
Rogoff, K. (1999)
Basel Committee Compendium
Basel Committee on Banking Supervision (1997, revised 2001)
Reforming the International Financial Architecture: Limiting Moral Hazard and Containing Real Hazard
Mussa, M. (1999)
From the Washington Consensus to the New International Financial Architecture
Sakakibara, E. (1999)
Toward A New International Financial Architecture: A Practical Post-Asia Agenda
Eichengreen, B. (1999)
Abstract: The Asian financial crisis and the global economic turmoil that followed it have highlighted the need to avert financial crises and resolve them quickly if they do occur. This book addresses current concerns that existing institutional arrangements, including the Bretton Woods institutions, can no longer adequately cope with today's world of high capital mobility. It provides a critical assessment of competing proposals to better predict, forestall, and resolve international financial crises and outlines a practical and pragmatic agenda for reform. The recommendations are based on the belief that financial markets can malfunction, creating a compelling case for a financial safety net (and therefore a role for the IMF), but also creating problems of moral hazard that must be addressed.
The International Monetary Fund - Financial Medic to the World? A Primer on Mission, Operations, and Public Policy Issues
SURVEY PAPER
Lawrence J. McQuillan and Peter C. Montgomery (eds) (1999)
The Debate On The International Financial Architecture: Reforming The Reformers
Akyuz, Y. (2000)
Examining the Case for an Asian Monetary Fund
Rajan, R.S. (2000)
The Global Economy in Crises: How the Gold Standard Absorbed Shocks, 1880-1914
Neal, L., M.D. Weidenmier & K. Wandschneider (2000)
Time Present and Time Past: A Duration Analysis of IMF Program Spells | Published
Joyce, J.P. (2001/05)
Carrots and Sticks: a quick fix for IMF conditionality?
Bretton Woods Project (2001)
IMF Structural Conditionality: How Much is Too Much?
Goldstein, M. (2001)
The International Lender of Last Resort: How Large is Large Enough?
Jeanne, O. & C. Wyplosz (2001)
Should the IMF cease long term lending?
Bird, G. & P. Mosley (2001)
Abstract: As a long-term lender to low-income countries, the International Monetary Fund (IMF) also tackles problems of poverty and growth. Should the IMF withdraw from development finance leaving it up to donors and the World Bank, as critics suggest? Is it appropriate for the Fund to return to its traditional role? And could the World Bank provide more effective support for necessary structural adjustment?
Financial System Standards and Financial Stability - The Case of Basel Core Principles
Sundararajan, V., D. Marston & R. Basu (2001)
An Academic Response to Basel II
LSE FMG (2001)
Abstract: In our opinion the new Basel II proposals have failed to address many of the key failings of the global financial system, and may even present a destabilizing influence.
Comments On The New Basel Capital Accord: The Crucial Importance of a Conceptual Framework
Barnhill, Jr., T.M. &. K. Gleason (2001)
Basel Committee Working Papers: Risk Sensitive Approaches for Equity Exposures in the Banking Book for IRB Banks
Basel Committee (2001)
Abstract: The purpose of this paper prepared by the Models Task Force of the Basel Committee is to further the Committee's dialogue with the industry on the IRB treatment of equity exposures in the banking book.
The Origins of the Modern Financial Revolution: Responses to Impediments from Church and State in Western Europe, 1200-1600
Munro, J.H. (2001)
The Need for Competition in International Securities Regulation
Romano, R. (2001)
Working Paper on Pillar 3 - Market Discipline
Basel Committee (2001)
Will the proposed new Basel Capital Accord have a net negative effect on developing countries?
Griffith-Jones, S. & S. Spratt (2001)
IMF Conditionality and Country Ownership of Programs
Khan, M.S. & S. Sharma (2001)
The New Basel Capital Accord: The Devil Is in the (Calibration) Details
Kupiec, P.H. (2001)
The New International Financial Architecture and Africa
Le Gall, F. & S.M. Nsouli (2001)
The Development and Reform of the Modern International Financial System
Wray, L.R. (2001)
The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
Bordo, M.D. & H. James (2001)
Does the IMF know best? Jamaica's response to financial crisis
Tennant, D. & C. Kirkpatrick (2001)
The International Dollar Standard and Sustainability of the U.S. Current Account Deficit
McKinnon, R. (2001)
The World Monetary System and External Relations of the EMU: Fasten your safety belts!
Weinrichter, N. (2001)
Twentieth Century Monetary Regimes in Canadian Perspective
Harley, C.K. (2001)
Globalization, Crisis Contagion and the Reform of the International Financial Architecture
Karunaratne, N.D. (2002)
Why White, Not Keynes? Inventing the Post-War International Monetary System
Boughton, J.M. (2002)
A Capital Accord for Emerging Economies?
Powell, A. (2002)
Financial Crises and Reform of the International Financial System
Fischer, S. (2002)
Abstract: Between December 1994 and March 1999, Mexico, Thailand, Indonesia, Korea, Malaysia, Russia and Brazil experienced major financial crises which were associated with massive recessions and extreme movements of exchange rates. Similar crises have threatened Turkey and Argentina (2000 and 2001) and most recently Brazil (again). This article discusses the reform of the international financial system with a focus on the role of the IMF - reforms directed at crisis prevention, and those intended to improve the responses to crises. The article concludes with an appraisal of what has been achieved, and what remains to be done to make the international financial system safer.
The Extended Panda's Thumb and a New Global Financial Architecture
Khan, H.A. (2002)
What Determines the Implementation of IMF-Supported Programs?
Ivanova, A., W. Mayer, A.T. Mourmouras & G.C. Anayiotos (2003)
Do IMF-Supported Programs Help Make Fiscal Adjustment More Durable?
Bulir, A. & S. Moon (2003)
On the International Financial Architecture: Insuring Emerging Markets
Caballero, R. (2003)
Exchange Rates in the Periphery and International Adjustment Under the Gold Standard | Published
Catao, L. & S. Solomou (2003)
Adoption of an IMF programme and debt rescheduling: An empirical analysis
Marchesi, S. (2003)
The Future of the IMF
Caballero, R.J. (2003)
The World Bank of the Future
Banerjee, A.V. & R. He (2003)
International institutional lending arrangements to sovereign borrowers
Plaut, S.E. & A.L. Melnik (2003)
What strategies are viable for developing countries today? The World Trade Organization and the shrinking of ‘development space’
Wade, R.H. (2003)
Currency competition: a partial vindication of Hayek | Published
Martin, A. & S.L. Schreft (2003/06)
Survival of fittest
Raj, M. (2003)
Paper or Gold
Raj, M. (2003)
An Essay on the Revived Bretton Woods System
Dooley, M.P., D. Folkerts-Landau & P. Garber (2003)
The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy
Felix, D. (2003)
Reforming the global financial system
Aizenman, J. (2003)
International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance | Published
Corsetti, G., B. Guimaraes & N. Roubini (2003/06)
The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
Dooley, M.P., D. Folkerts-Landau & P. Garber (2004)
Global Economic Governance at a Crossroads: Replacing the G-7 with the G-20
Bradford, C. Jr. & H. Linn (2004)
Global Imbalances and the Lessons of Bretton Woods | Published
Eichengreen, B. (2004/06)
The IMF and the Force of History: Ten Events and Ten Ideas that Have Shaped the Institution
Boughton, J.M. (2004)
Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Engelmann, D., J. Hanousek & E. Kocenda (2004)
Global Monetary Policy Under a Dollar Standard | Published
Devereux, M.B., K. Shi & J. Xu (2004/07)
A key currency and a local currency? A simple theoretical model and its welfare implications
Kobayashi, K. (2004)
The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2004)
Basel II and Developing Countries: Sailing through the Sea of Standards
Powell, A. (2004)
An analysis of IMF-induced moral hazard
Döbeli, B. & P. Vanini (2004)
Bank Capital and Loan Loss Reserves under Basel II: Implications for Emerging Countries
Powell, A., G. Majnoni & M. Miller (2004)
Does Compliance with Basel Core Principles Bring Any Measurable Benefits? | Published
Podpiera, R. (2004/06)
A Model of the IMF as a Coinsurance Arrangement
Chami, R., S. Sharma & I. Shim (2004)
Who Runs the IFIs?
Faini, R. & E. Grilli (2004)
Some Fundamental Inadequacies of the Washington Consensus: Misunderstanding the Poor by the Brightest
Woo, W. (2004)
Implicit Transfers in IMF Lending, 1973-2003
Zettelmeyer, J. & P. Joshi (2005)
Will the Bretton Woods 2 Regime Unravel Soon? The Risk of Hard Landing in 2005-2006
Roubini, N. & B. Setser (2005)
Measuring Market Integration: Foreign Exchange Arbitrage and The Gold Standard, 1879-1913
Canjels, E., G. Prakash-Canjels & A.M. Taylor (2005)
Interest rate interactions in the classical gold standard, 1880–1914: was there any monetary independence?
Bordo, M.D. & R. MacDonald (2005)
Efficiency and Legitimacy: Trade-Offs in IMF Governance
Cottarelli, C. (2005)
Does the World Need a Universal Financial Institution?
Boughton, J.M. (2005)
The case for a world currency
Mundell, R. (2005)
Trapped by the international dollar standard
McKinnon, R.I. (2005)
Stabilizing the international monetary system
Kenen, P.B. (2005)
Credit Risk Measurement Under Basel II: An Overview and Implementation Issues for Developing Countries
Stephanou, C. & J.C. Mendoza (2005)
The Need for Institutional Changes in the Global Financial System: An Analytical Framework
Claessens, S. & G.R.D. Underhill (2005)
Developing country representation and governance of the International Monetary Fund
Rapkin, D.P. & J.R. Strand (2005)
Interest Rates, Exchange Rates and International Adjustment
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2005)
Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard | Published
Chernyshoff, N., D.S. Jacks & A.M. Taylor (2005/09)
Living with Global Imbalances: A Contrarian View | Published
Cooper, R.N. (2005/06)
Pillar 1 vs. Pillar 2 Under Risk Management
Pelizzon, L. & S.M. Schaffer (2005)
International Financial Instability in a World of Currencies Hierarchy
Terzi, A. (2005)
American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund
Boughton, J.M. (2006)
A Bank-Fund projection framework with CGE features
Jensen, H.T. & F. Tarp (2006)
Reforming the IMF for the 21st Century
CONFERENCE VOLUME
Edwin M. Truman (editor) (2006)
Abstract: The experts on the International Monetary Fund (IMF) who have written the papers in this volume all acknowledge the need for reform, and some argue forcefully that the IMF has become weak and ineffective and needs to refocus on its core mission. The papers cover the Fund’s role in making and enforcing the rules of the international monetary system; its governance, including voting rights, representation on the Executive Board, and choice of management; its lending; and its financial resources.
Two British Initiatives for IMF Lending to its Members, 1960–1962
Polak, J.J. (2006)
Proposal for a Common Currency among Rich Democracies (Paper 1); One World Money, Then and Now (Paper 2)
Cooper, R.N. (Paper 1) & Bordo, M. & H. James (Paper 2) (2006)
Harmonization without representation: Small states, the Basel Committee, and the WTO
Grynberga, R. & S. Silva (2006)
The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's International Financial System Is Unsustainable
Palley, T.I. (2006)
Banking on the principles: compliance with Basel Core Principles and bank soundness
Demirguc-Kunt, A., E. Detragiache & T. Tressel (2006)
The resolution of global imbalances: Soft landing in the North, sudden stop in emerging markets?
Calvo, G. & E. Talvi (2006)
Evaluating the impact of IMF programs: A comparison of matching and instrumental-variable estimators
Atoyan, R. & P. Conway (2006)
Principal-agent problems in international organizations
Vaubel, R. (2006)
IMF quotas: Constructing an international organization using inferior building blocks
Bird, G. & D. Rowlands (2006)
Reviving the Bank and Fund
Meltzer, A.H. (2006)
Beyond the IMF
Kapur, D. & R. Webb (2006)
Global Imbalances and Low Interest Rates: An Equilibrium Model vs. A Disequilibrium Reality
Frankel, J. (2006)
The Incidence and Effectiveness of Prior Actions in IMF-Supported Programs
Thomas, A.H. & U. Ramakrishnan (2006)
Promises Made, Promises Broken: A Model of IMF Program Implementation
Joyce, J.P. (2006)
Macroeconomic policies and participation in IMF programs
Evrensel, A.Y. & J.S. Kim (2006)
How Does the Global Economic Environment Influence the Demand for IMF Resources
Elekdag, S. (2006)
Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs | Published
Wei, S-J. & Z. Zhang (2006/10)
A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed | Published
Rose, A.K. (2006/07)
How can IMF policy eliminate country moral hazard and account for externalities?
Weithöner, T. (2006)
What kind of capital flows does the IMF catalyze and when?
Díaz-Cassou, J., A. García-Herrero & L. Molina (2006)
On Current Account Surpluses and the Correction of Global Imbalances
Edwards, S. (2007)
Financial Integration, Financial Deepness and Global Imbalances | Published
Mendoza, E.G., V. Quadrini & J-V. Rios-Rull (2007/09)
Pricing Fund Liquidity Provision
Rossi, M. (2007)
Does the IMF cause moral hazard and political business cycles? Evidence from panel data
Dreher, A. & R. Vaubel (2007)
Unconditional IMF Financial Support and Investor Moral Hazard
Kim, J.I. (2007)
IMF programs and reforms — inhibition or encouragement?
Dreher, A. & S.M. Rupprecht (2007)
Intra-Day Seasonality in Foreign Exchange Market Transactions
Cotter, J. & K.
Dowd (2007)
IMF Drawing Programs: Participation Determinants and Forecasting
Cerutti, E. (2007)
Reform of the International Monetary Fund
Kenen, P.B. (2007)
Abstract: The International Monetary Fund’s purpose and scope have changed dramatically since its founding after World War II, sparking recent calls for reform. This new Council Special Report offers a balanced assessment of reform proposals and argues that such efforts deserve the support of the United States.
IMF concern for reputation and conditional lending failure: Theory and empirics
Marchesi, S. & L. Sabani (2007)
East Asia and Global Imbalances: Saving, Investment, and Financial Development
Ito, H. & M. Chinn (2007)
Operational Risk--The Sting is Still in the Tail but the Poison Depends on the Dose
Jobst, A. (2007)
Dollar standards in the dollar era
Mundell, R. (2007)
Global imbalances and exchange rate adjustment
Rogoff, K. (2007)
Estimating systemic risk in the international financial system
Bartram, S.M., G.W. Brown & J.E. Hund (2007)
Merry Sisterhood or Guarded Watchfulness? Cooperation Between the International Monetary Fund and the World Bank
Fabricius, M. (2007)
Currency Undervaluation and Sovereign Wealth Funds: A New Role for the World Trade Organization
Mattoo, A. & A. Subramanian (2008)
An Equilibrium Model of "Global Imbalances" and Low Interest Rates
Caballero, R.J.; E. Farhi & P-O. Gourinchas (2008)
IMF bailouts and moral hazard
Lee, J-W. & K. Shin (2008)
Bank Recycling of Petro Dollars to Emerging Market Economies During the Current Oil Price Boom
Wiegand, J. (2008)
Beyond the World Bank Agenda
Stein, H. (2008)
Global Rebalancing with Gravity: Measuring the Burden of Adjustment
Dekle, R., J. Eaton & S. Kortum (2008)
The adjustment of global external balances: does partial exchange rate pass-through to trade prices matter? | Published
Gust, C., S. Leduc & N. Sheets (2008)
World Bank Conditional Loans and Private Investment in Recipient Countries
Agostino, M. (2008)
Dealing with the Financial Turmoil: Contingent Risks, Policy Challenges and the Role of the IMF
Lipsky, J. (2008)
Assessing the Emerging Global Financial Architecture: Measuring the Trilemma's Configurations over Time | Published
Aizenman, J., M.D. Chinn & H. Ito (2008/10)
Sovereign Wealth Funds: Stylized Facts about their Determinants and Governance | Published
Aizenman, J. & R. Glick (2008/09)
On What Terms is the IMF Worth Funding?
Truman, E.M. (2008)
Global Imbalances and Financial Fragility | Published
Caballero, R.J. & A. Krishnamurthy (2009)
Bretton Woods II Still Defines the International Monetary System
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2009)
Global Imbalances: The Role of Emerging Asia | Published
Cova, P., M. Pisani & A. Rebucci (2009)
Global Imbalances: The Role of Non-Tradable Total Factor Productivity in Advanced Economies
Cova, P., M. Pisani, N. Batini & A. Rebucci (2009)
Global Imbalances and Petrodollars
Arezki, R. & F. Hasanov (2009)
The Real and Financial Implications of the Global Saving Glut: A Three-Country Model
Gossé, J.B. (2009)
Out of the Box Thoughts about the International Financial Architecture
Eichengreen, B.J. (2009)
The Evolution of the Term 'Washington Consensus'
Marangos, J. (2009)
Why did Countries Adopt the Gold Standard? Lessons from Japan
Mitchener, K.J., M. Shizume & M.D. Weidenmier (2009)
Global Imbalances, Productivity Differentials, and Financial Integration
Chakraborty, S. & R. Dekle (2009)
Do Differences in Financial Development Explain the Global Pattern of Current Account Imbalances?
Gruber, J. & S. Kamin (2009)
A Tractable Model of Precautionary Reserves, Net Foreign Assets, or Sovereign Wealth Funds
Carroll, C.D. & O. Jeanne (2009)
Setting up a Sovereign Wealth Fund: Some Policy and Operational Considerations
Das, U.S., Y. Lu, C.B. Mulder & A.N.R. Sy (2009)
Global imbalances, exchange rates adjustment and the crisis: Implications from network analysis
Fracasso, A. & S. Schiavo (2009)
Reshaping the International Monetary Architecture: Lessons from Keynes’ Plan
Piffaretti, N.F. (2009)
Global rebalancing in a three-country model
Engler, P. (2009)
Bank Capital Requirements, Business Cycle Fluctuations and the Basel Accords: A Synthesis
SURVEY PAPER
Drumond, I. (2009)
Credit Derivatives: Systemic Risks and Policy Options?
Kiff, J., J.A. Elliott, E.G. Kazarian, J.G. Scarlata & C. Spackman (2009)
Current Account Fact and Fiction
Backus, D., E. Henriksen, F. Lambert & C. Telmer (2009)
Does the IMF Help or Hurt? The Effect of IMF Programs on the Likelihood and Outcome of Currency Crises
Dreher, A. & S. Walter (2009)
Global Imbalances and the Financial Crisis: Products of Common Causes
Obstfeld, M. & K. Rogoff (2009)
IMF and economic reform in developing countries
Abbott, P., T.B. Andersen & F. Tarp (2010)
The "Other" Imbalance and the Financial Crisis
Caballero, R.J. (2010)
Abstract: One of the main economic villains before the crisis was the presence of large “global imbalances.” The concern was that the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep recession. However, when the crisis finally did come, the mechanism did not at all resemble the feared sudden stop. Quite the opposite, during the crisis net capital inflows to the U.S. were a stabilizing rather than a destabilizing source. I argue instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments that put an enormous pressure on the U.S. financial system and its incentives (and this was facilitated by regulatory mistakes). The crisis itself was the result of the negative feedback loop between the initial tremors in the financial industry created to bridge the safe-assets gap and the panic associated with the chaotic unraveling of this complex industry. Essentially, the financial sector was able to create “safe” assets from the securitization of lower quality ones, but at the cost of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world explicitly absorb a larger share of the systemic risk. The options for doing this range from surplus countries rebalancing their portfolios toward riskier assets, to private-public solutions where asset-producer countries preserve the good parts of the securitization industry while removing the systemic risk from the banks’ balance sheets. Such public-private solutions could be designed with fee structures that could incorporate all kind of too-big- or too-interconnected-to-fail considerations.
The Saving Glut Explanation of Global Imbalances: the Role of Underinvestment
Corneli, F. (2010)
After the Crisis: Lower Consumption Growth but Narrower Global Imbalances?
Mody, A. & F. Ohnsorge (2010)
Risk and Global Economic Architecture: Why Full Financial Integration May Be Undesirable
Stiglitz, J.E. (2010)
The Global Crisis and the Future of the Dollar: Toward Bretton Woods III?
Bibow, J. (2010)
Reforming the Global Reserve Regime: The Role of a Substitution Account
Kenen, P.B. (2010)
The China-US co-dependency and the elusive costs of growth rebalancing
Bonatti, L. & A. Fracasso (2010)
The world price of home bias
Lau, S.T., L. Ng & B. Zhang (2010)
Global Imbalances Before and After the Global Crisis
Serven, L. & H. Nguyen (2010)
Can Global Liquidity Forecast Asset Prices?
Darius, R. (2010)
The G-20 and International Financial Institution Governance
Edwin M. Truman (PIIE) (2010)
Firm values and sovereign wealth fund investments
Dewenter, K.L., X. Han & P.H. Malatesta (2010)
Bretton-Woods systems, old and new, and the rotation of exchange-rate regimes
Hall, S., G. Hondroyiannis, P.A.V.B. Swamy & G. Tavlas (2010)
A Growth Model of Global Imbalances
Artige, L. & L. Cavenaile (2010)
Investment Objectives of Sovereign Wealth Funds - A Shifting Paradigm
Kunzel, P., Y. Lu, I. Petrova & J. Pihlman (2011)
Exorbitant Privilege and Exorbitant Duty
Gourinchas, P-O., H. Rey & N. Govillot (2011)
Designing domestic institutions for international monetary policy cooperation: A Utopia?
Bilbiie, F.O. (2011)
Determinants of Investment by the Norwegian Sovereign Wealth Fund: GDP vs. Institutions
Caner, M., T. Caner & T.J. Grennes (2011)
Harnessing windfall revenues: Optimal policies for resource-rich developing economies
van der Ploeg, F. & A.J. Venables (2011)
The financial trilemma
Schoenmaker, D. (2011)
Trilemma Stability and International Macroeconomic Archetypes in Developing Economies | Published
Popper, H., A. Mandilaras & G. Bird (2011)
What International Monetary System for a Fast-Changing World Economy?
Benassy-Quere, A. & J. Pisani-Ferry (2011)
The End of Chimerica
Ferguson, N. & M. Schularick (2011)
A calibrated Growth Model of Global Imbalances
Artige, L. & L. Cavenaile (2011)
The Debate about the Revived Bretton-Woods Regime: A Survey and Extension of the Literature | Published
Hall, S. & G.S. Tavlas (2011/13)
Multipolarity, Perceptions, and the Tragedy of 1914
Christensen, T.J. & J.L. Snyder (2011)
Shifts in portfolio preferences of international investors: an application to sovereign wealth funds | Published
Sá, F. & F. Viani (2011/13)
Precautionary Savings and Global Imbalances in World General Equilibrium
Sandri, D. (2011)
Sovereign Wealth Funds: Is Asia Different?
Truman, E.M. (2011)
Financial intermediation and the international business cycle: The case of small countries with big banks
Kamber, G. & C. Thoenissen (2011)
Development Banks: Role and Mechanisms to Increase their Efficiency
Gutierrez, E., H.P. Rudolph, T. Homa & E.B. Beneit (2011)
Possible Unintended Consequences of Basel III and Solvency II
Al-Darwish, A.I., M. Hafeman, G. Impavido, M. Kemp & P. O'Malley (2011)
Capital Regulation and Tail Risk
Perotti, E., L. Ratnovski & R. Vlahu (2011)
What international monetary system for a fast-changing world economy
Benassy-Quere, A. & J. Pisani-Ferry (2011)
Reform of the international monetary system: Some concrete steps
Yu, Y., A. Benassy-Quere & J. Pisani-Ferry (2011)
Financial Intermediation, International Risk Sharing, and Reserve Currencies
Maggiori, M. (2011)
Global Economic Governance: IMF Quota Reform
Virmani, A. (2011)
Business Cycle and Bank Capital Regulation: Basel II Procyclicality
Liu, G. & N.E. Seeiso (2011)
International Liquidity: The Fiscal Dimension
Obstfeld, M. (2011)
A Forensic Analysis of Global Imbalances
Chinn, M.D., B. Eichengreen & H. Ito (2011)
Role Reversal in Global Finance
Prasad, E.S. (2011)
Does G-4 Liquidity Spill Over?
Psalida, L.E. & T. Sun (2011)
Another Look at the Underlying Cause of the End of the Bretton Woods System: International Price Differences Perspective
Fukumoto, Y. (2011)
Global Rebalancing: Implications for Low-Income Countries
Yang, Y. (2011)
Anticipating the Great Depression? Gustav Cassel's Analysis of the Interwar Gold Standard
Irwin, D.A. (2011)
The International Monetary System: Living with Asymmetry
Obstfeld, M. (2011)
An equilibrium model of 'global imbalances' revisited
Körner, F.M. (2012)
The impact of Sovereign Wealth Fund investments on the performance of listed companies
Dinh, B.N. (2012)
Is there a Beijing Consensus on International Macroeconomic Policy?
Bird, G., A. Mandilaras & H. Popper (2012)
Monitoring Systemic Risk Based on Dynamic Thresholds
Lund-Jensen, K. (2012)
The Demand for Liquid Assets, Corporate Saving, and Global Imbalances
Bacchetta, P. & K. Benhima (2012)
The "Impossible Trinity" Hypothesis in an Era of Global Imbalances: Measurement and Testing
Aizenman, J., M.D. Chinn & H. Ito (2013)
Financial integration, capital misallocation and global imbalances
Benhima, K. (2013)
The Response Speed of the International Monetary Fund
Mody, A. & D. Saravia (2013)
Banking Globalization, Transmission, and Monetary Policy Autonomy
Goldberg, L.S. (2013)
Addressing Interconnectedness: Concepts and Prudential Tools
Arregui, N., M. Norat, A. Pancorbo, J.G. Scarlata, E. Holttinen, F. Melo, J. Surti, C. Wilson, R. Wehrhahn & M. Yanase (2013)
Macro-prudential policies to mitigate financial system vulnerabilities
Claessens, S., S.R. Ghosh & R. Mihet (2013)
The International Monetary System: Where Are We and Where Do We Need to Go?
Mohan, R., M.D. Patra ∓ M. Kapur (2013)
Sovereign Wealth Funds: Aspects of Governance Structures and Investment Management
Al-Hassan, A., M.G. Papaioannou, M. Skancke & C.C. Sung (2013)
Comparative Advantage, Service Trade, and Global Imbalances
Barattieri, A. (2013)
The Benefits of International Policy Coordination Revisited
Benes, J., M. Kumhof, D. Laxton, D. Muir & S. Mursula (2013)
The impact of real exchange rates adjustments on global imbalances: A multilateral approach
Allegret, J-P. & A. Sallenave (2014)
Sectoral interdependence and business cycle synchronization in small open economies
Bergholt, D. & T. Sveen (2014)
Corporate Saving in Global Rebalancing
Bacchetta, P. & K. Benhima (2014)
On the use of Monetary and Macroprudential Policies for Small Open Economies
Ozkan, F.G. & D.F. Unsal (2014)
Global Imbalances and External Adjustment after the Crisis
Lane, P.R. & G-M. Milesi-Ferretti (2014)
The Revived Bretton Woods System's First Decade
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2014)
Global Imbalances and the External Solvency of Nations
Bleaney, M. & M. Tian (2014)
International Finance: Can the System Be Saved?
Boughton, J.M. (2014)
The international monetary and financial system: a capital account historical perspective
Borio, C., H. James & H.S. Shin (2014)
The international monetary and financial system: its Achilles heel and what to do about it
Borio, C. (2014)
Membership has its Privileges - The Effect of Membership in International Organizations on FDI
Dreher, A., H. Mikosch & S. Voigt (2014)
The multivariate option iPoD framework: assessing systemic financial risk
Matros, P. & J. Vilsmeier (2014)
Shedding Light on Shadow Banking
Harutyunyan, A., A. Massara, G. Ugazio, G. Amidzic & R. Walton (2014)
Testing the Global Banking Glut Hypothesis
Punzi, M.T. & K. Kauko (2015)
International capital markets structure, preferences and puzzles: A "US-China World"
Caporale, G.M., M. Donadelli & A. Varani (2015)
Global imbalances, current account rebalancing and exchange rate adjustments
Arslan, Y., M. Kilinc & M.I. Turhan (2015)
Rise of the Fiduciary State: A Survey of Sovereign Wealth Fund Research
SURVEY PAPER
Megginson, W.L. & V. Fotak (2015)
Reforming the International Monetary System in the 1970s and 2000s: Would a Special Drawing Right Substitution Account Have Worked?
McCauley, R.N. & C.R. Schenk (2015)
Policy tradeoffs in an open economy and the role of G-20 in global macroeconomic policy coordination
Sengupta, R. & A. Sen Gupta (2015)
The International Price System
Gopinath, G. (2015)
Global Imbalances and Currency Wars at the ZLB
Caballero, R.J., E. Farhi & P-O. Gourinchas (2015)
The Federal Reserve: The Weakest Lender of Last Resort Among Its Peers?
Scott, H.S. (2015)
Insights into the IMF bailout debate: A review and research agenda
SURVEY PAPER
Li, L., M. Sy & A. McMurray (2015)
The International Monetary Fund: 70 Years of Reinvention | Published
Reinhart, C.M. & C. Trebesch (2015/16)
Trade Integration, Income Divergence, and Global Imbalances
Zhang, H. (2015)
Have Global Value Chains Contributed to Global Imbalances?
Haltmaier, J. (2015)
The Elephant In The Ground: Managing Oil And Sovereign Wealth
van den Bremer, T., F. van der Ploeg & S. Wills (2016)
From Global Savings Glut to Financing Infrastructure | Published
Arezki, R., P. Bolton, S. Peters, F. Samama & J. Stiglitz (2016/17)
The IMF's Unmet Challenges
Eichengreen, B. & N. Woods (2016)
The New Role for the World Bank
Clemens, M.A. & M. Kremer (2016)
The World Bank: Why It Is Still Needed and Why It Still Disappoints
Ravallion, M. (2016)
Sustainable international monetary policy cooperation
Fujiwara, I., T. Kam & T. Sunakawa (2016)
Trilemma or Dilemma: Inspecting the Heterogeneous Response of Local Currency Interest Rates to Foreign Rates
Ricci, L.A. & W. Shi (2016)
A Model of the International Monetary System | Published
Maggiori, M. & E. Farhi (2016/18)
Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances
Fan, J. & S. Kalemli-Ozcan (2016)
Global imbalances in the XIX, XX and the XXI centuries
Eugeni, S. (2016)
The Economic Impact of Short-term IMF Engagement in Low-Income Countries
Gündüz, Y.B. (2016)
Global Imbalances Revisited: The Transfer Problem and Transport Costs in Monopolistic Competition | Published
Gancia, G. & P. Epifani (2016/17)
Rates of time preference and the current account in a dynamic model of perpetual youth: Should "global imbalances" always be balanced?
Hamada, K. & M. Sakuragawa (2016)
Arrears to the IMF - A Ghost of the Past?
Oeking, A. & M.A. Sumlinski (2016)
Monetary policy and currency wars: National economic interests vs international partnership
Bekareva, S., A. Baranov & E. Meltenisova (2016)
The Global Rise of Corporate Saving | Published
Chen, P., L. Karabarbounis & B. Neiman (2017)
Currency Wars or Efficient Spillovers? A General Theory of International Policy Cooperation
Korinek, A. (2017)
The London Monetary and Economic Conference of 1933 and the End of The Great Depression: A "Change of Regime" Analysis
Edwards, S. (2017)
On the conditional effects of IMF program participation on output growth
Binder, M. & M. Bluhm (2017)
Rethinking monetary policy after the crisis
Mishkin, F.S. (2017)
Central banks and macroeconomic policy choices: Relaxing the trilemma
Steiner, A. (2017)
Are "New" Donors Challenging World Bank Conditionality?
Hernandez, D. (2017)
Does the World Bank Foster Business?
Giordano, R. & P. Pagano (2017)
International Monetary Relations: Taking Finance Seriously | Published
Obstfeld, M. & A.M. Taylor (2017)
IMF Lending in an Interconnected World
Poulain, J-G. & J. Reynaud (2017)
Choosing sides in the trilemma: international financial cycles and structural change in developing economies
Cimoli, M., J.A. Ocampo & G. Porcile (2017)
Room for discretion? Biased decision-making in international financial institutions
Lang, V.F. & A.F. Presbitero (2017)
Global imbalances from a stock perspective | Published
Alberola, E., A. Estrada & F. Viani (2017/20)
Triffin: dilemma or myth?
Bordo, M.D. & R.N. McCauley (2018)
Commodity-based Sovereign Wealth Funds: Managing Financial Flows in the Context of the Sovereign Balance Sheet
Al-Hassan, A., S. Brake, M.G. Papaioannou & M. Skancke (2018)
The new global agenda and the future of the multilateral development bank system
Bhattacharya, A., H. Kharas, M. Plant & A. Prizzon (2018)
Macroprudential Stress Tests: A Reduced-Form Approach to Quantifying Systemic Risk Losses
Alla, Z., R.A. Espinoza, Q.H. Li & M.A. Segoviano Basurto (2018)
Global Imbalances and the Trade Slowdown
Freund, C. (2018)
The tale of two international phenomena: International migration and global imbalances | Published
Coulibaly, D., B. Gnimassoun & V. Mignon (2018/20)
On the optimal design of a Financial Stability Fund
Abraham, A., E. Carceles-Poveda, Y. Liu & R. Marimon (2018)
The Expansionary Lower Bound: Contractionary Monetary Easing and the Trilemma
Cavallino, P. & D. Sandri (2018)
Borrowing Costs and The Role of Multilateral Development Banks: Evidence from Cross-Border Syndicated Bank Lending | Published
Gurara, D., A. Presbitero & M. Sarmiento (2018/19)
IMF-Supported Programs and Income Convergence in Low-Income Countries
Pradhan, T. & A.J. Al-Sadiq (2018)
Stigma? What stigma? A contribution to the debate on financial market effects of IMF lending
Scheubel, B., A. Tafuro & B. Vonessen (2018)
The Imbalances of the Bretton Woods System 1965 to 1973: U.S. Inflation, The Elephant in the Room
Bordo, M.D. (2018)
Stigma or Cushion? IMF Programs and Sovereign Creditworthiness | Published
Gehring, K. & V.F. Lang (2018/20)
On the source of U.S. trade deficits: Global saving glut or domestic saving drought?
Steinberg, J.B. (2019)
Mobilization Effects of Multilateral Development Banks | Published
Broccolini, C., G. Lotti, A. Maffioli, A.F. Presbitero & R. Stucchi (2019/21)
Demographics and the Evolution of Global Imbalances | Published
Sposi, M. (2019/22)
Labor market reforms, precautionary savings, and global imbalances
Hochmuth, B., S. Moyen & N. Stähler (2019)
A Tale of Two Surplus Countries: China and Germany
Cheung,Y-W., S. Steinkamp & F. Westermann (2019)
Revisiting external imbalances: Insights from sectoral accounts
Allen, C. (2019)
From Basel I to Basel III: Sequencing Implementation in Developing Economies
Ferreira, C., N. Jenkinson & C. Wilson (2019)
Assessing IMF Lending: a Model of Sample Selection
Mäder, N., J-G. Poulain & J. Reynaud (2019)
Do Old Habits Die Hard? Central Banks and the Bretton Woods Gold Puzzle | Published
Monnet, E. & D. Puy (2019/20)
A Requiem for "Blame It on Beijing": Interpreting Rotating Global Current Account Surpluses | Published
Chinn, M.D. & H. Ito (2019/22)
Sustainable international monetary policy cooperation
Fujiwara, I., T. Kam & T. Sunakawa (2019)
The euro exchange rate and Germany's trade surplus
Hohberger, S., M. Ratto & L. Vogel (2019)
Country portfolios under global imbalances
Zhang, N. (2019)
Repeated Use of IMF-Supported Programs: Determinants and Forecasting
Iseringhausen, M., M. Nkusu & W. Wiranto (2019)
The role of intermediate goods in international monetary cooperation
Xia, T. (2019)
The concept of affectedness in international development
Jokubauskaite, G. (2019)
Optimal monetary policy cooperation with a global shock and dollar standard
Cui, X., L. Gong, C. Wang & H-F. Zou (2019)
Mobilization Effects of Multilateral Development Banks
Broccolini, C., G. Lotti, A. Maffioli, A.F. Presbitero & R. Stucchi (2019)
The mercantile dilemma: formalisations and historical conclusions
Saccal, A. (2019)
Abstract: The following contributions are hereby worked: one mathematically formalises Mundell's Impossible trio and Rodrik's Globalisation paradox, supplying the latter with a taxonomy in terms of the current account; by means of Kaldor's price endogeneity in output, one proves that external real money market disparity and trade generate external output mismatches and lead to autarky unless offset, using topology and dynamical systems; one characterises transfers and federalism and shows that all unitary states are federal polities and can merge into confederations; one demonstrates that the said external output mismatches can be only eluded via autarky or neutralisation, irrespective of federalism; one discerns artificial currency areas guaranteeing inter-regional external output equality and modern protectionism as two Nash equilibria, especially rationalising the nexus between the Gold standard, the Industrial revolution and the Great divergence therethrough.
Monetary trilemma, dilemma, or something in between?
Cheng, R. & R.S. Rajan (2020)
The correlates of international financial-center status
Eichengreen, B. & N. Shah (2020)
How Do Member Countries Receive IMF Policy Advice: Results from a State-of-the-art Sentiment Index
Fayad, G., C. Huang, Y. Shibuya & P. Zhao (2020)
The Gold Pool (1961-1968) and the Fall of the Bretton Woods System: Lessons for Central Bank Cooperation
Bardo, M., E. Monnet & A. Naef (2020)
Global Imbalances and Policy Wars at the Zero Lower Bound | Published
Caballero, R., E. Farhi & P-O. Gourinchas (2020/21)
Bury the Gold Standard? A Quantitative Exploration
Diercks, A.M., J. Rawls & E. Sims (2020)
Global financial integration and monetary policy spillovers
Lee, D. (2021)
Asian Infrastructure Investment Bank as an instrument for Chinese influence? Supplementary versus remedial multilateralism
Kaya, A., C. Kilby & J. Kay (2021)
Financial system architecture and the patterns of international trade
Amissah, E., S. Bougheas, F. Defever & R. Falvey (2021)
Financial inclusion: the globally important determinants
Ozili, P.K. (2021)
Global lending conditions and international coordination of financial regulation policies
Kharroubi, E. (2021)
The Fate of International Monetary Systems: How and Why They Fall Apart
Seddon, J. (2021)
Demographics, Wealth, and Global Imbalances in the Twenty-First Century
Auclert, A., H. Malmberg, F. Martenet & M. Rognlie (2021)
IMF programs and economic growth: A meta-analysis
Balima, H.W. & A. Sokolova (2021)
Revisiting global imbalances: A comparative analysis of income and consumption inequality
Sheng, L. & Z. Zhang (2021)
The US current account, sustainability, and the international monetary system
Dibooglu, S. & S. Kapounek (2021)
How Have IMF Priorities Evolved? A Text Mining Approach
Medina, L., A. Gamba, G. Anderson, P. Galang & T. Zheng (2021)
IMF Programs and Financial Flows to Offshore Centers | Published
Aiyar, S. & M. Patnam (2021/25)
The influence of financial corporations on IMF lending: Has it changed with the global financial crisis?
Andresen, L.L. (2022)
After the Allocation: What Role for the Special Drawing Rights System?
Pforr, T., F. Pape & S. Murau (2022)
New Financial Technologies, Sustainable Development, and the International Monetary System
Prasad, E. (2022)
Causal Effects of Countercyclical Interest Rates: Evidence from the Classical Gold Standard
Mitchener, K.J. & G.A. Pina (2022)
IMF fairness: Calibrating the policies of the International Monetary Fund based on distributive justice
Daoud, A., A. Herlitz & S.V. Subramanian (2022)
The financial US uncertainty spillover multiplier: Evidence from a GVAR model
Salisu, A.A., R. Gupta & R. Demirer (2022)
Do IMF Programs Stimulate Private Sector Investment?
Bomprezzi, P., S. Marchesi & R. Turk-Ariss (2022)
Wider economic benefits of transport corridors: Evidence from international development organizations
Alam, M., M.H. Dappe, M. Melecky & R. Goldblatt (2022)
Shaky foundations Central bank independence in the 21st century
Scialom, L., G. Le Quang & J. Deyris (2022)
Pre-Positioning and Cross-Border Financial Intermediation
Tabor, N.K. & J.Y. Zhang (2022)
A Portfolio Approach to Global Imbalances
Jiang, Z., R.J. Richmond & T. Zhang (2022)
Modernizing and Reshaping the Bretton Woods Institutions for the 21st Century
Chhibber, A. (2022)
The analysis of inequality in the Bretton Woods institutions
Ferreira, F.H.G. (2022)
The Impacts of Crises on the Trilemma Configurations
Aizenman, J., M.D. Chinn & H. Ito (2022)
IMF conditionality, export structure and economic complexity: The ineffectiveness of structural adjustment programs
Demir, F. (2022)
A Model of the Gold Standard
Fernández-Villaverde, J. & D. Sanches (2022)
IMF's Precautionary Lending Instruments: Have They Worked?
Lisi, G. (2022)
Examining the effect of IMF conditionality on natural resource policy
Goes, I. (2023)
Multilateral development banks are key to unlocking low-carbon investments in developing economies
Fries, S. (2023)
Hegemony or Harmony? A Unified Framework for the International Monetary System
Liu, T., D. Lu & L. Wang (2023)
How We Missed the Inflation Surge: An Anatomy of Post-2020 Inflation Forecast Errors
Koch, C. &mpa; D. Noureldin (2023)
It's Never Different: Fiscal Policy Shocks and Inflation
Cevik, S. & F. Miryugin (2023)
Intraday liquidity around the world
Kabadjova, B.A., A. Badev, S.B. Bastos, E. Benos, F. Cepeda- Lopéz, J. Chapman, M. Diehl, I. Duca-Radu, R. Garratt, R. Heijmans, A. Kosse, A. Martin, T. Nellen, T. Nilsson, J. Paulick, A. Pustelnikov, A.F. Rivadeneyra, M. Rubem do Coutto Bastos & S. Testi (2023)
Doing more with less: The catalytic function of IMF lending and the role of program size
Krahnke, T. (2023)
Do Sovereign Wealth Funds Reduce Fiscal Policy Pro-cyclicality> New Evidence Using a Non-Parametric Approach
Al-Sadiq, A.J., D.A. Gutiérrez (2023)
The cross-border interconnectedness of shadow banking
Ozgur, G. (2023)
The catalytic role of IMF programs to Low Income Countries
Schiavone, A. & C. Maurini (2023)
On the Preferred Creditor Status of Multilateral Development Banks
Amegashie, J.A. (2023)
Whither multilateralism?
Stiglitz, J.E. (2023)
The International Monetary System and International Financial System as an Analogy to the Copernican Heliocentric system: A simple multi-layers network model with simultaneous regime changes
Bordo, M.D. & C. Bastidon (2023)
Global financial uncertainty shocks and external monetary vulnerability: The role of dominance, exposure, and history
Kohler, K., B. Bonizzi & A. Kaltenbrunner (2023)
Global tax hubs
Baistrocchi, E. (2023)
American financial hegemony, global capital cycles, and the macroeconomic growth environment
Ba, H. & W.K. Winecoff (2024)
Predicting IMF-Supported Programs: A Machine Learning Approach
Batsuuri, T., S. He, R. Hu, J. Leslie & F. Lutz (2024)
Big money reigns, small money gains - but who will fix the International Monetary System?
Srouji, J.S. (2024)
Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances After the Global Financial Crisis
Milesi-Ferretti, G.M. (2024)
The Global Financial Cycle: Quantities versus Prices
Cerutti, E.M. & S. Claessens (2024)
The Role of IMF Arrangements in Restoring Access to International Capital Markets
Kogan, J., R. Kazandjian, S. Luo, M. Mbohou & H. Miao (2024)
Cross-border regulatory spillovers and macroprudential policy coordination
Agénor, P-R., T.P. Jackson & L.A. Pereira da Silva (2024)
The relevance of development policies to confront crisis situations: World Bank's early response to Covid-19
Naeher, D., R. Narayanan & V. Ziulu (2024)
Can the IMF Use Its Balance Sheet More Effectively to Address Global Challenges?
Andrews, D. (2024)
Monetary-Fiscal Coordination with International Hegemon
Ding, X. & Z. Jiang (2024)
IMF-Supported Programs in Low-Income Countries: Fragile versus Non-Fragile States
Cai, K., E. Martin & F.J. Vardy (2024)
How do stock markets in emerging economies respond to World Bank loan approvals?
Kersting, E. & C. Kilby (2024)
A Liquidity Line for MDBs: SDR Rechanneling Revisited
Powell, A. (2024)
The impact of financial crises on industrial growth: lessons from the last 40 years
Madeira, C. (2024)
Global Finance: changing practices, actors, and geographies
Fichtner, J. & J. Petry (2024)
A Proposal for the IMF: A New Instrument of International Liquidity Provision for Emerging Markets and Developing Economies
Alfaro, L., G. Calvo, J. de Gregorio, A. de la Torre, P. Guidotti, E. Mendoza, E. Talvi, L. Rojas-Suarez & A. Velasco (2024)
Designing Expenditure Policy Conditionality in IMF-Supported Programs
Hanedar, E. & Z. Munkacsi (2025)
Currency Development Through Liquidity Provision
Coppola, A., A. Krishnamurthy & C. Xu (2025)
The effect of basel III implementation on SME access to financing in emerging markets and developing economies
Fišera, B., R. Horváth & M. Melecký (2025)
China's Overseas Lending in Global Finance Cycle
Jiang, Z. (2025)
Foundations of International Macroeconomics | About
Obstfeld, M. & K. Rogoff (1995)
Abstract: Foundations of International Macroeconomics is an innovative text that offers the first integrative modern treatment of the core issues in open economy macroeconomics and finance. With its clear and accessible style, it is suitable for first-year graduate macroeconomics courses as well as graduate courses in international macroeconomics and finance. Each chapter incorporates an extensive and eclectic array of empirical evidence. For the beginning student, these examples provide motivation and aid in understanding the practical value of the economic models developed. For advanced researchers, they highlight key insights and conundrums in the field. Topic coverage includes intertemporal consumption and investment theory, government spending and budget deficits, finance theory and asset pricing, the implications of (and problems inherent in) international capital market integration, growth, inflation and seignorage, policy credibility, real and nominal exchange rate determination, and many interesting special topics such as speculative attacks, target exchange rate zones, and parallels between immigration and capital mobility. Most main results are derived both for the small country and world economy cases. The first seven chapters cover models of the real economy, while the final three chapters incorporate the economy's monetary side, including an innovative approach to bridging the usual chasm between real and monetary models.
