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 (7˝ 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. Sřndergaard (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
Antrŕs, 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. Lahrčche-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
Forssbćck, 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)
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)
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)
Bussičre, 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>
Corporate Overseas Debt Issuance in the Context of Global Liquidity Transmission
Changing business models in international bank funding
Reserve Accumulation, Foreign Direct Investment, and Economic Growth
Banking sector deregulation, bank-firm relationships and corporate leverage
The impact of setting negative policy rates on banking flows and exchange rates
Foreign Direct Investment, Trade Credit, and Transmission of Global Liquidity Shocks: Evidence from Chinese Manufacturing Firms
Uncertainty and Cross-Border Banking Flows | Published
Institutional Investor Expectations, Manager Performance, and Fund Flows
Good and useless FDI: The growth effects of greenfield investment and mergers and acquisitions
Foreign direct investment as a signal
Why is There a Lack of Evidence on Knowledge Spillovers from Foreign Direct Investment?
Attracting FDI in middle-skilled supply chains
Surges of international fund flows
Labor market frictions, investment and capital flows
International Capital Flow Pressures | Published
Capital mobility in OECD countries: A multi-level factor approach to saving-investment correlations
How ETFs Amplify the Global Financial Cycle in Emerging Markets
Portfolio Inflows Eclipsing Banking Inflows: Alternative Facts?
Global Portfolio Rebalancing and Exchange Rates | Published
Mind the (current account) gap
Can Trend Inflation Solve the Delayed Overshooting Puzzle?
Gross Capital Flows, Common Factors, and the Global Financial Cycle
Some Unpleasant Euro Arithmetic
The Financial Repression-Liberalization Debate: Taking Stock, Looking for a Synthesis
The macroeconomic consequences of remittances
Estimating the Demand for Reserve Assets Across Diverse Groups
Migrant Remittances and Information Flows: Evidence from a Field Experiment
Does Financial Sector Development Augment Cross Border Capital Flows?
Reach for Yield and Fickle Capital Flows
Reallocation, Competition, and Productivity: Evidence from a Financial Liberalization Episode
Capital Inflows, Equity Issuance Activity, and Corporate Investment
BKK the EZ Way. International Long-Run Growth News and Capital Flows | Published
The Stabilizing Role of Net Foreign Asset Returns
South-South FDI: Is It Really Different?
How Global is FDI? Evidence from the Analysis of Theil Indices
Corporate Foreign Bond Issuance and Interfirm Loans in China
Capital Inflows, Equity Issuance Activity, and Corporate Investment
Firms' credit risk and the onshore transmission of the global financial cycle
A global lending channel unplugged? Does U.S. monetary policy affect cross-border and affiliate lending by global U.S. banks?
Going With the Flows: New Borrowing, Debt Service and the Transmission of Credit Booms
Foreign Currency Bank Funding and Global Factors
Global Debt Database: Methodology and Sources
Foreign direct investment and economic growth: Exploring the transmission channels
Foreign Currency Bank Funding and Global Factors
Global Financial Cycles and Risk Premiums
The Asian Financial Crisis and international reserve accumulation: A robust control approach
Volatile capital flows and financial integration: The role of moral hazard
Benchmarking Portfolio Flows
Venture Capital Internationalization: Synthesis and Future Research Directions
Fickle capital flows and retrenchment: Evidence from bilateral banking data
Financial frictions, international capital flows and welfare
International Corporate Tax Avoidance: A Review of the Channels, Effect Size, and Blind Spots
Does policy uncertainty affect mergers and acquisitions?
Do sovereign credit ratings matter for foreign direct investments?