Abstract: Recent research in international business cycles based upon complete markets has found that international consumption correlations are lower than predicted by the standard risk-sharing implications of these models. In this paper, I use regression tests to ask whether two different types of explanations can help explain this result. First, I consider whether non-separabilities between tradeables and non-tradeable leisure or goods can explain the puzzle. Surprisingly, non-separabilities explain only a tiny fraction of the variation in tradeables consumption across countries. Furthermore, risk-sharing in tradeables is rejected. Second, I examine the effects of capital market restrictions on aggregate consumption risk-sharing by countries. While rejections of risk-sharing are stronger for countries facing more severe capital market restrictions, risk-sharing is still rejected for the unrestricted group of countries. Therefore, risk-sharing does not appear to be resolved by either explanation alone. However, when I allow for both non-separabilities and certain market restrictions, risk-sharing among unrestricted countries is not rejected. This evidence suggests that a combination of these two effects may be necessary to explain consumption risk-sharing across countries.
New Directions for Stochastic Open Economy Models
Obstfeld, M. & K. Rogoff (2000)
Abstract: The paper develops a simple stochastic new open economy macroeconomic model based on sticky nominal wages. Explicit solution of the wage-setting problem under uncertainty allows one to analyze the effects of the monetary regime on welfare, expected output, and the expected terms of trade. Despite the potential interplay between imperfections due to sticky wages and monopoly, the optimal monetary policy rule has a closed-form solution. To motivate our model, we show that observed correlations between terms of trade and exchange rates are more consistent with our traditional assumptions about nominal rigidities than with a popular alternative based on local-currency pricing.
The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?
Obstfeld, M. & K. Rogoff (2000)
Abstract: The central claim in this paper is that by explicitly introducing costs of international trade (narrowly, transport costs but more broadly, tariffs, nontariff barriers and other trade costs), one can go far toward explaining a great number of the main empirical puzzles that international macroeconomists have struggled with over twenty-five years. Our approach elucidates J. McCallum's home bias in trade puzzle, the Feldstein-Horioka saving-investment puzzle, the French-Poterba equity home bias puzzle, and the Backus-Kehoe- Kydland consumption correlations puzzle. That one simple alteration to an otherwise canonical international macroeconomic model can help substantially to explain such a broad arrange of empirical puzzles, including some that previously seemed intractable, suggests a rich area for future research. We also address a variety of international pricing puzzles, including the purchasing power parity puzzle emphasized by Rogoff, and what we term the exchange-rate disconnect puzzle.' The latter category of riddles includes both the Meese-Rogoff exchange rate forecasting puzzle and the Baxter-Stockman neutrality of exchange rate regime puzzle. Here although many elements need to be added to our extremely simple model, we can still show that trade costs play an essential role.
Incomplete markets, borrowing constraints, and the foreign exchange risk premium
Leduc, S. (2000)
Monetary Policy for an Open Economy: An Alternative Framework with Optimizing Agents and Sticky Prices
McCallum, B.T. & E. Nelson (2001)
International Dimensions of Optimal Monetary Policy | Published
Corsetti, G. & P. Pesenti (2001/2005)
Abstract: This paper provides a baseline general equilibrium model of optimal monetary policy among interdependent economies with monopolistic firms and nominal rigidities. An inward-looking policy of domestic price stabilization is not optimal when firms’ markups are exposed to currency fluctuations. Such a policy raises exchange rate volatility, leading foreign exporters to charge higher prices vis-à-vis increased uncertainty in the export market. As higher import prices reduce the purchasing power of domestic consumers, optimal monetary rules trade off a larger domestic output gap against lower consumer prices. Optimal rules in a world Nash equilibrium lead to less exchange rate volatility relative to both inward-looking rules and discretionary policies, even when the latter do not suffer from any inflationary (or deflationary) bias. Gains from international monetary cooperation are related in a non-monotonic way to the degree of exchange rate pass-through.
Patience, persistence and welfare costs of incomplete markets in open economies | Published
Kim, J., S.H. Kim & A. Levin (2001/2003)
Abstract: In this paper, we investigate the welfare implications of alternative financial market structures in a two-country endowment economy model. In particular, we obtain an analytic expression for the expected lifetime utility of the representative household when sovereign bonds are the only internationally traded asset, and we compare this welfare level with that obtained under complete asset markets. The welfare cost of incomplete markets is negligible if agents are very patient and shocks are not very persistent, but this cost is dramatically larger if agents are relatively impatient and shocks are highly persistent. For realistic cases in which agents are very patient and shocks are highly persistent (that is, the discount factor and the first-order autocorrelation are both near unity), the welfare cost of incomplete markets is highly sensitive to the specific values of these parameters. Finally, using a non-linear solution algorithm, we confirm that a two-country production economy with endogenous labor supply has qualitatively similar welfare properties.
Dollarization of Liabilities, Net Worth Effects, and Optimal Monetary Policy
Cespedes, L.F., R. Chang & A. Valesco (2001)
Who Bears the Burden of the Corporate Tax in The Open Economy?
Gravelle, J. & K. Smetters (2001)
Government budgetary policies, economic growth, and currency substitution in a small open economy
Holman, J.A. (2001)
Monetary Policy in the Open Economy Revisited: Price Setting and Exchange Rate Flexibiity
Devereux, M. & C. Engel (2001)
The 'New Keynesian' Phillips Curve: Closed Economy vs. Open Economy
Razin, A. & Y. Chi-Wa (2001)
International Macroeconomics: Beyond the Mundell-Fleming Model
SURVEY PAPER
Obstfeld, M. (2001)
Home bias and high turnover reconsidered
Warnock, F.E. (2001)
Luxury Goods and the Equity Premium
Ait-Sahalia, Y., J.A. Parker & M. Yogo (2001)
International Portfolio Investment: Theory, Evidence, and Institutional Framework
Bartram, S.M. & G. Dufey (2001)
Abstract: At first sight, the idea of investing internationally seems exciting and full of promise because of the many benefits of international portfolio investment. By investing in foreign securities, inves-tors can participate in the growth of other countries, hedge their consumption basket against ex-change rate risk, realize diversification effects and take advantage of market segmentation on a global scale. Even though these advantages might appear attractive, the risks of and constraints for international portfolio investment must not be overlooked. In an international context, finan-cial investments are not only subject to currency risk and political risk, but there are many institu-tional constraints and barriers, significant among them a host of tax issues. These constraints, while being reduced by technology and policy, support the case for internationally segmented securities markets, with concomitant benefits for those who manage to overcome the barriers in an effective manner.
Optimal Portfolio Allocation in a World Without Treasury Securities
Bomfim, A.N. (2001)
The Two Monetary Approaches to the Balance of Payments: Keynesian and Johnsonian
Polak, J.J. (2001)
Consumption-Based Interest Rate and the Present-Value Model of the Current Account--Evidence from Nigeria
Adedeji, O.S. (2001)
Inflation targeting in a small open economy
Jarle Bergo (BIS Review) Sep 5, 2001
The Asset Allocation of Emerging Market Mutual Funds
Disyatat, P. & R.G. Gelos (2001)
Financial Super-Markets: Size Matters for Asset Trade
Martin, P. & H. Rey (2001)
The Impossible Duo? Globalization and Monetary Independence in Emerging Markets
Valesco, A. (2001)
The Impact of U.S. Economic Growth on the Rest of the World: How Much Does it Matter?
Arora, V.B. & A. Vamvakidis (2001)
Migration, Human Capital, and Poverty in a Dual-Economy of a Developing Country
Masson, P.M. (2001)
Net Foreign Assets and the Exchange Rate: Redux Revived
Cavallo, M. & F. Ghironi (2001)
Easy Money Through The Back Door: The Markets Vs. The ECB
Bibow, J. (2001)
Abstract: This brief assesses the experiences of Europe's policy regime in the two years since the introduction of the euro in 1999, particularly the performance of the European Central Bank (ECB), the institution in charge of conducting monetary policy for the euro area. Conventional accounts of European growth, price, and labor market performance over recent years focus on labor market institutions and wage trends. By contrast, the interpretation offered here assigns a key role to demand-side factors as the driving force behind the recovery in output and employment growth. It is argued that the euro's plunge essentially resumed the trend of deutsche mark weakness that had started in 1996 and that currency depreciation amounted to a significant easing of monetary conditions.
Endogenous Currency of Price Setting in a Dynamic Open Economy Model
Devereux, M.B. & C. Engel (2001)
Abstract: Many papers in the recent literature in open economy macroeconomics make different assumptions about the currency in which firms set their export prices when nominal prices must be pre-set. But to date, all of these studies take the currency of price setting as exogenous. This paper sets up a simple two-country general equilibrium model in which exporting firms can choose the currency in which they set prices for sales to foreign markets. We make two alternative assumptions about the structure of international financial markets: one where there are complete markets for hedging consumption risk internationally, and the other without risk-sharing possibilities. Our results are quite sharp: exporters will generally wish to set prices in the currency of the country that has the most stable monetary policy. When monetary stability is similar among countries, there is an equilibrium where firms from all countries set their price in the currency of the buyer (local currency pricing). But except for a special case where money variances are exactly identical across countries, there is no equilibrium where all firms set export prices in their own currencies (producer currency pricing).
International Cartel Enforcement: Lessons from the 1990s
Evenett, S.J., M.C. Levenstein & V.Y. Suslow (2001)
Risk Aversion and Optimal Portfolio Policies in Partial and General Equilibrium Economies
Kogan, L. & R. Uppal (2001)
Optimal Monetary Policy in Closed versus Open Economies: An Integrated Approach
Clarida, R., J. Gali & M. Gertler (2001)
The Empirics of Monetary Policy Rules in Open Economies
Clarida, R. (2001)
Central Bank Learning, Terms of Trade Shocks & Currency Risk: Should Exchange Rate Volatility Matter for Monetary Policy? | Published
Lim, G.C. & P.D. McNelis (2001/07)
Simple Monetary Policy Rules and Exchange Rate Uncertainty
Leitemo, K. & U. Soderstrom (2001)
New International Monetary Arrangements and the Exchange Rate | Alternative
Monacelli, T. (2001)
Evidence Uncovered: Long-Term Interest Rates, Monetary Policy, and the Expectations Theory
Roush, J.E. (2001)
International Finance in General Equilibrium | Published
Geanakoplos, J. & D.P. Tsomocos (2001)
Abstract: Our purpose in this paper is to unify international trade and finance in a single general equilibrium model. Our model is rich enough to include multiple commodities (including traded and nontraded goods), heterogeneous consumers in each country, multiple time periods, multiple credit markets, and multiple currencies. Yet our model is simple enough to be effectively computable. We explicitly calculate the financial and real effects of changes in tariffs, productivity, and preferences, as well as the effects of monetary and fiscal policy. We maintain agent optimization, rational expectations, and market clearing (i.e., perfect competition with flexible prices) throughout. But because of the important role money plays, and because of the heterogeneity of markets and agents, we find that fiscal and monetary policy both have real effects. The effects of policy on real income, long-term interest rates, and exchange rates are qualitatively identical to those suggested in Mundell-Fleming (without the small country hypothesis), although our equilibrating mechanisms are different. However, because the Mundell-Fleming model ignores expectations and relative price changes, our model predicts different effects on the flow of capital, the balance of trade, and real exchange rates in some circumstances.
Mind the Gap: What is the Best Measure of Slack in the Euro Area?
Ross, K. & A. Ubide (2001)
A Dual Liquidity Model for Emerging Markets
Caballero, R.J. & A. Krishnamurthy (2002)
Abstract: The last few years have seen a significant re-evaluation of the models used to analyze crises in emerging markets. Recent models typically stress financial constraints or distorted financial incentives. While this certainly represents progress, these models share a weakness with the earlier work: neither is uniquely about emerging markets. Adaptations of the Mundell-Fleming model represent Argentina as a Belgium with larger external shocks. Likewise, emerging market models of financial constraints are adaptations of developed economy ones with tighter financial constraints. In our work, we have advocated a model which distinguishes between the financial constraints affecting borrowing and lending among agents within an emerging economy, and those affecting borrowing from foreign lenders. This 'dual liquidity' model offers a parsimonious description of the behavior of firms, governments, and asset prices during financial crises. It also provides prescriptions for optimal policy responses to these crises.
International Labor Economics
Hamermesh, D.S. (2002)
Why Are Rates of Inflation So Low After Large Devaluations?
Burstein, A., M. Eichenbaum & S. Rebelo (2002)
Monetary Policy Rules and Oil Price Shocks
Kamps, C. & C. Pierdzioch (2002)
Explaining the Migration of Stock from Exchanges in Emerging Economies to International Centers
Claessens, S., D. Klingebiel & S. Schmuckler (2002)
Abstract: We study the determinants of stock market development and the growing migration of capital raising, listing, and trading activity to international exchanges. Economies with higher income per capita, sounder macro policies, more efficient legal systems with better shareholder protection, and more open financial markets have larger and more liquid markets. As such fundamentals improve, however, the degree of migration to international exchanges also increases. This leads to gains for corporations in the form of lower costs, better terms, and more liquidly-traded shares. Fully-fledged local stock exchanges are thus becoming less necessary for many economies. Furthermore, migration can leave too little domestic activity to sustain a local exchange. Therefore, the functions and forms of stock exchanges in many economies need to be rethought.
Primer on Reforms in a Second-Best Ambiguous Environment: A Case for Gradualism
Erbas, S.N. (2002)
Determinants of Current Account Deficits in Developing Countries
Calderon, C.A., A. Chong & N.V. Loayza (2002)
International Taxation
SURVEY PAPER
Gordon, R.H. & J.R. Hines Jr. (2002)
Gold as an Inflation Hedge?
Ghosh, D., E.J. Levin, P. Macmillan & R.E. Wright (2002)
Policy Rules and External Shocks
Ball, L. (2002)
Heckscher-Ohlin Business Cycles
Cuñat, A. & M. Maffezzoli (2002)
Abstract: This paper introduces Heckscher-Ohlin trade features into a two-country DSGE model, and studies how productivity shocks propagate through trade in goods. In comparison with standard models, (i) transitory shocks to productivity have permanent effects on country- level aggregate variables; (ii) aggregate productivity shocks have relevant effects on the sectoral allocation of production factors; (iii) the business cycle properties of our model are broadly compatible with the empirical evidence; (iv) under complete asset markets, the international correlation of consumption is lower than that of output.
On the Origins of the Fleming-Mundell Model
Boughton, J.M. (2002)
A Theory of the Currency Denomination of International Trade | Published
Bacchetta, P. & E. van Wincoop (2002/2005)
Small Open Economy Model with Domestic Resource Shocks: Monetary Union versus Floating Exchange Rate
Einarsson, T. (2002)
Are Financial Assets Priced Locally or Globally?
Karolyi, G.A. & R.M. Stulz (2002)
Decomposing the Persistence of International Equity Flows
Froot, K.A. & J.D. Tjornhom (2002)
Some International Issues in Commodity Taxation
Keen, M.J. (2002)
Equilibrium Exchange Rates and Supply Side Performance
Benigno, G. & C. Thoenissen (2002)
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
Obstfeld, M. (2002)
Abstract: The New Open Economy Macroeconomics has allowed economists to tackle classical problems with new tools, while also generating new ideas and questions. In their attempts to make the new models capture empirical regularities, researchers have entertained a variety of assumptions about the international pricing of goods, notably, models of pricing to market and destination-currency pricing of exports. Some of the resulting models imply that exchange-rate changes lack international expenditure-switching effects, and they thus appear to call for a radical rethinking of the role of exchange rates in international adjustment. This paper argues that the recent resurgence of exchange-rate pessimism stems from oversimplified modeling strategies rather than from evidence. Like earlier episodes starting with the extreme 'elasticity pessimism' of the early postwar era, it is based on a misinterpretation of the empirical record.
Liability Dollarization and the Bank Balance Sheet Channel
Choi, W.G. & D.H. Cook (2002)
Closing Small Open Economy Models | Published
Schmitt-Grohe, S. & M. Uribe (2002/2003)
Dynamic General Equilibrium Analysis: The Open Economy Dimension
Lane, P.R. & G. Ganelli (2002)
An Estimated Stochastic Dynamic General Equilibrium Model of the Euro Area
Smets, F. & R. Wouters (2002)
Why Do Consumer Prices React less than Import Prices to Exchange Rates?
Bacchetta, P. & E. van Wincoop (2002)
The Credit Channel in Middle Income Countries
Tornell, A. & F. Westermann (2002)
Exchange Rate Dynamics, Learning and Misperception
Gourinchas, P.O. & A. Tornell (2002)
Towards a Theory of Current Accounts
Ventura, J. (2002)
Abstract: The current accounts data of industrial countries exhibits some strong patterns that are inconsistent with the intertemporal approach to the current account. This is the basic model that international economists have been using for more than two decades to think about current account issues. This paper shows that it is possible to go a long way towards reconciling the theory and the data by introducing two additional features to the basic model: investment risk and adjustment costs to investment. Moreover, these extensions generate new and unexpected theoretical predictions that receive substantial support in the data. The overall message is therefore positive: with a couple of reasonable modifications, the intertemporal approach to the current account provides a fairly good description of the industrial country data.
The New Open Economy Macroeconomics of Government Debt | Published
Ganelli, G. (2002)
A theory of the currency denomination of international trade
Bacchetta, P. & E. van Wincoop (2003)
Optimal Monetary Policy in a Small Open Economy with Habit Formation and Nominal Rigidities
Choi, W.G. & Y. Jung (2003)
Monetary Policy and Exchange Rate Volatility in a Small Open Economy | Published
Monacelli, T. & J. Gali (2002/05)
The Equity Premium: Why is it a Puzzle?
Mehra, R. (2003)
Some Implications for Monetary Policy of Uncertain Exchange Rate Pass-Through
Hunt, B. & P. Isard (2003)
Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance | Published
Devereux, M.B., C. Engel & P.E. Storgaard (2003)
Inflation Inertia and Credible Disinflation - The Open Economy Case | Published
Calvo, G., O. Celasun & M. Kumhof (2003/07)
Monetary Rules for Small, Open, Emerging Economies
Laxton, D. & P. Pesenti (2003)
Macroeconomics of international price discrimination | Published
Corsetti, G. & L. Dedola (2003/05)
Real exchange rate in an inter-temporal N-country-model with incomplete markets
Mercereau, B. (2003)
A Simple Framework for International Monetary Policy Analysis
Clarida, R., J. Galí & M. Gertler, (2003)
The Open Economy Phillips Curve: 'New Keynesian' Theory and Evidence
Loungani, P., A. Razin & C.W. Yuen (2003)
Commitment, Discretion and Fixed Exchange Rates in an Open Economy
Monacelli, T. (2003)
Endogenous Nontradability and Macroeconomic Implications | Published
Bergin, P.R. & R. Glick (2003/07)
Do Capital Flows Respond to Risk and Return?
Calderón, C., L. Servén & N. Loayza (2003)
Productivity Shocks and Consumption Smoothing in the International Economy
Ghironi, F., T.B. Iscan & A. Rebucci (2003)
Globally-Stabilizing Fiscal Policy Rules
Guo, J.T. & K.J. Lansing (2003)
Asset Prices and Exchange Rates
Pavlova, A. & R. Rigobon (2003)
The Response of the Current Account to Terms of Trade Shocks: Persistence Matters
Kent, C. & P.A. Cashin (2003)
John Maynard Keynes 1937-1946: The Creation of International Macro-Economics
Vines, D. (2003)
Global dynamics in macroeconomics: an overlapping generations example
Gomis-Porqueras, P. & A. Haro (2003)
Exchange Rate Volatility and Consumption Home-Bias
Cooke, D. (2003)
Interactions Between Monetary and Fiscal Policy Under Flexible Exchange Rates | Published
Leith, C. & S. Wren-Lewis (2003/08)
Monetary Policy in Open Economies: Price Inertia and Inflation Targeting
Rigon, M. (2003)
Home-Product Bias, Capital Mobility, and the Effects of Monetary Policy Shocks in Open Economies
Pierdzioch, C. (2003)
Capital Mobility and the Effectiveness of Fiscal Policy in Open Economies
Pierdzioch, C. (2003)
Keeping Up with the Joneses: Implications for the Welfare Effects of Monetary Policy in Open Economies
Pierdzioch, C. (2003)
Keeping Up with the Joneses: An International Asset Pricing Model
Gomez, J-P., R. Priestly & F. Zapatero (2003)
New Keynesian, Open-Economy Models and Their Implications for Monetary Policy
Bowman, D. & B.M. Doyle (2003)
Is there a room for national monetary policy in the era of globalization?
Dabrowski, M. (2003)
Does Exchange Rate Risk Matter for Welfare? | Published
Bergin, P.R. & I. Tchakarov (2003/07)
Alternative Targeting Regimes, Transmission lags and the Exchange rate Channel
Lam, J-P. (2003)
Devaluation (levels vs. rates) and balance of payments in a cash-in-advance economy
Petrucci, A. (2003)
Nominal Rigidities and Exchange Rate Pass-Through in a Structural Model of a Small Open Economy
Ambler, S., A. Dib & N. Rebei (2003)
Monetary Policy Rules in an Interdependent World
Kollman, R. (2003)
Distribution costs and real exchange rate dynamics during exchange-rate-based stabilizations
Burstein, A.T., J.C. Neves & S. Rebelo (2003)
The Structural Approach of a Natrex Model on Equilibrium Exchange Rates
Martinez, C.M. (2003)
Current Account Imbalances, Thriftiness And The Real Exchange Rate In A Growing Economy
Martinez, C.M. (2003)
International risk-sharing and the transmission of productivity shocks
Corsetti, G., L. Dedola & S. Leduc (2003)
Effects of the Exchange-Rate Regime on Trade under Monetary Uncertainty: The Role of Price Setting
Mihailov, A. (2003)
The U.S. Dollar and the Trade Deficit: What Accounts for the Late 1990s?
Hunt, B.L. & A. Rebucci (2003)
International monetary trade and the law of one price
Camera, G. & J. Winkler (2003)
Coping with Terms-of-Trade Shocks in Developing Countries
Broda, C. & C. Tille (2003)
Fiscal Policy in the New Open Economy. Macroeconomics and Prospects for Fiscal Policy Coordination
Coutinho, L. (2003)
The Macroeconomics of International Financial Trade
Lane, P.R. (2003)
Abstract: This paper extends stochastic research in new open-economy macroeconomics (NOEM) to study the effects of the exchange-rate regime on international trade in a more realistic, yet rigorous, analytical set-up. We essentially incorporate "iceberg" costs, inducing home bias, into a unified framework which nests trade between countries that produce similar vs. different composite goods. Our main result is that given (some degree of) producer's currency pricing with symmetry in structure and money shock distributions as the only source of uncertainty, a fixed exchange rate slightly reduces expected trade, measured as a share in GDP, relative to a float under elastic import demand, i.e. when countries' output mixes are similar; inelastic import demand, possible under the same taste for diversity but far less substitutable national outputs arising in our model from differences in endowments although not in technological labor input requirements, reverses this conclusion. What a peg can achieve in any of these cases is trade stabilization (across states of nature). It would be greater for (symmetric) nations which (i) have a larger proportion of producer's currency pricing in their trade, (ii) are exposed to higher monetary uncertainty, (iii) produce less substitutable output mixes and (iv) are located closer to one another or apply weaker bilateral trade restrictions.
External Constraints on Monetary Policy and the Financial Accelerator
Gertler, M., S. Gilchrist & F. Natalucci (2003)
Commitment Vs. Flexibility
Amador, A., I. Werning, & G-M. Angeletos (2003)
Monetary Policy, Real Exchange Rate, and the Current Account in a Small Open Economy
Soto, C. (2003)
Are Different-Currency Assets Imperfect Substitutes?
Evans, M.D.D. & R.K. Lyons (2003)
Optimal discretionary monetary policy in the open economy: Choosing between CPI and domestic inflation as target variables | Published
Guender, A.V. (2003/06)
Exchange Rate Policy and Endogenous Price Flexibility
Devereux, M.B. (2003)
Optimal Inflation in an Open Economy
Arseneau, D.M. (2003)
Into the Mussa puzzle: monetary policy regimes and the real exchange rate in a small open economy
Monacelli, T. (2004)
The US Current Account, New Economy Services, and Implications for Sustainability
Mann, C.L. (2004)
International Home Bias: Some Explanations
Hillberry R. & D. Hummels (2004)
Inflation Targeting and Exchange Rate Rules in an Open Economy
Parrado, E. (2004)
How Well Can the New Open Economy Macroeconomics Explain the Exchange Rate and Current Account? | Published
Bergin, P.R. (2004/06)
Imperfect Capital Mobility in an Open Economy Model of Capital Accumulation
Klyuev, V. (2004)
Real exchange rate persistence and monetary policy rules
Benigno, G. (2004)
The impact of monetary policy on the exchange rate: evidence from three small open economies
Zettelmeyer, J. (2004)
U.S. real exchange rate fluctuations and relative price fluctuations | Published
Betts, C.M. & T.J. Kehoe (2004/06)
Excessive Liability Dollarization in a Simple Signaling Model
Besancenot, D. & R. Vranceanu (2004)
The Choice of Invoice Currency under Uncertainty: Theory and Evidence from Korea
Fukuda, S. & M. Ono (2004)
Monetary policy rules and exchange rate flexibility in a simple dynamic general equilibrium model
Devereux, M.B. (2004)
Monetary and fiscal interactions in open economies
Lombardo, G. & A. Sutherland (2004)
Sectoral adjustment costs and real exchange rate dynamics in a two-sector dependent economy
Mahbub Morshed, A.K.M. & S.J. Turnovsky (2004)
Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates? | Published
Hau, H. & H. Rey (2004)
A Small Corner of Intertemporal Public Finance - New Developments in Monetary Economics: 2 Ghosts, 2 Eccentricities, A Fallacy, A Mirage and A Mythos
Buiter, W. (2004)
Productivity Shocks, Learning, and Open Economy Dynamics
Daumont, R.E. (2004)
On the Hump-Shaped Output Effect of Monetary Policy in an Open Economy
Pierdzioch, C. & S. Yener (2004)
Economic Performance over the Conflict Cycle
Staines, N. (2004)
Challenging the Empirical Evidence from Present Value Models of the Current Account
Mercereau, B. & J. Miniane (2004)
Optimal monetary policy in a currency area
Benigno, P. (2004)
Monetary Policy in an Estimated Open-Economy Model with Imperfect Pass-Through | Alternative
Linde, J., M. Nessen & U. Soderstrom (2004)
Inflation Targeting and Exchange Rate Pass-Through | Published
Flamini, A. (2004/07)
Asset Prices and Exchange Rates
Pavlova, A. & R. Rigobon, R. (2004)
Regime Shifts and the Stability of Backward Looking Phillips Curves in Open Economies | Published
Castelnuovo, E. (2004/08)
Theory of tax smoothing in the small open economy
Fisher, L.A. & G.H. Kingston (2004)
Exchange Rate Dynamics, Nominal Rigidities And Equilibrium Unemployment
Holt, R. (2004)
Monetary policy and the credit channel in an open economy
Ramírez, C.D. (2004)
Emerging Market Business Cycles: The Cycle is the Trend | Published
Aguiar, M. & G. Gopinath (2004/07)
International Trade and Macroeconomic Dynamics with Heteroegenous Firms
Ghironi, F. & M.J. Melitz (2004)
Abstract: We develop a stochastic, general equilibrium, two-country model of trade and macroeconomic dynamics. Productivity differs across individual, monopolistically competitive firms in each country. Firms face a sunk entry cost in the domestic market and both fixed and per-unit export costs. Only relatively more productive firms export. Exogenous shocks to aggregate productivity and entry or trade costs induce firms to enter and exit both their domestic and export markets, thus altering the composition of consumption baskets across countries over time. In a world of flexible prices, our model generates endogenously persistent deviations from PPP that would not exist absent our microeconomic structure with heterogeneous firms. It provides an endogenous, microfounded explanation for a Harrod-Balassa-Samuelson effect in response to aggregate productivity differentials and deregulation. Finally, the model successfully matches several moments of US and international business cycles.
Uncertainty and the open economy: a view through two different lenses
Lees, K. (2004)
Exchange rate changes and endogenous terms of trade effects in a small open economy
Swift, R. (2004)
Fiscal adjustment and labor market dynamics in an open economy
Agénor, P-R. (2004)
Asset Accumulation, Fertility Choice and Nondegenerate Dynamics in a Small Open Economy
Petrucci, A. (2004)
The welfare effect of international asset market integration under nominal rigidities
Tille, C. (2004)
Inflation in open economies with complete markets
Celentani, M., J.I. Conde-Ruiz & K. Desmet (2004)
Which currency to set price? A model of multiple countries and risk averse firm
Wang, J. (2004)
Domestic and International Finance: How Do They Affect Consumption Smoothing?
Huizinga, H. & D. Zhu (2004)
Characterization of the Dynamic Effects of Fiscal Shocks in a Small Open Economy
Rebei, N. (2004)
Caution or Activism? Monetary Policy Strategies in an Open Economy
Ellison, M., L. Sarno & J. Vilmunen (2004)
A Gravity View of Exchange Rate Disconnect
Fitzgerald, D. (2004)
Trade, Interdependence and Exchange Rates
Fitzgerald, D. (2004)
Remoteness and Real Exchange Rate Volatility
Bravo-Ortega, C. & J. di Giovanni (2005)
Financial Globalization and Exchange Rates
Lane, P.R. & G.M. Milesi-Ferretti (2005)
Incomplete pass-through and the welfare effects of exchange rate variability
Sutherland, A. (2005)
Dynamic stability in a two-country model of optimal growth and international trade
Brecher, R.A., Z. Chen & E.U. Choudhri (2005)
Intertemporal budget policies and macroeconomic adjustment in a small open economy
Bianconi, M. & W.H. Fisher (2005)
Real exchange rate and employment performance in an open economy
Faria, J.R. & M.A. León-Ledesma (2005)
Productivity Spillovers, Terms of Trade, and the 'Home Market Effect' | Alternative | Published
Corsetti, G., P. Martin & P. Pesenti (2005/07)
Bayesian Estimation of an Open Economy DSGE Model with Incomplete Pass-Through | Published
Adolfson, M., S. Laséen, J. Lindé & M. Villani (2005/07)
What Drives Business Cycles in a Small Open Economy with a Fixed Exchange Rate?
Dam, N.A. & J.G. Linaa (2005)
Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing
Engel, C. (2005)
Can exchange rate variations or trade policy alter the equilibrium current account?
Miller, N.C. (2005)
Feasible Limits for External Deficits and Debt
Makin, A.J. (2005)
Inflation, openness, and exchange-rate regimes: The quest for short-term commitment
Alfaro, L. (2005)
Current Account Dynamics in a Small Open-Economy Model of Status Seeking
Fisher, W.H. (2005)
Net Foreign Asset Positions and Consumption Dynamics in the International Economy | Published
Ghironi, F., T.B. Iscan & A. Rebucci (2005/08)
The Simple Geometry of Transmission and Stabilization in Closed and Open Economies | Alternative
SURVEY PAPER
Corsetti, G. & P. Pesenti (2005)
Abstract: This paper provides an introduction to the recent literature on macroeconomic stabilization in closed and open economies. The authors present a stylized theoretical framework, illustrating its main properties with the help of an intuitive graphical apparatus. Among the issues they discuss are optimal monetary policy and the welfare gains from macroeconomic stabilization, the international transmission of real and monetary shocks and the role of exchange rate pass-through, and the design of optimal exchange rate regimes and monetary coordination among interdependent economies.
Does asymmetric information cause the home equity bias?
Bravo-Ortega, C. (2005)
Status seeking in the small open economy
Fisher, W.H. & F.X. Hof (2005)
Globalization and Disinflation: The Efficiency Channel
Loungani, P. & A. Razin (2005)
Does trade openness matter for aggregate instability?
De Fiore, F. & Z. Liu (2005)
Anticipated policy and endogenous growth in a small open monetary economy
Shaw, M-F, C-C. Lai & W-Y. Chang (2005)
Efficient Fiscal Policy and Amplification
Aguiar, M., M. Amador & G. Gopinath (2005)
Is the U.S. Current Account Deficit Sustainable? And If Not, How Costly is Adjustment Likely To Be?
Edwards, S. (2005)
From World Banker to World Venture Capitalist: US External Adjustment and the Exorbitant Privilege | Comment
Gourinchas, P-O. & H. Rey (2005)
Smooth Landing or Crash? Model-Based Scenarios of Global Current Account Rebalancing
Faruqee, H., D. Laxton, D. Muir & P. Pesenti (2005)
Financial Liberalization and Consumption Volatility in Developing Countries
Levchenko, A.A. (2005)
Optimal Dutch disease
Matsen, E. & R. Torvik (2005)
Trade Invoicing in the Accession Countries: Are They Suited to the Euro?
Goldberg, L. (2005)
Non-fundamental exchange rate volatility and welfare
Straub, R. & I. Tchakarov (2005)
Financial Liberalization and Inflationary Dynamics in the Context of a Small Open Economy
Gupta, R. (2005)
An open-economy new Keynesian Phillips curve for the U.K.
Batini, N., B. Jackson & S. Nickell (2005)
New Evidence on the Puzzles: Results from Agnostic Identification on Monetary Policy and Exchange Rates | Published
Scholl, A. & H. Uhlig (2005/08)
General Equilibrium Analysis of the Eaton-Kortum Model of International Trade | Published
Alvarez, F. & R.E. Lucas (2005/07)
Current Account Balances, Financial Development and Institutions: Assaying the World "Savings Glut"
Chinn, M.D. & H. Ito (2005)
Credibility and commitment of monetary policy in open economies
D'Amato, M. & R. Martina (2005)
Monetary Policy under Sudden Stops
Cúrdia, V. (2005)
Fiscal Policy in the New Open Economy Macroeconomics and Prospects for Fiscal Policy Coordination
Coutinho, L. (2005)
Exchange Rates and Fiscal Adjustments: Evidence from the OECD and Implications for the EMU
Lambertini, L. & J.A. Tavares (2005)
Current Account Deficits in Industrial Countries: The Bigger They are, the Harder They Fall?
Freund, C. & F. Warnock (2005)
Real Effects of Nominal Exchange Rate Shocks
Konya, I. & P. Benczur (2005)
The Mundell-Fleming-Dornbusch Model in a New Bottle
Landry, A. (2005)
A Fair Exchange? Theory and Practice of Calculating Equilibrium Exchange Rates
Bayoumi, T.A., H. Faruqee & J. Lee (2005)
Real Exchange Rates in Growing Economies: How Strong Is the Role of the Nontradables Sector?
Miyajima, K. (2005)
Transfers, Non-Traded Goods, and Unemployment: An Analysis of the Keynes-Ohlin Debate
Brakman, S. & C. van Marrewijk (2005)
Capital Account Openness and Bankruptcies
Angeles, L. (2005)
Monetary policy and exchange rate interactions in a small open economy
Bjørnland, H.C. (2005)
Stochastic temporary stabilization: Undiversifiable devaluation and income risks
Venegas-Martínez, F. (2006)
Level Playing Fields in International Financial Regulation
Morrison, A.D. & L. White (2005)
The U.S. Current Account Deficit and the Expected Share of World Output | Published
Engel, C. & J.H. Rogers (2006)
Savers, Spenders and Fiscal Policy in a Small Open Economy | Published
Matsen, E., T. Sveen & R. Torvik (2006/07)
DSGE models of high exchange-rate volatility and low pass-through | Published
Corsetti, G., L. Dedola & S. Leduc (2005/08)
The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models | Published
Steinsson, J. (2005/08)
Monetary policy and exchange rate interactions in a small open economy
Bjørnland, H.C. (2005)
The Social Cost of Foreign Exchange Reserves
Rodrik, D. (2006)
Real and Nominal Wage Adjustment in Open Economies
Forslund, A., N. Gottfries & A. Westermark (2006)
Sticky Borders
Gopinath, G. & R. Rigobon (2006)
Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates
Goldberg, L.S. & J.M. Campa (2006)
Closed and Open Economy Models of Business Cycles with Marked Up and Sticky Prices
Barro, R.J. & S. Tenreyro (2006)
Exchange Rates and Monetary Policy in Emerging Market Economies
Devereux, M.B., P.R. Lane & J. Xu (2006)
Perspectives on Low Global Interest Rates
Catão, L. & G.A. Mackenzie (2006)
International Financial Integration, Sovereignty, and Constraints on Macroeconomic Policies
Kletzer, K. (2006)
Openness, exchange rate regimes and the Phillips curve
Bowdler, C. (2005)
Openness and inflation volatility: Cross-country evidence
Bowdler, C. & A. Malik (2006)
The U.S. Current Account Deficit: Gradual Correction or Abrupt Adjustment? | Published
Edwards, S. (2006)
The Relationship Between Exchange Rates and Inflation Targeting Revisited
Edwards, S. (2006)
Macroeconometric Modelling with a Global Perspective
Pesaran, M.H. & R.P. Smith (2006)
Abstract: This paper provides a synthesis and further development of a global modelling approach introduced in Pesaran, Schuermann and Weiner (2004), where country specific models in the form of VARX* structures are estimated relating a vector of domestic variables, xit, to their foreign counterparts, x*it, and then consistently combined to form a Global VAR (GVAR). It is shown that the VARX* models can be derived as the solution to a dynamic stochastic general equilibrium (DSGE) model where over-identifying long-run theoretical relations can be tested and imposed if acceptable. This gives the system a transparent long-run theoretical structure. Similarly, short-run over-identifying theoretical restrictions can be tested and imposed if accepted. Alternatively, if one has less confidence in the short-run theory the dynamics can be left unrestricted. The assumption of the weak exogeneity of the foreign variables for the long-run parameters can be tested, where x*it variables can be interpreted as proxies for global factors. Rather than using deviations from ad hoc statistical trends, the equilibrium values of the variables reflecting the long-run theory embodied in the model can be calculated. This approach has been used in a wide variety of contexts and for a wide variety of purposes. The paper also provides some new results.
Monetary Policy and Exchange Rate Dynamics: New Evidence from the Narrative Approach to Shock Identification | Published
Bluedorn, J.C. & C. Bowdler (2006/11)
Optimal Monetary Policy in a Small Open Economy with Home Bias
Faia, E. & T. Monacelli (2006)
Designing targeting rules for international monetary policy cooperation
Benigno, G. & P. Benigno (2006)
Distribution Margins, Imported Inputs, and the Sensitivity of the CPI to Exchange Rates
Campa, J.M. & L.S. Goldberg (2006)
Are There Thresholds of Current Account Adjustment in the G7?
Clarida, R.H., M. Goretti & M.P. Taylor (2006)
G7 Current Account Imbalances: Sustainability and Adjustment
Clarida, R.H. (2006)
Exchange Rate Volatility and Productivity Growth: The Role of Financial Development | Published
Aghion, P., P. Bacchetta, R. Ranciere & K. Rogoff (2006/09)
A Decomposition of the Sources of Incomplete Cross-Border Transmission
Hellerstein, R. (2006)
Antitrust in Open Economies
Francois, J.F. & H. Horn (2006)
Exchange-Rate Pass-Trough at the Product Level
Gaulier, G., A. Lahreche-Revil & I. Mejean (2006)
Portfolio Choice in a Monetary Open-Economy DSGE Model
Engel, C. & A. Matsumoto (2006)
Are Valuation Effects Desirable from a Global Perspective?
Benigno, P. (2006)
International Diversification at Home and Abroad
Cai, F. & F.E. Warnock (2006)
Exchange Rates and External Adjustment: Does Financial Globalization Matter?
Lane, P. & G.M. Milesi-Ferretti (2006)
Should Central Banks Target Consumer Prices or the Exchange Rate?
Kirsanova, T., C. Leith & S. Wren-Lewis (2006)
International Portfolio Equilibrium and the Current Account
Kollmann, R. (2006)
The expenditure switching effect, welfare and monetary policy in a small open economy
Sutherland, A. (2006)
International interdependencies in fiscal stabilization policies
Andersen, T.M. & M. Spange (2006)
Currency Mismatches, Default Risk, and Exchange Rate Depreciation: Evidence from the End of Bimetallism
Bordo, M.D., C.M. Meissner & M.D. Weidenmier (2006)
Monetary policy in open economies
Dellas, H. (2006)
On US politics and IMF lending
Andersen, T.B., T. Harr & F. Tarp (2006)
Financing government expenditures in an open economy
Holman. J.A. & K.C. Neanidis (2006)
International Policy Coordination and Simple Monetary Policy Rules
Berger, W. & H. Wagner (2006)
Monetary policy, determinacy, and learnability in a two-block world economy
Bullard, J. & E. Schaling (2006)
Those Current Account Imbalances: A Sceptical View
Corden, W.M. (2006)
An Estimated Small Open Economy Model of the Financial Accelerator
Elekdag, S., A. Justiniano & I. Tchakarov (2006)
How Might a Disorderly Resolution of Global Imbalances Affect Global Wealth?
Warnock, F.E. (2006)
Exchange Rate Stabilization in Developed and Underdeveloped Capital Markets
Schnabl, G. & V. Chmelarova (2006)
Debt, Deficits and Destabilizing Monetary Policy in Open Economies
Schabert, A. & S. van Wijnbergen (2006)
A Policymakers' Guide to Dutch Disease
Barder, O. (2006)
On the Determinants of Exporters' Currency Pricing: History vs. Expectations
Fukuda, S-I. & M. Ono (2006)
Finance and trade: A cross-country empirical analysis on the impact of financial development and asset tangibility on international trade
Hur, J.,M. Raj & Y.E. Riyanto (2006)
Policy instrument choice and non-coordinated monetary policy in interdependent economies
Lombardo, G. and Alan Sutherland (2006)
Multinationals and Exchange Rate Pass-Through
Lai, A. & O. Secrieru (2006)
Financial Liberalization in a Small Open Economy
von Hagen, J. & H. Zhang (2006)
The Transitional Dynamics of Fiscal Policy in Small Open Economies
Heijdra, B.J. & J.E. Ligthart (2006)
Fiscal Policy and Macroeconomic Uncertainty in Developing Countries: The Tale of the Tormented Insurer
Mendoza, E.G. & P.M. Oviedo (2006)
Differences in long run exchange rate pass-through into import prices in developing countries: An empirical investigation
Barhoumi, K. (2006)
Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through
Ito, T. & K. Sato (2006)
The Optimal Monetary Policy Response to Exchange Rate Misalignments
Leith, C. & S. Wren-Lewis (2006)
General Equilibrium Model of Arbitrage Trade and Real Exchange Rate Persistence
Berka, M. (2006)
Has Globalization Changed Inflation?
Ball, L.M. (2006)
Pricing-to-Market, the Interest-Rate Rule, and the Exchange Rate
Obstfeld, M. (2006)
Deflationary Shocks and Monetary Rules: an Open-Economy Scenario Analysis
Laxton, D., P. N'Diaye & P. Pesenti (2006)
Macroeconomic interdependence under incomplete markets
Ghironi, F. (2006)
Chartist Trading in Exchange Rate Theory
Selander, C. (2006)
Credit Market Imperfections and the Monetary Transmission Mechanism Part I: Fixed Exchange Rates
Agénor, P.R. & P.J. Montiel (2006)
Fear and Market Failure: Global Imbalances and 'Self-Insurance'
Miller, M.H. & L. Zhang (2006)
Trade Liberalization, Macroeconomic Adjustment, and Welfare: Unifying Trade and Macro Models
Choudhri, E.U., H. Faruqee & S. Tokarick (2006)
Borrowing without Debt? Understanding the U.S. International Investment Position
Higgins, M., T. Klitgaard & C. Tille (2007)
Fiscal Policy and the Exchange Rate-Current Account Nexus
Kim, J.I. (2007)
Does Inflation Targeting Make a Difference?
Mishkin, F.S. & K. Schmidt-Hebbel (2007)
The Demand for Treasury Debt
Krishnamurthy, A. & A. Vissing-Jorgensen (2007)
Current Account Deficits in Rich Countries
Blanchard, O. (2007)
Public Infrastructures, Public Consumption, and Welfare in a New-Open-Economy-Macro Model | Published
Ganelli, G. & J. Tervala (2007/10)
Incomplete exchange rate pass-through and simple monetary policy rules
Adolfson, M. (2007)
If exchange rates are random walks then almost everything we say about monetary policy is wrong
Alvarez, F., A. Atkeson & P.J. Kehoe (2007)
Abstract: The key question asked by standard monetary models used for policy analysis is how do changes in short term interest rates affect the economy. All of the standard models imply that such changes in interest rates affect the economy by altering the conditional means of the macroeconomic aggregates and have no effect on the conditional variances of these aggregates. We argue that the data on exchange rates imply nearly the opposite: fluctuations in interest rates are associated with nearly one-for-one changes in conditional variances and nearly no changes in conditional means. In this sense standard monetary models capture essentially none of what is going on in the data. We thus argue that almost everything we say about monetary policy using these models is wrong.
A No-Arbitrage Analysis of Macroeconomic Determinants of Term Structures and the Exchange Rate
Chabi-Yo, F. & J. Yang (2007)
Is Bad News About Inflation Good News for the Exchange Rate?
Clarida, R. & D. Waldman (2007)
United States current account deficits: A stochastic optimal control analysis
Stein, J.L. (2007)
Exchange Rates, Expectations, and Monetary Policy: a NOEM Perspective
Pierdzioch, C. & G. Stadtmann (2007)
Convergence, capital accumulation and the nominal exchange rate
Benczúr, P. & I. Kónya (2007)
Output Volatility and Large Output Drops in Emerging Market and Developing Countries
Hakura, D. (2007)
A structuralist model of the small open economy in the short, medium and long run
Hoon, H.T & E.S. Phelps (2007)
Currency appreciation and current account adjustment
Devereux, M.B. & H. Genberg (2007)
Are Shocks to the Terms of Trade Shocks to Productivity?
Kehoe, T.J. & K.J. Ruhl (2007)
Exchange Rate Pass-Through in Emerging Markets
Ca'zorzi, M., E. Hahn & M. Sanchez (2007)
Why is the Dollar So High?
Feldstein, M. (2007)
An Evaluation of the Exchange Rate Forecasting Performance of the New Keynesian Model
Vitek, F. (2007)
The Timing and Magnitude of Exchange Rate Overshooting
Westelius, N.J., M. Hoffmann & J. Sondergaard (2007)
Can the new open economy macroeconomic model explain exchange rate fluctuations?
Jung, Y. (2007)
Robust Taylor rules in an open economy with heterogeneous expectations and least squares learning
Bask, M. & C. Selander (2007)
Fiscal Shocks, the Trade Balance, and the Exchange Rate
Koray, F. & W.D. McMillin (2007)
Portfolio Choices with Near Rational Agents: A Solution to Some International-Finance Puzzles
Benigno, P. (2007)
Interest Rate Rules, Inflation Stabilization, and Imperfect Credibility: The Small Open Economy Case
Calvo, G.A. (2007)
Fiscal Policy and Default Risk in Emerging Markets
Cuadra, G. & H. Sapriza (2007)
Optimal Fiscal Policy in a Small Open Economy with Incomplete Markets and Interest Rate Shocks
Espada, J.F.C. (2007)
Optimal Fiscal Policy in a Small Open Economy and the Structure of International Financial Markets
Espada, J.F.C. (2007)
Trade Patterns, Trade Balances, and Idiosyncratic Shocks
Canals, C., X. Gabaix, J.M. Vilarrubia & D. Weinstein (2007)
The Two Crises of International Economics
Dooley, M.P., P.M. Garber & D. Folkerts-Landau (2007)
Globalization, Gluts, Innovation or Irrationality: What Explains the Easy Financing of the U.S. Current Account Deficit?
Balakrishnan, R., T. Bayoumi & V. Tulin (2007)
Long Run Macroeconomic Relations in the Global Economy
Dees, S., S. Holly, M.H. Pesaran & L.V. Smith (2007)
Financing of Global Imbalances
Walker, W.C. & M.T. Punzi (2007)
Price Setting Transactions and the Role of Denominating Currency in FX Markets
Friberg, R. & F.
Wilander (2007)
Flattened Inflation-Output Tradeoff and Enhanced Anti-Inflation Policy: Outcome of Globalization?
Razin, A. & A. Binyamini (2007)
Patterns of Current Account Adjustment - Insights from Past Experience
Algierti, T. & T. Bracke (2007)
Exchange Rate Passthrough Effects and Inflation Targeting in Emerging Economies: What 3?
Reyes, J. (2007)
Trade and the Diffusion of the Industrial Revolution
Lucas, Jr., R.E. (2007)
Abstract: A model is proposed to describe the evolution of real GDPs in the world economy that is intended to apply to all open economies. The five parameters of the model are calibrated using the Sachs-Warner definition of openness and time-series and cross-section data on incomes and other variables from the 19th and 20th centuries. The model predicts convergence of income levels and growth rates and has strong but reasonable implications for transition dynamics.
Two-Country New Keynesian DSGE Model: A Small Open Economy as a Limit Case
da Silveira, M.A.C. (2007)
Explaining the Effects of Government Spending Shocks on Consumption and the Real Exchange Rate | Published
Ravn, M.O., S. Schmitt-Grohe & M. Uribe (2007/12)
Measuring Long-Run Exchange Rate Pass-Through
de Bandt, O., A. Banerjee & T. Kozluk (2007)
Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios
Cheung, Y-W. & C Y-P. Wong (2007)
A Small Open Economy Model with Currency Mismactches and a Financial Accelerator Mechanism
Ormaechea, S.L.E.A. (2007)
Terms of Trade Shocks and Endogenous Search Unemployment: A Two-sector Model with Non-Traded goods
Sheng, Y. & X. Xu (2007)
Investment Cycles and Sovereign Debt Overhang | Published
Aguiar, M., M. Amador & G. Gopinath (2007/09)
A Neoclassical Analysis of the Asian Crisis: Business Cycle Accounting of a Small Open Economy
Otsu, K. (2007)
A Microfounded Sectoral Model for Open Economies
Plasmans, J., J. Fornero & T. Michalak (2007)
Revisiting the home bias puzzle: Downside equity risk
Campbell, R.A. & R. Kräussl (2007)
Information Immobility and the Home Bias Puzzle
Van Nieuwerburgh, S. & L. Veldkamp (2007)
Current Account Adjustment: Some New Theory and Evidence | Published
Ju, J. & S-J. Wei (2007/14)
Global Current Account Imbalances and Exchange Rate Adjustment: The Role of Oil Suppliers Valuation Effects and Interest Rate Changes
Oberpriller, C.M. (2007)
Optimal Monetary Policy in a Small Open Economy Under Segmented Asset Markets and Sticky Prices
Lama, R. & J.P. Medina (2007)
Increasing Returns, Financial Capital Mobility and Real Exchange Rate Dynamics
Pennings, S. & R. Tyers (2007)
International Portfolios with Supply, Demand and Redistributive Shocks
Coeurdacier, N., R. Kollmann & P. Martin (2007)
Currency Choice and Exchange Rate Pass-through | Published
Gopinath, G., O. Itskhoki & R. Rigobon (2007)
News and Business Cycles in Open Economies
Jaimovich, N. & S. Rebelo (2007)
The International Diversification Puzzle Is Not As Bad As You Think | Published
(2014)
Heathcote, J. & F. Perri (2007/14)
Permanent vs Temporary Fiscal Expansion in a Two-Sector Small Open Economy Model
Cardi, O. & R. Restout (2007)
Household Heterogeneity and the Real Exchange Rate
Kocherlakota, N.R. & L. Pistaferri (2007)
An Asset-Pricing View of External Adjustment | Published
Pavlova, A. & R. Rigobon (2007/09)
Monetary Policy, Default Risk and the Exchange Rate
Guimarães, B. & C.E. Soares Gonçalves (2007)
Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism
Durdu, C.B., M. Terrones & E.G. Mendoza (2007)
Asset Prices, Exchange Rates and the Current Account | Published
Fratzscher, M., L. Juvenal & L. Sarno (2007/10)
Monetary Policy Coordination Revisited in a Two-Bloc DSGE Model
Levine, P., J. Pearlman & R. Pierse (2007)
Optimal Monetary Policy and the Sources of Local-Currency Price Stability
Corsetti, G., L. Dedola & S. Leduc (2007)
Globalization and Inflation Dynamics: the Impact of Increased Competition
Sbordone, A.M. (2007)
Optimal monetary policy with a regime-switching exchange rate in a forward-looking model
Alexandre, F., P. Bação & J. Driffill (2007)
The Complex Response of Monetary Policy to the Exchange Rate
Milas, C., C. Martin & R.S. Kharel (2007)
Welfare Implications of Exchange Rate Changes
Marques, L.B. (2007)
Long swings and chaos in the exchange rate in a DSGE model with a Taylor rule
Bask, M. (2007)
New Open Economy Macroeconomics
SURVEY PAPER
Corsetti, G. (2007)
Instrument rules in monetary policy under heterogeneity in currency trade
Bask, M. (2007)
The Transmission of Domestic Shocks in the Open Economy
Erceg, E.J., C. Gust & D. Lopez-Salido (2007)
Quantitative implications of indexed bonds in small open economies
Durdu, C.B. (2007)
Financial Globalization and Monetary Policy
Devereux, M.B. & A. Sutherland (2007)
External Shocks, Bank Lending Spreads, and Output Fluctuations
Agénor, P-R., J. Aizenman & A.W. Hoffmaister (2008)
Variable Rare Disasters: An Exactly Solved Framework for Ten Puzzles in Macro-Finance
Gabaix, X. (2008)
Abstract: This paper incorporates a time-varying intensity of disasters in the Rietz-Barro hypothesis that risk premia result from the possibility of rare, large disasters. During a disaster, an asset's fundamental value falls by a time-varying amount. This in turn generates time-varying risk premia and thus volatile asset prices and return predictability. Using the recent technique of linearity-generating processes (Gabaix 2007), the model is tractable, and all prices are exactly solved in closed form. In the "variable rare disasters" framework, the following empirical regularities can be understood qualitatively: (i) equity premium puzzle (ii) risk-free rate-puzzle (iii) excess volatility puzzle (iv) predictability of aggregate stock market returns with price-dividend ratios (v) value premium (vi) often greater explanatory power of characteristics than covariances for asset returns (vii) upward sloping nominal yield curve (viiii) a steep yield curve predicts high bond excess returns and a fall in long term rates (ix) corporate bond spread puzzle (x) high price of deep out-of-the-money puts. I also provide a calibration in which those puzzles can be understood quantitatively as well. The fear of disaster can be interpreted literally, or can be viewed as a tractable way to model time-varying risk-aversion or investor sentiment.
Interest-rate rules and transitional dynamics in an endogenously growing open economy
Chen, S-H., M-F. Shaw, C-C. Lai and J-J. Chang (2008)
Evidence of purchasing power parity for the floating regime period
Lopez, C. (2008)
Global Forces and Monetary Policy Effectiveness
Boivin, J. & M. Giannoni (2008)
Country Portfolio Dynamics | Published
Devereux, M.B. & A. Sutherland (2008/10)
Solving for Country Portfolios in Open Economy Macro Models
Devereux, M.B. & A. Sutherland (2008)
Liquidity trap and optimal monetary policy in open economies
Nakajima, T. (2008)
Monetary Policy Analysis in a Small Open Credit-Based Economy
Agénor, P-R. & P.J. Montiel (2008)
Exchange Rate Volatility and First-Time Entry by Multinational Firms
Russ, K.N. (2008)
Terms of trade and current account fluctuations: The Harberger–Laursen–Metzler effect revisited
Bouakez, H. & T. Kano (2008)
Varieties and the Transfer Problem: The Extensive Margin of Current Account Adjustment
Corsetti, G., P. Martin & P. Pesenti (2008)
Emerging Markets in an Anxious Global Economy
Fostel, A. & J. Geanakoplos (2008)
A Small Structural Monetary Policy Model for Small Open Economies with Debt Accumulation
Karam, P.D. & A. Pagan (2008)
International Evidence on Sticky Consumption Growth
Carroll, C.D., J. Slacalek & M. Sommer (2008)
Business Cycles in Small Developed Economies: The Role of Terms of Trade and Foreign Interest Rate Shocks
Guajardo, J. (2008)
Current Account Dynamics and Monetary Policy
Ferrero, A., M. Gertler & L.E.O. Svensson (2008)
Interest Rates and the Exchange Rate: A Non-Monotonic Tale | Published
(2013)
Hnatkovska, V., A. Lahiri & C.A. Vegh (2008/13)
Exchange rates, optimal debt composition, and hedging in small open economies
Berrospide, J. (2008)
Accounting for persistence and volatility of good-level real exchange rates: the role of sticky information | Published
Crucini, M.J., M. Shintani & Tsuruga (2008/10)
Currency Substitution and Financial Repression
Gupta, R. (2008)
Inflation Targeting in a Small Open Economy
Cuche-Curti, N.A., H. Dellas & J-M. Natal (2008)
A Regime Switching Analysis of Exchange Rate Pass-through
Hernández. K. & A. Leblebicioglu (2008)
Tax Cuts in Open Economies | Published
Cuñat, A., S. Deak & M. Maffezzoli (2008/22)
Financial integration and the wealth effect of exchange rate fluctuations
Tille, C. (2008)
Relative Factor Endowments and International Portfolio Choice
Cuñat, A. & C. Fons-Rosen (2008)
Oil Price Shocks, Macroeconomics Stability and Welfare in a Small Open Economy
Unalmis, D., I. Unalmis & D.F. Unsal (2008)
The exchange rate and optimal monetary policy rules in open and developing economies: Some simple analytics
Cavolia, T. (2008)
Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?
Ilzetzki, E. & C.A. Vegh (2008)
Frequency of Price Adjustment and Pass-through
Gopinath, G. & O. Itskhoki (2008)
Welfare-Based Optimal Monetary Policy in a Two-Sector Small Open Economy
Rychalovska, Y. (2008)
Monetary policy in the open economy revisited: The case for exchange-rate flexibility restored
Duarte, M. & M. Obstfeld (2008)
Monetary policy rules and the exchange rate
Berger, W. (2008)
Robust monetary policy in a small open economy
Leitemo, K. & U. Söderström (2008)
Productivity, Preferences and UIP Deviations in an Open Economy Business Cycle Model
Bhattacharjee, A., J.S. Chadha & Q. Sun (2008)
Financial Accelerator Mechanism in a Small Open Economy
López, M., J.D. Prada & N.R. Niño (2008)
Global Imbalances: Globalization, Demography, and Sustainability
Cooper, R.N. (2008)
Resolving the Global Imbalance: The Dollar and the U.S. Saving Rate
Feldstein, M. (2008)
Money, Crises, and Transition: Essays in Honor of Guillermo A. Calvo
FESTSCHRIFT
Reinhart, C.M., C.A. Végh & A. Velasco (editors) (2008)
Abstract: Essays by prominent scholars and policymakers honor one of the most influential macroeconomists of the last thirty years, discussing the themes behind his work.
Inventories, lumpy trade, and large devaluations
Alessandria, G., J. Kaboski & V. Midrigan (2008)
Current Account Sustainability and Relative Reliability
Curcuru, S.E., C.P. Thomas & F.E. Warnock (2008)
Imperfect exchange rate pass-through: the role of distribution services and variable demand elasticity
Jeanfils, P. (2008)
Understanding changes in exchange rate pass-through
Takhtamanova, Y. (2008)
Are shocks to the terms of trade shocks to productivity?
Kehoe, T.J. & K.J. Ruhl (2008)
Tax Reforms, "Free Lunches", and "Cheap Lunches" in Open Economies
Ganelli, G. & J. Tervala (2008)
Taylor rules with real-time data: A tale of two countries and one exchange rate
Molodtsova, T., A. Nikolsko-Rzhevskyy & D.H. Papell (2008)
Import price dynamics in major advanced economies and heterogeneity in exchange rate pass-through
Dées, S., M. Burgert & N. Parent (2008)
Inflation-Output Tradeoff as Equilibrium Outcome of Globalization
Binyamini, A. & A. Razin (2008)
New Keynesian Exchange Rate Pass-Through
Cook, D. & W.G. Choi (2008)
International evidence on fiscal solvency: Is fiscal policy “responsible”?
Mendoza, E.G. & J.D. Ostry (2008)
Price Level Targeting in a Small Open Economy with Financial Frictions: Welfare Analysis
Dib, A., C. Mendicino & Y. Zhang (2008)
Fiscal policy and the structure of production in a two-sector developing economy
Turnovsky, S.J. & Md.A. Basher (2008)
The macroeconomic consequences of disasters
Noy, I. (2008)
Productivity, Preferences and UIP deviations in an Open Economy Business Cycle Model
Bhattacharjee, A., J.S. Chadha & Q. Sun (2008)
Monetary Policy Trade-Offs in an Estimated Open-Economy DSGE Model | Published
Adolfson, M., S. Laseen, J. Linde & L.E.O. Svensson (2008)
Dynamic Factor Price Equalization & International Income Convergence
Francois, J. & C.R. Shiells (2008)
Estimating the parameters of a small open economy DSGE model: identifiability and inferential validity
Beltran, D.O. & D. Draper (2008)
Can Structural Small Open Economy Models Account for the Influence of Foreign Disturbances?
Justiniano, A. & B. Preston (2008)
Inflation Targeting and Real Exchange Rates in Emerging Markets | Published
Aizenman, J., M. Hutchison & I. Noy (2008/11)
Optimal Simple Monetary Policy Rules in a Small Open Economy with Exchange Rate Imperfections
Luo, D. & S. Ferris (2008)
New Shocks, Exchange Rates and Equity Prices
Matsumoto, A., P. Cova, M. Pisani & A. Rebucci (2008)
Fiscal Storms: Inflation Targeting and Real Exchange Rates in Emerging Markets
Aizenman, J., M. Hutchison & I. Noy (2008)
The International Diversification Puzzle when Goods Prices are Sticky: It's Really about Exchange-Rate Hedging, not Equity Portfolios
Engel, C. & A. Matsumoto (2009)
Exchange rate pass-through in the global economy – the role of emerging market economies
Bussière, M. & T. Peltonen (2008)
Optimal monetary policy for a small open economy
Divino, J.A. (2009)
Monetary and Fiscal Rules in an Emerging Small Open Economy
Batini, N., P. Levine & J. Pearlman (2009)
On the International Dimension of Fiscal Policy
Benigno, G. & B. De Paoli (2009)
International Portfolio Allocation under Model Uncertainty | Published
Benigno, P. & S. Nistico (2009/12)
Exchange Rates and Wages in an Integrated World | Published
Mishra, P. & A. Spilimbergo (2009/11)
Elasticity Optimism
Imbs, J. & I. Mejean (2009)
Abstract: Estimates of the elasticity of substitution between domestic and foreign varieties are small in macroeconomic data, and substantially larger in disaggregated studies. This may be an artifact of heterogeneity. We use disaggregated multilateral trade data to structurally identify elasticities of substitution in US goods. We spell out a partial equilibrium model to aggregate them adequately at the country level. We compare aggregate elasticities that impose equality across sectors, to estimates allowing for heterogeneity. The former are similar in value to conventional macroeconomic estimates; but they are more than twice larger -up to 7- with heterogeneity. The parameter is central to calibrated models in most of international economics. We discuss the difference our corrected estimate makes in various areas of international economics, including the dynamics of external balances, the international transmission of shocks, international portfolio choice and optimal monetary policy.
Private information, stock markets, and exchange rates
Gyntelberg, J., M. Loretan, T. Subhanij & E. Chan (2009/13)
Investment and trade patterns in a sticky-price, open-economy model
Martinez-Garcia, E. & J. Sondergaard (2009)
Valuation Effects and the Dynamics of Net External Assets | Published
Devereux, M.B. & A. Sutherland (2009)
Fiscal policy and default risk in emerging markets
Cuadra, G., J.M. Sanchez & H. Sapriza (2009)
Foreign exchange rate risk in a small open economy
De Paoli, B. & J. Sondergaard (2009)
Risk Matters: The Real Effects of Volatility Shocks | Published
Fernández-Villaverde, J., P.A. Guerrón-Quintana, J. Rubio-Ramírez & M. Uribe (2009/11)
Fiscal Stimulus with Spending Reversals
Corsetti, G., A. Meier & G. Müller (2009)
Modeling with Macro-Financial Linkages: Credit and Policy Shocks in Emerging Markets
Benes, J., I. Ötker & D. Vávra (2009)
Does Trade Integration Alter Monetary Policy Transmission?
Cwik, T.J., G.J. Müller & M. Wolters (2009)
Accounting for Global Dispersion of Current Accounts
Chang, Y., S-B. Kim & J. Lee (2009)
Estimating Multicountry VAR Model
Canova, F. & M. Ciccarelli (2009)
Abstract: This article presents a method to estimate the coefficients, to test specification hypotheses, and to conduct policy exercises in multicountry Vector Autoregressive (VAR) models with cross-unit interdependencies, unit-specific dynamics, and time variations in the coefficients. The framework of analysis is Bayesian: A prior flexibly reduces the dimensionality of the model and puts structure on the time variations, Markov chain Monte Carlo (MCMC) methods are used to obtain posterior distributions, and marginal likelihoods to check the fit of various specifications. Impulse responses and conditional forecasts are obtained with the output of an MCMC routine. The transmission of certain shocks across countries is analyzed.
International Risk Sharing: Through Equity Diversification or Exchange Rate Hedging?
Engel, C. & A. Matsumoto (2009)
Equity Returns and Business Cycles in Small Open Economies
Jahan-Parvar, M.R.; X. Liu & P. Rothman (2009)
International Welfare and Employment Linkages Arising from Minimum Wages
Egger, H., P. Egger & J.R. Markusen (2009)
Trending Current Accounts
Choi, H. & N.C. Mark (2009)
International Evidence on Recovery from Recessions
Cerra, V., U. Panizza & S.C. Saxena (2009)
Composition and growth effects of the current account: A synthesized portfolio view
Guo, K. & K. Jin (2009)
Exchange Rates, Oil Price Shocks, and Monetary Policy in an Economy with Traded and Non-Traded Goods
Plante, M. (2009)
Reflections on Milton Friedman's contributions to open economy money/macro
Boyer, R.S. (2009)
Consumption smoothing channels in open economies
Asdrubali, P. & S. Kim (2009)
'The Meaning of Internal Balance' Thirty Years On
Bean, C. (2009)
Habit persistence and effectiveness of fiscal policy in an open economy
Cardi, O. (2009)
How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications
Berman, N., P. Martin & T. Mayer (2009)
Abstract: This paper analyzes the reaction of exporters to exchange rate changes. We present a model where, in the presence of distribution costs in the export market, high and low productivity firms react differently to a depreciation . Whereas high productivity firms optimally raise their markup rather than the volume they export, low productivity firms choose the opposite strategy. Hence, pricing to market is both endogenous and heterogenous. This heterogeneity has important consequences for the aggregate impact of exchange rate movements. The presence of fixed costs to export means that only high productivity firms can export, firms which precisely react to an exchange rate depreciation by increasing their export price rather than their sales. We show that this selection effect can explain the weak impact of exchange rate movements on aggregate export volumes. We then test the main predictions of the model on a very rich French firm level data set with destination-specific export values and volumes on the period 1995-2005. Our results confirm that high performance firms react to a depreciation by increasing their export price rather than their export volume. The reverse is true for low productivity exporters. Pricing to market by exporters is also more pervasive in sectors and destination countries with higher distribution costs. Consistent with our theoretical framework, we show that the probability of firms to enter the export market following a depreciation increases. The extensive margin response to exchange rate changes is modest at the aggregate level because firms that enter, following a depreciation, are smaller relative to existing firms.
How important is the currency denomination of exports in open-economy models? | Published
Dotsey, M. & M. Duarte (2009/17)
Unconventional Central Bank Measures for Emerging Economies
Ishi, K., M.R. Stone & E.B. Yehoue (2009)
Fiscal Deficits and Current Account Deficits | Published
Kumhof, M. & D. Laxton (2009/13)
State-dependent pricing, local-currency pricing, and exchange rate pass-through | Published
Landry, A. (2009/10)
International Competition and Inflation: A New Keynesian Perspective
Guerrieri, L., C. Gust & J.D. López-Salido (2009)
External imbalances and collateral constraints in a two-country world
Iliopulos, E. (2009)
The Feldstein-Horioka fact
Giannone, D. & M. Lenza (2009)
Credit Crunch in a Small Open Economy | Published
Brzoza-Brzezina, M. & K. Makarski (2009/11)
Globalization, the output–inflation tradeoff and inflation
Badinger, H. (2009)
Taylor rules in the open economy
Leith, C. & S. Wren-Lewis (2009)
Accounting for Global Dispersion of Current Accounts
Chang, Y., S-B. Kim & J. Lee (2009)
The Valuation Channel of External Adjustment
Ghironi, F., J. Lee & A. Rebucci (2009)
Endogenous tradability and some macroeconomic implications
Bergin, P.R. & R. Glick (2009)
Understanding the Backus–Smith puzzle: It's the (nominal) exchange rate, stupid
Hess, G.D. & K. Shin (2010)
Price adjustment and exchange rate pass-through
Devereux, M.B. & J. Yetman (2010)
A Small Open Economy with Heterogenous Agents Facing Interest Rate Ceilings on Loans
Arend, M. (2009)
Debt consolidation and fiscal stabilization of deep recessions
Corsetti, G., K. Kuester, A. Meier & G. Müller (2010)
Interest rate pass-through, monetary policy rules and macroeconomic stability
Kwapil, C. & J. Scharler (2010)
Current Account Balance Estimates for Emerging Market Economies
Medina, L., J. Prat & A.H. Thomas (2010)
Fiscal Multipliers and the Labour Market in the Open Economy
Faia, E., W. Lechthaler & C. Merkl (2010)
Globalization and the Output-inflation Tradeoff: New Time Series Evidence
Eijffinger, S.C.W. & Z. Qian (2010)
The U.S. trade imbalance and real exchange rate: An application of the heterogeneous panel cointegration method
Chiu, Y-B., C-C. Lee & C-H. Sun (2010)
The Timing of Asset Trade and Optimal Policy in Dynamic Open Economies
Senay, O. & A. Sutherland (2010)
Globalization, Pass-Through and Inflation Dynamic
Benigno, P. & E. Faia (2010)
The Composition and Cyclical Behavior of Trade Flows in Emerging Economies
De Bock, R. (2010)
Monetary policy in a small open economy with durable goods and differing cash-in-advance constraints
Mansoorian, A. & L. Michelis (2010)
Solving the Feldstein–Horioka Puzzle With Financial Frictions
Bai, Y. & J. Zhang (2010)
Fiscal Multipliers and the Labour Market in the Open Economy
Faia, E., W. Lechthaler & C. Merkl (2010)
On the Sources of Aggregate Fluctuations in Emerging Economies
Chang, R. & A. Fernandez (2010)
Debt Policy and Economic Growth in a Small Open Economy Model with Productive Government Spending
Futagami, K., T. Hori & R. Ohdoi (2010)
Size, openness, and macroeconomic interdependence | Published
Chudik, A. & R. Straub (2010/17)
Measuring Monetary Policy in Open Economies
Cerdeiro, D.A. (2010)
Rethinking Multipliers in a Globalized World
Nallari, R. & L.E. Mba (2010)
Intermediate goods trade and exchange rate pass-through
Shi, K. & J. Xu (2010)
Fiscal Policy and the Current Account
Abbas, S. M.A., J. Bouhga-Hagbe, A.J. Fatas, P. Mauro & R. Velloso (2010)
Abstract: This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector autoregressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2-0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is above potential.
Assessing the fit of small open economy DSGEs
Matheson, T. (2010)
The butterfly effect of small open economies
Jääskelä, J.P. & M. Kulish (2010)
A Sexually Unbalanced Model of Current Account Imbalances
Du, Q. & S-J. Wei (2010)
In Search of Real Rigidities
Gopinath, G. & O. Itskhoki (2010)
Budget Consolidation: Short-Term Pain and Long-Term Gain
Clinton, K., M. Kumhof, D. Laxton & S. Mursula (2010)
Does Inflation Targeting decrease Exchange Rate Pass-through in Emerging Countries?
Coulibaly, D. & H. Kempf (2010)
Can trade costs in goods explain home bias in assets?
van Wincoop, E. & F.E. Warnock (2010)
A New Keynesian Open Economy Model for Policy Analysis
Carlin, W. & D. Soskice (2010)
International Differences in Fiscal Policy During the Global Crisis
Benetrix, A.S. & P.R. Lane (2010)
The Effects of Foreign Shocks When Interest Rates Are at Zero
Bodenstein, M., C. Erceg & L. Guerrieri (2010)
Habit Formation and Fiscal Transmission in Open Economies | Published
Cardi, O. & G. Müller (2010/11)
Wage-setting patterns and monetary policy: International evidence
Olivei, G. & S. Tenreyro (2010)
Asset Prices, News Shocks and the Current Account
Fratzscher, M. & R. Straub (2010)
Optimal monetary policy in open economies
Corsetti, G., L. Dedola & S. Leduc (2010)
How Big (Small?) are Fiscal Multipliers? | Published
Ilzetzki, E., E.G. Mendoza & C.A. Vegh (2010/13)
Financial Development, Technological Change in Emerging Countries and Global Imbalances
Benhima, K. (2010)
Technology Capital and the US Current Account
McGrattan, E.R. & E.C. Prescott (2010)
Monetary Policy Shocks and Portfolio Choice
Fratzscher, M., C. Saborowski & R. Straub (2010)
Global policy at the Zero Lower Bound in a large-scale DSGE model
Gomes, S., P. Jacquinot, R. Mestre & J. Sousa (2010)
The effects of capital market openness on exchange rate pass-through and welfare in an inflation-targeting small open economy
Mukherjee, S. (2010)
World Food Prices and Monetary Policy | Published
Catao, L. & R. Chang (2010/15)
Real Business Cycles in Emerging Countries?
García-Cicco, J., R. Pancrazi & M. Uribe (2010)
The Term Structure of Interest Rates in Small Open Economy DSGE Model
Maršál, A. (2010)
Bilateral Trade, Openness and Asset Holdings
Peter, A. (2010)
Inside the black box: How important is the credit channel relative to the interest and exchange rate channels?
Claus, I. (2011)
Unexploited Gains from International Diversification: Patterns of Portfolio Holdings Around the World
Didier, T., R. Rigobon & S.L. Schmukler (2010)
International Macro-Finance
Pavlova, A. & R. Rigobon (2010)
A Simple Model of the Relationship Between Productivity, Saving and the Current Account
Fournier, J-M. & I. Koske (2010)
Monetary policy transmission in an emerging market setting
Bhattacharya, R., I. Patnaik & A. Shah (2010)
The Demand for Liquid Assets, Corporate Saving, and Global Imbalances
Bacchetta, P. & K. Benhima (2010)
Money Supply Rules and Exchange Rate Dynamics
Tervala, J. (2010)
Unexploited Gains from International Diversification: Patterns of Portfolio Holdings around the World
Didier, T., R. Rigobon & S.L. Schmukler (2011)
The home bias in equities and distribution costs
Harms, P., M. Hoffmann & C. Ortseifer (2011)
International portfolio diversification is better than you think
Coeurdacier, N. & S. Guibaud (2011)
International Risk Sharing in the Short Run and in the Long Run
Baxter, M. (2011)
Historical Oil Shocks
Hamilton, J.D. (2011)
Oil shocks and external adjustment
Bodenstein, M., C.J. Erceg & L. Guerrieri (2011)
Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia
Méjean, I., P. Rabanal & D. Sandri (2011)
Fiscal Rules in a Volatile World: A Welfare-Based Approach
Garcia, C., J. Restrepo & E. Tanner (2011)
Global Liquidity Trap | Published
Fujiwara, I., T. Nakajima, N. Sudo & Y. Teranishi (2011/13)
Imperfect Information and Saving in a Small Open Economy
Daude, C. & A. Roitman (2011)
A further contribution towards explaining why disinflation through currency pegging may cause a boom
Fender, J. & N. Rankin (2011)
A general equilibrium open economy model for emerging markets: Monetary policy with a dualistic labor market
Goyal, A. (2011)
The global dimension to fiscal sustainability
Byrne, J.P., N. Fiess & R. MacDonald (2011)
Inflation persistence and exchange rate regime: Implications for dynamic adjustment to shocks in a small open economy
Kuralbayeva, K. (2011)
Real indeterminacy and the timing of money in open economies
McKnight, S. (2011)
Measuring International Risk-Sharing: Theoretical Issues and Empirical Evidence from OECD Countries
Viani, F. (2011)
Investment and interest rate policy in the open economy
McKnight, S. (2011)
Structural change in an open economy | Published
Uy, T., K-M. Yi & J. Zhang (2011)
Learning as a Rational Foundation for Macroeconomics and Finance
Evans, G.W. & S. Honkapohja (2011)
The International Risk-Sharing Puzzle is at Business Cycle and Lower Frequency
Corsetti, G., L. Dedola & F. Viani (2011)
The current account and precautionary savings for exporters of exhaustible resources
Bems, R. & I. de Carvalho Filho (2011)
Long-run growth expectations and 'global imbalances'
Hoffmann, M., M. Krause & T. Laubach (2011)
Portfolio Allocation and International Risk Sharing
Benigno, G. & H. Küçük-Tuger (2011)
Exchange Rates and Global Rebalancing
Eichengreen, B. & G. Rua (2011)
Rebalancing Growth in China: An International Perspective
Benassy-Quere, A., B. Carton & L. Gauvin (2011)
The dynamics of economic convergence: The role of alternative investment decisions
Bruhaa, J. & J. Podpiera (2011)
Optimal Monetary Policy and Social Insurance in a Small Open Economy
Lama, R. & J.P. Medina (2011)
Supply-side effects of exchange rates, exchange rate expectations and induced currency depreciation
Ali, S.Z. & S. Anwar (2011)
A Small Open Economy New Keynesian DSGE model for a foreign exchange constrained economy
Regassa, S.S. (2011)
Exchange-Rate-Based Stabilisation, Durables Consumption and the Stylised Facts
Buffie, E.F. & M. Atolia (2011)
Business Cycles in Emerging Markets: The Role of Durable Goods and Financial Frictions
Alvarez-Parra, F., B. Marques & M. Toledo (2011)
Optimal fiscal policy in a world liquidity trap
Cook, D. & M.B. Devereux (2011)
Financial remoteness and the net external position
Schmitz, M. (2011)
International diversification benefits with foreign exchange investment styles
Kroencke, T.A., F. Schindler & A. Schrimpf (2011)
House Price Booms and the Current Account
Adam, K., P. Kuang & A. Marcet (2011)
Global Asset Pricing
SURVEY PAPER
Lewis, K.K. (2011)
Country Heterogeneity and the International Evidence on the Effects of Fiscal Policy
Favero, C.A., F. Giavazzi & J. Perego (2011)
Financial frictions and optimal monetary policy in an open economy
Kolasa, M. & G. Lombardo (2011)
Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap | Published
Cook, D. & M.B. Devereux (2011)
Uninsurable risk and financial market puzzles
Basu, P., A. Semenov & K. Wada (2011)
Foreign bank penetration and the lending channel in emerging economies: Evidence from bank-level panel data
Wu, J., A.C. Luca & B.N. Jeon (2011)
Ramsey policies in a small open economy with sticky prices and capital
Auray, S., B. de Blas & A. Eyquem (2011)
Asset Liquidity and International Portfolio Choice | Published
Geromichalos, A. & I. Simonovska (2011/14)
Inflation Persistence and Exchange Rate Regime: Implications for dynamic adjustment to shocks in a small open economy
Kuralbayeva, K. (2011)
Financial openness, financial frictions and optimal monetary policy
Faia, E. & E. Iliopulos (2011)
International Prices, Costs, and Markup Differences
Gopinath, G., P-O. Gourinchas, C-T. Hsieh & N. Li (2011)
Traded and Nontraded Goods Prices, and International Risk Sharing: an Empirical Investigation
Corsetti, G., L. Dedola & F. Viani (2011)
Speculation and Risk Sharing with New Financial Assets
Simsek, A. (2011)
Monetary policy and the exchange rate: Evaluation of VAR models
Jääskelä, J.P. & D. Jennings (2011)
Real exchange rate dynamics revisited: A case with financial market imperfections
Fujiwara, I. & Y. Teranishi (2011)
Financial integration and business cycles in a small open economy
Cakici, S.M. (2011)
Precautionary Savings in a Small Open Economy Revisited
Roitman, A. (2011)
Exchange Rate Pass-Through and Credit Constraints: Firms Price to Market as Long as They Can | Published
Strasser, G.H. (2011/13)
Exchange Rate Exposure under Liquidity Constraints
Guillou, S. & S. Schiavo (2011)
When Bonds Matter: Home Bias in Goods and Assets | Published
Coeurdacier, N. & P-O. Gourinchas (2011/16)
How much of the diversification discount can be explained by poor corporate governance?
Hoechle, D., M. Schmid, I. Walter & D. Yermack (2011)
Credit Crises, Precautionary Savings, and the Liquidity Trap
Guerrieri, V. & G. Lorenzoni (2011)
A New Open Economy Macroeconomic Model with Endogenous Portfolio Diversification and Firms Entry
Arespa, M. (2011)
Optimal Fiscal Policy in a Small Open Economy with Limited Commitment | Published
Bauducco, S. & F. Caprioli (2011/14)
Introducing financial frictions and unemployment into a small open economy model
Christiano, L.J., M. Trabandt & K. Walentin (2011)
Housing and Banking in a Small Open Economy DSGE Model
Ajevskis, V. & K. Vitola (2011)
An estimated small open economy model with frictional unemployment
Albertini, J., G. Kamber & M. Kirker (2011)
Home Bias in Open Economy Financial Macroeconomics | Published
Coeurdacier, N. & H. Rey (2012/13)
Multilateral economic cooperation and the international transmission of fiscal policy
Corsetti, G. & G. Müller (2012)
Nominal Stability and Financial Globalization
Devereux, M.B., A. Sutherland & O. Senay (2011)
Monetary policy and unemployment in open economies
Engler, P. (2011)
The Risk Premium and Long-Run Global Imbalances | Published
Chien, Y. & K. Naknoi (2011/15)
Common and idiosyncratic disturbances in developed small open economies
Guerron-Quintana, P.A. (2012)
Government Spending, Monetary Policy, and the Real Exchange Rate
Bouakez, H. & A. Eyquem (2011)
Unanticipated vs. Anticipated Tax Reforms in a Two-Sector Open Economy
Cardi, O. & R. Restout (2012)
Financial friction in an emerging economy
Hwang, Y-N. (2012)
International welfare effects of monetary policy
Tervala, J. (2012)
Fiscal deficits, banking crises and policy reversal in a semi-open economy
Sharma, A. & R. Jha (2012)
Input versus output taxation in an experimental international economy
Riedl, A. & F. van Winden (2012)
Portfolio Allocation and International Risk Sharing
Benigno, G. & H. Küçük (2012)
Housing market and current account imbalances in the international economy | Published
Punzi, M.T. (2012/13)
Fiscal Devaluations
Farhi, E., G. Gopinath & O. Itskhoki (2011)
Abstract: We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a standard New Keynesian open economy environment. We perform the analysis under alternative pricing assumptions-- producer or local currency pricing, along with nominal wage stickiness; under alternative asset market structures, and for anticipated and unanticipated devaluations. There are two types of fiscal policies equivalent to an exchange rate devaluation--one, a uniform increase in import tariff and export subsidy, and two, a value-added tax increase and a uniform payroll tax reduction. When the devaluations are anticipated, these policies need to be supplemented with a consumption tax reduction and an income tax increase. These policies have zero impact on fiscal revenues. In certain cases equivalence requires, in addition, a partial default on foreign bond holders. We discuss the issues of implementation of these policies, in particular, under the circumstances of a currency union.
Understanding International Prices: Customers as Capital
Drozd, L.A. & J.B. Nosal (2012)
Macroeconomic Effects of Financial Shocks
Jermann, U. & V. Quadrini (2012)
International Consumption Risk Is Shared After All: An Asset Return View
Lewis, K.K. & E.X. Liu (2012)
Current Account Imbalances: Can Structural Policies Make a Difference?
Ivanova, A. (2012)
Indirect Tax Initiatives and Global Rebalancing
Li, C. & J. Whalley (2012)
Exchange Rate Pass-Through, Domestic Competition,and Inflation: Evidence from the 2005/08 Revaluationof the Renminbi
Auer, R.A. (2012)
Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls
Hughes Hallett, A. & J.C. Martinez Oliva (2012)
A Tale of Tax Policies in Open Economies | Published
Auray, S., A. Eyquem & P. Gomme (2012/16)
Multilateral Resistance to International Portfolio Diversification
Bergin, P.R. & J.H. Pyun (2012)
Debt Deleveraging and The Exchange Rate | Published
Benigno, P. & F. Romei (2012/14)
The natural rate of interest in a small open economy
de Holanda Barbosa, F. (2012)
Fiscal Consolidation in an Open Economy | Published
Erceg, C. & J. Lindé (2012)
Interest Rate Rules, Endogenous Cycles, and Chaotic Dynamics in Open Economies
Airaudo, M. & L-F. Zanna (2012)
What Determines Government Spending Multipliers?
Corsetti, G., A. Meier & G. Müller (2012)
Growth-Rate and Uncertainty Shocks in Consumption: Cross-Country Evidence
Nakamura, E., D. Sergeyev & J. Steinsson (2012)
Overcoming the Fear of Free Falling: Monetary Policy Graduation in Emerging Markets
Vegh, C.A. & G. Vuletin (2012)
International equity and bond positions in a DSGE model with variety risk in consumption
Masashige, H. (2012)
Transitional Dynamics of Disinflation in a Small Open Economy with Heterogeneous Agents
Sunel, E. (2012)
Downward Nominal Wage Rigidity, Currency Pegs, and Involuntary Unemployment | Published
Schmitt-Grohe, S. & M. Uribe (2012/16)
Fiscal Rules in Response to the Crisis - Toward the "Next-Generation" Rules
Schaechter, A., T. Kinda, N. Budina & A. Weber (2012)
Why aren't developed countries saving?
Dobrescu, L.I., L.J. Kotlikoff & A. Motta (2012)
The Dynamic Effects of Fiscal Stimulus in a Two Sector Open Economy
Guest, R. & A.J. Makin (2012)
Declining Labor Shares and the Global Rise of Corporate Savings
Karabarbounis, L. & B. Neiman (2012)
Is Monetary Policy in an Open Economy Fundamentally Different?
Monacelli, T. (2012)
A DSGE model for a SOE with systematic interest and foreign exchange policy in which policymakers exploit the risk premium for stabilization purposes
Escudé, G.J. (2012)
Thousands of models, one story: Current account imbalances in the global economy
Ca' Zorzi, M., A. Chudik & A. Dieppe (2012)
The banking and distribution sectors in a small open economy DSGE Model
Deák, S., L. Fontagné, M. Maffezzoli & M. Marcellino (2012)
Unemployment and debt dynamics in a highly indebted small open economy
Heer, B. & S.F. Schubert (2012)
Financial Intermediation, Real Exchange Rates, and Unconventional Policies in an Open Economy | Published
Cespedes, L.F., R. Chang & A. Velasco (2012/17)
Local versus Producer Currency Pricing: Evidence from Disaggregated Data
Antoniades, A. (2012)
Monetary Rules and Sectoral Unemployment in Open Economies
Craighead, W.D. (2012)
Credit Constraints and Growth in a Global Economy | Published
Coeurdacier, N., S. Guibaud & K. Jin (2012/15)
Financial Intermediation, Exchange Rates, and Unconventional Policy in an Open Economy
Céspedes, L.F., R. Chang & A. Velasco (2012)
Is openness inflationary? Policy commitment and imperfect competition
Evans, R.W. (2012)
Creative Destruction and Unemployment in an Open Economy Model
Stepanok, I. (2012)
Exchange rate regimes and fiscal multipliers
Born, B., F. Juessen & G.J. Müller (2012)
Fiscal policy, banks and the financial crisis
Kollmann, R., M. Ratto, W. Roeger & J. in't Veld (2012)
Monetary Rules for Commodity Traders
Catao, L. & R. Chang (2012)
International Monetary Coordination and the Great Deviation
Taylor, J.B. (2013)
A wavelet analysis of international risk-sharing
Trezzi, R. (2013)
The Safety Trap | Published
Caballero, R.J. & E. Farhi (2013/18)
Equilibrium stability in open economy models
Bodenstein, M. (2013)
Financial sector ups and downs and the real sector in the open economy: Up by the stairs, down by the parachute
Aizenman, J., B. Pinto & V. Sushko (2013)
The fiscal multiplier and spillover in a global liquidity trap
Fujiwara, I. & K. Ueda (2013)
Exports and real exchange rates in a small open economy
Brunini, A., G. Mordecki & L. Ramírez (2013)
Fiscal Policy in a Small Open Economy with Oil Sector and non-Ricardian Agents
González, A., M.R. López Piñeros, N. Rodríguez & S. Téllez (2013)
Destabilization Effect of International Trade in a Perfect Foresight Dynamic General Equilibrium Model
Nishimura, K., A. Venditti & M. Yano (2013)
Time Consistency of Optimal Monetary and Fiscal Policy in a Small Open Economy
Liu, X. (2013)
The Impact of Uncertainty Shocks in Emerging Economies
Carrière-Swallow, Y. & L.F. Céspedes (2013)
Dynamic Selection and the New Gains from Trade with Heterogeneous Firms
Sampson, T. (2013)
External Constraints and Endogenous Growth: Why Didn't Some Countries Benefit from Capital Flows?