International reserves: Facing model uncertainty
Uncertainty, capital flows, and maturity mismatch
The Geographic Flow of Bank Funding and Access to Credit: Branch Networks and Local-Market Competition
Revisiting the Determinants of Capital Flows to Emerging Markets--A Survey of the Evolving Literature
SURVEY PAPER
A simple general equilibrium model of large excess reserves
Eliminating the Pass-Through: Towards FDI Statistics that Better Capture the Financial and Economic Linkages between Countries
The non-persistent relationship between foreign equity flows and emerging stock market returns across quantiles
Financial stress in lender countries and capital outflows from emerging market economies | Published
Gross Capital Flows and International Diversification
Equilibrium foreign currency mortgages | Published
What drives local lending by global banks? | Published
Why Is China Investing in Africa? Evidence from the Firm Level
Bilateral Capital Flows: Gravity, Push and and Pull | Published
Capital Account Liberalization and the Composition of Bank Liabilities | Published
FX funding shocks and cross-border lending: fragmentation matters
Currency depreciation and emerging market corporate distress
Private equity performance and capital flows: Evidence from China
Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market
Global Investors, the Dollar, and U.S. Credit Conditions
How Important are Global Factors for Understanding the Dynamics of International Capital Flows? | Published
Trade and capital flows: Substitutes or complements? An empirical investigation | Published
Capital Flows in an Aging World
Foreign capital flows, credit spreads, and the business cycle
International Capital Flows in Club of Convergence
Gross capital flows by banks, corporates and sovereigns | Pubished
Foreign currency borrowing, balance sheet shocks and real outcomes
Cross-Border Bank Flows and Monetary Policy | Published
International bank flows and bank business models since the crisis
Non-Linear Pattern of International Capital Flows
Asset home bias in debtor and creditor countries
Monetary Policy Divergence and Net Capital Flows: Accounting for Endogenous Policy Responses | Published
International capital flows at the security level - evidence from the ECB's asset purchase programme
Equiy Home Bias: A Review Essay
What Do We Know About the Impact of Intellectual Property Rights on the Foreign Direct Investment Location (Country) Choice? A Review and Research Agenda
The relationship between international trade and capital flow: A network perspective
From Commodity to Fiat and Now to Crypto: What Does History Tell Us?
Collective bargaining and mergers and acquisitions activity around the world
Foreign direct investment, input prices, and host country welfare
Competition in the acquisition market and acquirers' long?run performance
Vertical FDI and exchange rates over the business cycle: The welfare implications of openness to FDI
Short-Termism and Capital Flows
Global Collateral and Capital Flows
Capital flow transitions: Domestic factors and episodes of gross capital inflows
Do investment determinants and effects vary across sovereign wealth fund categories? A firm-level analysis
The investment environment and cross-border merger and acquisition premiums
America First? A US-centric view of global capital flows
The Role of US-Based FDI Flows for Global Output Dynamics
Taming the global financial cycle: What role for the global financial safety net?
Global drivers of gross and net capital flows | Published
Economic freedom and bilateral direct investment
Reducing large net foreign liabilities
Stock Market Valuation, Foreign Investment, and Cross-Country Arbitrage
Does international reserve accumulation crowd out domestic private investment?
Capital Flows: The Role of Bank and Nonbank Balance Sheets
Host-country financial development and multinational activity
Multinational Expansion in Time and Space
How do international remittances respond to real exchange rate movements?
On the empirics of reserve requirements and economic growth
Hoarding for Stormy Days - Test of International Reserves Providing Financial Buffer Services
Boom-Bust Capital Flow Cycles
Country factors and the investment decision-making process of sovereign wealth funds
The global capital flows cycle: structural drivers and transmission channels
Institutional quality and capital inflows: Theory and evidence
The Measurement of External Accounts
The cost of holding foreign exchange reserves
Effects of US Interest Rate Hikes and Global Risk on Daily Capital Flows in Emerging Market Countries
Tracking foreign capital: the effect of capital inflows on bank lending in the UK
China's Overseas Lending | Published
Bankruptcy costs, economic policy uncertainty, and FDI entry and exit
Foreign direct investment and the correlation between cost and revenue
Domestic financial instability and foreign reserves accumulation in China
The Natural Level of Capital Flows
International Reserves Management in a Model of Partial Sovereign Default
Foreign Direct Investment as a Determinant of Cross-Country Stock Market Comovement
Exportweltmeister: The Low Returns on Germany's Capital Exports
Exchange Rate Driven Balance Sheet Effect and Capital Flows to Emerging Market Economies
Growth of international finance and emerging economies: Elements for alternative approach
Demographic structures, savings, and international capital flows
The impact of investor-level taxation on mergers and acquisitions
Global Capital Flows and the Role of Macroprudential Policy
The long-term impact of sovereign wealth fund investments
Distance and beyond: What drives financial flows to emerging economies?