Gente, K., M.A. León-Ledesma & C. Nourry (2013)
Estimating and Identifying Empirical BVAR-DSGE Models for Small Open Economies
Robinson, T. (2013)
Endogenous current account balances in a world CGE model with international financial assets
Lemelin, A., V. Robichaud & B. Decaluwé (2013)
International Competitiveness and Monetary Policy: Strategic Policy and Coordination with a Production Relocation Externality
Bergin, P.R. & G. Corsetti (2013)
On the international spillovers of US quantitative easing | Published
Fratzscher, M., M. Lo Duca & R. Straub (2013/16)
External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, P-O. & H. Rey (2013)
Partial Consumption Insurance and Financial Openness across the World
Hevia, C. & L. Serven (2013)
Durable goods, financial frictions, and business cycles in emerging economies
Álvarez-Parra, F., L. Brandao-Marques & M. Toledo (2013)
Stochastic Terms of Trade Volatility in Small Open Economies
Gómez-González, P. & D. Rees (2013)
Real wage rigidities and optimal monetary policy in a small open economy
Rhee, H.J. & J. Song (2013)
Simple Fiscal Policy Rules for Small Open Economies
Kumhof, M. & D. Laxton (2013)
International Liquidity Rents | Published
Eden, M. (2013/19)
Anxious periods and bank lending
Delis, M.D., G.P. Kouretas & C. Tsoumas (2013)
A unified framework for analysing price interdependence, innovative activity and exchange rate pass-through
Brissimis, S.N. & T.S. Kosma (2013)
Household and firm leverage, capital flows and monetary policy in a small open economy
Pirovano, M. (2013)
Demand shocks and open economy puzzles
Rios-Rull J.V. & Y. Bai (2013)
Price level targeting and the delegation issue in an open economy
Froyen, R.T. & A.V. Guender (2013)
Bilateral Exchange Rates and Jobs
Bekkers, E. & J. Francois (2013)
Policy Analysis and Forecasting in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
Vitek, F. (2013)
Global Imbalances, Risk, and the Great Recession
Evans, M.D.D. (2013)
Monetary shocks, exchange rates, and the extensive margin of exports
Cooke, D. (2014)
International Channels of the Fed's Unconventional Monetary Policy
Bauer, M.D. & C.J. Neely (2014)
International financial integration and risk sharing among countries: A production-based approach
Kim, H.Y. (2014)
Openness and Optimal Monetary Policy | Published
Lombardo, G. & F. Ravenna (2014)
Age structure and the current account
Gudmundsson, G.S. & G. Zoega (2014)
Towards an explanation of cross-country asymmetries in monetary transmission
Georgiadis, G. (2014)
Domestic or global imbalances? Rising income risk and the fall in the U.S. current account
Broer, T. (2014)
Tapering Talk: The Impact of Expectations of Reduced Federal Reserve Security Purchases on Emerging Markets | Published
Eichengreen, B. & P. Gupta (2014)
Quality, Trade, and Exchange Rate Pass-Through | Published
Chen, N. & L. Juvenal (2014/16)
How Do Terms of Trade Affect Productivity? The Role of Monopolistic Output Markets
Llosa, L-G. (2014)
The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
Aizenman, J., M. Binici & M.M. Hutchison (2014)
Commodity-Price Comovement and Global Economic Activity | Published
Alquist, R., S. Bhattarai & O. Coibion (2014/20)
Missing Import Price Changes and Low Exchange Rate Pass-Through
Gagnon, E., B.R. Mandel & R.J. Vigfusson (2014)
Quantitative easing in an open economy - not a liquidity but a reserve trap
Herbst, A.F., J.S.K. Wu & C.P. Ho (2014)
The Transmission of Federal Reserve Tapering News to Emerging Financial Markets
Aizenman, J., M. Binici & M.M. Hutchison (2014)
Equilibrium capital taxation in open economies under commitment
Gross, T. (2014)
Spillovers, capital flows and prudential regulation in small open economies
Armas, A., P. Castillo & M. Vega (2014)
The possible trinity: Optimal interest rate, exchange rate, and taxes on capital flows in a DSGE model for a small open economy
Escudé, G.J. (2014)
Shadow banks and macroeconomic instability
Meeks, R., B. Nelson & P. Alessandri (2014)
Business Cycle Accounting in a Small Open Economy
Rothert, J. & M. Rahmati (2014)
Natural-Resource Booms, Fiscal Rules and Welfare in a Small Open Economy
Ojeda, J.N., J.A. Parra-Polanía & C.O. Vargas (2014)
Impact of Fed Tapering Announcements on Emerging Markets
Mishra, P., K. Moriyama & P.M'B.P. N'Diaye (2014)
The Possible Trinity: Optimal Interest Rate, Exchange Rate, and Taxes on Capital Flows in a DSGE Model for a Small Open Economy
Escude, G.J. (2014)
International Financial Market Integration, Asset Compositions and the Falling Exchange Rate Pass-Through
Buzaushina, A., Z. Enders & M. Hoffmann (2014)
Taxes and International Risk Sharing | Published
Epstein, B., R. Mukherjee & S. Ramnath (2014/16)
Does nominal rigidity mislead our perception of the exchange rate pass-through?
de Bandt, O. & T. Razafindrabe (2014)
Fiscal shocks and the exchange rate
Di Giorgio, G., S. Nistico & G. Traficante (2014)
The Exchange Rate Pass-Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice | Published
Choudhri, E.U. & D.S. Hakura (2014/15)
A New Solution to the Equity Premium Puzzle and the Risk-Free Rate Puzzle: Theory and Evidence
Tamura, H. & Y. Matsubayashi (2014)
Pricing-to-Market and Optimal Interest Rate Policy
Cooke, D. (2014)
House Prices, Capital Inflows and Macroprudential Policy
Mendicino, C. & M.T. Punzi (2014)
Investment Shocks: Sources of Fluctuations in Small Open Economy
Akande, E. (2014)
The Ramsey Steady State under Optimal Monetary and Fiscal Policy for Small Open Economies
Fasolo, A.M. (2014)
Institutional investor portfolio allocation, quantitative easing and the global financial crisis
Joyce, M., Z. Liu & I. Tonks (2014)
Monetary Policy in Open Economies: Practical Perspectives for Pragmatic Central Bankers | Published
Clarida, R. (2014)
Economic Openness and Fiscal Multipliers
Riguzzi, M. (2014)
Spillovers, capital flows and prudential regulation in small open economies
Castillo, P., C. Carrera, M. Ortiz & H. Vega (2014)
Fiscal Devaluation and Structural Gaps
Langot, F., L. Patureau & T. Sopraseuth (2014)
Home Production and Small Open Economy Business Cycles
Chen, K-J., A.C. Chu & C-C. Lai (2014)
Oil price stabilization and global welfare
Liu, Q., K. Shi, Z. Wu & J. Xu (2014)
Debt Deleveraging and the Zero Bound: Potentially Perverse Effects of Real Exchange Rate Movements
Luk, P. & D. Vines (2014)
News-Driven Business Cycles in Small Open Economies | Published
Kamber, G., K. Theodoridis & C. Thoenissen (2014/17)
Microeconomic uncertainty, international trade, and aggregate fluctuations
Alessandria, G., H. Choi, J.P. Kaboski & V. Midrigan (2014)
Yield curve and monetary policy expectations in small open economies
Doh, T., W.Y. Park & K.S. Bong (2014)
Monetary and Fiscal Policy in Times of Crises: A New Keynesian Perspective in Continuous Time
Hayo, B. & B. Niehof (2014)
World Saving
Grigoli, F, A. Herman & K. Schmidt-Hebbel (2014)
Feldstein-Horioka puzzles Original Research Article
Chang, Y. & R.T. Smith (2014)
Exchange-rate adjustment and macroeconomic interdependence between stagnant and fully employed countries
Ono, Y. (2014)
Exchange rate and price dynamics in a small open economy - the role of the zero lower bound and monetary policy regimes
Bäurle, G. & D. Kaufmann (2014)
Financial Frictions and Optimal Monetary Policy in a Small Open Economy
Bejarano, J.A. & L.F. Charry (2014)
Cyclically Adjusted Current Account Balances
Haltmaier, J. (2014)
Betting the House | Published
Jorda, O., M.H.P. Schularick & A.M. Taylor (2014/15)
Trends and Cycles in Small Open Economies: Making The Case For A General Equilibrium Approach | Published
Chen, K. & M.J. Crucini (2014/16)
Sovereign Debt Renegotiation and Credit Default Swaps
Salomao, J. (2014)
Monetary Policy, Incomplete Asset Markets, and Welfare in a Small Open Economy
Kitano, S. & K. Takaku (2014)
Endogenous Home Bias in Portfolio Diversification and Firms' Entry
Arespa, M. (2015)
Output Gap Uncertainty and Real-Time Monetary Policy
Grigoli, F., A. Herman, A. Swiston & G. Di Bella (2015)
An OLG model of global imbalances
Eugeni, S. (2015)
Macroeconomic Volatility and External Imbalances | Published
Fogli, A. & F. Perri (2015)
Global Liquidity, House Prices, and the Macroeconomy: Evidence from Advanced and Emerging Economies
Cesa-Bianchi, A., L.F. Cespedes & A. Rebucci (2015)
Near unit root small open economies
Seoane, H.D. (2015)
International Interest Rates and Housing Markets
Franjo, L. (2015)
Reforms, Finance, and Current Accounts
Bertola, G. & A. Lo Prete (2015)
Understanding Markups in the Open Economy
de Blas, B. & K.N. Russ (2015)
Effects of Fiscal Shocks in a Globalized World
Auerbach, A.J. & Y. Gorodnichenko (2015)
Macro-Finance Linkages
SURVEY PAPER
Morley, J. (2015)
The taxation of foreign profits: A unified view
Devereux, M.P., C. Fuest & B. Lockwood (2015)
Does Foreign Bank Entry Affect Monetary Policy Effectiveness? Exploring the Interest Rate Pass-Through Channel
Gopalan, S. & R.S. Rajan (2015)
Pooling risk among countries
Callen, M., J. Imbs & P. Mauro (2015)
Cross-country heterogeneity in intertemporal substitution
Havranek, T., R. Horvath, Z. Irsova & M. Rusnak (2015)
Exchange Rate Pass-Through and Market Structure in a Multi-Country World
Naknoi, K. (2015)
The impact of monetary policy on financial markets in small open economies: More or less effective during the global financial crisis?
Pennings, S., A. Ramayandi & H.C. Tang (2015)
A Note on the New Rule for the Current Account
Erauskin, I. (2015)
News Shocks in Open Economies: Evidence from Giant Oil Discoveries
Arezki, R., V.A. Ramey & L. Sheng (2015)
Global and country-specific factors in real effective exchange rates | Published
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Trade finance and international currency
Liu, T. (2015)
How Important Are Terms Of Trade Shocks? | Published
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Global Food Prices and Domestic Inflation: Some Cross-Country Evidence
Furceri, D., P. Loungani, J. Simon & S. Wachter (2015)
Oil price shocks and global imbalances: Lessons from a model with trade and financial interdependencies
Allegret, J-P., V. Mignon & A. Sallenave (2015)
Exchange Rate Pass-Through, Currency of Invoicing and Market Share
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What Measure of Inflation Should a Developing Country Central Bank Target? | Published
Anand, R., E.S. Prasad & B. Zhang (2015)
The International Bank Lending Channel of Monetary Policy Rates and QE: Credit Supply, Reach-for-Yield, and Real Effects
Morais, B., J.L. Peydro & C. Ruiz (2015)
International Risk Sharing and Portfolio Choice with Non-separable Preferences
Küçük, H. & A. Sutherland (2015)
An Open-Economy Model with Money, Endogenous Search, and Heterogeneous Firms
Herrenbrueck, L. (2015)
A Dissection of the Current Account Persistence Puzzle
Bleaney, M. & M. Tian (2015)
Debt Policy Rules in an Open Economy
Morimoto, K., T. Hori, N. Maebayashi & K. Futagami (2015)
External Shocks, Financial Volatility and Reserve Requirements in an Open Economy | Published
Agénor, P.R., K. Alper & L. Pereira da Silva (2015/18)
Fiscal Rules and Discretion in a World Economy | Published
Halac, M. & P. Yared (2015/18)
External Balances, Trade and Financial Conditions | Published
Evans, M. (2015/17)
News Shocks in Open Economies: Evidence from Giant Oil Discoveries
Arezki, R., V.A. Ramey & L. Sheng (2015)
Risk Sharing and Growth in Small-Open Economies
Boucekkine, R., G. Fabbri & P.A. Pintus (2015)
Beggar-thy-neighbor? The international effects of ECB unconventional monetary policy measures
Bluwstein, K. & F. Canova (2015)
Breaking free of the triple coincidence in international finance
Avdjiev, S., R.N. McCauley & H.S. Shin (2015)
Emerging market economies and the world interest rate
Bahadir, B. & W.D. Lastrapes (2015)
Domestic and international macroeconomic effects of the Eurosystem expanded asset purchase programme
Cova, P., P. Pagano & M. Pisani (2015)
External Shocks, Banks and Monetary Policy in an Open Economy: Loss Function Approach
Mimir, Y. & E. Sunel (2015)
Intranational risk sharing and its determinants
Ho, C-Y., Y-Y.A. Ho & D. Li (2015)
International Risk Sharing and Portfolio Choice with Non-separable Preferences
Kucuk, H. & A. Sutherland (2015)
Is inflation in developing countries driven by low productivity or monetary growth?
Ojede, A. (2015)
Asynchronous Monetary Policies and International Dollar Credit
He, D., E. Wong, A. Tsang & K. Ho (2015)
Dealing with the Dutch Disease: Fiscal Rules and Macro-Prudential Policies
García-Cicco, J. & E. Kawamura (2015)
Unconventional monetary policy had large international effects
Neely, C.J. (2015)
Determinants of global spillovers from US monetary policy
Georgiadis, G. (2015)
Asset prices and creation in a global economy
Zhang, S. & K. Jin (2015)
Inflation and Activity - Two Explorations and their Monetary Policy Implications
Blanchard, O.J., E. Cerutti & L. Summers (2015)
International Risk Sharing and Financial Shocks | Published
Rouillard, J-F. (2015/18)
Excess Returns, Average Returns and the Adjustment Mechanism of the External Position of a Country
Civelli, A. (2015)
Unconventional monetary policy and the dollar: conventional signs, unconventional magnitudes
Glick, R. & S. Leduc (2015)
External shocks, banks and optimal monetary policy in an open economy
Mimir, Y. & E. Sunel (2015)
Risk Sharing in International Economies and Market Incompleteness
Bakashi, G., M. Cerrato & J. Crosby (2015)
Obstfeld and Rogoff's International Macro Puzzles: A Quantitative Assessment | Published
Eaton, J., S.S. Kortum & B. Neiman (2015/16)
Pareto Weights as Wedges in Two-Country Models | Published
Backus, D., C. Coleman, A. Ferriere & S. Lyon (2015/16)
Effects of US Quantitative Easing on Emerging Market Economies
Bhattarai, S., A. Chatterjee & W.Y. Park (2015)
International Coordination of Central Bank Policy
Engel, C. (2018)
Exploring International Differences in Inflation Dynamics | Published
Ahmad, Y.S. & O.M. Staveley-O'Carroll (2015/17)
Elastic attention, risk sharing, and international comovements
Nie, J., Y. Luo & W. Li (2015)
Fiscal Shocks in a Two-Sector Open Economy with Endogenous Markups
Cardi, O. & R. Restout (2015)
Short-Term Pain for Long-Term Gain: Market Deregulation and Monetary Policy in Small Open Economies | Published
Cacciatore, M., R. Duval, G. Fiori & F. Ghironi (2015/16)
The Impact of Unconventional Monetary Policy Measures by the Systemic Four on Global Liquidity and Monetary Conditions
Korniyenko, Y. & E. Loukoianova (2015)
The shocks matter: improving our estimates of exchange rate pass-through | Published
Forbes, K., I. Hjortsoe & T. Nenova (2015/18)
Debt, equity and the equity price puzzle
Finocchiaro, D. & C. Mendicino (2015)
Foreign shocks
Bergholt, D. (2015)
Effects of US quantitative easing on emerging market economies
Bhattarai, S., A. Chatterjee & W.Y. Park (2015)
Fiscal policy in an open economy
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Non-Linear Exchange Rate Pass-Through in Emerging Markets | Published
Caselli, F.G. & A. Roitman (2015/19)
Risk sharing in a world economy with uncertainty shocks
Kollmann, R. (2015)
The impact of financial regulation on current account balances
Moral-Benito, E. & O. Roehn (2015)
What drives the global official/policy interest rate?
Ratti, R. & J. Vespignani (2015)
Global Imbalances Revisited: The Transfer Problem and Transport Costs in Monopolistic Competition
Epifani, P. & G.A. Gancia (2016)
Spillovers of U.S. unconventional monetary policy to emerging markets: The role of capital flows | Published
Anaya, P., M. Hachula & C. Offermanns (2016/17)
Country Portfolios, Collateral Constraints and Optimal Monetary Policy
Senay, O. & A. Sutherland (2016)
Optimal Monetary Policy, Exchange Rate Misalignments and Incomplete Financial Markets | Published
Senay, O. & A. Sutherland (2016/19)
Optimal monetary and fiscal policy at the zero lower bound in a small open economy
Bhattarai, S. & K. Egorov (2016)
Financial Frictions and Unconventional Monetary Policy in Emerging Economies
Chang, R. & A. Velasco (2016)
International portfolio diversification and multilateral effects of correlations
Bergin, P.R. & J.H. Pyun (2016)
Exchange rates and monetary spillovers
Plantin, G. & H.S. Shin (2016)
Did quantitative easing affect interest rates outside the US? New evidence based on interest tate differentials
Belke, A., D. Gros & T. Osowski (2016)
Government spending shocks in open economy VARs
Forni, M. & L. Gambetti (2016)
Global inflation dynamics in the post-crisis period: What explains the puzzles?
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Secular Stagnation in the Open Economy
Eggertsson, G.B., N.R. Mehrotra & L.H. Summers (2016)
Optimal Monetary Policy, Exchange Rate Misalignments and Incomplete Financial Markets
Senay, O. & A. Sutherland (2016)
Evaluation of unconventional monetary policy in a small open economy
Pietrzak, M. (2016)
Exchange rates and monetary policy uncertainty
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International dynamics of inflation expectations
Netšunajev, A. & L. Winkelmann (2016)
The Skill-biased Effects of Exchange Rate Fluctuations
Kaiser, B. & M. Siegenthaler (2016)
Optimal monetary policy in open economies revisited
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Market Reforms in the Time of Imbalance
Cacciatore, M., R. Duval, G. Fiori & F. Ghironi (2016)
Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited | Published
Schmitt-Grohe, S. & M. Uribe (2016/21)
Optimal monetary policy with endogenous export participation
Cooke, D. (2016)
Large open economies and fixed costs of capital adjustment
Bayer, C. & V. Tjaden (2016)
A Contagious Malady? Open Economy Dimensions of Secular Stagnation
Eggertsson, G.B., N.R. Mehrotra, S.R. Singh & L.H. Summers (2016)
The Elusive Predictive Ability of Global Inflation?
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Does Deflation Threaten the Global Economy?
Iqbal, A. & J.E. Silvia (2016)
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Deardorff, A.V. (2016)
Firms' heterogeneity, incomplete information, and pass-through
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Optimal Monetary Policy in an Open Emerging Market Economy
Iyer, T. (2016)
Unconventional monetary policy and the spillovers to emerging markets
Tillmann, P. (2016)
Monetary policy and the current account: theory and evidence
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Bond Finance, Bank Credit, and Aggregate Fluctuations in an Open Economy
Chang, R., A. Fernandez & A. Gulan (2016)
Trends and Cycles in Small Open Economies: Making The Case For A General Equilibrium Approach
Chen, K. & M. Crucini (2016)
International Trade Fluctuations and Monetary Policy
Santacreu, A.M. & F. Leibovici (2016)
Optimal fiscal management of commodity price shocks
Agénor, P-R. (2016)
Inequality, Costly Redistribution and Welfare in an Open Economy
Antràs, P., A. de Gortari & O. Itskhoki (2016)
Real Interest Rates, Imbalances and the Curse of Regional Safe Asset Providers at the Zero Lower Bound
Gourinchas, P-O. & H. Rey (2016)
Step away from the zero lower bound: Small open economies in a world of secular stagnation | Published
Corsetti, G., E. Mavroeidi, G. Thwaites & M. Wolf (2016/19)
Quadrilemma not Trilemma: Fiscal Policy Matters
Jin, H. (2016)
Estimating the effects of global uncertainty in open economies
Delrio, S. (2016)
Common Correlated Effects and International Risk Sharing | Published
Fuleky, P., L. Ventura & Q. Zhao (2016/18)
The Fiscal Multiplier in Small Open Economy; The Role of Liquidity Frictions
Sin, J. (2016)
Measuring the Natural Rate of Interest: International Trends and Determinants | Published
Holston, K., T. Laubach & J.C. Williams (2016/17)
The Exchange Rate Response to Monetary Policy Innovations
Hnatkovska, V., A. Lahiri & C.A. Vegh (2016)
The Effectiveness of Monetary Policy in Small Open Economies: An Empirical Investigation | Published
Primus, K. (2016/18)
Terms of Trade Volatility, Government Spending Cyclicality, and Economic Growth
Brueckner, M. & F. Carneiro (2016)
How to Assess Fiscal Implications of Demographic Shifts: A Granular Approach
Amaglobeli, D. & W. Shi (2016)
How to Adjust to a Large Fall in Commodity Prices
Danforth, J., P.A. Medas & V. Salins (2016)
Country Portfolios, Collateral Constraints and Optimal Monetary Policy
Senay, O. & A. Sutherland (2016)
International Coordination
Frankel, J. (2016)
The Fiscal Multiplier in Small Open Economy; The Role of Liquidity Frictions
Sin, J. (2016)
Labour Market Institutions in Open Economy
Lastauskas, P. & J. Stakenas (2016)
Unemployment and Gross Credit Flows in a New Keynesian Framework
Florian, D. & J.L. Francis (2016)
Current Account Deficits During Heightened Risk: Menacing or Mitigating? | Published
Forbes, K., I. Hjortsoe & T. Nenova (2016/17)
Endogenous labour market imperfection, foreign direct investment and external terms-of-trade shocks in a developing economy
Chaudhuri, S. & A. Biswas (2016)
International Financial Adjustment in a Canonical Open Economy Growth Model
Clarida, R.H. & I. Magyari (2016)
Exchange Rates, the Competitiveness of Nations and Unemployment
Bação, P., A.P. Duarte & D. Machado (2016)
The Fiscal Multiplier in Small Open Economy: The Role of Liquidity Frictions
Sin, J. (2016)
Interest rates parity and no arbitrage as equivalent equilibrium conditions in the international financial assets and goods markets
Bosi, S., P. Fontaine & C.L. Van (2016)
Financial globalisation and monetary policy effectiveness
Georgiadis, G. & A. Mehl (2016)
Inflation, inflation uncertainty, and economic growth in emerging and developing countries: Panel data evidence
Baharumshah, A.Z., L. Slesman & M.E. Wohar (2016)
Determinants of International Consumption Risk Sharing in Emerging Markets and Developing Countries
Gardberg, M. (2016)
Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach
Kabaca, S. (2016)
Fiscal consolidation in an open economy with sovereign premia and without monetary policy independence
Philippopoulos, A., P. Varthalitis & V. Vassilatos (2016)
Dominant Currency Paradigm | Published
Casas, C., F.J. Diez, G. Gopinath & P-O. Gourinchas (2016/20)
Trend Inflation and Exchange Rate Dynamics: A New Keynesian Approach
Kani, T. (2016)
The role of savings rate in exchange rate and trade imbalance nexus: Cross-countries evidence
Chiu, Y-B. & C-H.D. Sun (2016)
A Contagious Malady? Open Economy Dimensions of Secular Stagnation
Eggertsson, G., N. Mehrotra, S. Singh & L. Summers (2016)
World on the Move: Consumption Patterns in a More Equal Global Economy
Hellebrandt, T., P. Mauro & J. Zilinsky (2016)
Abstract: The world is poised on the threshold of economic changes that will reduce the income gap between the rich and poor on a global scale while reshaping patterns of consumption. Rapid economic growth in emerging-market economies is projected to enable consumers worldwide to spend proportionately less on food and more on transportation, goods, and services, which will in turn strain the global infrastructure and accelerate climate change. The largest gains will be made in poorer parts of the world, chiefly sub-Saharan Africa and India, followed by China and the advanced economies. In this new study, Tomas Hellebrandt and Paolo Mauro detail how this important moment in world history will unfold and serve as a warning to policymakers to prepare for the profound effects on the world economy and the planet.
Adjustment to Small, Large, and Sunspot Shocks in Open Economies With Stock Collateral Constraints
Schmitt-Grohe, S. & M. Uribe (2016)
Uncovering the heterogeneous effects of ecb unconventional monetary policies across euro area countries
Burriel, P. & A. Galesi (2016)
Small open economies in the vast ocean of global high finance
Einarsson, B.G., K. Gunnlaugsson, T.T. Ólafsson & T.G. Pétursson (2016)
Trends and cycles in small open economies: making the case for a general equilibrium approach
Chen, K. & M.J. Crucini (2016)
The speed of exchange rate pass-through
Bonadio, B., A.M. Fischer & P. Saure (2016)
Optimal monetary policy with international trade in intermediate inputs
Gong, L., C. Wang & H-F. Zou (2016)
International capital market frictions and spillovers from quantitative easing
MacDonald, M. (2017)
Welfare implications when closing small open economy models
Özbilgin, H.M. (2017)
What is the globalisation of inflation?
Altansukh, G., R. Becker, G. Bratsiotis & D.R. Osborn (2017)
Time-intensive R&D and unbalanced trade
Sauré, P. (2017)
Closing the Small Open Economy Model: A Demographic Approach
Oxborrow, D. & S.J. Turnovsky (2017)
Asset Prices and Risk Sharing in Open Economies
Stathopoulos, A. (2017)
Debt overhang and the macroeconmics of carry trade
van Wijnbergen, S.J.G. & E. Jakucionyte (2017)
Unifying Macro Elasticities in International Economics
Yilmazkuday, H. (2017)
Existence and uniqueness of equilibrium in a distorted dynamic small open economy
Datta, M. (2017)
Revisiting the Commodity Curse: A Financial Perspective | Published
Alberola, E. & G. Benigno (2017)
Bond finance, bank credit, and aggregate fluctuations in an open economy
Chang, R., A. Fernández & A. Gulan (2017)
Balanced-budget income taxes and aggregate stability in a small open economy
Huang, K.X.D., Q. Meng & J. Xue (2017)
Exchange rate uncertainty and firm investment plans: evidence from Swiss survey data
Binding, G. & A. Dibiasi (2017)
News Shocks in Open Economies: Evidence from Giant Oil Discoveries
Arezki, R., V.A. Ramey & L. Sheng (2017)
International Inflation Spillovers Through Input Linkages | Published
Auer, R.A., A.A. Levchenko & P. Saure (2017/19)
Resolving the Spanning Puzzle in Macro-Finance Term Structure Models
Bauer, M.D. & G.D. Rudebusch (2017)
Terms-of-Trade Cycles and External Adjustment
Adler, G., N.E. Magud & A.M. Werner (2017)
The effectiveness of the Fed's quantitative easing policy: New evidence based on international interest rate differentials
Belke, A., D. Gros & T. Osowski (2017)
Local Food Prices and International Price Transmission
Bekkers, E., M. Brockmeier, J. Francois & F. Yang (2017)
Safe Assets, Liquidity, and Monetary Policy
Benigno, P. & S. Nisticò (2017)
Distortions and the Structure of the World Economy | Published
Caliendo, L., F. Parro & A. Tsyvinski (2017/22)
The timing of uncertainty shocks in a small open economy
Armelius, H., I. Hull & H.S. Köhler (2017)
The effect of exchange rate fluctuation on intra-industry reallocation in a firm heterogeneity model with trade and foreign direct investment
Nishiyama, H. (2017)
Government-spending multipliers and the zero lower bound in an open economy
Olivier, C. & M. Takongmo (2017)
Disinflation, External Vulnerability, and Fiscal Intransigence: Some Unpleasant Mundellian Arithmetic
Tanner, E.C. (2017)
Resolving International Macro Puzzles with Imperfect Risk Sharing and Global Solution Methods
Adams, J.J. & P. Barrett (2017)
Financial Globalisation, Monetary Policy Spillovers and Macro-modelling: Tales from 1001 Shocks
Georgiadis, G. & M. Jancokova (2017)
Structural Change and the China Syndrome: Baumol vs Trade Effects
Bonam, D. &. G. Goy (2017)
Industry Volatility and International Trade
Ardelean, A., M. Leon-Ledesma & L. Puzzello (2017)
Ramsey Taxation in the Open Economy
Chari, V., J.P. Nicolini & P. Teles (2017)
Nominal exchange rate shocks and inflation in an open economy: towards a structuralist inflation targeting agenda
Bastian, E.F. & M. Setterfield (2017)
Tipping the Scale? The Workings of Monetary Policy through Trade
Adler, G. & C. Osorio Buitron (2017)
The Global Factor in Neutral Policy Rates: Some Implications for Exchange Rates, Monetary Policy, and Policy Coordination | Publishe
Clarida, R.H. (2017/19)
Estimating the Natural Rate of Interest in an Open Economy
Wynne, M.A. & R. Zhang (2017)
Dealing with Monetary Paralysis at the Zero Bound
Rogoff, K. (2017)
Credit Composition, Output Composition, and External Balances
Islam, R. (2017)
Inflation Targeting, Fiscal Rules, and the Policy Mix: Cross-Effects and Interactions
Combes, J-L., X. Debrun, A. Minea & R. Tapsoba (2017)
The Euler equation around the world
Stracca, L. (2017)
Structural Reforms and External Rebalancing
Culiuc, A. & A. Kyobe (2017)
Monetary Policy in the Capitals of Capital
Gerko, E. & H. Rey (2017)
The Term Premium in a Small Open Economy: A Micro-Founded Approach
Ilek, A. & I. Rozenshtrom (2017)
Monetary-Fiscal Interactions and the Euro Area's Malaise
Jarocinski, M. & B. Mackowiak (2017)
Global macroeconomic uncertainty
Berger, T., S. Grabert & B. Kempa (2017)
International inflation spillovers - the role of different shocks
Bäurle, G., M. Gubler & D.R. Känzig (2017)
Quantitative Easing and Long-Term Yields in Small Open Economies
de los Rios, A.D. & M. Shamloo (2017)
Optimal monetary policy in open economies revisited
Fujiwara, I. & J. Wang (2017)
International Spillovers of (Un)Conventional Monetary Policy: The Effect of the ECB and US Fed on Non-Euro EU Countries
Hajek, J. & R. Horvath (2017)
Monetary Policy Shifts and Central Bank Independence
Qureshi, I. (2017)
International liquidity
Hartmann, P. (2017)
Engel's Law in the Global Economy: Demand-induced Patterns of Structural Change, Innovation, and Trade | Published
Matsuyama, K. (2017/19)
Measuring Global and Country-Specific Uncertainty | Published
Ozturk, E.O. & X.S. Sheng (2017/18)
Global Liquidity Transmission to Emerging Market Economies, and Their Policy Responses
Choi, W.G., T. Kang, G-Y. Kim & B. Lee (2017)
Global Trade and the Dollar
Boz, E., G. Gopinath & M. Plagborg-Moller (2017)
Monetary Policy in the Small Open Economy with Market Segmentation
Shim, J-H. (2017)
Financial Frictions in the Small Open Economy
Shim, J-H. (2017)
Industrialisation and the Big Push in a Global Economy
Kreickemeier, U. & J. Wrona (2017)
(Asymmetric) trade costs, real exchange rate hedging, and equity home bias in a multicountry model
Pyun, J.H. (2017)
Are current accounts driven by competitiveness or asset prices? A synthetic model and an empirical test
Guschanski, A. & E. Stockhammer (2017)
Fear Thy Neighbor: Spillovers from Economic Policy Uncertainty | Published
Biljanovska, N., F. Grigoli & M. Hengge (2017/21)
Fiscal Spillovers in the Euro Area: Letting the Data Speak
Dabla-Norris, E. (2017)
Entry costs and regional productivity disparity in an open economy
Peng, G. (2017)
Unconventional Monetary Policy under Appreciation Pressure - The Role of Financial Frictions
Aregger, N. & J. Leutert (2017)
U.S. monetary policy and emerging market credit cycles | Published
Brauning, F. & V. Ivashina (2017/20)
Unconventional Monetary Policy in a Small Open Economy
MacDonald, M. & M.K. Popiel (2017)
The international bank lending channel of unconventional monetary policy
Gräb, J. & D. Zochowski (2017)
Remarks on monetary rules for a post-crisis World
Taylor, J.B. (2017)
Monetary policy rules in light of the great recession
Sumner, S. (2017)
Sustainability of Current Account Deficits in the OECD Countries: Evidence from Panel Data Estimators
Singh, T. (2017)
Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? | Published
Adams, J.J. & P. Barrett (2017/21)
Do Governments Drive Global Trade Imbalances?
Gagnon, J.E. (2017)
On the Interaction of Growth, Trade and International Macroeconomics
Struck, C.C. (2017)
Current account dynamics and the real exchange rate: Disentangling the evidence | Published
Bussiere, M., A. Karadimitropoulou & M.A. Leon-Ledesma (2017/21)
Uncertainty Effects on the Financial Sector: International Evidence
Baum, C.F., M. Caglayan & B. Xu (2017)
Bank Globalization and Monetary Policy Transmission in Small Open Economies
So, I. (2017)
The Expectations-Driven U.S. Current Account
Hoffmann, M., M.U. Krause & T. Laubach (2018)
Anticipated versus unanticipated terms of trade shocks and the J-curve phenomenon
Ali, S.Z. & S. Anwar (2018)
Global Imbalances and Structural Change in the United States
Kehoe, T.J., K.J. Ruhl & J.B. Steinberg (2018)
International Tax Reforms with Flexible Prices
Razin, A. & E. Sadka (2018)
Inflation as a global phenomenon-Some implications for inflation modeling and forecasting
Kabukçuoglu, A. & E. Martínez-García (2018)
Oil prices and inflation dynamics: Evidence from advanced and developing economies
Choi, S., D. Furceri, P. Loungani, S. Mishra & M. Poplawski-Ribeiro (2018)
Saving in the world
Grigoli, F., A. Herman & K. Schmidt-Hebbel (2018)
Unemployment and optimal exchange rate in an open economy
Choi, Y. & E.K. Choi (2018)
The dollar exchange rate as a global risk factor: evidence from investment
Avdjiev, S., V. Bruno & C. Koch (2018)
On the Divergence between CPI and PPI as Inflation Gauges: The Role of Supply Chains
Wei, S-J. & Y. Xie (2018)
China's Role in Global Inflation Dynamics
Eickmeier, S. & M. Kühnlenz (2018)
Risk-Taking Channel of Monetary Policy
Adrian, T., A. Estrella & H.S. Shin (2018)
Fiscal Shocks and Helicopter Money in Open Economy | Published
Di Giorgio, G. & G. Traficante (2018/19)
Asset Price Spillovers From Unconventional Monetary Policy: A Global Empirical Perspective
Lombardi, D., P. Siklos & S. St. Amand (2018)
Independent Fiscal Councils: Recent Trends and Performance
Beetsma, R.M.W.J., X. Debrun, X. Fang, Y. Kim, V.D. Lledo, S. Mbaye & X. Zhang (2018)
Current Account Dynamics under Information Rigidity and Imperfect Capital Mobility | Published
Shibata, A., M. Shintani & T. Tsuruga (2018/19)
Exchange Rate Misalignment, Capital Flows, and Optimal Monetary Policy Trade-off
Corsetti, G., L. Dedola & S. Leduc (2018)
Time-consistent monetary policy, terms of trade manipulation and welfare in open economies
Schmidt, S. (2018)
Ramsey Taxation in the Global Economy
Chari, V.V., J.P. Nicolini & P. Teles (2018)
Twin Deficits Revisited: a role for fiscal institutions? | Published
Afonso, A., F. Huart, J.T. Jalles & P. Stanek (2018/22)
Two-country Model and Foreign Exchange Dynamics
Talmain, G. (2018)
The Global Macrofinancial Model
Vitek, F. (2018)
Some Thoughts On International Monetary Policy Coordination
Plosser, C.I. (2018)
The role of accounting fundamentals and other information in analyst forecast errors
Monte-Mor, D.S., F.C. Galdi & C.M. Costa (2018)
Asymmetric behaviour of current account sustainability in Latin America
Ordoñez-Callamand, D., L.F. Melo-Velandia & O.M. Valencia-Arana (2018)
Quantitative easing, global banks and the international bank lending channel
D'Avino, C. (2018)
On real interest rates, tariff policy, exchange rates and the ZLB
van Wijnbergen, S. (2018)
The Production of Cognitive and Non-cognitive Human Capital in the Global Economy
Xiang, C. & S. Yeaple (2018)
International Output and Inflation Uncertainty and their Impact on Countries' Macroeconomic Performance: Evidence from a Dynamic Factor GARCH-in-Mean Model
Berger, T. & S. Grabert (2018)
Real Interest Rates and Productivity in Small Open Economies
Monacelli, T., L. Sala & D. Siena (2018)
How does financial liberalisation affect the influence of monetary policy on the current account?
Hjortsoe, I., M. Weale & T. Wieladek (2018)
Exchange rate risk and international trade: The role of third country effect
Tunc, C., M.N. Solakoglu, S. Babuscu & A. Hazar (2018)
The paradox of global thrift | Published
Fornaro, L. & F. Romei (2018/19)
International monetary policy coordination in a new Keynesian model with NICE features
Poutineau, J-C. & G. Vermandel (2018)
Effects of monetary policy shocks on exchange rate in small open Economies
Kim, S. & K. Lim (2018)
ECB-Global: Introducing the ECB's global macroeconomic model for spillover analysis
Dieppe, A., G. Georgiadis, M. Ricci, I. Van Robays & B. van Roye (2018)
Risk shocks in a small open economy: Business cycle dynamics in Canada
Mendicino, C. & Y. Zhang (2018)
Money growth targeting and indeterminacy in small open economies
Huang, K.X.D., Q. Meng & J. Xue (2018)
Relative Productivity and Search Unemployment in an Open Economy | Published
Bertinelli, L., O. Cardi & R. Restout (2018/20)
The Missing Profits of Nations | Published
Torslov, T.R., L.S. Wier & G. Zucman (2018/23)
Global Market Power and its Macroeconomic Implications
Diez, F., D. Leigh & S. Tambunlertchai (2018)
Breaking the trilemma: the effects of financial regulations on foreign assets
Perez-Reyna, D. & M. Villamizar-Villegas (2018)
The non-linear nature of country risk and its implications for DSGE models | Published
Brzoza-Brzezina, M. & J. Kotlowski (2018/20)
Exporters and shocks
Fitzgerald, D. & S. Haller (2018)
Debt-Ridden Borrowers and Economic Slowdown
Kobayashi, K. & D. Shirai (2018)
Fiscal Multipliers and Foreign Holdings of Public Debt | Published
Broner, F.A, D. Clancy, A. Erce & A. Martín (2018/22)
The Shocks Matter: Improving Our Estimates of Exchange Rate Pass-Through
Forbes, K., I. Hjortsoe & T. Nenova (2018)
Trend Inflation and Inflation Compensation
Garcia, J.A. & A. Poon (2018)
Interest rate rules and equilibrium (in)determinacy in a small open economy: the role of internationally traded capital
Chang, W-Y., H-F. Tsai, J-J. Chang & H-Y. Lin (2018)
International Risk Sharing in Overlapping Generations Models | Published
Staveley-O'Carroll, J. & O. Staveley-O'Carroll (2018)
Twin Deficits in Developing Economies
Furceri, D. & A. Zdzienicka (2018)
Cash-Flow Taxes in an International Setting
Auerbach, A.J. & M.P. Devereux (2018)
Understanding International Long-Term Interest Rate Comovement
Chin, M., F. De Graeve, T. Filippeli & K. Theodoridis, Konstantinos (2018)
Assessing the degree of international consumption risk sharing
Hevia, C. & L. Servén (2018)
Openness, specialization, and the external vulnerability of developing countries
Barrot, L-D., C. Calderón & L. Servén (2018)
International Great Inflation and Common Monetary Policy
Suda, J. & A.S. Zervou (2018)
Price puzzle in a small open New Keynesian model
Ali, S.Z. & S. Anwar (2018)
The benefits of international diversification with weight constraints: A cross-country examination
McDowell, S. (2018)
International spillovers of quantitative easing
Kolasa, M. & G. Wesosowski (2018)
The Extensive Margin of Trade and Monetary Policy | Published
Imura, Y. & M. Shukayev (2018/19)
Twenty Five Years of Global Imbalances
Obstfeld, M. (2018)
Implications of Incomplete Markets for International Economies
Bakshi, G., M. Cerrato & J. Crosby (2018)
Cross-Border Credit Intermediation and Domestic Liquidity Provision in a Small Open Economy
Olafsson, T.T. (2018)
Reserve Accumulation, Macroeconomic Stabilization and Sovereign Risk
Bianchi, J. & C. Sosa-Padilla (2018)
Current account adjustment and retained earnings | Published
Fischer, A.M., H. Groeger, P. Sauré & P. Yesin (2018/19)
A prudential stable funding requirement and monetary policy in a small open economy
Jacob, P. & A. Munro (2018)
Exchange Rates, Local Currency Pricing and International Tax Policies | Published
Chen, S., M.B. Devereux, J. Xu & K. Shi (2018/21)
Global Trends in Interest Rates | Published
Del Negro, M., D. Giannone, M.P. Giannoni & A. Tambalotti (2018/19)
International Spillovers of Monetary Policy: Conventional Policy vs. Quantitative Easing
Curcuru, S.E., S.B. Kamin, C. Li & M. del Giudice Rodriguez (2018)
The role of inflation targeting in international debt denomination in developing countries
Ogrokhina, O. & C.M. Rodriguez (2018)
Stagnation Traps in an Open Economy
Hiraguchi, R. (2018)
Do global value chains amplify global imbalances?
Villavicencio, A.L. & V. Mignon (2018)
A Survey of the International Evidence and Lesson Learned About Unconventional Monetary Policies: Is a 'New Normal' in Our Future?
SURVEY PAPER
Lombardi, D., P. Siklos & S. St. Amand (2018)
Whatever it takes: What's the impact of a major nonconventional monetary policy intervention?
Alcaraz, C., S. Claessens, G. Cuadra, D. Marques-Ibanez & H. Sapriza (2018)
Is Inflation Domestic or Global? Evidence from Emerging Markets
Bems, R., F.G Caselli, F. Grigoli, B. Gruss & W. Lian (2018)
Exploring the Determinacy Dynamics in an Open Economy
Karagiannides, G. (2018)
How can a strong currency or drop in oil prices raise inflation and the black-market premium?
Cerra, V. (2018)
Current account dynamics under information rigidity and imperfect capital mobility
Shibata, A., M. Shintani & T. Tsuruga (2018)
Demographics, Old-Age Transfers and the Current Account
Dao, M.C. & C. Jones (2018)
Demographics, Pension Systems and the Saving-Investment Balance
Chai, H. & J.I. Kim (2018)
The Modern Hyperinflation Cycle: Some New Empirical Regularities
Saboin, J. (2018)
Capital Accumulation and Dynamic Gains from Trade
Ravikumar, B., A.M. Santacreu & M. Sposi (2018)
Accounting for Macro-Finance Trends: Market Power, Intangibles, and Risk Premia
Farhi, E. & F. Gourio (2018)
Monetary policy and overshooting of oil prices in an open economy
Baek, J. & D. Miljkovic (2018)
International monetary policy spillovers through the bank funding channel
Lindner, P., A. Loeffler, E. Segalla, G. Valitova & U. Vogel (2018)
Limited Asset Market Participation and Determinacy in the Open Economy
Buffie, E.F. & L-F. Zanna (2018)
A Global Safe Asset for and from Emerging Market Economies
Brunnermeier, M.K & L. Huang (2018)
The Valuation Channel of External Adjustment in Small Open Economies
Aquino, J.C. (2018)
Trade and currency weapons | Published
Bénassy-Quéré, A., M. Bussière & P. Wibaux (2018/21)
Inflation Targeting with Sovereign Default Risk
Arellano, C., Y. Bai & G. Mihalache (2018)
When is a Current Account Deficit Bad?
Devadas, S. & N.V. Loayza (2018)
Does Trilemma Speak Chinese?
Magkonis, G. & S. Rudkin (2019)
The Dynamics of the U.S. Trade Balance and Real Exchange Rate: The J Curve and Trade Costs? | Published
Alessandria, G.A. & H. Choi (2019/21)
On secular stagnation and low interest rates: Demography matters
Ferrero, G., M. Gross & S. Neri (2019)
The External Balance Assessment Methodology: 2018 Update
Cubeddu, L>M., S. Krogstrup, G. Adler, P. Rabanal, M.C. Dao, S.A. Hannan, L. Juvenal, C.O. Buitron, C. Rebillard, D. Garcia-Macia, C. Jones, J. Rodriguez, K.S. Chang, D. Gautam & Z. Wang (2019)
Monetary Policy in a Small Open Economy with Non-Separable Government Spending
Troug, H. (2019)
Gains from Anchoring Inflation Expectations: Evidence from the Taper Tantrum Shock | Published
Bems, R., F.G. Caselli, F. Grigoli & B. Gruss (2019/20)
On the global Impact of risk-off shocks and policy-put frameworks
Caballero, R. & G. Kamber (2019)
Currency Regimes and the Carry Trade | Published
Accominotti, O., J. Cen, D. Chambers & I.W. Marsh (2019)
A provincial view of consumption risk sharing: Asset classes as shock absorbers
Pontines, V. (2019)
Exchange rate dynamics, balance sheet effects, and capital flows: A Minskyan model of emerging market boom-bust cycles
Kohler, K. (2019)
Nonlinear exchange-rate pass-through in emerging markets
Caselli, F.G. & A. Roitman (2019)
International risk sharing with endogenously segmented asset markets
Cociuba, S.E. & A. Ramanarayanan (2019)
Failure to Launch: Housing, Debt Overhang, and the Inflation Option
Hedlund, A. (2019)
On the relationship between domestic saving and the current account: Evidence and theory for developing countries
Brueckner, M., W. Paczos & E. Pappa (2019)
Global Declining Competition
Diez, F.J., J. Fan & C. Villegas-Sánchez (2019)
Equilbrium Indeterminacy in One-Sector Small Open Economies: The Role of International Labor Migration
Parello, C.P. (2019)
Ties That Bind: Estimating the Natural Rate of Interest for Small Open Economies | Published
Grossman, V., E. Martinez-Garcia, M.A. Wynne & R. Zhang (2019/21)
Measuring Global Economic Activity
Hamilton, J.D. (2019)
International Consumption Risk Sharing and Trade Transaction Costs
Clance, M., W. Ma & R. Naraidoo (2019)
Exchange rate uncertainty and firm-level investment: Finding the Hartman-Abel effect
Li, G., J. Li & Y. Wu (2019)
Exchange rate volatility and cooperation in an incomplete markets' economy
Eugeni, S. (2019)
Consumption dynamics and the expectation channel in a Small Open Economy
Carrera, C. & M. Puch (2019)
Monetary Policy and Financial Conditions: A Cross-Country Study
Adrian, T., F. Duarte, F. Grinberg & T. Mancini-Griffoli (2019)
Estimating monetary policy rules in small open economies
Lee-Browne, M.S. (2019)
Current Account and International Networks | Published
Grechyna, D. (2019/20)
The corporate sector and the current account
Behringer, J. & T. van Treeck (2019)
Technological Changes, Offshoring, and the Labor Share
Lian, W. (2019)
Regional Effects of Exchange Rate Fluctuations
House, C.L., C. Proebsting & L.L. Tesar (2019)
International Risk Sharing with Heterogeneous Firms | Published
Hamano, M. (2019/21)
International spillovers of U.S. financial volatility
Berg, K.A. & N.T. Vu (2019)
Price Statistics Compilation in 196 Economies: The Relevance for Policy Analysis
Berry, F., B. Graf, M. Stanger & M. Ylä-Jarkko (2019)
Deep habits and exchange rate pass-through
Jacob, P. & L. Uusküla (2019)
Financial Development, Exchange Rate Fluctuations and Debt Dollarization: A Firm-Level Evidence
Kim, M. (2019)
Monetary Policy and Sovereign Risk in Emerging Economies (NK-Default)
Arellano, C. & Y. Bai (2019)
Disinflation in Closed and Small Open Economies
Faryna, O., M. Jonsson & N. Shapovalenko (2019)
Global Factors Driving Inflation and Monetary Policy: A Global VAR Assessment
Feldkircher, M., E. Lukmanova & G. Tondl (2019)
A country specific point of view on international diversification
Kellner, R. & D. Rösch (2019)
Has globalization changed the inflation process?
Forbes, K. (2019)
The macroeconomic effects of international uncertainty
Cuaresma, J.C., F. Huber & L. Onorante (2019)
Saving, fertility and public policy in an overlapping generations small open economy
Spataro, L., L. Fanti & P.M. Pacini (2019)
International Bank Lending Channel of Monetary Policy | Published
Albrizio, S., S. Choi, D. Furceri & C. Yoon (2019/20)
Riders on the Storm
Jordà, O. & A.M. Taylor (2019)
Inflation Targeting, Pattern of Trade, and Economic Dynamics
Chang, J-J., W-Y. Chang, H-F. Tsai & P. Wang (2019)
U.S. Monetary Policy and International Risk Spillovers
Kalemli-Özcan, S. (2019)
Global effective lower bound and unconventional monetary policy
Wu, J.C. & J. Zhang (2019)
Exchange Rates, Retailers, and Importing: Theory and Firm-Level Evidence
Chernoff, A. & P. Alexander (2019)
Beyond Home Bias: Portfolio Holdings and Information Heterogeneity
De Marco, F., M. Macchiavelli & R. Valchev (2019)
Tax and Spending Shocks in the Open Economy: Are the Deficits Twins? | Published
Klein, M. & L. Linnemann (2019)
Optimal Monetary Policy under Dollar Pricing | Published
Egorov, K. & D. Mukhin (2019/23)
International Shocks, Variable Markups, and Domestic Prices
Amiti, M., O. Itskhoki & J. Konings (2019)
Household Heterogeneity and the Transmission of Foreign Shocks | Published
de Ferra, S., K. Mitman & F. Romei (2019/20)
Abstract: We study the role of heterogeneity in the transmission of foreign shocks. We build a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME) that experiences a current account reversal. Households' portfolio composition and the extent of foreign currency borrowing are key determinants of the magnitude of the contraction in consumption associated with a sudden stop in capital inflows. The contraction is more severe when households are leveraged and owe debt in foreign currency. In this setting, the revaluation of foreign debt causes a larger contraction in aggregate consumption when debt and leverage are concentrated among poorer households. Closing the output gap via an exchange-rate devaluation may therefore be detrimental to household welfare due to the heterogeneous impact of the foreign debt revaluation. Our HANKSOME framework can rationalize the observed "fear of floating" in emerging market economies, even in the absence of contractionary devaluations.
Dollar exchange rate as a credit supply factor - evidence from firm-level exports
Bruno, V. & H.S. Shin (2019)
Global v. Local Methods in the Analysis of Open-Economy Models with Incomplete Markets
de Groot, O., C.B. Durdu & E.G. Mendoza (2019)
The Drivers, Implications and Outlook for China's Shrinking Current Account Surplus
Deb, P., A. Gjonbalaj & S.A. Hannan (2019)
Has the Feldstein-Horioka puzzle waned? Evidence from time series and dynamic panel data analysis
Dash, S.K. (2019)
Inflation Dynamics: Dead, Dormant, or Determined Abroad?
Forbes, K. (2019)
Benchmarks for Net International Investment Positions
Turrini, A. & S. Zeugner (2019)
Exchange rate dynamics and unconventional monetary policies: it's all in the shadows
De Polis, A. & M. Pietrunti (2019)
ECB Spillovers and domestic monetary policy effectiveness in small open economies
ter Ellen, S., E. Jansen & N.L. Midthjell (2019)
The Global Equilibrium Real Interest Rate: Concepts, Estimates, and Challenges
Kiley, M.T. (2019)
More effective than we thought: Central bank independence and inflation in developing countries
Garriga, A.C. & C.M. Rodriguez (2019)
Labor Market Effects of Technology Shocks Biased toward the Traded Sector
Bertinelli, L., O. Cardi & R. Restout (2019)
The role of global relative price changes in international comovement of inflation
Kiselev, A. & A. Zhivaykina (2019)
Government Investment, Its Financing and the Public Capital Stock: A Small Open Economy Perspective
Hickey, R., M. Lozej & D. Smyth (2019)
Optimal monetary policy in a model of vertical productionand trade with reference currency
Gong, L., C. Wang & H-F. Zou (2019)
Income Taxation Rules and Stability of a Small Open Economy | Published
Chen, B-L., Y. Hu & K. Mino (2019/20)
Government Investment, Its Financing and the Public Capital Stock: A Small Open Economy Perspective
Hickey, R. & M. Lozej (2019)
Bank Risk-Taking in a Small Open Economy
Pozo, J. (2019)
Stability of a Small Open Economy under Nonlinear Income Taxation
Chen, B-L., Y. Hu & K. Mino (2019)
Total factor productivity and the terms of trade
Teresinski, J. (2019)
Monetary Policy in an Era of Global Supply Chains | Published
Wei, S-J. & Y. Xie (2020)
International trade in intermediate inputs and the welfare gains from monetary policy cooperation
Gong, L., J. Liu, C. Wang, L. Wu & H-F. Zou (2020)
Global factors and trend inflation
Kamber, G. & B. Wong (2020)
Monetary Policy Is Not Always Systematic and Data-Driven: Evidence from the Yield Curve
Bulir, A. & J. Vlcek (2020)
Household saving, financial constraints, and the current account in China
Imrohoroglu, A. & K. Zhao (2020)
Ramsey income taxation in a small open economy with trade in capital goods
Tang, J-H. (2020)
r* and the global economy
Glick, R. (2020)
Monetary Policy and Reserve Requirements in a Small Open Economy | Published
Divino, J.A. & C.A.T. Haraguchi (2020/22)
The PRC's long-run growth through the lens of the export-led growth model
Felipe, J. & M. Lanzafame (2020)
Foreign output shock in small open economies: A welfare evaluation of monetary policy regimes
Alba, J.D., J. Liu, W-M. Chia & D. Park (2020)
Domestically formed international diversification
Lu, Q. & A. Vivian (2020)
Household Saving, Financial Constraints, and the Current Account in China
Imrohoroglu, A. & K. Zhao (2020)
Does the twin deficit hypothesis hold in the OECD countries under different real interest rate regimes?
Bilman, M.E. & S. Karaoglan (2020)
A financial accelerator in the business sector of a macroeconometric model of a small open economy
Benedictow, A. & R. Hammersland (2020)
The Elusive Gains from Nationally-Oriented Monetary Policy
Bodenstein, M., G. Corsetti & L. Guerrieri (2020)
Global Footprints of Monetary Policy
Miranda-Agrippino, S., T. Nenova & H. Rey (2020)
Low inflation bends the Phillips curve around the world
Forbes, K., J.E. Gagnon & C.G. Collins (2020)
Abstract: This paper models inflation by combining the multicountry framework of one of its authors (Forbes) with the nonlinear specification proposed by the other two (Gagnon and Collins). The results find strong support for a Phillips curve that becomes nonlinear when inflation is low, in which case excess economic slack has little effect on inflation. This finding is consistent with evidence of downward nominal wage and price rigidity. The estimates also show a significant and economically meaningful Phillips curve relationship between slack and inflation when slack is negative (i.e., when output is above long-run potential). In this nonlinear model, international factors play a large role in explaining headline inflation, a role that has increased over time, supporting the results of Forbes’ linear model.
Relativity, mobility, and optimal nonlinear income taxation in an open economy
Dai, D., W. Gao & G. Tian (2020)
Switching Volatility in a Nonlinear Open Economy | Published
Benchimol, J. & S. Ivashchenko (2020/21)
Growth and instability in a small open economy with debt | Published
Modesto, L., C. Nourry, T. Seegmuller & A. Venditti (2020/21)
Dollar invoicing, global value chains, and the business cycle dynamics of international trade
Cook, D. & N. Patel (2020)
COVID-19 and Emerging Markets: An Epidemiological Multi-Sector Model for a Small Open Economy with an Application to Turkey
Çakmakli, C., S. Demiralp, S. Kalemli-Özcan, S. Yesiltas & M.A. Yildirim (2020)
Revisiting the Glick-Rogoff Current Account Model: An Application to the Current Accounts of BRICS Countries
Zhai, W. & Y. Yoshida (2020)
The Welfare Cost of a Current Account Imbalance: A New Channel
Lee, J., S-J. Wei & J. Xu (2020)
Stabilization policy and indeterminacy in a small open economy
Zhang, Y. (2020)
Expectations in an open economy hyperinflation: Evidence from Germany 1921-23
Reghezza, A., E. Seghezza & J. Thornton (2020)
The effects of quasi-random monetary experiments
Jordà, O., M. Schularick & A.M. Taylor (2020)
Questioning the puzzle: Fiscal policy, exchange rate and inflation | Published
Ferrara, L., L. Metelli, F. Natoli & D. Siena (2020/21)
Trade, Unemployment, and Monetary Policy | Published
Cacciatore, M. & F. Ghironi (2020/21)
Trade Wars, Currency Wars
Auray, S., M.B. Devereux & A. Eyquem (2020)
U.S. Banks and Global Liquidity
Correa, R., W. Du & G.Y. Liao (2020)
A simple aggregate demand analysis with dynamic optimization in a small open economy
Hashimoto, K. & Y. Ono (2020)
Trend inflation and macroeconomic stability in a small open economy
Zhang, B. & W. Dai (2020)
Global economic activity indexes revisited
Funashima, Y. (2020)
Balance-of-Payments constrained growth dynamics: An empirical investigation
Kvedaras, V., C. Garcimartín & J. Astudillo (2020)
Currency Portfolio of External Debt, Exchange Rate Cyclicality, and Consumption Volatility
Fujii, E. (2020)
To What Extent Are Tariffs Offset By Exchange Rates?
Jeanne, O. & J. Son (2020)
Trade Flows and Fiscal Multipliers
Cacciatore, M. & N. Traum (2020)
Fiscal Policy Multipliers in Small States
Alichi, A., I. Shibata & K. Tanyeri (2020)
Tax competition between developed, emerging, and developing countries - Same same but different?
Mardan, M. & M. Stimmelmayr (2020)
Markups and misallocation with evidence from exchange rate shocks
Weinberger, A. (2020)
International risk sharing in emerging economies
Yépez, C.A. (2020)
Reviving the Salter-Swan Small Open Economy Model | Published
Schmitt-Grohé, S. & M. Uribe (2020/21)
Shedding Light on the Shadow Economy: A Global Database
Medina, L. & F. Schneider (2020)
Global Liquidity Traps
Kollmann, R. (2020)
Liquidity, the Mundell-Tobin Effect, and the Friedman Rule
Altermatt, L. & C. Wipf (2020)
Inflation-output trade-off: Old measures, new determinants?
Magkonis, G. & K-M. Zekente (2020)
Why do fiscal multipliers depend on fiscal positions?
Huidrom, R., M.A. Kose, J.J. Lim & F.L. Ohnsorge (2020)
Low pass-through and high spillovers in NOEM : What does help and what does not
de Walque, G., T. Lejeune, A. Rannenberg & R. Wouters (2020)
Drivers of consumer prices and exchange rates in small open economies | Published
Corbo, V. & P. Di Casola (2020/22)
Uncertainty, Long-Run, and Monetary Policy Risks in a Two-Country Macro Model | Published
Berg, K.A. & N.C. Mark (2020/24)
A Quantitative Model for the Integrated Policy Framework
Adrian, T., C.J. Erceg, J. Lindé, P. Zabczyk & J. Zhou (2020)
Domestic versus foreign drivers of trade (im)balances: How robust is evidence from estimated DSGE models? | Published
Cardani, R., S. Hohberger, P. Pfeiffer & L. Vogel (2020/22)
A Global Economy Version of QUEST: Simulation Properties
Burgert, M., W. Roeger, J. Varga, J. in 't Veld & L. Vogel (2020)
The international effects of global financial uncertainty shocks
Bonciani, D. & M. Ricci (2020)
Financing government investment and its implications for public capital: A small open economy perspective
Hickey, R., M. Lozej & D. Smyth (2020)
Offshoring and Inflation
Comin, D.A. & R.C. Johnson (2020)
Exchange Rates and Endogenous Productivity
Gornemann, N., P. Guerron-Quintana & F. Saffie (2020)
Nontradable Goods and Fiscal Multipliers
Glocker, C. & J.C. Cuaresma (2020)
The limits to robust monetary policy in a small open economy with learning agents
Charlotte, A.M. & D. Meixing (2020)
One Rule Fits All ? Heterogeneous Fiscal Rules for Commodity Exporters When Price Shocks Can Be Persistent: Theory and Evidence
Mendes, A. & S.M. Pennings (2020)
A Relative Answer to the Growth-Saving Puzzle
Gruber, N. (2020)
Residence- and source-based capital taxation in open economies with infinitely-lived consumers
Gross, T., P. Klein & M. Makris (2020)
Monetary-Fiscal Interactions and Redistribution in Small Open Economies
Motyovszki, G. (2020)
External imbalances from a GVAR perspective
Camarero, M., J.L. Carrión-i-Silvestre & C. Tamarit (2020)
Get the Lowdown: The International Side of the Fall in the U.S. Natural Rate of Interest | Published
Martinez-Garcia, E. (2020/21)
Will the Secular Decline In Exchange Rate and Inflation Volatility Survive COVID-19?
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2020)
Zombies at Large? Corporate Debt Overhang and the Macroeconomy | Published
Jordà, O., M. Kornejew, M. Schularick & A.M. Taylor (2020/22)
Monetary Policy and Redistribution in Open Economies | Published
Guo, X., P. Ottonello & D.J. Perez (2020/23)
Global oil prices and the macroeconomy: The role of tradeable manufacturing versus nontradeable services
Khalil, M. (2020)
Exchange Rate Fluctuations and Firm Leverage | Alternative
Shim, I., S. Kalemli-Ozcan & X. Liu (2020/21)
Digital Money as a Unit of Account and Monetary Policy in Open Economies
Ikeda, D. (2020)
Demographic Transition and Pension Reforms: Adding Demographics to GIMF
Carton, B., E.F. Corugedo, B.L. Hunt & S. Voigts (2020)
Exchange rate fluctuations and the financial channel in emerging economies
Beckmann, J. & M. Comunale (2020)
Forward Guidance in Small Open Economy
André, M-C. & G. Traficante (2020)
Implications of the Slowdown in Trend Growth for Fiscal Policy in a Small Open Economy
Beames, A., M. Kulish & N. Yamout (2020)
Liquidity Traps in a World Economy | Published
Kollmann, R. (2021)
Foreign-currency exposures and the financial channel of exchange rates: Eroding monetary policy autonomy in small open economies?
Georgiadis, G. & F. Zhu (2021)
Evidence on time-varying inflation synchronization
Szafranek, K. (2021)
Effects of US quantitative easing on emerging market economies
Bhattarai, S., A. Chatterjee & W.Y. Park (2021)
Search frictions and the business cycle in a small open economy DSGE model
Guerra-Salas, J., M. Kirchner & R. Tranamil-Vidal (2021)
International transmission of interest rates: the role of international reserves and sovereign debt
Afonso, A., F. Huart & J.T. Jalles & P. Stanek (2021)
Monetary Policy Response to a Migration Shock: An Analysis for a Small Open Economy
Hamann, F., C. Anzola, O. Avila-Montealegre, J.C. Castro-Fernandez, A. Grajales-Olarte, A. Guarín, J.C. Mendez-Vizcaino, J.J. Ospina-Tejeiro & M.A. Ramos-Veloza (2021)
The Role of Human Capital in Structural Change and Growth in an Open Economy: Innovative and Absorptive Capacity Effects
Bye, V. & T. Faehn (2021)
The Effectiveness of Asset Purchases in Small Open Economies
Borenstein, E. & A. Ilek (2021)
Global uncertainty and Global Economic Policy Uncertainty: Different implications for firm investment
Suh, H. & J.Y. Yang (2021)
Inspecting the mechanism of quantitative easing in the euro area
Koijen, R.S.J., F. Koulischer, B. Nguyen, Motohiro Yogo (2021)
The Role of Fiscal Policies for External Imbalances: Evidence from the European Union
Afonso, A. & J.C. Coelho (2021)
ECB-Global 2.0: a global macroeconomic model with dominant-currency pricing, tariffs and trade diversion
Georgiadis, G., S. Hildebrand, M. Ricci, B. Schumann & B. van Roye (2021)
Understanding International Price and Consumption Disparities
Vo, L.H. (2021)
Global Uncertainty
Caggiano, G. & E. Castelnuovo (2021)
Credit Cycles, Fiscal Policy, and Global Imbalances
Jones, C. & P. Rabanal (2021)
The interaction of forward guidance in a two-country new Keynesian model
Ida, D. & H. Iiboshi (2021)
Cross-Country Unemployment Insurance, Transfers, and Trade-Offs in International Risk Sharing | Published
Enders, Z. & D.A. Vespermann (2021/24)
International Macroeconomics With Imperfect Financial Markets
Maggiori, M. (2021)
Cross-Country Connectedness in Inflation and Unemployment: Measurement and Macroeconomic Consequences
Pham, B.T. & H. Sala (2021)
Central bank transparency, exchange rates, and demand imbalances
Candian, G. (2021)
A global database on central banks' monetary responses to Covid-19
Cantú, C., P. Cavallino, F. De Fiore & J. Yetman (2021)
Credit Horizons
Kiyotaki, N., J. Moore & S. Zhang (2021)
Persistent current account imbalances: Are they good or bad for regional and global growth?
Beirne, J., N. Renzhi & U. Volz (2021)
How expected inflation distorts the current account and the valuation effect
Herkenhoff, P. & P. Sauré (2021)
Methodological issues in the estimation of current account imbalances
Della Corte, V. & C. Giordano (2021)
Is there consumer risk-pooling in the open economy? The evidence reconsidered
Minford, P., Z. Ou & Z. Zhu (2021)
Exchange Rates and Monetary Policy with Heterogeneous Agents: Sizing up the Real Income Channel
Auclert, A., M. Rognlie, M. Souchier & L. Straub (2021)
Asymmetry, terms of trade and the aggregate supply curve in an open economy model
Goyal, A. & A. Kumar (2021)
Monetary policy's rising FX impact in the era of ultra-low rates
Ferrari, M., J. Kearns & A. Schrimpf (2021)
Interest rate trends in a global context
Stolyarov, D. & L.L. Tesar (2021)
Public spending, currency mismatch and financial frictions
Hory, M-P., G. Levieuge & D. Onori (2021)
Testing the efficiency of inflation and exchange rate forecast revisions in a changing economic environment
Iregui, A.M., H.M. Núñez & J. Otero (2021)
Sectoral Fiscal Multipliers and Technology in Open Economy | Published
Cardi, O. & R. Restout (2021/23)
The Real Effects of Exchange Rate Risk on Corporate Investment: International Evidence | Published
Taylor, M.P., Z. Wang & Q. Xu (2021)
Trade reforms and current account imbalances
Ju, J., K. Shi & S-J. Wei (2021)
Mussa Puzzle Redux | Published
Itskhoki, O. & D. Mukhin (2021/25)
Hysteresis and full employment in a small open economy
Watson, T. & J. Tervala (2021)
Capital-Reallocation Frictions and Trade Shocks
Lanteri, A., P. Medina & E. Tan (2021)
Non-rational beliefs in an open economy
Du, Q., S. Eusepi & B. Preston (2021)
Do Corporate Tax Cuts Boost Economic Growth?
Gechert, S. & P. Heimberger (2021)
Global current account imbalances and the link between income and consumption inequality
Gu, X., C. Lei, L. Sheng & Q. Zhao (2021)
Expectations, unemployment and inflation: An empirical investigation
Galstyan, V. (2021)
Evaluating the forecasting power of an open-economy DSGE model when estimated in a data-Rich environment
Gelfer, S. (2021)
One-Stop Source: A Global Database of Inflation | Published
Ha, J., M.A. Kose & F. Ohnsorge (2021/23)
Global Liquidity Provision and Risk Sharing
Jiao, F. & S. Sarkissian (2021)
The risk-taking channel of currency appreciation: A structural VAR investigation of Asian emerging market economies
Huh, H-S. & D. Kim (2021)
Exchange Rate Volatility and Global Food Supply Chains
Steinbach, S. (2021)
The Mundellian trilemma and optimal monetary policy in a world of high capital mobility
Froyen, R.T. & A.V. Guender (2021)
Impossible trinity in a small open economy: A state-space model informed policy simulation
Bhatta, G.R., R. Nepal, K. Jayanthakumaran & C. Harvie (2021)
Global declining competition?
Díez, F.J., J. Fan & C. Villegas-Sánchez (2021)
Expectations' anchoring and inflation persistence
Bems, R., F. Caselli, F. Grigoli & B. Gruss (2021)
Household Consumption Heterogeneity and the Real Exchange Rate
Kollmann, R. (2021)
Sharing asymmetric tail risk smoothing, asset pricing and terms of trade
Corsetti, G., A. Lipínska & G. Lombardo (2021)
Public spending, currency mismatch and financial frictions
Pierre, H.M., L. Grégory & O. Daria (2021)
Procyclical Fiscal Policy and Asset Market Incompleteness
Fernández, A., D. Guzman, R.E. Lama & C.A. Vegh (2021)
Global shocks and trade response of a commodity exporter small open economy: Terms of Trade, J-Curve and the Marshall-Lerner Condition
da Costa Januário, M.R. & M.S. Ferreira (2021)
Sharing Asymmetric Tail Risk: Smoothing, Asset Prices and Terms of Trade
Corsetti, G., A. Lipinska & G. Lombardo (2021)
The Flight to Safety and International Risk Sharing | Published
Kekre, R. & M. Lenel (2021/24)
Comparing Monetary Policy Tools in an Estimated DSGE model with International Financial Markets
Gelfer, S. & C. Gibbs (2021)
Global Capital, the Exchange Rate, and Policy (In)Effectiveness
Bossone, B. (2021)
Financial Development and Economic Growth in a Microfounded Small Open Economy Model
Zhang, B. & P. Zhou (2021)
Education, Lack of Complementary Investment and Underemployment In an Open Economy
Marjit, S., R. Ahuja & A. Pandey (2021)
The Effects of Money-financed Fiscal Stimulus in a Small Open Economy | Published
Okano, E. & M. Eguchi (2021/24)
Commodity Prices and Global Inflation, 1851-1913
Gerlach, S. & R. Stuart (2021)
Current Account Dynamics: On Income and Trade Balance
Yoshida, Y. & W. Zhai (2021)
Implications of exchange rate volatility for trade: Volatility measurement matters
Roehling, A. (2021)
Unilateral tax policy in the open economy
Kohl, M. & P.K. Richter (2021)
Forward Guidance in an Advanced Small Open Economy in the Effective Lower Bound
Marine, C.A. & G. Traficante (2021)
The Role of Sovereign Wealth Funds in Commodity-Exporting Economies When Commodity Prices Affect Interest Spreads
Kitano, S. & K. Takaku (2021)
The dispersion of mark-ups in an open economy
Auray, S. & A. Eyquem (2021)
Euro area current account imbalances: A tale of two financial liberalizations
Marzinotto, B. (2021)
Welfare Costs of Exchange Rate Fluctuations: Evidence from the 1972 Okinawa Reversion
Kano, K. & T. Kano (2021)
Optimal monetary policy in a two-country new Keynesian model with deep consumption habits
Okano, M. (2021)
Non-traded goods, factor markets frictions, and international capital flows
Rothert, J. & J.M. Short (2021)
Risk Sharing Revisited
Harms, P.C. (2021)
What determines a country's current account and exchange rate? - a tale of two external drivers
Han, M., S. An, H. Kim, S. Kim & J. Lee (2021)
Limited Asset Market Participation and Monetary Policy in a Small Open Economy | Published
Levine, P., S. McKnight, A. Mihailov & J. Swarbrick (2021/25)
What Shapes Current Account Adjustment During Recessions?
Kolerus, C. (2021)
Optimal Monetary Policy in a Small Open Economy with Non-tradable Goods
Jia, P. (2021)
Open Economy Secular Stagnation and Financial Integration
Michau, J-B. (2021)
Do term premiums matter? Transmission via exchange rate dynamics
Katagiri, M. & K. Takahashi (2021)
Can Sticky Portfolios Explain International Capital Flows and Asset Prices? | Published
Bacchetta, P., M. Davenport & E. van Wincoop (2021/22)
Labor Market Effects of Technology Shocks Biased toward the Traded Sector
Bertinelli, L., O. Cardi & R. Restout (2021)
Exchange Rates and Monetary Policy When Tradable and Nontradable Goods are Complements
Craighead, W. (2021)
Inflation and conflicting claims in the open economy
Morlin, G.S. (2021)
The Valuation Effects of Trade
Barbiero, O. (2021)
Welfare gains in a small open economy with a dual mandate for monetary policy
Jacob; Murat Özbilgin (2021)
Exchange rate fluctuations and the financial channel in emerging economies
Beckmann, J. & M. Comunale (2021)
Foreign Vulnerabilities, Domestic Risks: The Global Drivers of GDP-at-Risk
Lloyd, S., E. Manuel & K. Panchev (2021)
Preemptive Policies and Risk-Off Shocks in Emerging Markets
Das, M., G. Gopinath & S. Kalemli-Özcan (2021)
Joined at the hip: monetary and fiscal policy in a liquidity-dependent world
Calvo, G. & A. Velasco (2021)
The cost of disinflation in a small open economy vis-à-vis a closed economy
Faryna, O., M. Jonsson & N. Shapovalenko (2021)
Global value chains and the transmission of exchange rate shocks to consumer prices
Camatte, H., G. Daudin, V. Faubert, A. Lalliard & C. Rifflart (2021)
New advances and controversies in the framework of balance-of-payments-constrained growth
SURVEY PAPER
Blecker, R.A. (2022)
Unemployment dynamics and informality in small open economies
Horvath, J. & G. Yang (2022)
Savings-investment and the current account More measurement than identity
Beckmann, J., A. Belke & D. Gros (2022)
Labor and product market reforms and external imbalances: Evidence from advanced economies
Duval, R., D. Furceri & J.T. Jalles (2022)
Producer Services and the Current Account
Gruhle, T. & P. Harms (2022)
The north-south divide, the euro and the world
Chisiridis, K., K. Mouratidis & T. Panagiotidis (2022)
Cross-country variation in patience, persistent current account imbalances and the external wealth of nations
Nieminen, M. (2022)
Exchange Rate Exposure and Firm Dynamics | Published
Salomao, J. & L. Varela (2022)
The behaviour of real interest rates: New evidence from a 'suprasecular' perspective
Canarella, G., L.A. Gil-Alana, R. Gupta & S.M. Miller (2022)
Monetary policy, economic uncertainty and bank risk: Cross-country evidence
Wu, J., Y. Yan, M. Chen & B.N. Jeon (2022)
Dollar Invoicing, Global Value Chains, and the Business Cycle Dynamics of International Trade
Cook, D. & N. Patel (2022)
The World Uncertainty Index
Ahir, H., N. Bloom & D. Furceri (2022)
The End of Privilege: A Reexamination of the Net Foreign Asset Position of the United States
Atkeson, A., J. Heathcote & F. Perri (2022)
Determinants and Effects of Countries' External Capital Structure: A Firm-Level Analysis
Herman, U. & T. Krahnke (2022)
Welfare effects of business cycles and monetary policies in a small open emerging economy
Mohimont, J. (2022)
Monetary Policy and Determinacy: An Inquiry in Open Economy New Keynesian Framework
Barnett, W. & U. Eryilmaz (2022)
Firm Export Dynamics and the Exchange Rate: A Quantitative Exploration
Lopez-Martin, B. (2022)
Consumption Heterogeneity and Monetary Policy in an Open Economy | Published
Chen, S., M.B. Devereux, K. Shi & J. Xu (2022/23)
Monetary policy during unbalanced global recoveries
Fornaro, L. & F. Romei (2022)
Infrequent Random Portfolio Decisions in an Open Economy Model | Published
Bacchetta, P., E. van Wincoop & E.R. Young (2022/23)
Trade openness, financial openness, and macroeconomic volatility
Ma, Y., Y. Jiang & C. Yao (2022)
A Preferred-Habitat Model of Term Premia, Exchange Rates, and Monetary Policy Spillovers
Gourinchas, P-O., W.D. Ray & D. Vayanos (2022)
Monetary policy shocks and exchange rate dynamics in small open economies
Tchatoka, F.D., Q. Haque & M. Terrell (2022)
Children matter: Global imbalances and the economics of demographic transition
Batsuuri, T. (2022)
The Instablity of Open Pareto Efficient Economies
Le Riche, A. (2022)
Financial transaction tax, macroeconomic effects and tax competition issues: a two-country financial DSGE model
Damette, O., K. Sobczak & T. Betti (2022)
Identifying aggregate supply and demand shocks in small open economies
Barišic, P., T. Kovac & V. Arcabic (2022)
Structural change and the skill premium in a global economy
Xu, Y. (2022)
The World Uncertainty Index
Ahir, H., N. Bloom & D. Furceri (2022)
Exchange Rate Pass-through Under the Unconventional Monetary Policy Regime
Yoshida, Y., W. Zhai, Y. Sasaki & S. Zhang (2022)
Dividend Imputation, Investment and Capital Accumulation in Open Economies
Tran, C. & S. Wende (2022)
Finite resources and the world economy
Hassler, J., P. Krusell & C. Olovsson (2022)
Inflation Dynamics in Advanced Economies: A Decomposition into Cyclical and Non-Cyclical Factors
Lian, W. & A. Freitag (2022)
Exports and the Exchange Rate: A General Equilibrium Perspective
Alexander, P. & A. Reza (2022)
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
Akinci, O., S. Kalemli-Ozcan & A. Queralto (2022)
Monetary Policy and Exchange Rate Dynamics in a Behavioral Open Economy Model
Kolasa, M., S. Ravgotra & P. Zabczyk (2022)
Liquidity Traps, Prudential Policies, and International Spillovers
Bianchi, J. & L. Coulibaly (2022)
An Analysis of the Literature on International Unconventional Monetary Policy
SURVEY PAPER
Bhattarai, S. & C.J. Neely (2022)
The effect of a decline in the world real interest rate on a small open economy experiencing persistent stagnation
Murota, R. (2022)
Monetary Policy and the Financial Cycle: International Evidence
Baxa, J. & J. Zacek (2022)
International Portfolio Rebalancing and Fiscal Policy Spillovers
Alpanda, S., U. Aysun & S. Kabaca (2022)
The Impossible Quartet in a Demand Led Growth-Supermultiplier Model for a Small Open Economy
Oreiro, J.L. & J.F. Costa Santos (2022)
The WB Constant Dollar Income Concept: An Interpretation
Ahsan, S.M. & S.Q. Ahsan (2022)
Excess Savings and Twin Deficits: The Transmission of Fiscal Stimulus in Open Economies
Aggarwal, R., A> Auclert, M. Rognlie & L. Straub (2022)
Global Stagflation
Ha, J., M.A. Kose & F. Ohnsorge (2022)
A Simple Model of Internal and External Balance for Resource-Rich Developing Countries
Davies, M. & M. Schröder (2022)
Fiscal Policy and the Slowdown in Trend Growth in an Open Economy
Beames, A., M. Kulish & N. Yamout (2022)
Inflation Targeting Under Inflation Uncertainty: Muliti-Economy Evidence from a Stochastic Volatility Model
Hartmann, M., H. Herwartz & M. Ulm (2022)
Global Supply Chain Pressures, International Trade, and Inflation
di Giovanni, J., S. Kalemli-Özcan, A. Silva & M.A. Yildirim (2022)
Inequality and the Structure of Countries' External Liabilities
Harms, P., M. Hoffmann, M. Kohl & T. Krahnke (2022)
Policy Effects of International Taxation on Firm Dynamics and Capital Structure
Spencer, A.H. (2022)
The global minimum tax
Johannesen, N. (2022)
The ECB's asset purchase programme: Theory, effects, and risks
SURVEY PAPER
Benigno, P., P. Canofari, G. Di Bartolomeo & M. Messori (2022)
Financial reforms and low-income households' impact on international consumption risk sharing
Gardberg, M. (2022)
Do Investors Care About Consumption Taxes? Evidence from Equities in Advanced and Emerging Economies
Pallan, H. (2022)
On the impacts of trend inflation in an open economy
Zhao, H. (2022)
Macroeconomic impacts of remittances: A two-country, two-sector model
Lim, S. & C. Khun (2022)
Forecasting a commodity-exporting small open developing economy using DSGE and DSGE-BVAR
Konebayev, E. (2022)
Global Imbalances: False Alarm or Genuine Source of Concern?
Aphecetche, T., M. Bianchi & G. Stanoeva (2022)
Inflation Expectations and the Supply Chain
Albagli, E., F. Grigoli & E. Luttini (2022)
Exchange Rate Uncertainty and Business Cycle Fluctuations
Kamalyan, H. & V. Davtyan (2022)
International risk sharing for food staples
Bradford, S.C., D.S. Negi & B. Ramaswami (2022)
The Current Account Income Balance: External Adjustment Channel or Vulnerability Amplifier?
Behar, A. & R. Hassan (2022)
Aggregation across each nation: aggregator choice and macroeconomic dynamics
Lisack, N., S. Lloyd & R. Sajedi (2022)
Effective Fiscal-Monetary Interactions in Severe Recessions
Chen, J., R.A. Espinoza, C. Goncalves, T. Gudmundsson, M. Hengge, Z. Jakab & J. Lindé (2022)
The Global Distributive Impact of the US Inflation Shock
Nair, G. & F. Sturzenegger (2022)
Risk-Free Rates and Convenience Yields Around the World
Diamond, W. & P. Van Tassel (2022)
Debt and Taxes: Optimal Fiscal Consolidation in the Small Open Economy
Rondón-Moreno, C. (2022)
Shock Absorbers or Transmitters? The Role of Foreign Banks during COVID-19
Yao, W. & J. Yepez (2022)
Stress Testing the Global Economy to Climate Change-Related Shocks in Large and Interconnected Economies
Tovar Mora, C.E., Y. Wu & T. Zheng (2022)
Portfolio shocks and the financial accelerator in a small open economy
Ortiz, M. & K. Miyahara (2022)
Exchange Rates and the Speed of Economic Recovery: The Role of Financial Development
Fisera, B. (2022)
Procyclical fiscal policy and asset market incompleteness
Fernández, A., D. Guzmán, R.E. Lama & C.A. Vegh (2022)
Rightsizing Bank Capital for Small, Open Economies
McInerney, N., M. O'Brien, M. Wosser & L. Zavalloni (2022)
The Mussa puzzle: A generalization
Petracchi, C. (2022)
Global Bank Risk And Monetary Policy In An Emerging Economy
Luk, P. (2022)
Aggregate Properties of Open Economy Models with Expanding Varieties | Published
Bhattarai, S. & K. Kucheryavyy (2022/24)
Deindustrialization and Industry Polarization
Sposi, M., K-M. Yi & J. Zhang (2022)
On the Empirical Relevance of the Exchange Rate as a Shock Absorber at the Zero Lower Bound
Finck, D., M. Hoffmann & P. Huertgen (2022)
A cross-country database of fiscal space
Kose, M.A., S. Kurlat, F. Ohnsorge & N. Sugawara (2022)
Foreign exchange reserves, imperfect substitutability of financial assets and the monetary policy quadrilemma
Laurentjoye, T. (2022)
Estimating Causal Effects of Monetary Policy for a Small Open Economy: Econometric Model and Estimation Framework
Brueckner, M. (2022)
Do export quality and destination income matter for exchange rate pass-through? Evidence from China
Zou, Z., Y. Zhang, M. Wang & X. Wang (2022)
Fiscal Policy in the Age of COVID-19: Does It "Get in All of the Cracks"?
Gourinchas, P-O., S. Kalemli-Ozcan, V. Penciakova & N. Sander (2022)
Government Expenditures in a Small Open Economy Model : The Role of Credit Constraint
Wu, Z. (2022)
Surging commodity prices explain a lot
van Rensburg, T.J. & E. Visser (2022)
How Can Asset Prices Value Exchange Rate Wedges?
Lewis, K.K. & E.X. Liu (2022)
The Influence of Global Inflation on Emerging Market Economies' Inflation
Lenin, A-C., O.M. José & M.M.G. Stefano (2022)
Decomposing the drivers of Global R*
Cesa-Bianchi, A., R. Harrison & R. Sajedi (2022)
Risk sharing and monetary policy transmission
Hauptmeier, S., F. Holm Hadulla & T. Renault (2022)
Endogenous Product Adjustment and Exchange Rate Pass-Through
Freitag, A. & S. Lein (2022)
Just Do IT? An Assessment of Inflation Targeting in a Global Comparative Case Study
Duncan, R., E. Martinez-Garcia & P. Toledo (2022)
Measuring Uncertainty and its Effects in a Small Open Economy
Cabello, M. & R. Nivin (2022)
Volatility and the Current Account: Extending the Evidence
Jalles, J.T. & G. Karras (2022)
Importer Dispersion and Exchange Rate Pass-Through
Du, Q., Y. Liu & J. Xu (2022)
Foreign Currency Working Capital Constraints for Imported Inputs and Compositional Effects in Intermediate Goods
Daniel, S. (2022)
Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
Das, M., G. Gopinath, T. Kim & J.C. Stein (2022)
Monetary policy when export revenues drop
Bergholt, D. O. Røisland, T. Sveen & R. Torvik (2022)
Exchange Rate Pass-Through to Food and Energy Consumer Price Inflation
Moessner, R. (2022)
Current Account Balances' Divergence in the Euro Area: an Appraisal of the Underlying Forces
Faure, E., C. Grekou & V. Mignon (2022)
Make-up strategies and exchange rate pass-through in a low-interest-rate environment
Cantelmo, A., P. Cova, A. Notarpietro & M. Pisani (2022)
The Anatomy of Small Open Economy Productivity Trends
Gortz, C., K. Theodoridis & C. Thoenissen (2022)
Monetary policy shocks and exchange rate dynamics in small open economies
Terrell, M., Q. Haque, J.L. Cross & F.D. Tchatoka (2022)
Optimal Cooperative Taxation in the Global Economy
Chari, V.V., J.P. Nicolini & P. Teles (2023)
Onshore and offshore profit shifting and tax revenue losses in the European Union
Nerudova, D., M. Dobranschi, V. Solilová & M. Litzman (2023)
Cost channel, determinacy, and monetary policy in a two-country new Keynesian model
Ida, D. (2023)
World prices and business cycles in a small open input-output economy
Khelifi, A. (2023)
Optimal monetary policy delegation in a small-open new Keynesian model with robust control
Ida, D. & M. Okano (2023)
Learning and cross-country correlations in a multi-country DSGE model
Audzei, V. (2023)
The global component of headline and core inflation in emerging market economies and its ability to improve forecasting performance
Arango-Castillo, L., A.J. Orraca & G.S. Molina (2023)
Understanding the Global Drivers of Inflation: How Important are Oil Prices?
Ha, J., M.A. Kose, F. Ohnsorge & H. Yilmazkuday (2023)
The Global Investment Slowdown: Challenges and Policies
Stamm, K.K. & D.L. Vorisek (2023)
Low for (Very) Long? A Long-Run Perspective on r* across Advanced Economies
Platzer, J., F. Grigoli & R. Tietz (2023)
International Diversification, Reallocation, and the Labor Share
David, J., R. Ranciere & D. Zeke (2023)
Progressive taxation and optimal monetary policy in a two-country new Keynesian model
Ida, D. & K. Kaminoyama (2023)
State Dependent Exchange Rate Pass-Through
Carriere-Swallow, Y., M. Firat, D. Furceri & D. Jimenez (2023)
Revisiting the Countercyclicality of Fiscal Policy
Jalles, J.T., Y. Kiendrebeogo, W.R. Lam & R. Piazza (2023)
Fiscal policy, macroeconomic performance and industry structure in a small open economy
Boug, P., T. von Brasch, A. Cappelen, R. Hammersland, H. Hungnes, D. Kolsrud, J. Skretting, B. Strøm & T.C. Vigtel (2023)
Winners and losers from reducing global imbalances
Rothert, J. & A.K. Dur (2023)
Inflation Strikes Back: The Role of Import Competition and the Labor Market
Amiti, M., S. Heise, F. Karahan & A. Sahin (2023)
Cross border flows, financial intermediation and interactions of policy rules in a small open economy
Goyal, A. & A.K. Verma (2023)
Effects of global liquidity and commodity market shocks in a commodity-exporting developing economy
Doojav, G-O., D. Luvsannyam & E. Enkh-Amgalan (2023)
Commodity price shocks, labour market dynamics and monetary policy in small open economies
Naraidoo, R. & J. Paez-Farrell (2023)
Collateral Advantage: Exchange Rates, Capital Flows and Global Cycles
Devereux, M.B., C. Engel & S.P.Y. Wu (2023)
Dollar Exchange Rate volatility and Productivity Growth in Emerging Markets: Evidence from Firm Level Data
Eklou, K.M. (2023)
Trend Inflation and Exchange Rate Dynamics: A New Keynesian Approach
Kano, T. (2023)
The Impact of Research and Development Expenditures on ESG Model in the Global Economy
Costantiello, A. & A. Leogrande (2023)
Macroeconomic volatility and the current account: Extending the evidence
Jalles, J.T. & G. Karras (2023)
An Estimated DSGE Model for Integrated Policy Analysis
Chen, K., M. Kolasa, J. Lindé, H. Wang, P. Zabczyk & J. Zhou (2023)
Financing imports, the Triffin dilemma and more
Saccal, A. (2023)
A time-varying Phillips curve with global factors: Are global factors important?
Kabundi, A., A. Poon & P. Wu (2023)
Inflation Strikes Back: The Role of Import Competition and the Labor Market
Amiti, M., S. Heise, F. Karahan & A. Sahin (2023)
Who pays the bill? Climate change, taxes, and transfers in a multi-region growth model
Hillebrand, E. & M. Hillebrand (2023)
Dollar and Exports
Bruno, V. & H.S. Shin (2023)
Exchange rate pass-around
Crozet, M., J. Hinz & F. Trionfetti (2023)
Drivers of inflation convergence across countries: the role of standard gravity variables
Yilmazkuday, H. (2023)
Integrated Monetary and Financial Policies for Small Open Economies
Basu, S.S., E. Boz, G. Gopinath, F. Roch & F.D. Unsal (2023)
Production, Trade, and Cross-Border Data Flows
Chang, Q., L.W. Cong, L. Wang & L. Zhang (2023)
Time-varying exchange rate pass-through into terms of trade
Dainauskas, J. (2023)
Estimating the elasticity of consumer prices to the exchange rate: An accounting approach
Camatte, H., G. Daudin, V. Faubert & C. Rifflart (2023)
The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns
Bernoth, K., H. Herwartz & L. Trienens (2023)
Why Global and Local Solutions of Open-Economy Models with Incomplete Markets Differ and Why it Matters
de Groot, O., C.B. Durdu & E.G. Mendoza (2023)
Domestic barriers to entry and external vulnerability in emerging economies
Barreto, L., A.F. Shapiro & V. Nuguer (2023)
The Financial Channel of the Exchange Rate and Global Trade
Ma, S. & T. Schmidt-Eisenlohr (2023)
Inefficient international risk-sharing
Cho, D., K.W. Kim & S.J. Kim (2023)
Exchange Rate Pass-Around
Crozet, M., J. Hinz & F. Trionfetti (2023)
Shock and awe? Bond yield responses to domestic monetary policy in a small-open economy
Nitschka, T. & M-A. Ramelet (2023)
One Hundred Inflation Shocks: Seven Stylized Facts
Ari, A., C. Mulas-Granados, V. Mylonas, L. Ratnovski & W. Zhao (2023)
Demographics and Current Account Imbalances: Accounting for the Full Age Distribution
Koomen, M. & L. Wicht (2023)
The Fiscal Effects of Terms-of-Trade-Driven Inflation
Motyovszki, G. (2023)
A Behavioral New Keynesian Model of a Small Open Economy Under Limited Foresight
Na, S. & Y. Xie (2023)
Accessing U.S. Dollar Swap Lines: Macroeconomic Implications for a Small Open Economy
Dominguez, B. & P. Gomis-Porqueras (2023)
On the empirical relevance of the exchange rate as a shock absorber at the zero lower bound
Finck, D., M. Hoffmann & P. Hürtgen (2023)
The interplay between monetary and fiscal policy in a small open economy
Røisland; O., T. Sveen & R. Torvik (2023)
Technological Rivalry and Optimal Dynamic Policy in an Open Economy
Bai, Y., K. Jin & D. Lu (2023)
Forward Looking Exporters
de Soyres, F., E. Frohm, E. Highkin & C. Mix (2023)
Monetary Policy in Small Open Economies and the International Zero Lower Bound
Rojas, M. (2023)
Monetary Policy Transmission Heterogeneity: Cross-Country Evidence
Deb, P., J. Estefania-Flores, M. Firat, D. Furceri & S. Kothari (2023)
Demand vs. Supply Decomposition of Inflation: Cross-Country Evidence with Applications
Firat, M. & O. Hao (2023)
Permanent and Transitory Monetary Shocks around the World
Cicco, J.G., P. Goldstein; Federico Sturzenegger (2023)
Bounded rational expectation: How it can affect the effectiveness of monetary rules in the open economy
Dong, X., P. Minford, D. Meenagh & X. Yang (2023)
Large Shocks Travel Fast
Cavallo, A., F. Lippi & K. Miyahara (2023)
Global Natural Rates in the Long Run: Postwar Macro Trends and the Market-Implied r* in 10 Advanced Economies
Davis, J., C. Fuenzalida, L. Huetsch, B. Mills & A.M. Taylor (2023)
Financial Integration, Excess Consumption Volatility, and the World Real Interest Rate
Yamada, H. (2023)
Revenue Effects of the Global Minimum Tax: Country-by-Country Estimates
Barake, M., T. Neef, P-E. Chouc & G. Zucman (2023)
Cross-Border Risks of a Global Economy in Mid-Transition
Espagne, E., W. Oman, J-F. Mercure, R. Svartzman, U. Volz, H. Pollitt, G. Semieniuk & E. Campiglio (2023)
Commodity Price Shocks and Production Networks in Small Open Economies
Silva, A., P. Caraiani, J. Miranda-Pinto & J. Olaya-Agudelo (2023)
No place like home: Home bias and flight-to-quality in Group of Seven countries
Socaciu, E-M., B-Z. Nagy & B. Benedek (2023)
The global economic impacts of the COVID-19 pandemic
McKibbin, W. & R. Fernando (2023)
Central banks and policy communication: How emerging markets have outperformed the Fed and ECB
Evdokimova, T., P.N. Mohácsi, O. Ponomarenko & E. Ribakova (2023)
FINEX - A New Workhorse Model for Macroeconomic Forecasting and Policy Analysis
Berg, A., Y. Hul, P.D. Karam, A. Remo & D.R. Guzman (2023)
Recent Developments in Financial Risk and the Real Economy
Dew-Becker, I. & S. Giglio (2023)
The interdependencies between the private and public sectors in open economies
Andersen, T.M. & A. Sørensen (2023)
Foreign currency borrowing and risk exposure of firms: An emerging market economy viewpoint
Chakrabarti, P. & S. Sen (2023)
A relative answer to the growth-saving puzzle
Gruber, N. (2023)
Commodity terms of trade co-movement: Global and regional factors
Xia, T. & H. Zhou (2023)
The Aggregate Effects of Sectoral Shocks in an Open Economy
Andrade, P., M. Arazi & V. Sheremirov (2023)
Unilateral tax policy in the open economy
Kohl, M. & P.M. Richter (2023)
Determinants of global neutral interest rates
Ferreira, T.R.T. & S. Shousha (2023)
The global minimum tax raises more revenues than you think, or much less
Janeba, E. & G. Schjelderup (2023)
Global DSGE models
Cao, D., W. Luo & G. Nie (2023)
The paradox of price flexibility in an open economy
Cho, D., K.H. Kim & S.J. Kim (2023)
Beyond the Hump: Structural Change in an Open Economy
Smitkova, L. (2023)
Global spillovers from multi-dimensional US monetary policy
Georgiadis, G. & Jaroci?ski, Marek (2023)
State-Dependent Exchange Rate Pass-Through
Carrière-Swallow, Y., M. Firat, D. Furceri & D. Jiménez (2023)
Exchange rate misalignment and external imbalances: What is the optimal monetary policy response?
Corsetti, G., L. Dedola & S. Leduc (2024)
Optimal Monetary Policy, Tariff Shocks and Exporter Dynamics
Hamano, M., F. Pappadà & M.T. Punzi (2023)
Estimating shadow policy rates in a small open economy and the role of foreign factors
Fornero, J., M. Kirchner & C. Molina (2024)
International tax competition with rising intangible capital and financial globalization
Quadrini, V. & J-V. Ríos-Rull (2024)
Optimal taxation of multinational enterprises: A Ramsey approach
Dyrda, S., G. Hong & J.B. Steinberg (2024)
Identifying the external and internal drivers of exchange rate volatility in small open economies
Aysun, U. (2024)
The Shifting and Steepening of Phillips Curves During the Pandemic Recovery: International Evidence and Some Theory
Gudmundsson, T., C. Jackson & R.A. Portillo (2024)
Import Constraints
Comin, D.A., R.C. Johnson & C.J. Jones (2024)
An Integrated Policy Framework (IPF) Diagram for International Economics
Basu, S.S. & G. Gopinath (2024)
Abstract: The Mundell-Fleming IS-LM approach has guided generations of economists over the past 60 years. But countries have experienced new problems, the international finance literature has advanced, and the composition of the global economy has changed, so the scene is set for an updated approach. We propose an Integrated Policy Framework (IPF) diagram to analyze the use of multiple policy tools as a function of shocks and country characteristics. The underlying model features dominant currency pricing, shallow foreign exchange (FX) markets, and occasionally-binding external and domestic borrowing constraints. Our diagram includes the use of monetary policy, FX intervention, capital controls, and domestic macroprudential measures. It has four panels to explore four key trade-offs related to import consumption, home goods consumption, the housing market, and monetary policy. Our extended diagram adds fiscal policy into the mix.
Profit shifting of multinational corporations worldwide
Garcia-Bernardo, J. & P. Janský (2024)
Financial openness, capital accumulation, and productivity in emerging and developing economies
Damasceno, A.O. & D.R. Guedes (2024)
Asymmetric Exchange Rate Pass-through between Unexpected Yen Appreciation and Depreciation: The case for Japanese machinery exports
Liu, N. & K. Sato (2024)
10. The Causal Effects of Global Supply Chain Disruptions on Macroeconomic Outcomes: Evidence and Theory
Bai, X., J. Fernández-Villaverde, Y. Li & F. Zanetti (2024)
Tax Policy and Investment in a Global Economy
Chodorow-Reich, G., M. Smith, O.M. Zidar & E. Zwick (2024)
Specialization, Market Access and Real Income
Bartelme, D., T. Lan ↦ A.A. Levchenko (2024)
A game-theoretic analysis of international tax compliance
Pieretti, P. & G. Pulina (2024)
Welfare implications of nomimal GDP targeting in a small open economy
Ortiz, M., A. Inca & F. Solf (2024)
What Drives U.S. Import Price Inflation?
Amiti, M., O. Itskhoki & D. Weinstein (2024)
Dynamic Effects of Corporate Taxation in Open Economy
Cardi, O., F. Hoke & R. Restout (2024)
Fiscal policy and the twin deficits: structural changes matter
Kim, W. (2024)
Global Value Chain and Inflation Dynamics
Chau, V., M.C. Martinez, T. Kim & J.A. Spray (2024)
Deciphering the GloBE in a Low-Tax Jurisdiction
Hebous, S., C. Hillier & A. Mengistu (2024)
Spillovers and Spillbacks
Acharya, S. & P.A. Pesenti (2024)
The Feldstein-Horioka Puzzle or Paradox after 44 Years: A Fallacy of Composition
Horioka, C.Y. (2024)
This Is Going to Hurt: Weather Anomalies, Supply Chain Pressures and Inflation
Cevik, S. & G. Gwon (2024)
Global Food Prices and Inflation
Anderl, C. & G.M. Caporale (2024)
Quantitative Tightening Around the Globe: What Have We Learned?
Du, W., K. Forbes & M.N. Luzzetti (2024)
Global corporate income tax competition, knowledge spillover, and growth
Maebayashi, N. & K. Morimoto (2024)
Dominant Drivers of Current Account Dynamics
Boer, L. & J. Lee (2024)
Quantitative Easing, Bond Risk Premia and the Exchange Rate in a Small Open Economy
Christensen, J.H.E. & X. Zhang (2024)
Commodity prices and international Inflation, 1851-1913
Gerlach, S. & R. Stuart (2024)
Interest rates across the world: Global, regional, and idiosyncratic factors
Shambaugh, J.C. & H. Zhou (2024)
The Global Financial Cycle and International Monetary Policy Cooperation
Li, S. (2024)
Optimal Government Spending in a Collateral-Constrained Small Open Economy
Hamano, M. & Y. Murakami (2024)
Exchange Rate Pass-Around
Trionfetti, F., J, Jinz & M. Crozet (2024)
Assessing global potential output growth: April 2024
Benmoussa, A.A., R. Dastagir., E. Ekanayake, J-D. Guénette, H. Lao, J. Rolland-Mills, A. Spencer & L. Xiang (2024)
Global corporate tax policy space
Kenc, T. & E.I. Cevik (2024)
The exchange rate pass?through to domestic prices: A meta?analysis
SURVEY PAPER
Iorngurum, T.D. (2024)
Sixty Years of Global Inflation: A Post-GFC Update
Auer, R., M. Pedemonte & R. Schoenle (2024)
Asset Price Changes, External Wealth and Global Welfare
Meyer, T. (2024)
The Impact of a Large Depreciation on the Cost of Living of Rich and Poor Consumers
Colicev, A., J. Hoste & J. Konings (2024)
Asset Price Changes, External Wealth and Global Welfare
Meyer, T. (2024)
Exchange rate shocks, multinational firms and access to finance
Sharma, A. (2024)
Global shocks, budgets deficits, and international fiscal policy coordination
Agénor, P-R. (2024)
A note on stock price dynamics and monetary policy in a small open economy
Ida, D., M. Okano & S. Hoshino (2024)
Monetary Policy and Exchange Rates during the Global Tightening
Yoldas, E. (2024)
The Mirage of Falling R-stars
Bulir, A. & J. Vlcek (2024)
Fiscal R-Star: Fiscal-Monetary Tensions and Implications for Policy
Bolhuis, M.a., J. Koosakul & N. Shenai (2024)
Developing an International Macroeconomic Forecasting Model Based on Big Data
Yoon, S-H. (2024)
Monetary Policy without Moving Interest Rates: The Fed Non-Yield Shock
Boehm, C. & T.N. Kroner (2024)
The interplay between real and exchange rate market: an agent-based model approach
Delli Gatti, D., T. Ferraresi, F. Gusella, L. Popoyan, G. Ricchiuti & A. Roventini (2024)
Identification of fiscal SVAR-IVs in small open economies
Keranen, G. & S. Lahdemaki (2024)
US International Corporate Taxation after the Tax Cuts and Jobs Act
Clausing, K.A. (2024)
Terms-of-trade effects of productivity shocks in developing economies
Özçelik, E. & M. Tugan (2024)
Trade and Inequality in an Overlapping Generations Model with Capital Accumulation
Nie, J., B. Ravikumar & M. Sposi (2024)
Inflation and income inequality in an open-economy growth model with liquidity constraints on R&D
Hu, R., J. Wang, Y. Yang & Z. Zheng (2024)
Oil Price Shocks and Inflation in a DSGE Model of the Global Economy
Presno, I. & A. Prestipino (2024)
Global drivers of inflation: The role of supply chain disruptions and commodity price shocks
Diaz, E.M., J. Cunado & F.P. de Gracia (2024)
International Risk Sharing and Wealth Allocation with Higher Order Cumulants
Corsetti, G., A. Lipiska, A. & G. Lombardo (2024)
A two-step dynamic factor modelling approach for forecasting inflation in small open economies
Aysun, U. & C. Wright (2024)
Currency Centrality in Equity Markets, Exchange Rates and Global Financial Cycles
Rey, H., V. Stavrakeva & J. Tang (2024)
The Economic Impact of Fiscal Policy Uncertainty: Evidence from a New Cross-Country Database
Hong, G.H., S. Ke & A.D.M. Nguyen (2024)
Rate Cycles
Forbes, K., J. Ha & M.A. Kose (2024)
Debt Shocks and the Dynamics of Output and Inflation in Emerging Economies
Beirne, J. & N. Renzhi (2024)
A footloose capital model of economic development
Tabuchi, T., C. Wang & X. Zhu (2024)
Financial Frictions and Asymmetric International Risk Sharing
Asdrubali, P., S. Kim & H. Park (2024)
Where Do Multinationals Locate Profits: Evidence from Country-by-Country Reporting
Boukal, T. (2024)
Current Account Dynamics and the Saving-Investment Nexus In a Changing and Uncertain World
Chinn, M.D. & H. Ito (2024)
Understanding the international rise and fall of inflation since 2020
Dao, M.C., P-O. Gourinchas, D. Leigh & P. Mishra (2024)
Changing Global Input-Output Linkages and Demand Spillover
Miyamoto, W. & T.L. Nguyen (2024)
Trouble Every Day: Monetary Policy in an Open Emerging Economy
Pirozhkova, E., G. Ricco & N. Viegi (2024)
Tax Policy, Investment and Profit Shifting
Bilicka, K.A., M.P. Devereux & I. Güçeri (2024)
Evaluating Minimum Taxation
Hines Jr., J.R. (2024)
Current account determinants in a globalized world
Camarero, M., J.L. Carrión-i-Silvestre & C. Tamarit (2024)
Inflation in Disaggregated Small Open Economies
Silva, A. (2024)
Environmental policies and stagnation in a two-country economy
Ikefuji, M. & Y. Ono (2024)
Trade fragmentation, inflationary pressures and monetary policy
Tenreyro, S., L. Ambrosino & J. Chan (2024)
Capital misallocation and economic development in a dynamic open economy
Delalibera, B.R., L. Pereira, H. Rios & R. Serrano-Quintero (2024)
International vulnerability of inflation
Garrón Vedia, I., R. Caballero, C. Vladimir & E. Ruiz Ortega (2024)
Life expectancy and business cycles in a small open economy
Tserenkhuu, T. & S. Kosempel (2024)
Systematizing Macroframework Forecasting: High-Dimensional Conditional Forecasting with Accounting Identities
Ando, S. & T. Kim (2024)
G3MOD: A Multi-Country Global Forecasting Model
Miller, I., D. Baksa, P.D. Karam & T. Vehbi (2024)
The Dynamics of Large Inflation Surges
Blanco, A., P. Ottonello & T. Ranošová (2024)
Revisiting Fiscal Shocks in the Open Economy
Litainas, M., P. McAdam, A. Montagnoli & K. Mouratidis (2024)
A Reexamination of the Relationship Between Money Growth and Inflation Around the World: 1961-2022
Olivo, V. (2024)
Inflation Tales: the Heterogenous Price Effects from Current Account Dynamics
Afonso, A., J. Alves, J. Jalles & S. Monteiro (2024)
Optimal monetary policy in the open economy with labor market frictions
Kim, C. (2025)
Time-varying sources of fluctuations in global inflation
Kim, W.J., J. Ko, W.S. Kwon & C. Piao (2025)
Optimal trend inflation in an open economy
Cho, D., J.H. Kim, K.H. Kim & S.J. Kim (2025)
Long-Term Debt and Short-Term Rates: Fixed-Rate Mortgages and Monetary Transmission
De Stefani, A. & R. Mano (2025)
Global public goods, fiscal policy coordination, and welfare in the world economy?
Agénor, P-R. & L.A.P. da Silva (2025)
Inequality, current account imbalances, and middle incomes
Blomme, O. & J. Héricourt (2025)
Foreign financial shocks and domestic credit policy in the small open economy
Shim, J.H. (2025)
Monetary Policy in Open Economies with Production Networks
Qiu, Z., Y. Wang, L. Xu & F. Zanetti (2025)
The Dynamics of Agricultural Productivity Gaps: An Open-Economy Perspective
Gollin, D., D. Lagakos, X. Ma & S. Mandi (2025)
Central bank independence and inflation tail risks-Evidence from emerging markets
Jácome, L.I. & S. Pienknagura (2025)
Global value chains and the Phillips curve: A challenge for monetary policy
Florio, A., D. Siena & R. Zago (2025)
Central banks and the absorption of international shocks (1891-2019)
Bazot; G., E. Monnet & M. Morys (2025)
The Optimal Monetary Policy Response to Tariffs
Bianchi, J. & L. Coulibaly (2025)
Debt with Potential Repudiation: Theoretical and Empirical Analysis
Eaton, J. & M. Gersovitz (1984)
Abstract: This paper provides a theoretical analysis of borrowing by sovereign nations complementing previous research on bankruptcy in domestic financial markets. This theory is then used to specify and estimate an econometric model of borrowing by poor countries in international financial markets.
Sovereign Debt: Is to Forgive to Forget?
Bulow, J. & K. Rogoff (1989)
Abstract: This paper shows that, under fairly general conditions, lending to small countries must be supported by the direct sanctions available to creditors and cannot be supported by a country's "reputation for repayment." This distinction is critically important for understanding the true underlying nature of sovereign lending contracts and for comparing policy alternatives for dealing with the developing country debt problem.
A Constant Recontracting Model of Sovereign Debt
Bulow, J. & K. Rogoff (1989)
Abstract: The authors present a dynamic model of international lending in which borrowers cannot commit to future repayments and debtors can sometime s successfully negotiate partial defaults or "rescheduling agreements." All parties in a debt rescheduling negotiation realize that today's rescheduling agreement may itself have to be renegotiated in the future. The authors' bargaining-theoretic approach allows them to handle the effects of uncertainty on sovereign debt contracts in a much more satisfactory way than in earlier analyses. The framework is readily extended to analyze the conflicting interests of different lenders, and of banks and creditor-country taxpayers.
Sovereign Debt As Intertemporal Barter | Alternative
Kletzer, K.M. & B.D. Wright (2000)
Abstract: Borrowing and lending between sovereign parties is modeled as intertemporal barter that smoothes the consumption of a risk-averse party subject to endowment shocks. The surplus anticipated in the relationship offers sufficient incentive for cooperation by all parties, including any other competitive agents who are potential lenders to the sovereign. The sole punishments consist of renegotiation-proof changes in the path of future payments. We show that intertemporal trade can be sustained in the absence of any exogenous enforcement of lending relationships whatsoever. That is, borrowing and lending are possible under anarchy, and are supported by punishments that consist of cheating any cheater. Long-term implicit relationships may be fulfilled as the continual renegotiation of simple incomplete short-term loans. The analysis suggests that the crucial role of the explicit loan contract is the identification of the relationship and the parties involved.
Where's the money? G8 promises, G8 failures
Oxfam (2001)
Abstract: The richest countries of the world promised to help developing countries halve poverty, reduce child mortality by two thirds, and ensure every child gets a free and good quality primary education. All by 2015. There remains a huge gap between promises and action. Inadequate commitments to meet a global crisis in health; inaction in education, and a debt relief programme that leaves most countries still paying more on debt than on the health of their citizens.
Is Foreign Debt Portfolio Management Efficient in Emerging Economies?
De Mello Jr., L.R. & K. Hussein (2001)
Debt Relief Under the HIPC Initiative: Context and Outlook for Debt Sustainability and Resource Flow
Ross, D.C. & L. Abrego (2001)
External Debt and Growth
Pattillo, C.A., H. Poirson & L.A. Ricci (2002)
Vested Interests in a Positive Theory of IFI Conditionality
Mayer, W. & A.T. Mourmouras (2002)
Financial Sector Inefficiencies and the Debt Laffer Curve
Agénor, P.R. & J. Aizenman (2002)
The High Demand for International Reserves in the Far East: What's Going On?
Aizenman, J. & N. Marion (2002)
How Does Conditional Aid (Not) Work?
Ramcharan, R. (2002)
IS-LM-BP in the Pampas
Cespedes, L.F., R. Chang & A. Velasco (2002)
Sovereign Risk, Credibility and the Gold Standard: 1870-1913 versus 1925-31
Obstfeld, M. & A.M. Taylor (2002)
Debt Relief: What Do the Markets Think?
Arslanalp, S., P.B. Henry (2002)
Emerging Markets Instability: Do Sovereign Ratings Affect Country Risk and Stock Returns?
Kaminsky, G. & S. Schmukler (2001)
Sovereign Risk and Real Business Cycles in a Small Open Economy
Hamann, F. (2002)
Anticipating Arrears to the IMF: Early Warning Systems
Oka, C. (2003)
Institutional Arrangements for Public Debt Management
Dethier, J.J., E. Currie & E. Togo (2003)
Sovereign Debt Restructuring: Messy or Messier?
Krueger, A. (2003)
Sovereign Debt Restructuring
Kroszner, R.S. (2003)
Is Aggregation a Problem for Sovereign Debt Restructuring?
Eichengreen, B. & A. Mody (2003)
Sovereign Debt Restructurings? The Market Knows Best
Galvis, S.J. (2003)
How "Original Sin" was Overcome: The Evolution of External Debt Denominated in Domestic Currencies in the United States and the British Dominions
Bordo, M.D., C. Miessner & A. Redish (2003)
Sovereign Bond Restructuring: Collective Action Clauses and Official Crisis Intervention
Kletzer, K. (2003)
Abstract: In this paper we introduce an overlapping generations structure of the Blanchard type in a New Open Economy Macroeconomics model. This allows us to study a wider range of ¯scal shocks compared to the traditional Mundell-Fleming and to the baseline Redux models. One important policy implication of our model is that the tax cut implemented in the US in 2001 might have contributed to the appreciation of the Dollar vis-a-vis the Euro. In contrast, the imposition of fiscal constraint such as the "Golden Rule" proposed by the UK government can have opposite exchange rate effects.
Debt Intolerance
Reinhart, C.M., K.S. Rogoff & M.A. Savastano (2003)
Restructuring Sovereign Debt: The Case for Ad Hoc Machinery
Rieffel, L. (2003)
Abstract: The Western powers established the International Monetary Fund (IMF) and the World Bank after World War II as “permanent machinery” to anchor the Bretton Woods system. When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as “ad hoc machinery” to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the IMF recently proposed a permanent mechanism to deal with that challenge. Restructuring Sovereign Debt explains why ad hoc machinery would function more effectively in the Bretton Woods system.
On The Determinants of First-Time Sovereign Bond Issues
Grigorian, D.A. (2003)
Reputation, Debt, and Policy Conditionality
Ramcharan, R. (2003)
Must Original Sin Cause Macroeconomic Damnation?
Cespedes, L.F., R. Chang & A. Velasco (2003)
Old Sins: Exchange Clauses and European Foreign Lending in the 19th Century
Flandreau, M. & N. Sussman (2004)
Is Debt Relief Efficient?
Arslanalp, S. & P.B. Henry (2004)
Restructuring Sovereign Debt
Eichengreen, B. (2003)
Aid, Public Expenditure and Dutch Disease
Adam, C. & D. Bevan (2003)
Dollar Denominated Debt and Optimal Security Design
Geanakoplos, J. & F. Kubler (2003)
How Private Creditors Fared in Emerging Debt Markets, 1970-2000
Klingen, C.A., B.S. Weder & J. Zettelmeyer (2004)
On the Potential of Foreign Aid as Insurance
Pallage, S., M.A. Robe & C. Berube (2004)
Inefficient Foreign Borrowing: A Dual- and Common-Agency Perspective
Tirole, J. (2004)
Equity Prices, Credit Default Swaps, and Bond Spreads in Emerging Markets
Chan-Lau, J. & Y.S. Kim (2004)
A Risk Management Approach to Emerging Market's Sovereign Debt Sustainability with an Application to Brazilian Data
Garcia, M. & R. Rigobon (2004)
Default, Reputation and Balanced-Budget Rules
Stockman, D.R. (2004)
Inflation Targeting and Debt: Lessons from Brazil
Favero, C.A. & F. Giavazzi (2004)
Do Collective Action Clauses Raise Borrowing Costs?
Eichengreen, B. & A. Mody (2004)
Missing Link: Volatility and the Debt Intolerance Paradox | Published
Catao, L.A. & S. Kapur (2004/06)
Credit Rationing in Emerging Economies' Access to Global Capital Markets
Zoli, E. (2004)
International Reserve Holdings with Sovereign Risk and Costly Tax Collection
Aizenman, J. & N. Marion (2004)
Defaultable Debt, Interest Rates and the Current Account | Published
Aguiar, M. & G. Gopinath (2004/06)
Competitive equilibria with limited enforcement
Kehoe, P.J. & F. Perri (2004)
On The Empirics of Foreign Aid and Growth
Dalgaard, C-J., H. Hansen & F. Tarp (2004)
What is an Emerging Market?
Mody, A. (2004)
Intercreditor Distribution in Sovereign Debt Restructuring
Ousmene-Jacques, M. (2004)
Hiccups for HIPCs?
Burnside, C. & D. Fanizza (2004)
The Trade, Debt and Finance Nexus: at the Cross-roads of Micro- and Macroeconomics
Auboin, M. (2004)
Are There Negative Returns to Aid? A Comment
Nkusu, M. (2004)
Sovereign Borrowing by Developing Countries: What Determines Market Access? | Published
Gelos, G., R. Sahay & G. Sandleris (2004/11)
Gunboats, Reputation, and Sovereign Repayment: Lessons from the Southern Confederacy
Weidenmier, M. (2004)
Original Sin Mystery Trinity and Unequal Blessings
Arinsoy, D. & Ozmen, E. (2004)
Structuring and Restructuring Sovereign Debt: The Role of Seniority | Published
Bolton, P. & O. Jeanne (2005/09)
An analysis of the determinants of sovereign ratings
Bissoondoyal-Bheenick, E. (2005)
News spillovers in the sovereign debt market
Gande, A. & D.C. Parsley (2005)
Lending to developing countries revisited: changing nature of lenders and payment problems
Evrensel, A.Y. (2005)
Sovereign debt as a contingent claim: a quantitative approach
Alfaro, L. & F. Kanczuk (2005)
Analytics of sovereign debt restructuring
Haldane, A.G., A. Penalver, V. Saporta & H.S. Shin (2005)
Why Do Some Countries Manage to Extract Growth from Foreign Aid?
Ruhashyankiko, J-F. (2005)
One reason countries pay their debts: renegotiation and international trade
Rose, A.K. (2005)
Default and aggregate income
Rampini, A.A. (2005)
Aid and regulation
Kilby, C. (2005)
Foreign aid and market-liberalizing reform
Heckelman, J. & S. Knack (2005)
Taking stock of risk management techniques for sovereigns
Claessens, S. (2005)
Does Foreign Aid Reduce Poverty? Empirical Evidence from Nongovernmental and Bilateral Aid
Masud, N. & B. Yontcheva (2005)
The Dynamic Implications of Foreign Aid and Its Variability | Published
Arellano, C., A. Bulir, T.D. Lane & L. Lipschitz (2005/08)
What Undermines Aid's Impact on Growth?
Rajan, R. & A. Subramanian (2005)
Global Monetary Conditions Versus Country-Specific Factors in the Determination of Emerging Market Debt Spreads
Dailami, M., P.R. Masson & J.J. Padou (2005)
Poverty Traps, Aid and Growth | Published
Kraay, A. & C. Raddatz (2005)
Supersanctions and Sovereign Debt Repayment | Published
Mitchener, K.J. & M.D. Weidenmier (2005/10)
Foreign aid, domestic savings, and growth in LDCs: An application of likelihood-based panel cointegration
Irandoust, M. & J. Ericsson (2005)
Aid and Growth: What Does the Cross-Country Evidence Really Show?
Rajan, R.G. & A. Subramanian (2005)
Renegotiation, collective action clauses and sovereign debt markets
Weinschelbaum, F. & J. Wynne (2005)
Migration, Tied Foreign Aid and the Welfare State
Hatzipanayotou, P. & M.S. Michael (2005)
The Overhang Hangover
Imbs, J. & R. Ranciere (2005)
The Macroeconomic Challenges of Scaling Up Aid to Africa
Gupta, S., R. Powell & Y. Yang (2005)
Pity the Finance Minister: Issues in Managing a Substantial Scaling-Up of Aid Flows
Heller, P.S. (2005)
The Curse of Aid
Djankov, S., J.G. Montalvo & M. Reynal-Querol (2005)
Improving the Dynamics of Aid: Towards More Predictable Budget Support | Published
Eifert, B. & A. Gelb (2005/08)
Quantification of sovereign risk: Using the information in equity market prices
Oshiro, N. & Y. Saruwatari (2005)
Debt Overhang or Debt Irrelevance? Revisiting the Debt Growth Link
Cordella, T., L.A. Ricci & M. Ruiz-Arranz (2005)
Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods
Hostland, D. & P.D. Karam (2005)
On Overborrowing | Published
Uribe, M. (2005/06)
Are Donor Countries Giving More or Less Aid?
Gupta, S., C.A. Pattillo & S. Wagh (2006)
Foreign Aid Policy and Sources of Poverty: A Quantitative Framework | Published
Mourmouras, A. & P. Rangazas (2005/07)
Clientelism and Aid | Published
Casamatta, G. & C. Vellutini (2006)
Statistical properties of country credit ratings
Cruces, J.J. (2006)
A New-Open-Economy Macro Model for Fiscal Policy Evaluation
Botman, D.P.J., D. Laxton, D. Muir & A. Romanov (2006)
Odious Debt
Jayachandran, S & M. Kremer (2006)
Volatility of Development Aid: From the Frying Pan Into the Fire? | Published
Bulir, A. & A.J. Hamann (2006/07)
Company interests and foreign aid policy: Playing donors off against one another
Villanger, E. (2006)
Sovereign Risk in the Classical Gold Standard Era
Cameron, G., K.Y. Tan & P. Gai (2006)
Intermediation by aid agencies
Rowat, C. & P. Seabright (2006)
Debt relief and adjustment effort in a multi-period model
Tengstam, S. (2006)
Government Debt in Emerging Market Countries: A New Data Set
Jeanne, O. & A. Guscina (2006)
Debt Relief
Arslanalp, S. & P.B. Henry (2006)
The impossible relationship between the deficit and the exchange rate
Nyahoho, E. (2006)
Aid Scaling Up: Do Wage Bill Ceilings Stand in the Way?
Fedelino, A., G. Schwartz & M. Verhoeven (2006)
Donor Herding and Domestic Debt Crisis
Khamfula, Y., M. Mlachila & E.W. Chirwa (2006)
On the provision of official and private foreign aid
Schweinberger, A.G. & S. Lahiri (2006)
Individual Versus Aggregate Collateral Constraints and the Overborrowing Syndrome
Uribe, M. (2006)
Immiserizing Foreign Aid: The Role of Tariffs and Nontraded Goods
Tokarick, S. (2006)
Private International Debt with Risk of Repudiation
Jeske, K. (2006)
Getting Shut Out of the International Capital Markets: It Doesn't Take Much
Flood, R.P. & N.P. Marion (2006)
Aid, Governance and Private Foreign Investment: Some Puzzling Findings for the 1990s
Harms, P. & M. Lutz (2006)
Foreign Aid under Quantitative Restrictions: Welfare Effects and International Factor Mobility
Bezmen, T. (2006)
Agglomeration and Aid
Brakman, S., H. Garretsen & C. van Marrewijk (2006)
Catalytic finance: When does it work?
Morris, S. & H.S. Shin (2006)
Does aid help improve economic institutions
Coviello, D. & R. Islam (2006)
A Primer for Risk Measurement of Bonded Debt from the Perspective of a Sovereign Debt Manager
Papaioannou, M.G. (2006)
Rating Agencies and Sovereign Debt Rollover
Carlson, M. & and G.B. Hale
Who gets debt relief?
Chauvin, N.D. & A. Kraay (2006)
What is effective aid? How would donors allocate It?
Kenny, C. (2006)
A Debt Overhang Model for Low-Income Countries: Implications for Debt Relief
Koeda, J. (2006)
Sovereign Debt Restructuring: The Judge, the Vultures and Creditor Rights
Miller, M.H. & D. Thomas (2006)
The Increasing Selectivity of Foreign Aid, 1984–2003
Dollar, D. & V. Levin (2006)
A fiscal theory of sovereign risk
Uribe, M. (2006)
The Pricing of Credit Default Swaps During Distress
Andritzky, J.R. & M. Singh (2006)
When Instability Increases the Effectiveness of Aid Projects
Guillaumont, P. & R. Laajaj (2006)
Specification of a Stochastic Simulation Model for Assessing Debt Sustainability in Emerging Market Economies
Hostland, D. & P.D. Karam (2006)
Foreign Aid
Lancaster, C. (2007)
Abstract: A twentieth-century innovation, foreign aid has become a familiar element in international relations. But scholars and government officials continue to debate why countries provide it. Here, Carol Lancaster effectively puts this dispute to rest by providing the most comprehensive answer yet. She argues that because of domestic politics in aid-giving countries, it has always been-and will continue to be-used to achieve a mixture of different goals.
Debt overhang and economic growth–the Asian and the Latin American experiences
Sen, S., K.M. Kasibhatla & D.B. Stewart (2007)
Theory, practice and potential of debt for development swaps in the Asian and Pacific region
Cassimon, D. & J. Vaessen (2007)
Evaluating the impacts of foreign direct investment, aid and saving in developing countries
Kasuga, H. (2007)
External Debt and Economic Reform: Does a Pain Reliever Delay the Necessary Treatment?
Vamvakidis, A. (2007)
A Primer on Sovereign Debt Buybacks and Swaps
Medeiros, C.I., M. Polan & P. Ramlogan (2007)
Foreign aid and weakest-link international public goods: An experimental study
Lei, V., S. Tucker & F. Vesely (2007)
Aid and Growth: Politics Matters?
Bobba, M. & A. Powell (2007)
Government Bonds in Domestic and Foreign Currency: the Role of Institutional and Macroeconomic Factors
Claessens, S, D. Klingebiel & S.L. Schmukler (2007)
Foreign aid and economic growth: The role of flexible labor supply
Chatterjee, S. & S.J. Turnovsky (2007)
Why Do Emerging Economies Borrow Short Term?
Broner, F.A., G. Lorenzoni & S.L. Schmukler (2007)
Debt Maturity: Is Long-Term Debt Optimal?
Alfaro, A. & F. Kanczuk (2007)
Equity and debt market responses to sovereign credit ratings announcement
Pukthuanthong-Le, K., F.A. Elayan & L.C. Rose (2007)
Measuring the Effect of Foreign Aid on Growth and Poverty Reduction
Pattillo, C.A., J.J. Polak & J. Roy (2007)
Post-conflict aid, real exchange rate adjustment, and catch-up growth
Schmidt-Hebbel, K., L. Kaltani & I.A. Elbadawi (2007)
Optimal Reserve Management and Sovereign Debt | Published
Alfaro, L. & F. Kanczuk (2007/08)
Persistent Gaps, Volatility Types, and Default Traps | Published
Catão, L., A. Fostel & S. Kapur (2007/09)
Equilibrium Default Cycles
Kovrijnykh, N. & B. Szentes (2007)
Uncertainty and international debt maturity
Valev, N.T. (2007)
Choosing the currency structure for sovereign debt: a review of current approaches
SURVEY PAPER
Melecky, M. (2007)
Monetary Policy Rules for Managing Aid Surges in Africa
Adam, C., S.A. O'Connell, E.F. Buffie & C.A. Pattillo (2007)
Structuring and Restructuring Sovereign Debt: The Role of a Bankruptcy Regime | Published
Bolton, P. & O. Jeanne (2007)
Is the relationship between aid and economic growth nonlinear?
Kourtellos, A., C.M. Tan & X. Zhang (2007)
Shadow Sovereign Ratings for Unrated Developing Countries
Ratha, D., P. De & S. Mohapatra (2007)
Aid Volatility and Poverty Traps | Published
Agenor, P-R. & J. Aizenman (2007/09)
The Baring Crisis and the Great Latin American Meltdown of the 1890s
Mitchener, K.J. & M.D. Weidenmier (2007)
Does sovereign debt ratings news spill over to international stock markets?
Ferreira, M.A. & P.M. Gama (2007)
Fiscal Management of Scaled-Up Aid
Gupta, S., G. Schwartz, S. Tareq, R. Allen, I. Adenauer, K. Fletcher, & D. Last (2007)
Budget Support Versus Project Aid: A Theoretical Appraisal
Cordella, T. & G. Dell'Ariccia (2007)
Does IDA engage in defensive lending?
Geginat, C. & A. Kraay (2007)
Aid and Trade
Suwa Eisenmann, A. & T. Verdier (2007)
Overcoming Barriers to Reform: On Incentive-Compatible International Assistance
Mourmouras, A. & W. Mayer, Wolfgang (2007)
Who Gives for Overseas Development?
Micklewright, J. & S.V. Schnepf (2007)
Evaluating Aid Impact
White, H. (2007)
Comparative advantage, demand for external finance, and financial development
Do, Q-T. & A.A. Levchenko (2007)
Robbing Peter to Pay Paul? Understanding Who Pays for Debt Relief
Gunter, B.G., J. Rahman & Q. Wodon (2007)
Empirical evidence on the new international aid architecture
Claessens, S., D. Cassimon & B. van Campenhout (2007)
Macro Aid Effectiveness Research: A Guide for the Perplexed
Roodman, D. (2007)
Macroeconomic volatility, debt dynamics, and sovereign interest rate spreads
Genberg, H. & A. Sulstarova (2008)
Emerging Market Spread Compression: Is it Real or is it Liquidity?
Hartelius, K., K. Kashiwase & L.E. Kodres (2008)
Where Did All the Aid Go? An Empirical Analysis of Absorption and Spending
Aiyar, S. & U. Ruthbah (2008)
Complementarities between grants and loans
Iimi, A. & Y. Ojima (2008)
Beneficial Delays in Debt Restructuring Negotiations
Bi, R. (2008)
Through the Looking-Glass, and What OLS Found There: On Growth, Foreign Aid, and Reverse Causality
Roodman, D. (2008)
Aid, growth, and real exchange rate dynamics
Thierfelder, K., S. Robinson, J. Page, D.S. Go & S. Devarajan (2008)
Aid effectiveness on growth: A meta study
Doucouliagos, H. & M. Paldam (2008)
An alternative framework for foreign exchange risk management of sovereign debt
Melecky, M. (2008)
External Debt in Post-Conflict Countries
Alvarez-Plata, P. & T. Brück (2008)
Sovereign credit ratings, capital flows and financial sector development in emerging markets
Kim, J-K. & E. Wu (2008)
Pricing IMF liquidity provision: The value of the IMF liquidity commitment
Rossi, M. (2008)
A Solution to the Default Risk-Business Cycle Disconnect
Mendoza, E.G. & V.Z. Yue (2008)
Welfare Gains of Aid Indexation in Small Open Economies
Dhasmana, A. (2008)
The Forgotten History of Domestic Debt | Published
Reinhart, C.M. & K.S. Rogoff (2008/11)
Aid, Catastrophes and the Samaritan's Dilemma
Raschky, P.A. & M. Schwindt (2008)
What determines foreign aid? The donors' perspective
Chong, A. & M. Gradstein (2008)
Looking Ahead Optimally in Allocating Aid
Wood, A. (2008)
Improving Food Aid: What Reforms Would Yield the Highest Payoff?
Lentz, E.C. & C.B. Barrett (2008)
Aid volatility, monetary policy rules and the capital account in African economies
Adam, C., S. O'Connell & E. Buffie (2008)
How should donors give foreign aid? Project aid versus budget support
Jelovac, I. & F. Vandeninden (2008)
Good Governance and Good Aid Allocation | Published
Epstein, G.S. & I.N. Gang (2008/09)
Dynamic effects of terms of trade shocks: The impact on debt and growth
Eicher, T.S., S.F. Schubert & S.J. Turnovsky (2008)
Motivation for bilateral aid allocation: Altruism or trade benefits
Younas, J. (2008)
Foreign aid, domestic capital accumulation, and foreign borrowing
Cui, X. & L. Gong (2008)
Is the relationship between aid and economic growth nonlinear?
Kourtellos, A., C.M. Tan & X. Zhang (2008)
Can debt relief lead to development in Africa?
Fikru, M.G. & B. Getachew (2008)
Where Does the Money Go? Best and Worst Practices in Foreign Aid
Easterly, W. & T. Pfutze (2008)
Foreign Aid and Real Exchange Rate Adjustments in a Financially Constrained Dependent Economy
Cerra, V., S. Tekin & S.J. Turnovsky (2008)
Aid, service delivery, and the millennium development goals in an economy-wide framework
Bourguignon, F., C. Diaz-Bonilla & H. Lofgren (2008)
Microfinance meets the market
Cull, R., A. Demirguc-Kunt & J. Morduch (2008)
Are low food prices pro-poor? Net food buyers and sellers in low-income countries
Aksoy, M.A. & A.
Isik-Dikmelik (2008)
The Spending and Absorption of Aid in PRGF Supported Programs
Berndt, M., P. Dudine, J.K. Martijn & A. Shonchoy (2008)
Default and the maturity structure in sovereign bonds | Published
Arellano, C. & A. Ramanarayanan (2008/12)
Volatility of Development Aid: From the Frying Pan into the Fire?
Bulír, A. & A.J. Hamann (2008)
Aid Volatility, Policy and Development
Hudson, J. & P. Mosley (2008)
Individual and country-level factors affecting support for foreign aid
Paxton, P. & S. Knack (2008)
Giving and Receiving Foreign Aid: Does Conflict Count?
Balla, E. & G.Y. Reinhardt (2008)
Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets
Baldacci, E., S. Gupta & A. Mati (2008)
Strategic Considerations for First-Time Sovereign Bond Issuers
Das, U.S., M.G. Papaioannou & M. Polan (2008)
Poverty and Governance: The Contest for Aid
Epstein, G.S. & I.N. Gang (2008)
Aid Effectiveness: Looking at the Aid-Social Capital-Growth Nexus
Baliamoune-Lutz, M.N. & G. Mavrotas (2008)
Loans or Grants?
Cohen, D., P. Jacquet & H. Reisen (2008)
Aid, Volatility and Growth Again: When Aid Volatility Matters and When It Does Not
Chauvet, L. & P. Guillaumont (2008)
The impact of unstable aid on consumption volatility in developing countries
Kodama, M. (2008)
The Aid-Migration of Trade-Off
Azam, J-P. & R. Berlinschi (2008)
Debt Relief and Governance Quality in Developing Countries
Freytag, A. & G. Pehnelt (2008)
Development Aid and Portfolio Funds: Trends, Volatility and Fragmentation
Frot, E. & J. Santiso (2008)
Aid Volatility and Macro Risks in Low-Income Countries
Borensztein, E., J. Cagé, D. Cohen & C. Valadier (2008)
The Cost of Aggressive Sovereign Debt Policies: How Much is the Private Sector Affected?
Trebesch, C. (2009)
Africa: Is Aid an Answer?
Caucutt, E.M. & K.B. Kumar (2009)
Sovereign debt auctions: Uniform or discriminatory?
Brenner, M., D. Galai & O. Sade (2009)
Foreign Aid in the Presence of Corruption: Differential Games among Donors
Kemp, M.C. & N.V. Long (2009)
Multilateral debt relief through the eyes of financial markets
Raddatz, C. (2009)
Hares and stags in Argentinean debt restructuring
Engelen, C. & J.G. Lambsdorff (2009)
Aid with multiple personalities
Djankov, S., J.G. Montalvo & M. Reynal-Querol (2009)
The Impact of Aid on Growth Revisited: Do Donor Motives Matter? | Published
Kilby, C. & A. Dreher (2009/10)
Aid effectiveness: the role of the local elite
Angeles, L. & K.C. Neanidis (2009)
Development Aid and Economic Growth: A Positive Long-Run Relation | Published
Minoiu, C. & S. Reddy (2009/10)
Can Development Aid Contribute to Social Cohesion after Civil War? Evidence from a Field Experiment in Post-Conflict Liberia
Fearon, J.D., M. Humphreys & J.M. Weinstein (2009)
The Aid Effectiveness Literature: The Sad Results of 40 Years of Research
Doucouliagos, H. & M. Paldam (2009)
Aid, Natural Disasters and the Samaritan’s Dilemma
Raschky, P.A. & M. Schwindt (2009)
On the Channel and Type of International Disaster Aid
Raschky, P.A. & M. Schwindt (2009)
In Search for a Long-run Relationship between Aid and Growth: Pitfalls and Findings
Nowak-Lehmann, D.F., I. Martínez-Zarzoso, D. Herzer, S. Klasen & A. Dreher (2009)
Foreign Aid, Donor Fragmentation, and Economic Growth
Annen, K. & S. Kosempel (2009)
Sovereign Debt without Default Penalties
Guembel, A. & O. Sussman (2009)
Herding in Aid Allocation
Frot, E. & J. Santiso (2009)
The allocation of volatile aid and economic growth: Theory and evidence
Neanidis, K.C. & D. Varvarigos (2009)
Is NGO aid not so different after all? Comparing the allocation of Swiss aid by private and official donors
Nunnenkamp, P., J. Weingarth & J. Weisser (2009)
Herding in Aid Allocation
Frot, E. & J. Santiso (2009)
The Long and the Short of Emerging Market Debt
Opazo, L., C. Raddatz & S.L. Schmukler (2009)
When NGOs go global: Competition on international markets for development donations
Aldashev, G. & T. Verdier (2009)
Sovereign Insolvency Procedures---A Comparative Look at Selected Proposals
SURVEY PAPER
Berensmann, K. & A. Herzberg (2009)
Collective Action Clauses in International Sovereign Bond Contracts---Whence the Opposition?
SURVEY PAPER
Häseler, S. (2009)
Changing aid regimes? U.S. foreign aid from the Cold War to the War on Terror
Fleck, R.K. & C. Kilby (2009)
Optimal Deficit and Debt in the Presence of Foreign Aid
Mayr, K. (2009)
Institutions, trade, and social cohesion in fragile states: Implications for policy conditionality and aid allocation
Baliamoune-Lutz, M. (2009)
How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?
Agca, S. & O. Celasun (2009)
Crushed Aid: Fragmentation in Sectoral Aid
Frot, E. & J. Santiso (2009)
Why Corrupt Governments May Receive More Foreign Aid
de la Croix, D. & C. Delavallade (2009)
Aid, Dutch Disease, and Manufacturing Growth | Published
Rajan, R.G. & A. Subramanian (2009/10)
Foreign debt supply in an imperfect international capital market: Theory and evidence
Chung, K. & S.J. Turnovsky (2010)
Aid and Debt Relief in Africa: Have They Been Substitutes or Complements?
Powell, R. & G. Bird (2010)
International Aid and Financial Crises in Donor Countries | Published
Dang, H-A., S. Knack & H. Rogers (2010/13)
What Are the Links between Aid Volatility and Growth?
Markandya, A., V. Ponczek & S. Yi (2010)
Why does sovereign risk differ for domestic and external debt? Evidence from Scandinavia, 1938–1948
Waldenström, D. (2010)
Should inflation-targeting central banks respond to exchange rate movements?
Pavasuthipaisit, R. (2010)
Default Risk and Risk Averse International Investors | Published
Lizarazo, S. (2010/13)
Sovereign Debt Risk Premia and Fiscal Policy in Sweden
Bi, H. & E.M. Leeper (2010)
The Short-Run Macroeconomics of Aid Inflows: Understanding the Interaction of Fiscal and Reserve Policy
Berg, A., T. Mirzoev, R. Portillo & L-F. Zanna (2010)
Sovereign Credit Ratings, Transparency and International Portfolio Flows
Gande, A. & D. Parsley (2010)
Foreign Participation in Emerging Markets' Local Currency Bond Markets
Peiris, S.J. (2010)
Can donor coordination solve the aid proliferation problem? | Published
Rahman, A. & Y. Sawada (2010/12)
The Economic Benefits of Giving Aid in Terms of Donors' Exports
Martínez-Zarzoso, I., F. Nowak-Lehmann D. & S. Klasen (2010)
Choosing the Currency Structure of Foreign-currency Debt: a Review of Policy Approaches
SURVEY PAPER
Melecky, M. (2010)
Do elites benefit from democracy and foreign aid in developing countries?
Bjørnskov, C. (2010)
Serial Defaults, Serial Profits: Returns to Sovereign Lending in the Age of Philip II
Drelichman, M. & H-J. Voth (2010)
Determinants of Investment Grade Status in Emerging Markets
Jaramillo, L. (2010)
Economic Growth and the Volatility of Foreign Aid
Chervin, M. & S. van Wijnbergen (2010)
Aid Quality and Donor Rankings | Published
Knack, S., F.H. Rogers & N. Eubank (2010/11)
Banking and Sovereign Risk in the Euro Area
Gerlach, S., A. Schulz & G.B. Wolff (2010)
Does Procyclical Fiscal Policy Reinforce Incentives to Dollarize Sovereign Debt?
Guscina, A., A. Ilyina & H. Kamil (2010)
The role of macroeconomic variables in sovereign risk
Matsumura, M.S. & J.V.M. Vicente (2010)
Fiscal inertia, donor credibility, and the monetary management of aid surges
Buffie, E.F., S.A. O'Connell & C. Adam (2010)
Finding the Tipping Point - When Sovereign Debt Turns Bad
Caner, M., T. Grennes & F. Koehler-Geib (2010)
Fiscal Deficits, Public Debt, and Sovereign Bond Yields
Baldacci, E. & M.S. Kumar (2010)
On the role and effects of IMF seniority
Saravia, D. (2010)
Leads and lags in sovereign credit ratings
Alsakka, R. & O. ap Gwilym (2010)
On the Channel and Type of Aid: The Case of International Disaster Assistance
Raschky, P.A. & M. Schwindt (2010)
Sovereign Risk and Secondary Markets
Broner, F., A. Martin & J. Ventura (2010)
Creditor discrimination during sovereign debt restructurings
Erce, A. & J. Díaz-Cassou (2010)
What Explains Aid Project Success in Post-Conflict Situations?
Chauvet, L., P. Collier & M. Duponchel (2010)
Business Cycle Fluctuations, Large Shocks, and Development Aid: New Evidence | Published
Dabla-Norris, E., C. Minoiu & L-F. Zanna (2010/15)
Domestic versus External Borrowing and Fiscal Policy in Emerging Markets
Vasishtha, G. (2010)
Foreign Aid and Recipient Countries` Exports: Does Aid Promote Bilateral Trade?
Nowak-Lehmann D., F., I. Martinez-Zarzoso, A. Cardozo, D. Herzer & S. Klasen (2010)
Determinants of Emerging Market Sovereign Bond Spreads: Fundamentals vs Financial Stress
Bellas, D., M.G. Papaioannou & I. Petrova (2010)
Holdouts in Sovereign Debt Restructuring: A Theory of Negotiation in a Weak Contractual Environment
Pitchford, R. & M.L.J. Wright (2010)
On the Simultaneity Problem in the Aid and Growth Debate
Bruckner, M. (2011)
Foreign Aid and Business Bottlenecks: A Study of Aid Effectiveness
Ferro, E. & J.S. Wilson (2011)
Shadow Sovereign Ratings for Unrated Developing Countries
Ratha, D., P.K. De & S. Mohapatra
Aid Allocation through Various Official and Private Channels: Need, Merit, and Self-Interest as Motives of German Donors
Nunnenkamp, P. & H. Öhler (2011)
Brothers in Alms? Coordination between NGOs on Markets for Development Donations
Aldashev, G., M. Marini & T. Verdier (2011)
A Decade of Debt
Reinhart, C.M. & K.S. Rogoff (2011)
Sovereign Credit Ratings and Spreads in Emerging Markets: Does Investment Grade Matter?
Tejada, M. & L. Jaramillo (2011)
The Liquidation of Government Debt
Reinhart, C.M. & M.B. Sbrancia (2011)
Growth, debt burdens and alleviating effects of foreign aid in least developed countries
Bjerg, C., C. Bjørnskov & A. Holm (2011)
Foreign currency debt, risk premia and macroeconomic volatility
Korinek, A. (2011)
How Sovereign Is Sovereign Credit Risk?
Longstaff, F.A., J. Pan, L.H. Pedersen & K.J. Singleton (2011)
Determinants of International Emergency Aid—Humanitarian Need Only?
Fink, G. & S. Redaelli (2011)
Probabilities of Default and the Market Price of Risk in a Distressed Economy
Espinoza, R.A. & M.A. Segoviano Basurto (2011)
Aid and Growth: What Meta-Analysis Reveals
Mekasha, T.J. & F. Tarp (2011)
Are Debt Repayment Incentives Undermined by Foreign Aid?
Bjørnskov, C. & P.J.H. Schröder (2011)
Reshaping Institutions: Evidence on External Aid and Local Collective Action
Casey, K., R. Glennerster & E. Miguel (2011)
Lending to the Borrower from Hell: Debt and Default in the Age of Philip II
Drelichman, M. & H-J. Voth (2011)
Foreign Aid - a Fillip for Development or a Fuel for Corruption?
Blackburn, K. & G.F. Forgues-Pucciot (2011)
Does Global Health Funding Respond to Recipients’ Needs? Comparing Public and Private Donors’ Allocations in 2005–2007
Esser, D.E. & K.K. Bench (2011)
A New Approach to the Allocation of Aid Among Developing Countries: Is the USA Different from the Rest?
Harrigan, J. & C. Wang (2011)
Funding Empire: Risk, Diversification, and the Underwriting of Early Modern Sovereign Loans
Drelichman, M. & H-J. Voth (2011)
Are Foreign Aid and Remittances a Hedge against Food Price Shocks in Developing Countries?
Combes, J-L., C. Ebeke, M.N. Etoundi & T. Yogo (2011)
The Dynamic Implications of Debt Relief for Low-Income Countries
Romero-Barrutieta, A., A. Bulir & J.D. Rodríguez-Delgado (2011)
Who Gives Aid to Whom and When?: Aid Accelerations, Shocks and Policies
Brück, T. & G. Xu (2011)
The Curse of the Elders? Aid Effectiveness and Gerontocracy in Developing Countries
Raffinot, M. & B. Venet (2011)
Fiscal Policy in Debt Constrained Economies
Aguiar, M.A. & M. Amador (2011)
Debt Overhang in Emerging Europe?
Brown, M. & P.R. Lane (2011)
Rogue Aid? The Determinants of China’s Aid Allocation
Dreher, A. & A. Fuchs (2011)
Should easier access to international credit replace foreign aid? | Published
Bandyopadhyay, S., S. Lahiri & J. Younas (2011/13)
Aid Effectiveness: Opening the Black Box
Arndt, C., S. Jones & F. Tarp (2011)
Rhetoric versus Reality: The Best and Worst of Aid Agency Practices
Easterly, W. & C.R. Williamson (2011)
What Determines the Size of Aid Projects?
Kilby, C. (2011)
The Stock of External Sovereign Debt: Can We Take the Data At 'Face Value'? | Published
Dias, D.A., C.J. Richmond & M.L.J. Wright (2011/14)
Multiple equilibria arising from donor’s aid policy in economic development
Kitaura, K., H. Ogawa & S. Yakita (2011)
The Problem that Wasn’t: Coordination Failures in Sovereign Debt Restructurings
Bi, R., M. Chamon & J. Zettelmeyer (2011)
Aid Unpredictability and Economic Growth
Kodama, M. (2011)
Aid Proliferation and Economic Growth: A Cross-Country Analysis
Kimura, H., Y. Mori & Y. Sawada (2011)
To Give or to Forgive? Aid versus Debt Relief
Cordella, T. & A. Missale (2011)
Apocalypse Then: The Evolution of the North Atlantic Economy and the Global Crisis
Bayoumi, T. & T. Bui (2011)
Sovereign CDS and Bond Pricing Dynamics in the Euro-area
Palladini, G. & R. Portes (2011)
A Quantitative Model of Sovereign Debt, Bailouts and Conditionality | Published
Fink, F. & A. Scholl (2011/16)
External Debts and Current Account Adjustments
Bulut, L. (2011)
Are Rating Agencies Powerful? An Investigation into the Impact and Accuracy of Sovereign Ratings
Kiff, J. & S.B. Nowak (2012)
Aid tying and donor fragmentation
Knack, S. & L. Smets (2012)
Aid effectiveness, governance and public investment
Kasuga, H. & Y. Morita (2012)
Sovereign Risk, Fiscal Policy, and Macroeconomic Stability
Corsetti, G., K. Kuester, A. Meier & G. Müller (2012)
Post-HIPC Growth Dynamics in Sub-Saharan Africa
Bayraktar, N. & H. Fofack (2012)
Aid, Real Exchange Rate Misalignment, and Economic Growth in Sub-Saharan Africa
Elbadawi, I.A., L. Kaltani & R. Soto (2012)
How Do Laffer Curves Differ Across Countries?
Trabandt, M. & H. Uhlig (2012)
Are Foreign Aid and Remittance Inflows a Hedge against Food Price Shocks?
Combes, J-L., C.H. Ebeke & M.N. Etoundi (2012)
BRICs’ Philosophies for Development Financing and Their Implications for LICs
Mwase, N. & Y. Yang (2012)
Using Pooled Information and Bootstrap Methods to Assess Debt Sustainability in Low Income Countries
Hevia, C. (2012)
Macroeconomic Determinants of Exit from Aid-Dependence
Hailu, D. & A. Shiferaw (2012)
The impact of the Interaction between institutional quality and aid volatility on growth: theory and evidence
Kathavate, J. & G. Mallik (2012)
Measuring absorptive capacity constraints to foreign aid
Feeny, S. & A. de Silva (2012)
Why Do Some Countries Default More Often Than Others? The Role of Institutions
Qian, R. (2012)
Debt Overhangs: Past and Present
Reinhart, C.M., V.R. Reinhart & K.S. Rogoff (2012)
Counting Chickens when they Hatch: Timing and the Effects of Aid on Growth
Clemens, M.A., S. Radelet, R.R. Bhavnani & S. Bazzi (2012)
How Can Bill and Melinda Gates Increase Other People's Donations to Fund Public Goods?
Karlan, D.S. & J. List (2012)
Live aid revisited: long-term impacts of the 1984 Ethiopian famine on children
Dercon, S. & C. Porter (2012)
International Coordination and the Effectiveness of Aid | Published
Bigsten, A. & S. Tengstam (2012/15)
Aid and Growth Accelerations: Vulnerability Matters
Guillaumont, P. & L. Wagner (2012)
Foreign Aid and Revenue: Still a Crowding Out Effect?
Benedek, D., E. Crivelli, S. Gupta & P. Muthoora (2012)
A Global Perspective on Effectiveness of Aid for Trade
Berrittella, M. & J. Zhang (2012)
Sovereign Bailouts and Senior Loans
Chamley, C. and B. Pinto (2012)
Public Debt Overhangs: Advanced-Economy Episodes since 1800
Reinhart, C.M., V.R. Reinhart & K.S. Rogoff (2012)
Orderly Sovereign Debt Restructuring: Missing in Action!
Canuto, O., B. Pinto & M. Prasad (2012)
Partial Default
Mateos-Planas, X., J-V. Rios-Rull & C. Arellano (2012)
Financial Dependence and Aid Allocation by Swiss NGOs: A Panel Tobit Analysis
Dreher, A., P. Nunnenkamp, H. Öhler & J. Weisser (2012)
Donor Competition for Aid Impact, and Aid Fragmentation | Published
Annen, K. & L. Moers (2012/17)
Emerging Market Sovereign Bond Spreads: Estimation and Back-testing
Comelli, F. (2012)
Sovereign Debt in Latin America, 1820-1913
della Paolera, G. & A.M. Taylor (2012)
Debt Dilution and Seniority in a Model of Defaultable Sovereign Debt
Chatterjee, S. & B. Eyigungor (2012)
On the Solvency of Nations: Cross-Country Evidence on the Dynamics of External Adjustment | Published
Durdu, C.B., E.G. Mendoza & M. Terrones (2012/13)
Aid, Growth and Devolution
Lessmann, C. & G. Markwardt (2012)
Fragile Debt and the Credible Sharing of Strategic Uncertainty
Cooper, R. (2012)
Aid Allocation Rules
Carter, P. (2012)
Tracking Global Demand for Advanced Economy Sovereign Debt
Arslanalp, S. & T. Tsuda (2012)
Spurious Regressions and Near-Multicollinearity, with an Application to Aid, Policies and Growth | Published
Chatelain, J-B. & K. Ralf (2012/14)
When Is There a Strong Transfer Risk from the Sovereigns to the Corporates? Property Rights Gaps and CDS Spreads
Bai, J. & S-J. Wei (2012)
Aid, Growth, and Jobs
Fields, G. (2012)
Default Risk and Economic Activity: A Small Open Economy Model with Sovereign Debt and Default
Roldán-Peña, J. (2013)
Modelling sovereign credit spreads with international macro-factors: The case of Brazil 1998-2009
Liu, Z. & P. Spencer (2013)
Shopping for Development: Multilateral Lending, Shareholder Composition and Borrower Preferences
Humphrey, C. & K. Michaelowa (2013)
Within and Between Systemic Country Risk Theory and Evidence from the Sovereign Crisis in Europe
Baglioni, A. & U. Cherubini (2013)
Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies
Ghosh, A.R., J.I. Kim, E.G. Mendoza, J.D. Ostry & M.S. Qureshi (2013)
Empirical Research on Sovereign Debt and Default
SURVEY PAPER
Tomz, M. & M.L.J. Wright (2013)
Aid, Exports, and Growth: A Time-Series Perspective on the Dutch Disease Hypothesis
Kang, J.S., A. Prati & A. Rebucci (2013)
The Income Lever and the Allocation of Aid
Ceriani, L. & P. Verme (2013)
Emergency Aid 2.0
Fuchs, A. & N-H. Klann (2013)
Fundamentals and Sovereign Rsk of Emerging Markets
Aizenman, J., J. Jinjarak & D. Park (2013)
Aid and poverty: Why does aid not address poverty (much)?
Shepherd, A. & S. Bishop (2013)
Aid, disbursement delays, and the real exchange rate
Jarotschkin, A. & A. Kraay (2013)
Systemic sovereign credit risk: Lessons from the U.S. and Europe
Ang, A. & F.A. Longstaff (2013)
Commodity Trade and the Carry Trade: a Tale of Two Countries
Ready, R., N. Roussanov & C. Ward (2013)
Voluntary Sovereign Debt Exchanges | Published
Hatchondo, J.C., L. Martinez & C.S. Padilla (2013)
Pricing of Sovereign Credit Risk: Evidence from Advanced Economies during the Financial Crisis
Alper, C.E., L. Forni & M. Gerard (2013)
Why do governments default, and why don't they default more often?
Buiter, W.H. & E. Rahbari (2013)
Dynamic Aid Allocation | Published
Carter, P., F. Postel-Vinay & J. Temple (2013/15)
Linkages across Sovereign Debt Markets
Arellano, C. & Y. Bai (2013)
Is Sovereign Risk Related to the Banking Sector?
Aktug, R.E., N. Nayar & G.M. Vasconcellos (2013)
Sovereign Ratings in the Post-Crisis World: An Analysis of Actual, Shadow and Relative Risk Ratings
Basu, K., S. De, D. Ratha & H. Timmer (2013)
Sovereign risk and belief-driven fluctuations in the euro area
Corsetti, G., K. Kuester, A. Meier & G.J. Müller (2013)
Credit cycle dependent spread determinants in emerging sovereign debt markets
Riedel, C., K.S. Thuraisamy & N. Wagner (2013)
Are Remittances and Foreign Aid a Hedge Against Food Price Shocks in Developing Countries?
Combes, J-L., C.H. Ebeke, S.M.N. Etoundi & T.U. Yogo (2013)
What Determines External Debt Tipping Points?
Ouyang, A.Y. & R.S. Rajan (2013)
Collective Action Clauses: How Do They Affect Sovereign Bond Yields?
Bardozzetti, A. & D. Dottori (2013)
Take the Short Route: How to Repay and Restructure Sovereign Debt with Multiple Maturities
Aguiar, M. & M. Amador (2013)
Maturity Structure and Debt Renegotiation in International Lending
Nosal, J. (2013)
This Time They Are Different: Heterogeneity and Nonlinearity in the Relationship Between Debt and Growth | Published
Eberhardt, M. & A. Presbitero (2013/15)
The effect of donors' policy coherence on growth
Gary, A. & M. Maurel (2013)
Real Money Investors and Sovereign Bond Yields
Jaramillo, L. & Y.S. Zhang (2013)
External Debt and Taylor Rules In a Small Open Economy
Kitano, S. & K. Takaku (2013)
Does sovereign debt weaken economic growth? A panel VAR analysis
Lof, M. & T. Malinen (2014)
Emerging market bond spreads: The role of global and domestic factors from 2002 to 2011
Kennedy, M. & A. Palerm (2014)
Bank and sovereign debt risk
Paries, M.D., E. Faia & D.R. Palenzuela (2013)
Sovereign risk premia: The link between fiscal rules and stability culture
Heinemann, F., S. Osterloh & A. Kalb (2014)
Aid Supplies Over Time: Addressing Heterogeneity, Trends, and Dynamics
Jones, S. (2014)
Aid and Income: Another Time-series Perspective
Lof, M., T.J. Mekasha & F. Tarp (2014)
Consequences of Aid Volatility for Macroeconomic Management and Aid Effectiveness
Hudson, J. (2014)
Long-run and short-run determinants of sovereign bond yields in advanced economies
Poghosyan, T. (2014)
Sovereign CDS Spreads in Europe: The Role of Global Risk Aversion, Economic Fundamentals, Liquidity, and Spillovers
Heinz, F.F. & Y. Sun (2014)
Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?
Jenkner, E. & Z. Lu (2014)
Aid and Government Fiscal Behavior: Assessing Recent Evidence
Morrissey, O. (2014)
Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies
Arslanalp, S. & T. Poghosyan (2014)
Debt and Growth: Is There a Magic Threshold?
Pescatori, A., D. Sandri & J. Simon (2014)
The debt trap: a two-compartment train wreck... and how to avoid it
Artzrouni, M. & F. Tramontana (2014)
Tracking Global Demand for Emerging Market Sovereign Debt
Arslanalp, S. & T. Tsuda (2014)
Financial Stress, Sovereign Debt and Economic Activity in Industrialized Countries: Evidence from Dynamic Threshold Regressions
Proaño, C.R., C. Schoder & W. Semmler (2014)
Aid and Economic Growth: A Robust Approach
Gyimah-Brempong, K. & J.S. Racine (2014)
Fiscal Limits, External Debt, and Fiscal Policy in Developing Countries
Bi, H., W. Shen & S-C.S. Yang (2014)
Donor-recipient ideological differences and economic aid
Lskavyan, V. (2014)
Guarantees, transparency and the interdependency between sovereign and bank default risk
König, P., K. Anand & F. Heinemann (2014)
Public debt and economic growth: Is there a causal effect?
Panizza, U. & A.F. Presbitero (2014)
The Causal Links between Aid and Government Expenditures
Marc, L. (2014)
Economic forecasts and sovereign yields
Afonso, A. & A.S. Nunes (2014)
Sovereign Risk And The Bank Lending Channel In Europe
Cantero-Saiz, M., S. Sanfilippo-Azofra, B. Torre-Olmo & C. López-Gutiérrez (2014)
Public debt is always toxic to economic growth
Hukkinen, J. & M. Viren (2014)
The Equity-like Behaviour of Sovereign Bonds
Dufour, A., A. Stancu & S. Varotto (2014)
The effect of aid on growth: evidence from a quasi-experiment
Galiani, S., S. Knack, C.L. Xu & B. Zou (2014)
Are Democratizing Countries 'Rewarded' with Higher Levels of Foreign Aid?
Szent-Iványi, B. (2014)
Banks, Government Bonds, and Default: What do the Data Say?
Gennaioli, N., A. Martin & S. Rossi (2014)
Is aid for trade effective? A quantile regression approach
Martinez-Zarzoso, I., F. Nowak-Lehmann D. & K. Rehwald (2014)
A Surplus of Ambition: Can Europe Rely on Large Primary Surpluses to Solve its Debt Problem?
Eichengreen, B. & U. Panizza (2014)
Why Aid is Unpredictable: An Empirical Analysis of the Gap between Actual and Planned Aid Flows
Canavire-Bacarreza, G.J., E. Neumayer & P. Nunnenkamp (2014)
Banks, Sovereign Risk and Unconventional Monetary Policies | Published
Auray, S., A. Eyquem & X. Ma (2014/18)
Sovereign and bank CDS spreads: Two sides of the same coin?
Avino, D. & J. Cotter (2014)
Making Progress on Foreign Aid
Qian, N. (2014)
Evidence for Relational Contracts in Sovereign Bank Lending
Benczur, P. & C.L. Ilut (2014)
Aid is good for the poor
Hirano, Y. & S. Otsubo (2014)
Sovereign Debt Composition in Advanced Economies: A Historical Perspective
Ali Abbas, S.M., L. Blattner, M. Broeck, A. El-Ganainy & M. Hu (2014)
The pricing of G7 sovereign bond spreads - The times, they are a-changin
D'Agostino, A. & M. Ehrmann (2014)
Optimal Maturity Structure of Sovereign Debt in Situation of Near Default
Desgranges, G. & C. Rochon (2014)
Aid allocation rules
Carter, P. (2014)
Interactions Among Donors' Aid Allocations: Evidence from an Exogenous World Bank Income Threshold
Knack, S., L.C. Xu & B. Zou (2014)
Non-Defaultable Debt and Sovereign Risk | Published
Hatchondo, J.C., L. Martinez & Y.K. Onder (2014)
Monetary Policy and Debt Fragility
Cooper, R. & A. Camous (2014)
Optimal Government Debt Maturity
Debortoli, D., R. Nunes & P. Yared (2014)
Bank asset reallocation and sovereign debt | Published
Fratianni, M. & F. Marchionne (2014/17)
Sovereign Risk, Currency Risk, and Corporate Balance Sheets | Published
Schreger, J. & W. Du (2014/22)
The Pass-Through of Sovereign Risk | Published
Bocola, L. (2014/16)
Do IMF-Supported Programs Catalyze Donor Assistance to Low-Income Countries?
Bal-Gunduz, Y. & M. Crystallin (2014)
Economic Development and the Effectiveness of Foreign Aid: A Historical Perspective
Edwards, S. (2014)
Trust Us to Repay: Social Trust, Long-Term Interest Rates and Sovereign Credit Ratings
Bergh, A. (2014)
Credit spreads with dynamic debt
Das, S.R. & S. Kim (2014)
Illiquidity in Sovereign Debt Markets
Passadore, J. (2014)
Maturity and Repayment Structure of Sovereign Debt
Kim, S.T., G. Mihalache & Y. Bai (2014)
How sustainable is the macroeconomic impact of foreign aid?
Feeny, S. & T.R.L. Fry (2014)
International Borrowing without Commitment and Informational Lags: Choice under Uncertainty
Fabbri, G. (2014)
Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth
Marcelino, S. & I. Hakobyan (2014)
Sovereign Debt and Economic Growth Revisited: The Role of (Non-)Sustainable Debt Thresholds
Antonakakis, N. (2014)
Debt overhang in a business cycle model
Occhino, F. & A. Pescatori (2014)
Transfers and Transformations: Remittances, Foreign Aid, and Growth
Temple, J., H. Ying & P. Carter (2014)
Sovereign Risk, Interbank Freezes, and Aggregate Fluctuations
Engler, P. & C.G. Steffen (2014)
How much of bank credit risk is sovereign risk? Evidence from the eurozone
Li, J. & G. Zinna (2014)
On the Causal Relationship between Public Debt and GDP Growth Rates in Panel Data Models
Tica, J., V. Arcabic, J. Lee & R.J. Sonora (2014)
Assessing Foreign Aid's Long Run Contribution to Growth and Development
Arndt, C., S. Jones & F. Tarp (2015)
Investment-based financing constraints and debt renegotiation
Shibata, T. & M. Nishihara (2015)
The Liquidation of Government Debt
Reinhart, C. & M.B. Sbrancia (2015)
Leaning Against the Credit Cycle
Gelain, P., K.J. Lansing & G.J. Natvik (2015)
Insecure Debt
Matta, R. & E.C. Perotti (2015)
The Sustainability of European External Debt: What have We Learned?
Cuestas, J.C., L.A. Gil-Alana & P.J. Regis (2015)
International Debt Deleveraging
Fornaro, L. (2015)
Does sovereign creditworthiness affect bank valuations in emerging markets?
Williams, G., R. Alsakka & O. ap Gwilym (2015)
Aid For Trade as finance for the Poor
de Melo, J. & L. Wagner (2015)
Reinventing Foreign Aid for Inclusive and Sustainable Development: Kuznets, Piketty and the Great Policy Reversal
Asongu, S. (2015)
Sovereign Debt and Structural Reforms | Published
Müller, A., K. Storesletten & F. Zilibotti (2015/19)
Efficient and fair allocation of aid
Guillaumont, P., P. Nguyen-Van, T.K.C. Pham & L. Wagner (2015)
The adverse effects of systematic leakage ahead of official sovereign debt rating announcements
Michaelides, A., A. Milidonis, G.P. Nishiotis & P. Papakyriakou (2015)
The Hard Challenge of Aid Coordination
Bourguignon, F. & J-P. Platteau (2015)
Dealing with debt
Reinhart, C.M., V.R. Reinhart & K.S. Rogoff (2015)
Financial indicators signaling correlation changes in sovereign bond markets
De Santis, R.A. & M. Stein (2015)
Credit default swaps and sovereign debt markets
Hassan, M.K., G.M. Ngene & J-S. Yu (2015)
Debt into Growth: How Sovereign Debt Accelerated the First Industrial Revolution
Ventura, J. & H-J. Voth (2015)
What Really Drives Public Debt: A Holistic Approach
Anaya, P. & A. Pienkowski (2015)
Sovereign Debt, Domestic Banks and the Provision of Public Liquidity
Perez, D.J. (2015)
The Impact of Foreign Aid Linked to Infrastructure and Pollution Abatement
Barañano, I. & M. San Martín (2015)
Global Financial Spillovers to Emerging Market Sovereign Bond Markets
Ebeke, C. & A. Kyobe (2015)
Foreign Aid and Economic Growth in Developing Countries: An Instrumental Variables Approach
Magesan, A. (2015)
Unpleasant debt dynamics: Can fiscal consolidations raise debt ratios?
Castro, G., R.M. Felix, P. Julio & J.R. Maria (2015)
Tight Money and the Sustainability of Public Debt
Pekarski, S.E. (2015)
Default Premium | Published
Catão, L.A.V. & R.C. Mano (2015/17)
Berndt, A. & S. Yeltekin (2015)
Monetary policy and sovereign debt vulnerability | Published
Nuño, G. & C. Thomas (2015/23)
Spatial Aid Spillovers During Transition
Askarov, Z. & H. Doucouliagos (2015)
The Liquidity Effects of Official Bond Market Intervention
De Pooter, M., R.F. Martin & S. Pruitt (2015)
Sovereign credit ratings in the European Union: A model-based fiscal analysis
Polito, V. & M. Wickens (2015)
Credit default swaps and the market for sovereign debt
Ismailescu, I. & B. Phillips (2015)
Defining the Government's Debt and Deficit
SURVEY PAPER
Irwin, T.C. (2015)
Sovereign Debt and Joint Liability: An Economic Theory Model for Amending the Treaty of Lisbon
Basu, K. & J.E. Stiglitz (2015)
Is There a Debt-threshold Effect on Output Growth? | Published
Chudik, A., K. Mohaddes, M.H. Pesaran & M. Raissi (2015/16)
Government Deficits in Large Open Economies: The Problem of Too Little Public Debt
Buiter, W.H. & A.C. Sibert (2015)
A Paradox of Redistribution in International Aid? The Determinants of Poverty-Oriented Development Assistance
Bodenstein, T. & A. Kemmerling (2015)
Sovereign Debt Relief and Its Aftermath
Reinhart, C.M. & C. Trebesch (2015)
What is a Sustainable Public Debt?
D'Erasmo, P., E.G. Mendoza & J. Zhang (2015)
The Maturity and Payment Schedule of Sovereign Debt
Bai, Y., S.T. Kim & G.P. Mihalache (2015)
Sovereign risk, interbank freezes, and aggregate fluctuations
Engler, P. & C. Grosse Steffen (2015)
Aid and growth. New evidence using an excludable instrument
Dreher, A. & S. Langlotz (2015)
Indeterminacy in Sovereign Debt Markets: An Empirical Investigation
Dovis, A. & L. Bocola (2015)
Banks and Sovereign Risk: A Granular View
Buch, C.M., M. Koetter & J. Ohls (2015)
The effects of fiscal opacity on sovereign credit spreads
Peat, M., J. Svec & J. Wang (2015)
Aid and Growth at the Regional Level
Dreher, A. & S. Lohmann (2015)
Public debt, economic growth and nonlinear effects: Myth or reality?
Égert, B. (2018)
Sovereign debt exposure and the bank lending channel: impact on credit supply and the real economy | Published
Bottero, M., S. Lenzu & F. Mezzanotti (2015/20)
Sovereign Risk, Private Credit, and Stabilization Policies
Pancrazi, R., H.D. Seoane & M. Vukotic (2015)
Banks and Sovereign Risk: A Granular View
Buch, C.M., M. Koetter & J. Ohls (2015)
Optimal default and liquidation with tangible assets and debt renegotiation
Goto, M. & T. Suzuki (2015)
What effect does development aid have on productivity in recipient countries? An analysis using quantiles and thresholds
Nowak-Lehmann D., F. & E. Gross (2015)
Optimal Sovereign Debt Policy with Private Trading: Explaining Allocation Puzzle
Park, Y. (2015)
Do debt and growth dance together? A DSGE model of a small open economy with sovereign debt
Liu, Z. (2015)
Foreign Aid, Poor Data, and the Fragility of Macroeconomic Inference
Roger, L. (2015)
Which Donors, Which Funds? The Choice of Multilateral Funds by Bilateral Donors at the World Bank
Reinsberg, B.W., K. Michaelowa & S. Knack (2015)
On the Delegation of Aid Implementation to Multilateral Agencies
Annen, K. & S. Knack (2015)
Defining the Government's Debt and Deficit
Irwin, T. (2015)
A modern history of fiscal prudence and profligacy
Mauro, P., R. Romeu, A. Binder & A. Zaman (2015)
A Seniority Arrangement for Sovereign Debt
Chatterjee, S. & B. Eyigungor (2015)
Time-varying volatility, default and the sovereign risk premium
Seoane, H. (2015)
Sovereign Debt Restructurings: Preemptive or Post-Default
Asonuma, T. & C. Trebesch (2015)
International Sovereign Bonds by Emerging Markets and Developing Economies: Drivers of Issuance and Spreads
Presbitero, A., D. Ghura, O. Adedeji & L. Njie (2015)
Aid Volatility and Social Performance in Microfinance
D'Espallier, B., M. Hudon & A. Szafarz (2016)
Output spillovers from changes in sovereign credit ratings
Chen, S-S., H-Y. Chen, S-L. Yang & C-C. Chang (2016)
Sub-nationals' risk premia in fiscal federations: Fiscal performance and institutional design
Sola, S. & G. Palomba (2016)
Is aid for infrastructure effective? A difference-in-difference-in-differences approach
Donaubauer, J. & P. Nunnenkamp (2016)
Public Opinion and Foreign Aid Cuts in Economic Crises
Heinrich, T., Y. Kobayashi & K.A. Bryant (2016)
Sovereign debt issuance and selective default
Paczos, W. & K. Shakhnov (2016)
Impacts of Sovereign Rating on Sub-Sovereign Bond Ratings in Emerging and Developing Economies
Mohapatra, S., M. Nose & D. Ratha (2016)
Aid for Trade and Greenfield Investment
Lee, H-H. & J. Ries (2016)
Stochastic Trends, Debt Sustainability and Fiscal Policy
Barhoumi, K., R. Cherif & N. Rebei (2017)
Hands Off My Regime! Governments' Restrictions on Foreign Aid to Non-Governmental Organizations in Poor and Middle-Income Countries
Dupuy, K., J. Ron & A. Prakash (2016)
Sovereign debt with heterogeneous creditors
Dellas, H. & D. Niepelt (2016)
Factor decomposition of the Eurozone sovereign CDS spreads
Fabozzi, F.J., R. Giacometti & N. Tsuchida (2016)
A Model of Safe Asset Determination | Published
He, Z., A. Krishnamurthy & K. Milbradt (2016/19)
Public debt and macroeconomic activity: a predictive analysis for advanced economies
Baglan, D. & E. Yoldas (2016)
Bailouts, Moral Hazard and Banks' Home Bias for Sovereign Debt
Gaballo, G. & A. Zetlin-Jones (2016)
Optimal time-consistent government debt maturity | Published
Debortoli, D., R. Nunes & P. Yared (2016/17)
What Does Aid Do to Fiscal Policy? New Evidence
Combes, J.L., R. Ouedraogo & S.J.-A. Tapsoba (2016)
Sovereign Risk and Bank Lending: Evidence from 1999 Turkish Earthquake
Baskaya, Y.S. & S. Kalemli-Ozcan (2016)
How do global investors differentiate between sovereign risks? The new normal versus the old
Amstad, M., E. Remolona & J. Shek (2016)
On the Stability of Synthetic CDO Credit Ratings
Zapata, J. & A. Cifuentes (2016)
Sovereign risk and bank risk-taking
Ari, A. (2016)
Modeling rating transitions with instantaneous default
Weißbach, R. & F. Strohecker (2016)
Self-fulfilling Prophecies in Sovereign Debt Markets
Nicolini, J.P. (2016)
Sovereign Debt Restructuring and Growth | Published
Forni, L., G. Palomba, J. Pereira & C.J. Richmond (2016)
Fiscal deficits, financial fragility, and the effectiveness of government policies
Kirchner, M. & S. van Wijnbergen (2016)
Optimal Debt Policy Under Asymmetric Risk
Escolano, J. & V. Gaspar (2016)
The Economic Consequences of the 1953 London Debt Agreement
Galofre-Vila, G., M. McKee, C.M. Meissner & D. Stuckler (2016)
The Complexity of Liquidity: The Extraordinary Case of Sovereign Bonds
Boudoukh, J., J. Brooks, M. Richardson & Z. Xu (2016)
Sovereign Debt Portfolios, Bond Risks, and the Credibility of Monetary Policy
Du, W., C.E. Pflueger & J. Schreger (2016)
Sovereign ratings and their asymmetric response to fundamentals
Broto, C. & L. Molina (2016)
Is tied aid bad for the recipient countries?
Kim, S-K. & Y-H. Kim (2016)
Fragmented Politics and Public Debt
Crivelli, E., S. Gupta, C. Mulas-Granados & C. Correa-Caro (2016)
Sovereign credit risk, liquidity, and European Central Bank intervention: Deus ex machina?
Pelizzon, L., M.G. Subrahmanyam, D. Tomio & J. Uno (2016)
Does Conditionality Mitigate the Potential Negative Effect of Aid on Revenues?
Crivelli, E. & S. Gupta (2016)
Lost and Found: Market Access and Public Debt Dynamics
Cottarelli, C., A. Presbitero & A. Bassanetti (2016)
Surplus-Debt Regressions
Leeper, E.M. & B. Li (2016)
Aid for Trade and Global Growth
Naito, T. (2016)
Domestic and External Debt and Default
Niepelt, D. (2016)
The Blind Side of Public Debt Spikes
Jaramillo, J., C. Mulas-Granados & E. Kimani (2016)
Sovereign risk, bank funding and investors' pessimism | Published
Faia, E. (2016/17)
International Debt Deleveraging
Fornaro, L. (2016)
The Interplay Between Public and Private External Debt Stocks
Brzozowski, M. & J. Siwinska-Gorzelak (2016)
What Is the Aggregate Economic Rate of Return to Foreign Aid?
Arndt, C., S. Jones & F. Tarp (2016)
Eurobonds: A Quantitative Approach
Baglioni, A. & U. Cherubini (2016)
Information, insurance and the sustainability of sovereign debt
Phan, T. (2016)
The relation between sovereign credit rating revisions and economic growth
Chen, S-S., H-Y. Chen, C-C. Chang & S-L. Yang (2016)
Financial Sector Debt Bias
Luca, O. & A.F. Tieman (2016)
Sovereign risk and deposit dynamics: Evidence from Europe
Grigorian, D. & V. Manole (2016)
Trade Costs of Sovereign Debt Restructurings: Does a Market-Friendly Approach Improve the Outcome?
Asonuma, T., M. Chamon & A. Sasahara (2016)
Public Debt as Private Liquidity: Optimal Policy | Published
Angeletos, G-M., F. Collard & H. Dellas (2016/23)
The impact of external debt on growth: Evidence from highly indebted poor countries
Siddique, A., E.A. Selvanathan & S. Selvanathan (2016)
Sovereign debt ratings and stock liquidity around the World
Lee, K-H., H. Sapriza & Y. Wu (2016)
Sovereign risk, interbank freezes, and aggregate fluctuations
Engler, P. & C.G. Steffen (2016)
Optimal Joint Bond Design
Weymuller, C-H. & E. Davila (2016)
Gradualism in aid and reforms
Bag, P.K. & P.R. Chowdhury (2016)
Does Aid Availability Affect Effectiveness in Reducing Poverty? A Review Article
SURVEY PAPER
Bourguignon, F. & J-P. Platteau (2016)
Performance Assessment, Vulnerability, Human Capital, and the Allocation of Aid Among Developing Countries
Guillaumont, P., M. McGillivray & L. Wagner (2016)
Government Debt Deleveraging in the EMU
Cole, A.L., C. Guerello & G. Traficante (2016)
Unique equilibrium in the Eaton-Gersovitz model of sovereign debt
Auclert, A. & M. Rognlie (2016)
How do experts forecast sovereign spreads?
Cimadomo, J., P. Claeys & M. Poplawski-Ribeiro (2016)
Panel multi-predictor test procedures with an application to emerging market sovereign risk
Westerlund, J. & K. Thuraisamy (2016)
Sovereign debt guarantees and default: Lessons from the UK and Ireland, 1920-1938
Foley-Fisher, N. & E. McLaughlin (2016)
Does Gross or Net Debt Matter More for Emerging Market Spreads?
Hadzi-Vaskov, M. & L.A. Ricci (2016)
Asset backed contracts and sovereign risk
Önder, Y.K. (2016)
Poverty and Policy Selectivity of World Bank Trust Funds
Eichenauer, V. & S. Knack (2016)
Sovereign Debt Effects and Composition: Evidence from Time-Varying Estimates
Afonso, A. & J.T. Jalles (2016)
That Squeezing Feeling: The Interest Burden and Public Debt Stabilization?
Debrun, X. & T. Kinda (2016)
In Aid We Trust: Hearts and Minds and the Pakistan Earthquake of 2005
Andrabi, T. & J. Das (2017)
Sovereign debt risk in emerging market economies: Does inflation targeting adoption make any difference?
Balima, W.H., J-L. Combes & A. Minea (2017)
Sovereign debt signals
Phan, T. (2017)
Surplus-debt regressions
Leeper, E.M. & B. Li (2017)
A Spatial Analysis of Foreign Aid and Civil Society
Vecci, J. & T. Zelinsky (2017)
Sovereign risk, public debt, dollarization, and the output effects of fiscal austerity
Çufadar, A. & F. Özatay (2017)
Fiscal discipline and defaults
de-Córdoba, G.F., P.S. Pujolas & J.L. Torres (2017)
Turning the paradigm of aid allocation on its head
Sterck, O., M. Roser & S. Thewissen (2017)
Sovereign credit rating determinants: A comparison before and after the European debt crisis
Reusens, P. & C. Croux (2017)
How credit ratings affect sovereign credit risk: Cross-border evidence in Latin American emerging markets
Ballester, L. & A. González-Urteaga (2017)
Frontier and emerging government bond markets
Piljak, V. & L. Swinkels (2017)
Private and Public Debt: Are Emerging Markets at Risk?
Bernardini, M. & L. Forni (2017)
The Effects of Data Transparency Policy Reforms on Emerging Market Sovereign Bond Spreads
Choi, S. & Y. Hashimoto (2017)
International reserves and the maturity of external debt
Qian, X. & A. Steiner (2017)
Debt sustainability in emerging market countries: Some policy guidelines from a fan-chart approach
Paret, A-C. (2017)
Government Debt and Corporate Leverage: International Evidence | Published
Demirci, I., J. Huang & C. Sialm (2017/19)
Crowding out in Ricardian economies
Abel, A.B. (2017)
On the Role of Debt Maturity in a Model with Sovereign Risk and Financial Frictions
Auray, S. & A. Eyquem (2017)
The equity-like behaviour of sovereign bonds
Dufour, A., A. Stancu & S. Varotto (2017)
Bilateral Donors and the Age of the National Interest: What Prospects for Challenge by Development Agencies?
Gulrajani, N. (2017)
Debt Sustainability in Low-Income Countries: Policies, Institutions, or Shocks?
Bal Gunduz, Y. (2017)
Is foreign aid concentrated increasingly on needy and deserving recipient countries? An analysis of Theil indices, 1995-2015 | Published
Bickenbach, F., A. Mbelu & P. Nunnenkamp (2017/19)
Debt Limits and the Structure of Public Debt
Pienkowski, A. (2017)
Sovereign Bond Prices, Haircuts and Maturity
Asonuma, T., D. Niepelt & R. Ranciere (2017)
Fiscal Policy and Debt Management with Incomplete Markets
Bhandari, A., D. Evans, M. Golosov & T.J. Sargent (2017)
Aid Dispersion: Measurement in Principle and Practice
Fløgstad, C. & R.J. Hagen (2017)
Modelling European sovereign bond yields with international portfolio effects
Martin, F. & J. Zhang (2017)
Structural reforms in a debt overhang
Andrés, J., O. Arce & C. Thomas (2017)
Foreign aid and responsiveness of bilateral refugee inflows
Murat, M. (2017)
The Capital Structure of Nations | Published
Bolton, P. & H. Huang (2017/18)
Debt Hangover in the Aftermath of the Great Recession | Published
Auray, S., A. Eyquem & P. Gomme (2017/19)
A Macro-Finance Approach to Sovereign Debt Spreads and Returns
Tourre, F. (2017)
Government Financial Assets and Debt Sustainability
Arbelaez, C.H. & N. Sobrinho (2017)
A non-monotonic relationship between public debt and economic growth: the effect of financial monopsony
Roberts, M.A. (2017)
The Effects of U.S. Monetary Policy on Emerging Market Economies' Sovereign and Corporate Bond Markets
Burger, J.D., F.E. Warnock & V.C. Warnock (2017)
Reducing government debt in the presence of inequality
Röhrs, S. & C. Winter (2017)
Aid Fragmentation and Effectiveness: What Do We Really Know?
Gehring, K., K. Michaelowa, A. Dreher & F. Spörri (2017)
Limits to government debt sustainability in OECD countries
Fournier, J-M. & F. Fall (2017)
Collateral, Liquidity and Debt Sustainability
Niemann, S. & P. Pichler (2017)
The Cyclicality of International Public Sector Borrowing in Developing Countries: Does the Lender Matter?
Galindo, A. & U. Panizza (2017)
Pricing sovereign debt in resource rich economies
McGregor, T. (2017)
Sovereign debt maturity structure under asymmetric information
Perez, D.J. (2017)
Foreign aid and domestic absorption
Temple, J. & N. Van de Sijpe (2017)
Does Aid Effectiveness Depend on the Quality of Donors?
Minasyan, A., P. Nunnenkamp & K. Richert (2017)
A model of sovereign debt with private information
Phan, T. (2017)
Optimal public debt redux
Chatterjee, S., J. Gibson & F. Rioja (2017)
The Importance of Oil in the Allocation of Foreign Aid: The case of the G7 donors
Couharde, C., F. Karanfil, E.G. Kilamaa & L.D. Omgbaa (2017)
Economic policy uncertainty and sovereign credit rating decisions: Panel quantile evidence for the Eurozone
Boumparis, P., C. Milas & T. Panagiotidis (2017)
Sovereign tail risk
López-Espinosa, G., A. Moreno, A. Rubia & L. Valderrama (2017)
Firm and country determinants of debt maturity: New international evidence
González, V.M. (2017)
The impact of sovereign rating changes on the activity of European banks
Drago, D. & R. Gallo (2017)
Default Risk, Sectoral Reallocation, and Persistent Recessions
Michaud, A. & D. Wiczer (2017)
Quantitative easing and the pricing of EMU sovereign debt
Kinateder, H. & N. Wagner (2017)
The effect of countries' ESG ratings on their sovereign borrowing costs
Crifo, P., M-A. Diaye & R. Oueghlissi (2017)
Foreign Aid in Areas of Limited Statehood
Dreher, A., V.F. Lang & S. Ziaja (2017)
Public debt in economies with heterogeneous agents
e
Bhandari, A., D. Evans, M. Golosov & T.J. Sargent (2017)
Predictability dynamics of emerging sovereign CDS markets
Sensoy, A., F.J. Fabozzi & V. Eraslan (2017)
The payment schedule of sovereign debt
Bai, Y., S.T. Kim & G. Mihalache (2017)
The Optimum Quantity of Debt for Japan | Published
Nakajima, T. & S. Takahashi (2017)
Domestic creditor rights and external private debt
Fan, H. & X. Gao (2017)
Overcoming the Original Sin: Gains from Local Currency External Debt
Sabbadini, R. (2017)
Domestic and External Sovereign Debt | Published
Di Casola, P. & S. Sichlimiris (2017/25)
Public Debt Sustainability and Defaults
Guillard, M. & H. Kempf (2017)
Cost of sovereign debt and foreign bias in bond allocations
Bhatta, B., A. Marshall & C. Thapa (2017)
Nominal Sovereign Debt
Phan, T. (2017)
A New Index of External Debt Sustainability
Blanchard, O.J. & M. Das (2017)
Fighting Poverty and Child Malnutrition: On the Design of Foreign Aid Policies
Vasilakis, C. (2017)
Economic growth and escaping the poverty trap: how does development aid work?
Pham, N-S. & T.K.C. Pham (2017)
Foreign aid and asylum immigration. Does development matter?
Murat, M. (2017)
Foreign Aid Concentration and Natural Disasters
Keerthiratne, S. & R.S.J. Tol (2017)
When Ramsey Searches for Liquidity
Cui, W. (2017)
Fiscal Policy, Sovereign Risk, and Unemployment
Ottonello, P., I. Presno & J. Bianchi (2017)
On the dynamics of sovereign debt in China: Sustainability and structural change
Cuestas, J.C. & P.J. Regis (2018)
Money and credit overhang in the euro area
Liu, J. & C.J.M. Kool (2018)
Factors of the term structure of sovereign yield spreads
Wellmann, D. & S. Trück (2018)
Writing off sovereign debt: Default and recovery rates over the cycle
Sunder-Plassmann, L. (2018)
A New Wave of ECB's Unconventional Monetary Policies: Domestic Impact and Spillovers
Varghese, R. & Y.S. Zhang (2018)
On International Integration of Emerging Sovereign Bond Markets
Agur, I., M. Chan, M. Goswami & S. Sharma (2018)
Measuring sovereign risk spillovers and assessing the role of transmission channels: A spatial econometrics approach
Debarsy, N., C. Dossougoin, C. Ertur & J-Y. Gnabo (2018)
Unobservable country bond premia and fragmentation
De Santis, R.A. (2018)
Is the sectoral aid allocation within countries need-oriented?
Eger, J., H. Öhler & A. Rudolph (2019)
The impact of the Heavily Indebted Poor Countries initiative on growth and investment in Africa
Djimeu, E.W. (2018)
The state dependent impact of bank exposure on sovereign risk
Podstawski, M. & A. Velinov (2018)
Subjectivity in sovereign credit ratings
De Moor, L., P. Luitel, P. Sercu & R. Vanpée (2018)
Public debt and economic growth conundrum: nonlinearity and inter-temporal relationship
Arcabic, V., J. Tica, J. Lee & R.J. Sonora (2018)
The effect of public debt on growth and welfare under the golden rule of public finance
Ueshina, M. (2018)
Comparing budget repair measures for a small open economy with growing debt
Kudrna, G. & C. Tran (2018)
Why Aid-to-GDP Ratios?
Annen, K. & S. Kosempel (2018)
Government debt and growth: The role of liquidity
Grobéty, M. (2018)
Revisiting the bi-directional causality between debt and growth: Evidence from linear and nonlinear tests
De Vita, G., E. Trachanas & Y. Luo (2018)
Impact of wage rigidity on sovereign credit rating
Yang, D. & J. Song (2018)
Optimal sovereign lending and default
Luo, J. & C. Wang (2018)
Dynamics of investment, debt, and default
Gordon, G. & P.A. Guerron-Quintana (2018)
Chinese development assistance and household welfare in sub-Saharan Africa
Martorano, B., L. Metzger & M. Sanfilippo (2018)
Borrowing Trouble? Human Capital Investment with Opt-In Costs and Implications for the Effectiveness of Grant Aid
Marx, B.M. & L.J. Turner (2018)
The effects of aid agency independence on bilateral aid allocation decisions
Cardwell, R. & P.L. Ghazalian (2018)
World Bank Lending and the Quality of Public Sector Governance
Smets, L. & S. Knack (2018)
Understanding the Macro-Financial Effects of Household Debt: A Global Perspective
Alter, A., A.X. Feng & N. Valckx (2018)
A Primer on Managing Sovereign Debt-Portfolio Risks
Jonasson, T. & M.G. Papaioannou (2018)
The Effects of Foreign Aid on Refugee Flow | Published
Dreher, A., A. Fuchs & S. Langlotz (2018/19)
Interest-Growth Differentials and Debt Limits in Advanced Economies
Barrett, P. (2018)
Liquidity premiums on government debt and the fiscal theory of the price level
Berentsen, A. & C. Waller (2018)
A dynamic spillover analysis of crude oil effects on the sovereign credit risk of exporting countries
Pavlova, I., M.E. de Boyrie & A.M. Parhizgari (2018)
The Optimal Supply of Public and Private Liquidity
Azzimonti, M. & P. Yared (2018)
Sovereign risk and bank risk-taking
Ari, A. (2018)
Does Public Debt Crowd Out Corporate Investment? International Evidence
Huang, Y., U. Panizza & R. Varghese (2018)
What can we learn on Chinese aid allocation motivations from new available data? A sectorial analysis of Chinese aid to African countries
Guillon, M. & J. Mathonnat (2018)
Cross-border asset holdings and comovements in sovereign bond markets
Asgharian, H., L. Liu & M. Larsson (2018)
A meta-analysis of aid effectiveness: Revisiting the evidence
Mekasha, T.J. & F. Tarp (2018)
Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models
Aguiar, M.A. & M. Amador (2018)
The term structure of CDS spreads and sovereign credit risk
Augustin, P. (2018)
Bailing Out the People? When Private Debt Becomes Public
Mbaye, S., M.M. Badia & K. Chae (2018)
The Optimum Quantity of Capital and Debt
Acikgöz, O., M. Hagedorn, H. Holter & Y. Wang (2018)
Growth-indexed Bonds and Debt Distribution: Theoretical Benefits and Practical Limits
Acalin, J. (2018)
Does rural development aid reduce international migration?
Gamso, J. & F. Yuldashev (2018)
Debt and growth: Is there a constant tipping point?
Yang, L. & J-J. Su (2018)
Corporate Borrowing and Debt Maturity: The Effects of Market Access and Crises
Cortina, J.J., T. Didier & S. Schmukler (2018)
Foreign-Law Bonds: Can They Reduce Sovereign Borrowing Costs?
Chamon, M., J. Schumacher & C. Trebesch (2018)
Sovereign credit spreads under good/bad governance
Jeanneret, A. (2018)
Fiscal regimes and the (non)stationarity of debt
Hollmayr, J. (2018)
Uncertainty and Cross-Border Banking Flows
Choi, S. & D. Furceri (2018)
Debt regimes and the effectiveness of monetary policy
De Luigi, C. & F. Huber (2018)
Public debt and fiscal policy traps
Camous, A. & A.R. Gimber (2018)
A Walrasian Theory of Sovereign Debt Auctions with Asymmetric Information
Cole, H., D. Neuhann & G. Ordonyez (2018)
The impact of foreign aid on migration revisited
Lanati, M. & R. Thiele (2018)
Official debt restructurings and development
Cheng, G., J. Díaz-Cassou & A. Erce (2018)
Fiscal Transparency, Borrowing Costs, and Foreign Holdings of Sovereign Debt
Kemoe, L. & Z. Zhan (2018)
Rising Government Debt and What to Do About It
Yared, P. (2018)
Does Aid Reduce Poverty?
Milovich, J.Y. (2018)
On the predictability of emerging market sovereign credit spreads
Audzeyeva, A. & A-M. Fuertes (2018)
The cyclicality of international public sector borrowing in developing countries: Does the lender matter?
Galindo, A.J. & Ugo Panizza (2018)
Rare Disasters, Financial Development, and Sovereign Debt
Rebelo, S., N. Wang & J. Yang (2018)
Public Debt Frontier: A toolkit for analyzing fiscal policy and debt sustainability
de-Córdoba, G.F., B. Molinari & J.L. Torres (2018)
Sustainable Debt
Bloise, G., H. Polemarchakis & Y. Vailakis (2018)
Sovereign risk and cross-country heterogeneity in the transmission of monetary policy to bank lending in the euro area
Grandi, P. (2018)
Debt Sustainability and the Terms of Official Support
Corsetti, G., A. Erce & T. Uy (2018)
Loss Aversion and Search for Yield in Emerging Markets Sovereign Debt
Sabbadini, R. (2018)
Resource Curse or Blessing? Sovereign Risk in Resource-Rich Emerging Economies
Hamann, F., E.G. Mendoza & P. Restrepo-Echavarria (2018)
Equal opportunity and poverty reduction: how aid should be allocated?
Guillaumont, P., P. Nguyen-Van, T.K.C. Pham & L. Wagner (2018)
Resource Curse or Blessing? Sovereign Risk in Resource-Rich Emerging Economies
Hamann, F., E.G. Mendoza & P. Restrepo-Echavarria (2018)
On Poverty and the International Allocation of Development Aid
Ginsburgh, V. & J.D. Moreno-Ternero (2018)
Does aid enhance growth?
Yahyaoui, I. & N. Bouchoucha (2018)
The Dynamics of Balanced Expansion in Monetary Economies with Sovereign Debt
Böhm, V. (2018)
A mechanism to regulate sovereign debt restructuring in the euro area
Andritzky, J., D.I. Christofzik, L.P. Feld & U. Scheuering (2019)
The impact of recipient choice on aid effectiveness
Shapiro, J. (2019)
Quantitative easing and sovereign yield spreads: Euro-area time-varying evidence
Afonso, A. & J.T. Jalles (2019)
Public Debt Through the Ages
Eichengreen, B.J., A.A. ElGanainy, R.P. Esteves & K.J. Mitchener (2019)
Sovereign Bonds since Waterloo | Published
Meyer, J., C.M. Reinhart & C. Trebesch (2019/22)
Public Debt and Low Interest Rates | Published
Blanchard, O.J. (2019)
Sovereign Spread Volatility and Banking Sector
Sharma, V. & E. Silgado-Gómez (2019)
Bond risk premia and the exchange rate
Hofmann, B., I. Shim & H.S. Shin (2019)
Foreign Aid and Domestic Revenue Mobilization in Conflict-aff ected Countries
Diakite, M., S. Diarra, S.J.-A. Tapsoba & T. Zongo (2019)
Agriculture, Aid, and Economic Growth in Africa
McArthur, J.W. & J.D. Sachs (2019)
Persistent Government Debt and Risk Distribution | Published
Croce, M., T. Nguyen & S. Raymond (2019/21)
A Framework for Debt-Maturity Management
Bigio, S., G. Nuño & J. Passadore (2019)
The Seniority Structure of Sovereign Debt
Schlegl, M., C. Trebesch & M.L.J. Wright (2019)
China in Africa: Competition for traditional development finance institutions?
Humphrey, C. & K. Michaelowa (2019)
The Motives to Borrow
Fatás, A., A.R. Ghosh, U. Panizza & A.F. Presbitero (2019)
Rising Government Debt: Causes and Solutions for a Decades-Old Trend
Yared, P. (2019)
The curious case of the missing defaults
Reinhart, C.M. (2019)
Sovereign Debt Restructurings: Delays in Renegotiations and Risk Averse Creditors | Published
Asonuma, T. & H. Joo (2019/20)
The changing international network of sovereign debt and financial institutions
Dungey, M., J. Harvey & V. Volkov (2019)
How effective are sovereign bond-backed securities as a spillover prevention device?
Cronin, D. & P.G. Dunne (2019)
Does Austerity Pay Off?
Born, B., G.J. Müller & J. Pfeifer (2019)
Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?
Andritzky, J.R. & J. Schumacher (2019)
Banks' holdings of risky sovereign bonds in the absence of the nexus: Yield seeking with central bank funding or de-risking?
Frey, R. & M. Weth (2019)
The Rewards of Fiscal Consolidation: Sovereign Spreads and Confidence Effect
David, A., J. Guajardo & J. Yepez (2019)
Non-performing loans and sovereign credit ratings
Boumparis, P., C. Milas & T. Panagiotidis (2019)
Debt Stabilization in a Non-Ricardian Economy
Leith, C., I Moldovan & S. Wren-Lewis (2019)
The Value of Government Debt
Cochrane, J.H. (2019)
The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings
Hadzi-Vaskov, M. & L.A. Ricci (2019)
African leaders and the geography of China's foreign assistance
Dreher, A., A. Fuchs, R. Hodler, B.C. Parks, P.A. Raschky & M.J. Tierney (2019)
Discretionary monetary and fiscal policy with endogenous sovereign risk
Roettger, J. (2019)
Public Sector Balance Sheet Strength and the Macro Economy
Yousefi, R. (2019)
Does the IMF Program Implem entation Matter for Sovereign Spreads? The Case of Selected European Emerging Markets
Tartari, D. & A. Tola (2019)
Foreign aid preferences and perceptions in donor countries
Kaufmann, D., E.F. McGuirk & P.C. Vicente (2019)
Measuring the efficiency of humanitarian aid
Alda, E. & J. Cuesta (2019)
Where does the dragon's gift go? Subnational distribution of China's aid to Sub-Saharan Africa from 2007 to 2012
Bei, L.J. (2019)
A contraction for sovereign debt models
Aguiar, M. & M. Amador (2019)
Effects of QE on sovereign bond spreads through the safe asset channel
van den End, J.W. (2019)
A Guide to Sovereign Debt Data
Ali Abbas, S.M. & K. Rogoff (2019)
Debt Stabilization in the Presence of Endogenous Risk Premia: A Dynamic Game Approach
Anevlavis, T., G. Papavassilopoulos, J. Engwerda & B. van Aarle (2019)
Fiscal Stimulus under Sovereign Risk | Published
Bianchi, J., P. Ottonello & I. Presno (2019/23)
Borrowing for Growth: Big Pushes and Debt Sustainability in Low-Income Countries
Zanna, L-F., E.F. Buffie, R. Portillo, A. Berg & C. Pattillo (2019)
Revisiting the fiscal theory of sovereign risk from a DSGE viewpoint
Eiji, O. & K. Inagaki (2019)
Increasing public debt and the role of central bank independence for debt maturities
Nöh, L. (2019)
Undisclosed Debt Sustainability
Alfaro, L. & F. Kanczuk (2019)
Do Financial Markets Value Quality of Fiscal Governance?
Keita, K., G.L. Leon & F. Lima (2019)
Banks' Holdings of Government Securities and Credit to the Private Sector in Emerging Market and Developing Economies
Bouis, R. (2019)
Is Public Debt Always Harmful to Economic Growth
Richter, C. & S. El Asy (2019)
Sovereign Debt Overhang, Expenditure Composition and Debt Restructurings
Asonuma, T. & H. Joo (2019)
Government Debt Management: The Long and the Short of It
Faraglia, E., A. Marcet, R. Oikonomou & A. Scott (2019)
Improving learning and accountability in foreign aid
Clements, P. (2019)
Instruments of Debtstruction: A New Database of Interwar Debt
End, N., M. Marinkov & F. Miryugin (2019)
Low Income Countries and External Public Financing : Does Debt Relief Change Anything?
Ferry, M., M. Raffinot & B. Venet (2019)
German Bond Yields and Debt Supply: Is There a "Bund Premium"?
Paret, A-C. & A. Weber (2019)
Pricing Sovereign Debt in Resource-Rich Economies
McGregor, T. (2019)
Aid projects: The effects of commodification and exchange
Freeman, S. & M. Schuller (2019)
Assessing Macro-Financial Risks of Household Debt in China
Han, F., E.M. Jurzyk, W. Guo, Y. He & N. Rendak (2019)
China and the World Bank - How Contrasting Development Approaches affect the Stability of African States
Gehring, K., L. Kaplan & M.H.L. Wong (2019)
The U.S. Public Debt Valuation Puzzle
Jiang, Z., H. Lustig, S. Van Nieuwerburgh & M.Z. Xiaolan (2019)
Completing the Market: Generating Shadow CDS Spreads by Machine Learning
Hu, N., J. Li & A. Meyer-Cirkel (2019)
Inflation and Public Debt Reversals in Advanced Economies
Fukunaga, I., T. Komatsuzaki & H. Matsuoka (2019)
Euro area sovereign yield spreads as determinants of private sector borrowing costs
Theobald, T. & S. Tober (2019)
Risky bank guarantees
Makinen, T., L. Sarno & G. Zinna (2019)
Does sovereign risk in local and foreign currency differ?
Amstad, M., F. Packer & J. Shek (2019)
The Determination of Public Debt under both Aggregate and Idiosyncratic Uncertainty
Chien, Y. & Y. Wen (2019)
Deterministic Debt Cycles in Open Economies with Flow Collateral Constraints | Published
Schmitt-Grohé, S. & M. Uribe (2020/21)
Intergenerational debt dynamics without tears
Andersen, T.M. & J. Bhattacharya (2020)
On the Optimality of Financial Repression
Chari, V.V., A. Dovis & P.J. Kehoe (2020)
The Janus-Faced Nature of Debt: Results from a Data-Driven Cointegrated SVAR Approach
Guerini, M., A. Moneta, M. Napoletano & A. Roventini (2020)
The Optimal Policy Mix to Achieve Public Debt Consolidation
Cardani, R., L. Menna & P. Tirelli (2020)
Public Debt, Sovereign Spreads and the Unpleasant Arithmetic of Fiscal Consolidations | Published
Minetti, R., M. Di Pietro & L. Marattin (2019/21)
Aid Effectiveness in Fragile States
Caselli, F. & A.F. Presbitero (2020)
The long-term consequences of external debt: Revisiting the evidence and inspecting the mechanism using panel VARs
Qureshi, I. & Z. Liaqat (2020)
Sovereign Debt in the United States and Growth Expectations
Equiza-Goñi, J. (2020)
Bank and sovereign risk pass-through: Evidence from the euro area
Erce, A. (2020)
Sovereign spreads in the Euro area: Cross border transmission and macroeconomic implications
Bahaj, S. (2020)
The leverage ratio and liquidity in the gilt and gilt repo markets
Bicu-Lieb, A., L. Chen & D. Elliott (2020)
Can this time be different? Policy options in times of rising debt
Kose, M.A., P.S.O. Nagle, F.L. Ohnsorge & N. Sugawara (2020)
Recurrent explosive public debts and the long-run fiscal sustainability
Bystrov, V. & M. Mackiewicz (2020)
Do Local and Global Factors Impact the Emerging Markets's Sovereign Yield Curves? Evidence from a Data-Rich Environment
Cepni, O., I.E. Guney, D. Kucuksarac & M.H. Yilmaz (2020)
On the term structure of liquidity in the European sovereign bond market
O'Sullivan, C. & V.G. Papavassiliou (2020)
Good-Bye Original Sin, Hello Risk On-Off, Financial Fragility, and Crises? | Published
Aizenman, J., Y. Jinjarak, D. Park & H. Zheng (2020/21)
Original Sin and the Great Depression | Published
Bordo, M.D. & C.M. Meissner (2020/23)
Corporate yields and sovereign yields
Bevilaqua, J., G.B. Hale & E. Tallman (2020)
Sovereigns at risk: A dynamic model of sovereign debt and banking leverage
Coimbra, N. (2020)
Sovereign Risk Matters: The Effects of Endogenous Default Risk on the Time-Varying Volatility of Interest Rate Spreads | Published
De Ferra, S. & E. Mallucci (2020/22)
Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength
Bianchi, F., R. Faccini & L. Melosi (2020)
Doing more with less: The catalytic function of IMF lending and the role of program size
Krahnke, T. (2020)
When is Debt Odious? A Theory of Repression and Growth Traps
Acharya, V.V., R. Rajan & J. Shim (2020)
Coping with Disasters: Two Centuries of International Official Lending
Horn, S., C.M. Reinhart & C. Trebesch (2020)
The role of oil in the allocation of foreign aid: The case of the G7 donors
Couharde, C., F. Karanfil, E.G. Kilama & L.C. Omgba (2020)
Sovereign debt and the length of economic depressions
Guo, M. & J. McDermott (2020)
Can Chinese aid win the hearts and minds of Africa's local population?
Xu, Z.P. & Y. Zhang (2020)
Sovereign rating after private and official restructuring
Marchesi, S. & T. Masi (2020)
Measuring Sovereign Bond Market Integration
Chaieb, I., V. Errunza & R.G. Brandon (2020)
Sovereign Credit and Exchange Rate Risks: Evidence from Asia-Pacific Local Currency Bonds
Chernov, M., D.D. Creal & P. Hördahl (2020)
Falling real interest rates, rising debt: A free lunch?
Rogoff, K. (2020)
Sovereign credit risk and global equity fund returns in emerging markets
Andreou, C.K., N. Lambertides & A. Savvides (2020)
Different no more: Country spreads in advanced and emerging economies
Born, B., G. Müller, J. Pfeifer & S. Wellmann (2020)
Interest Rate Uncertainty and Sovereign Default Risk
Johri, A., S. Khan & C. Sosa-Padilla (2020)
A Framework to Assess Debt Sustainability under the Belt and Road Initiative
Bandiera, L. & V. Tsiropoulos (2020)
The Political Economy of Public Debt: A Laboratory Study
Battaglini, M., S. Nunnari & T.R Palfrey (2020)
Humanitarian vs. Development Aid for Refugees: Evidence from a Regression Discontinuity Design
MacPherson, C. & O. Sterck (2020)
The role of China's aid and ODI in the economic growth of African countries
Dong, Y. & C. Fan (2020)
The effects of macroeconomic, fiscal and monetary policy announcements on sovereign bond spreads
Afonso, A., J.T. Jalles & M. Kazemi (2020)
News, sovereign debt maturity, and default risk
Dvorkin, M., J.M. Sánchez, H. Sapriza & E. Yurdagul (2020)
A Continuous-Time Model of Sovereign Debt
Bornstein, G. (2020)
Manufacturing Risk-free Government Debt
Jiang, Z., H. Lustig, S. Van Nieuwerburgh & M.Z. Xiaolan (2020)
Bailouts, sovereign risk and bank portfolio choices
Casiraghi, M. (2020)
Corporate-Sovereign Debt Nexus and Externalities
Kwak, J.H. (2020)
Distortions in aid allocation of United Nations flash appeals: Evidence from the 2015 Nepal earthquake
Eichenauer, V.Z., A. Fuchs, S. Kunze & E. Strobl (2020)
A Note on Optimal Debt Reduction Policies
la Torre, D. & S. Marsiglio (2020)
Emerging Markets Sovereign Spreads and Country-Specific Fundamentals During COVID-19
Daehler, T., J. Aizenman & Y. Jinjarak (2020)
Renegotiation in Debt Chains
Glode, V. & C. Opp (2020)
The empirical dimension of overborrowing
Pierri, D., G. Montes-Rojas &am; P. Mira-Llambi (2020)
Exploring Recipient Preferences and Allocation Mechanisms in the Distribution of Development Aid
Shapiro, J. (2020)
The Pricing of Bank Bonds, Sovereign Credit Risk and ECB's Asset Purchase Programmes
Branco, R. & J. Pinto (2020)
Private and public debt interlinkages in bad times
Bernardini, M. & L. Forni (2020)
Debt overhang, global growth opportunities, and investment
Barbiero, F., A. Popov & M. Wolski (2020)
Is external debt sustainable? A probabilistic approach
Navarro-Ortiz, J. & J. Sapena (2020)
Syndicated bank lending and rating downgrades: Do sovereign ceiling policies really matter?
Iftekhar, H., S-J. Kim, P. Politsidis & E. Wu (2020)
The determinants of sovereign bond liquidity during WWI
Jopp, T.A. (2020)
Beliefs and long-maturity sovereign debt
Stangebye, Z.R. (2020)
Rating standards around the world: A puzzle?
Attig, N., H. Driss & S. El Ghoul (2020)
Financial stress and the probability of sovereign default
Rho, C. & M. Saenz (2020)
Implicit public debt thresholds: An operational proposal
Alloza, M., J. Andrés, J.J. Pérez & J.A. Rojas (2020)
Global Commodity Markets and Sovereign Risk across 150 Years
Domínguez-Cardoza, A., A. Garamow & J. Meyer (2020)
What drives the commodity-sovereign risk dependence in emerging market economies?
Boehm, H., S. Eichler & S. Giessler (2021)
The Bribe Rate and Long Run Differences in Sovereign Borrowing Costs | Published
Johri, A. & J. Cotoc (2021/23)
The relative pricing of sovereign credit risk after the Eurozone crisis
Corvino, R. & F. Ruggiero (2021)
On the duration of sovereign ratings cycle phases
Agnello, L., V. Castro & R.M. Sousa (2021)
Financial centre bias in sub-sovereign credit ratings
Ioannou, S., D. Wójcik & V. Pažitka (2021)
Does the composition of government spending matter for government bond spreads?
Combes, J-L., A. Minea & P.N. Sawadogo (2021)
Aid for trade unpredictability and trade-related government expenditure in recipient-countries
Gnangnon, S.K. (2021)
Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data | Published
Cole, H.L., D. Neuhann & G. Ordoñez (2021/22)
Managing Migration Flows Through Foreign Aid
Marchal, L., C. Naiditch & B. Simsek (2021)
Sovereign credit ratings: Discovering unorthodox factors and variables
Choy, S.Y., M.M. Chit & W.L. Teo (2021)
Benchmark interest rates when the government is risky
Augustin, P., M. Chernov, L. Schmid & D. Song (2021)
How giant discoveries of natural resources impact sovereign debt ratings in developing and emerging countries?
Seri, R. (2021)
Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data
Cole, H.L., D. Neuhann & G. Ordoñez (2021)
Sovereign Debt Ratchets and Welfare Destruction | Published
DeMarzo, P.M., Z. He & F. Tourre (2021/23)
Public debt and economic growth in developing countries: Nonlinearity and threshold analysis
Law, S.H., C.H. Ng, A.M. Kutan & Z.K. Law (2021)
Sovereign Debt Restructurings
Dvorkin, M., J.M. Sánchez, H. Sapriza & E. Yurdagul (2021)
Aid, China, and Growth: Evidence from a New Global Development Finance Dataset
Dreher, A., A. Fuchs, B. Parks, A. Strange & M.J. Tierney (2021)
Government Interventions and Sovereign Bond Market Volatility during COVID 19
Albulescu, C., E. Grecu, A. Zaremba & D. Aharon (2021)
Investor sentiment and sovereign bonds
Li, Y. (2021)
The constraint on public debt when r < g but g < m
Reis, R. (2021)
Does debt relief "irresistibly attract banks as honey attracts bees"? Evidence from low-income countries' debt relief programs
Ferry, M., M. Raffinot & B. Venet (2021)
The aggregate-demand doom loop: Precautionary motives and the welfare costs of sovereign risk
Roldán, F. (2021)
Funding liquidity and market liquidity in government bonds
Deuskar, P. & T.C. Johnson (2021)
When Interest Rates Go Low, Should Public Debt Go High?
Brumm, J.,X. Feng, L.J. Kotlikoff & F. Kubler (2021)
Should a Poverty-Averse Donor Always Reward Better Governance? A Paradox of Aid Allocation
Bourguignon, F. & J-P. Platteau (2021)
Exchange rates, foreign currency exposure and sovereign risk
Bernoth, K. & H. Herwartz (2021)
Long Run Effects of Aid: Forecasts and Evidence from Sierra Leone
Casey, K., R. Glennerster, E. Miguel & M.J. Voors (2021)
Contagion of fear: Is the impact of COVID?19 on sovereign risk really indiscriminate?
Cevik, S. & B. Öztürkkal (2021)
Fiscal stance and the sovereign risk pass-through
Beqiraj, E., V. Patella & M. Tancioni (2021)
Sovereign CDS and mutual funds: Global evidence
Alsubaiei, B.J., G. Calice & A. Vivian (2021)
On the information content of sovereign credit rating reports: Improving the predictability of rating transitions?
Slapnik, U. & I. Loncarski (2021)
Measuring changes in credit risk: The case of CDS event studies
Andres, C., A. Betzer & M. Doumet (2021)
When and Where Is It Cheaper to Issue Inflation-Linked Debt?
Ermolov, A. (2021)
Global Risk in Long-Term Sovereign Debt
Borri, N. & K. Shakhnov (2021)
Preferred and non-preferred creditors
Cordella, T. & A. Powell (2021)
Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets
Peppel-Srebrny, J. (2021)
External Debts and Economic Growth when Debts Rating Matters
Hung, L.D. (2021)
The Odious Haitian Independence Debt
Oosterlinck, K., U. Panizza, M.C. Weidemaier & M. Gulati (2021)
Project Aid and Firm Performance
Marchesi, S., T. Masi & S. Paul (2021)
Does performance-sensitive debt mitigate debt overhang?
Bensoussan, A., B. Chevalier-Roignant & A. Rivera (2021)
Sovereign Credit Quality and Violations of the Law of One Price
Boudoukh, J., J. Brooks, M. Richardson & Z. Xu (2021)
Central bank purchases of sovereign bonds in the euro area, the random walk hypothesis, and different measures of risk
Belke, A., D. Gros & F. Shamsfakhr (2021)
Monetary policy expectations and sovereign risk dynamics in the Eurozone
Bratis, T., N.T. Laopodis & G.P. Kouretas (2021)
Does Foreign Debt Contribute to Economic Growth?
Kikuchi, T. & S. Tobe (2021)
The Aftermath of Debt Surges
Kose, M.A., F.L. Ohnsorge, C.M. Reinhart & K.S. Rogoff (2021)
Sovereign debt ratings and the country composition of cross-border holdings of euro area sovereign debt
de Haan, L. & R. Vermeulen (2021)
What Drives Variation in the U.S. Debt/Output Ratio? The Dogs that Didn't Bark
Jiang, Z., H. Lustig, S. Van Nieuwerburgh & M.Z. Xiaolan (2021)
Foreign Aid and Intergenerational Mobility in Africa
Compaore, A., R. Nikièma & R. Ouédraogo (2021)
Better Policies from Policy-Selective Aid?
Annen, K. & S. Knack (2021)
Time-inconsistent optimal quantity of debt
Chien, L. & Y. Wen (2021)
Indebted Demand
Mian, A., L. Straub & A. Sufi (2021)
Why do Sovereign Borrowers Post Collateral? Evidence from the 19th Century
Flandreau, M., S. Pietrosanti & C.E. Schuster (2021)
Debt Maturity and the Dynamics of Leverage
Dangl, T. & J. Zechner (2021)
Sovereign Risk and Financial Risk | Published
Gilchrist, S., B. Wei, V.Z. Yue & E. Zakrajšek (2021/22)
Optimal State Contingent Sovereign Debt Instruments
Guerson, A.D. (2021)
Donor aid allocation and accounting standards of recipients
Nagae, A., H. Katayama & K. Takase (2021)
Debt sustainability in a low interest rate world
Mehrotra, N.R. & D. Sergeyev (2021)
Debt Dynamics in Emerging and Developing Economies: Is R-G a Red Herring?
Badia, M.M., Y. Xiang & J. Gamboa-Arbelaez (2021)
Uncertainty Premia, Sovereign Default Risk, and State-Contingent Debt
Roch, F. & F. Roldán (2021)
BRRD credibility and the bank-sovereign nexus
Lamers, M., T. Present, R.V. Vennet & N. Soenen (2021)
The causes of Original Sin: An empirical investigation of emerging market and developing countries
Gegenfurtner, D.A. (2021)
The IMF's role in sovereign debt restructurings
IRC Task Force on IMF and Global Governance Issues (2021)
Slow Debt, Deep Recessions
Jungherr, J. & I. Schott (2022)
Does competition improve sovereign credit rating quality?
Vu, H., R. Alsakka & O. ap Gwilym (2022)
Debt as Safe Asset | Published
Brunnermeier, M.D., S.A. Merkel & Y. Sannikov (2022/24)
The 'Fiscal Presource Curse': Giant Discoveries and Debt Sustainability
Ruzzante, M. & N. Sobrinho (2022)
In sickness and in debt: The COVID-19 impact on sovereign credit risk
Augustin, P., V. Sokolovski, M.G. Subrahmanyam & D. Tomio (2022)
Inflating Away the Public Debt? An Empirical Assessment
Hilscher, J., A. Raviv & R. Reis (2022)
Has Chinese Aid Benefited Recipient Countries? Evidence from a Meta-Regression Analysis
Mandon, P. & M.T. Woldemichael (2022)
The COVID-19 pandemic, consumption and sovereign credit risk: Cross-country evidence
Hao, X., Q. Sun & F. Xie (2022)
The rewards of fiscal consolidations: Sovereign spreads and confidence effects
David, A.C., J. Guajardo & J.F. Yepez (2022)
Original sin redux: a model-based evaluation
Hofmann, B., N. Patel & S.P.Y. Wu (2022)
A p Theory of Government Debt and Taxes
Jiang, W., T.J. Sargent, N. Wang & J. Yang (2022)
The Dollar Debt of Companies in Latin America: the warning signs
Giraldo, I. & P. Turner (2022)
Public Debt and Real GDP: Revisiting the Impact
de Soyres, C. & M. Wang (2022)
Is Chinese aid different?
Hoeffler, A. & O. Sterck (2022)
Updated Methodology for Assigning Credit Ratings to Sovereigns
McDaniels, K., N. Palesch, S. Suri, Z. Quiviger & J. Walsh (2022)
The Debt Capacity of a Government
Dumas, B., P. Ehling & C. Yang (2022)
Do credit rating agencies reward fiscal prudence?
Jalles, J.T. (2022)
Foreign Currency Debt and Exchange Rate Pass-Through
Burova, A., K. Egorov & D. Mukhin (2022)
Private Overborrowing Under Sovereign Risk | Published
Arce, F. (2022/24)
Sovereign issuers, incentives and liquidity: The case of the Danish sovereign bond market
Eisl, A., C. Ochs, J. Staghøj & M.G. Subrahmanyam (2022)
Who lends to Africa and how? Introducing the Africa debt database
Mihalyi, D. & C. Trebesch (2022)
Sovereign Eurobond Liquidity and Yields
Hardy, D.C. (2022)
Spillover effects of sovereign debt-based quantitative easing in the euro area
Gnewuch, M. (2022)
Sovereign Debt Sustainability and Central Bank Credibility
Willems, T. & J. Zettelmeyer (2022)
Public participation, investment networks, and China's outward FDI: Evidence from 58 countries along the belt and road
Li, D., X. Chen & P. Wohlfarth (2022)
The Commitment Benefit of Consols in Government Debt Management
Debortoli, D., R. Nunes & P. Yared (2022)
Government Debt and Capital Accumulation in an Era of Low Interest Rates
Mankiw, N.G. (2022)
Who Holds Sovereign Debt and Why It Matters
Fang, X., B. Hardy & K.K. Lewis (2022)
Credit Ratings and Corporate Information Production: Evidence from Sovereign Downgrades
Wang, D. &am; W. Xie (2022)
Do markets value ESG risks in sovereign credit curves?
Hübel, B. (2022)
Government Debt Management and Inflation with Real and Nominal Bonds
Schmid, L., V. Valaitis & A.T. Villa (2022)
Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data
Cole, H., D. Neuhann & G. Ordoñez (2022)
Hot off the press: News-implied sovereign default risk
Dim, C., K. Koerner, M. Wolski & S. Zwart (2022)
Information Spillovers and Sovereign Debt: Theory Meets the Eurozone Crisis | Published
Cole, H.L., G. Ordoñez & D. Neuhann (2022/25)
Aid effectiveness: Human rights as a conditionality measure
Douch, M., H. Edwards, T. Landman & S. Mallick (2022)
A dynamic model of fiscal decentralization and public debt accumulation
Guo, S., Y. Pei & Z. Xie (2022)
Economic Growth After Debt Surges
Jalles, J.T. & P.A. Medas (2022)
Numerical Fiscal Rules for Economic Unions: the Role of Sovereign Spreads
Hatchondo, J.C., L. Martinez & F. Roch (2022)
When is Sovereign Debt Odious? A Theory of Government Repression, Growth Traps, and Growth Boosts
Acharya, V.V., R. Rajan & J. Shim (2022)
Debt-for-Climate Swaps: Analysis, Design, and Implementation
Chamon, M., E. Klok, V.V. Thakoor & J. Zettelmeyer (2022)
A global monetary policy factor in sovereign bond yields
Malliaropulos, D. & P. Migiakis (2022)
Sovereign Credit Spreads, Banking Fragility, and Global Factors
Chari, A., F. Garcés, J.F. Martínez & P. Valenzuela (2022)
Beliefs about public debt and the demand for government spending
Roth, C., S. Settele & J. Wohlfart (2022)
Revisiting The Determinants Of Sovereign Bond Yield Volatility
Piscarreta, C.A. & P. Ferreira (2022)
Building portfolios of sovereign securities with decreasing carbon footprints
Cheng, G., E. Jondeau & B. Mojon (2022)
Did Insurers Become Risk-Loving During "Low-for-Long"? The Role of Returns, Ratings, and Regulation
Brinkhoff, J. & J. Sole (2022)
Sovereign Debt
SURVEY PAPER
Martinez, L., F. Roldan & J. Zettelmeyer (2022)
Sovereign spreads and unconventional monetary policy in the Euro area: A tale of three shocks
Fanelli, L. & A. Marsi (2022)
Non-linearities in fiscal policy: The role of debt?
Fotiou, A. (2022)
How sovereign is sovereign credit risk? Global prices, local quantities
Augustin, P., V. Sokolovski, M.G. Subrahmanyam & D. Tomio (2022)
International Sovereign Spread Differences and the Poverty of Nations
Alamgir, F. & A. Johri (2022)
Optimal Time-Consistent Government Debt Maturity, Fiscal Policy, and Default
Kiiashko, S. (2022)
Impact of sovereign credit ratings on systemic risk and the moderating role of regulatory reforms: An international investigation
Sahibzada, I.U., M.S. Rizwan & A. Qureshi (2022)
How do oil prices affect emerging market sovereign bond spreads?
Chen, S-S., S. Huang & T-Y. Lin (2022)
It's not time to make a change: Sovereign fragility and the corporate credit risk
Fornari, F. & A. Zaghini (2022)
Can donors prevent aid misallocations? Evidence from Chinese and World Bank aid
André, P., P. Maarek & F. Tapo (2022)
The Sovereign-Bank Nexus in Emerging Markets in the Wake of the COVID-19 Pandemic
Deghi, A., Y. Xu & M. Yenice (2022)
Improving Sovereign Financing Conditions Through Data Transparency
Gonzalez-Garcia, J.R. (2022)
Does fiscal sentiment matter for sovereign risk?
Caldas Montes, G., R. Nicolay & F. Pereira (2022)
Emerging Market Sovereign Debt in the Aftermath of the Pandemic
Rogoff, K. (2022)
Debt Revenue and the Sustainability of Public Debt
Reis, R. (2022)
Sovereign Bond Prices, Haircuts and Maturity
Asonuma, T., D. Niepelt & R. Ranciere (2022)
Interest Rate Shocks and the Composition of Sovereign Debt
Gonzalez-Aguado, E. (2022)
How Foreign Aid Affects Migration: Quantifying Transmission Channels
Marchal, L., C. Naiditch & B. Simsek (2022)
Currency Concentration in Sovereign Debt, Exchange Rate Cyclicality, and Volatility in Consumption
Fujii, E. (2022)
Restructuring Domestic Sovereign Debt: An Analytical Illustration
Grigorian, D.A. (2022)
Effects of development aid (grants and loans) on the economic dynamics of the recipient country
Le-Van, C., N.S. Pham & T.K.C. Pham (2022)
Bond convenience curves and funding costs
Nissinen, J. & M. Sihvonen (2022)
Co-movement and global factors in sovereign bond yields
Venetis, I. & A. Ladas (2022)
Sovereign Debt and International Trade | Published
Serfaty, C. (2022/24)
Yet it Endures: The Persistence of Original Sin
Eichengreen, B., R. Hausmann & U. Panizza (2022)
Sovereign Debt Puzzles
Bolton, P., M. Gulati & U. Panizza (2022)
Sovereign Uncertainty | Published
Silgado-Gómez, E. (2022/24)
Fiscal Consolidation: Taking Stock of Success Factors, Impact, and Design
Balasundharam, V., O. Basdevant, D. Benicio, Y. Kim & H. Selim (2023)
Debt and Deficits: Fiscal Analysis with Stationary Ratios
Campbell, J.Y., C. Gao & I.W.R. Martin (2023)
Aid effectiveness in sustainable development: A multidimensional approach
Guerrero, O.A., D. Guariso & G. Castañeda (2023)
Corporate QE in Europe during the COVID-19 crisis and debt overhang
Demirgüç-Kunt, A., B.L. Horváth & H. Huizinga (2023)
Does Official Development Assistance Benefit the Donor Economy? New evidence from Japanese overseas infrastructure projects
Nishitateno, S. (2023)
Sovereign Debt in the Twenty-first Century
SURVEY PAPER
Mitchener, K.J. & C. Trebesch (2023)
On illiquidity of an emerging sovereign bond market
Karahan, C.C. & E. Soykök (2023)
Who holds sovereign debt and why it matters
Fang, X., B. Hardy & K. Lewis (2023)
Is High Debt Constraining Monetary Policy? Evidence from Inflation Expectations
Marques, L.B., M. Casiraghi, R.G Gelos, O. Harrison & G. Kamber (2023)
Costly Information and Sovereign Risk
Gu, G.W. & Z.R. Stangebye (2023)
The demand for government debt
Eren, E., A. Schrimpf & D. Xia (2023)
Bank Regulation and Sovereign Risk: A Paradox
Afonso, A. & A. Teixeira (2023)
Climate transition risk in sovereign bond markets
Collender, S., B. Gan, C.S. Nikitopoulos, K-A. Richards & L. Ryan (2023)
How quantitative easing changes the nature of sovereign risk
Broeders, D., L. de Haan, J.W. van den End (2023)
Public investment, national debt, and economic growth: The role of debt finance under dynamic inefficiency
Kamiguchi, A. & T. Tamai (2023)
Do higher public debt levels reduce economic growth?
SURVEY PAPER
Heimberger, P. (2023)
Effects of development aid (grants and loans) on the economic dynamics of the recipient country
Van, C.L., N-S. Pham & T.K.C. Pham (2023)
Sovereign yield curves and the COVID-19 in emerging markets
Candelon, B. & R. Moura (2023)
Unconventional monetary policy and debt sustainability in Japan
Alberola, E., G. Cheng, A. Consiglio & S.A. Zenios (2023)
Aid and fragile states
Hoeffler, A. & P. Justino (2023)
Debtor (Non-)Participation in Sovereign Debt Relief: A Real Option Approach
Cassimon, D., D. Essers & A.F. Presbitero (2023)
Sovereign Debt and Credit Default Swaps
Chaumont, G., G. Gordon, B. Sultanum & E. Tobin (2023)
Convenient but risky government bonds
Kaldorf, M. & J. Röttger (2023)
Who Benefits From The Export-Import Bank Aid?
Benmelech, E. & J. Monteiro (2023)
Infinite Debt Rollover in Stochastic Economies
Kocherlakota, N.R. (2023)
The Good, the Bad, and the Ugly of International Debt Market Data
Boyarchenko, N. & L. Elias (2023)
Banks' portfolio of government debt and sovereign risk
Afonso, A., J. Alves & S. Monteiro (2023)
Understanding sovereign credit ratings: Text-based evidence from the credit rating reports
Slapnik, U. & I. Loncarski (2023)
The impact of crisis periods and monetary decisions of the Fed and the ECB on the sovereign yield curve network
Badics, M.C., Z.R. Huszar & B.B. Kotro (2023)
Information Frictions, Reputation, and Sovereign Spreads
Morelli, J.M. & M. Moretti (2023)
Development Goals, commercial interest and EU Aid-for-Trade
Hoekman, B. & A. Shingal (2023)
Regulation and information costs of sovereign distress: Evidence from corporate lending markets
Hasan, I., S-J. Kim; P.N. Politsidis & E. Wu (2023)
Making sovereign debt safe with a financial stability fund
Liu, Y., R. Marimon & A. Wicht (2023)
Banks' Portfolio of Government Debt and Sovereign Risk
Afonso, A., J. Alves & S. Monteiro (2023)
How the Brady Plan Delivered on Debt Relief: Lessons and Implications
Shenai, N. & M.A. Bolhuis (2023)
Sovereign Debt Maturity Structure and Dilution
Singh, R. & M. Hasan (2023)
Local Currency Sovereign Debt Markets, Global Financial Conditions and the Role of Foreign Investors
Suedekum, G. (2023)
Currencies of External Balance Sheets
Allen, C., D. Gautam & L. Juvenal (2023)
Sovereign Debt Tolerance with Potentially Permanent Costs of Default
Chamon, M. & F. Roldán (2023)
Sovereign Risk and Dutch Disease | Published
Esquivel, C. (2023/25)
Discrepancy and cross-regional bias in sovereign credit ratings: Analyzing the role of public debt
Ben Hmiden, O., D. Tatoutchoup, P. Nguimkeu & D. Avelé (2024)
Sovereign spread divergence owing to inflation and redenomination risk countered by unconventional monetary policy in the Eurozone
Kiss, G.D. & S. Alipanah (2024)
Did the U.S. Really Grow Out of Its World War II Debt?
Acalin, J. & L.M. Ball (2024)
Costly Increases in Public Debt when r < g
Cao, Y., V. Gaspar & A.P. Alva (2024)
Underinvestment and Capital Misallocation Under Sovereign Risk
Esquivel, C. (2024)
Sectoral Debt and Global Dollar Cycles in Developing Economies
Han, B., R. Ahmed, J. Aizenman & Y. Jinjarak (2024)
The World's First Global Safe Asset: British Public Debt, 1718-1913
Gomez-Gonzalez, P. & G. Mathy (2024)
Revisiting the fiscal theory of sovereign risk from a DSGE viewpoint
Okano, E., K. Inagaki & M. Eguchi (2024)
The financialization of local government debt in China and its risk transmission to commercial banks?
Zhu, J., M. Zhu & Z. Yang (2024)
The limits of limitless debt
Osband, K., V. Filoso & S. Capasso (2024)
Debt Surges-Drivers, Consequences, and Policy Implications
Schuster, F., M. Alnasaa, L. Bounader, I. Jung, J. Menkulasi & J. da Mota (2024)
International comovements of public debt
Isomitdinov, H., V. Arcabic, J. Lee, Y. Yun & J.E. Payne (2024)
Inequality, Taxation, and Sovereign Default Risk
Deng, M. (2024)
Domestic and Foreign Sovereign Debt Stability
Torres, L.B., W. Paczos & K. Shakhnov (2024)
Trust funds and the sub-national effectiveness of development aid: Evidence from the World Bank
Heinzel, M. & B. Reinsberg (2024)
Public Debt Dynamics and the Impact of Fiscal Policy
Patel, N. & A.P. Alva (2024)
Aid Projects and Firm Performance
Marchesi, S., T. Masi & S. Paul (2024)
Aid and growth: Asymmetric effects?
Dörr, L. (2024)
Exchange Rates and Sovereign Risk: A Nonlinear Approach Based on Local Gaussian Correlations
Heinlein, R., G.D. Legrenzi, S.M.R. Mahadeo & G.D. Legrenzi (2024)
Can participation in IMF programs facilitate sovereign debt rescheduling? The role of program size
Bai, Y., S. Banerji, Z. Wang & W. Zhang (2024)
Original sin: Fiscal rules and government debt in foreign currency in developing countries
Apeti, A.E., B-W-W. Bambe, J-L. Combes & E.D. Edoh (2024)
The Resistible Rise Of External Debt In The Global South (2011-2021)
Cohen, D. & B. Harnoys-Vannier (2024)
The Catalytic Impact of IMF Lending on Official Development Assistance
He, B., P. Johnston & A. Velasquez (2024)
A Ramsey Theory of Financial Distortions
Bassetto, M. & W. Cui (2024)
Beyond Debt: Net Worth Fiscal Anchors
Chai, H., J. Harris & A.F. Tieman (2024)
The Implications of Public Investment for Debt Sustainability
Motyovszki, G., P. Pfeiffer & J. in 't Veld (2024)
New spare tires: local currency credit as a global shock absorber
Avdjiev, S., J. Burger & B. Hardy (2024)
The economic aftermath of surges in public and private debt: Initial conditions and channels
Jalles, J.T. & P. Medas (2024)
Optimal default options
Bernheim, B.D. & J. Mueller-Gastell (2024)
Hidden Debt Revelations
Horn, S., D. Mihalyi, P. Nickol & C. Sosa-Padilla (2024)
Price elasticity of demand and risk-bearing capacity in sovereign bond auctions
Albuquerque, R., J.M. Cardoso-Costa & J.A. Faias (2024)
Sovereign vs. Corporate Debt and Default: More Similar than You Think
Gopinath, G., J. Meyer, C. Reinhart & C. Trebesch (2024)
When Interest Rates Go Low, Should Public Debt Go High?
Brumm, J., X. Feng, L. Kotlikoff & F. Kubler (2024)
A view from outside: sovereign CDS volatility as an indicator of economic uncertainty
Boeck, M., M. Feldkircher & B. Raunig (2024)
The Effect of Financial Transparency on Aid Diversion
Zalman, J. (2024)
Risky sovereign bond holdings by commercial banks in the euro area: Do safe assets availability and differences in bank funding costs play a role?
Jochem, A. & E. Lecomte (2024)
Inelastic Demand Meets Optimal Supply of Risky Sovereign Bonds
Moretti, M., L. Pandolfi, G. Villegas Bauer, S.L. Schmukler & T. Williams (2024)
Great Dilution: The Global Impact of the US Inflation Shock on Sovereign Debt
Nair, G. & F. Sturzenegger (2024)
The anatomy of government bond yields synchronization in the Eurozone
Barbieri, C., M. Guerini & M. Napoletano (2024)
Sovereign Risk under Diagnostic Expectations
Niemann, S. & T. Prein (2024)
Can donors prevent aid misallocations? Evidence from Chinese and World Bank aid
André, P., P. Maarek & F. Tapo (2024)
What do aid recipients want? Public attitudes toward foreign aid in developing countries
Kim, S.E., J.H. Park, I. Rhee & J. Yang (2024)
Aid allocation with optimal monitoring: Theory and policy
Bourguignon, F. & J-P. Platteau (2024)
Are public debt and public debt expectations associated with debt management strategies?
Caldas Montes, G. & D. Pereira dos Anjos (2024)
Inflation Surge and Sovereign Borrowing: The Role of Policy Practices in Strengthening Sovereign Resilience
Aizenman, J. & H. Zheng (2024)
Sovereign Debt Sustainability with Involuntary Default
Rochet, J-C., F. Collard, M. Habib & U. Panizza (2024)
Hidden debt revelations
Horn, S., D. Mihalyi, P. Nickol & C. Sosa Padilla (2024)
Foreign Aid and (Big) Shocks: Evidence from Natural Disasters
Arezki, R., Y. Camara, P.A. Imam & K.R. Kpodar (2024)
Costs of Financing U.S. Federal Debt Under a Gold Standard: 1791-1933
Payne, J., B. Szoke, G. Hall & T.J. Sargent (2025)
The Growth Dividend and Excess Interest
Yagan, D. (2025)
The credit channel of the sovereign spread: A Bayesian SVAR analysis
Cafiso, G., A. Missale & G. Rivolta (2025)
Forecasting China bond default with severe class-imbalanced data: A simple learning model with causal inference
Peng, M., E.R. Stern & H. Hu (2025)
Asymmetric sovereign risk: Implications for climate change preparation
Gomez-Gonzalez, J.E., J.M. Uribe & O.M. Valencia (2025)
The HIPC Initiative and China's Emergence as a Lender: post hoc or propter hoc?
Cordella, T., M. Cufre &Amp; A.F. Presbitero (2025)
Tax evasion and debt dynamics with endogenous growth
Levaggi, R. & F. Menoncin (2025)
Foreign-assisted infrastructure and local employment: Evidence from China's aid to Africa
An, J., S. Guo & H. Jiang (2025)
The Costs and Consequences of Sovereign Borrowing
Aguiar, M. (2025)
Abstract: In this lecture, I revisit whether sovereign debt markets have delivered on their promise of fostering growth and enhancing risk sharing in emerging and developing economies. I use data and models to cast a skeptical view on the welfare consequences for domestic citizens of increasing or facilitating access to sovereign debt markets in these economies. Using data from the boom in sovereign debt lending between 1970 and the turn of the 21st century, I show that emerging economies that borrowed relatively more experienced slower growth and suffered from greater volatility in output, government expenditures, and private consumption. Indeed, the data suggest that sovereign debt markets are engines of volatility rather than development. Using simulations from a quantitative debt model, I show that small disagreements between private households and politicians regarding inter-temporal discounting and risk aversion implies that gaining access to sovereign debt markets is welfare reducing for the domestic citizenry. In regard to improving the efficiency of debt markets, in a model with self-fulfilling runs it is the case for a wide range of parameters that the introduction of a perfectly informed lender of last resort may also be welfare reducing. The lecture concludes by cautioning against the dominant policy paradigm that seeks to facilitate international debt flows to emerging and developing economies.
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