Trade-offs between macroeconomic and financial stability objectives
Safe U.S. Assets and U.S. Capital Flows https://doi.org/10.1016/j.jimonfin.2019.102102
A Macroprudential Theory of Foreign Reserve Accumulation | Alternative
The risk-taking channel of international financial flows
Financial Openness and Capital Inflows to Emerging Markets: In Search of Robust Evidence
Capital flows and the business cycle
US vs. Euro Area: Who Drives Cross-Border Bank Lending to EMs?
Financial Repression is Knocking at the Door, Again
What do we know about the global financial safety net? A new comprehensive data set
Do international flights promote FDI? The role of face-to-face communication
Regulatory arbitrage and cross-border syndicated loans | Published
Nominal Exchange Rate Volatility, Default Risk and Reserve Accumulation
Net foreign assets and current account balances
Net Capital Flows and Portfolio Diversification
Trade and investment in the global economy: A multi-country dynamic analysis
Financial flows and economic growth in developing countries
What Is Real and What Is Not in the Global FDI Network?
Endogenous Corporate Leverage Response to a Safer Macro Environment: The Case of Foreign Exchange Reserve Accumulation | Published
Globalization and the Geography of Capital Flows
Stock Prices, Exchange Rates and Portfolio Equity Flows: A Toda-Yamamoto Panel Causality Test
Swept by the Tide? The International Comovement of Capital Flows
Capital Flows at Risk: Taming the Ebbs and Flows | Published
Hidden Treasure: The Impact of Automatic Exchange of Information on Cross-Border Tax Evasion
The Impact of Profit Shifting on Economic Activity and Tax Competition
Capital Flow Dynamics in Emerging Market Economies
Capital Flow Volatility: The Effects of Financial Development and Global Financial Conditions
The global financial cycle and capital flow episodes: a wobbly link?
Cross-Border Currency Exposures
Belt and road initiative and Chinese firms' outward foreign direct investment
The heterogenous impact of taxation on FDI: A note on Djankov et al. (2010)
Network Determinants of Cross-Border Merger and Acquisition Decisions
Outward FDI and Domestic Input Distortions: Evidence from Chinese Firms
Aging, Factor Prices and Capital Flows
Capital Flows and Bank Risk-Taking
Foreign asset accumulation among emerging market economies: A case for coordination
Remittance Concentration and Volatility: Evidence from 72 Developing Countries
Accumulation of foreign currency reserves and risk-taking
The fundamentals of safe assets | Published
Liberalization for services FDI and export quality: Evidence from China
Le Pont de Londres: interactions between monetary and prudential policies in cross-border lending | Published
US monetary policy and global banking flows
Investor Experiences and International Capital Flows | Published
Winners and losers from sovereign debt inflows: evidence from the stock market | Alternative | Published
The Financial Center Leverage Cycle: Does it Spread Around the World?
Capital Flows, Real Estate, and Local Cycles: Evidence from German Cities, Banks, and Firms | Published
Cross-border transmission of emergency liquidity
Do FDI Firms Employ More Workers than Domestic Firms for Each Dollar of Assets?
The Economic Performance Effects of Capital Flows in OPEC Member Countries
Capital inflows to emerging countries and their sensitivity to the global financial cycle | Published
Redrawing the Map of Global Capital Flows: The Role of Cross-Border Financing and Tax Havens | Published
Cross-Border Portfolio Flows and News Media Coverage | Published
International Transactions: Real Trade and Factor Flows between 1700 and 1870
The impact of regional financial depth on outbound cross-border mergers and acquisitions
The global sustainability footprint of sovereign wealth funds
Foreign Investment, Regulatory Arbitrage, and the Risk of U.S. Banking Organizations
The state of research on sovereign wealth funds
Capital Flow Waves-or Ripples? Extreme Capital Flow Movements Since the Crisis | Published
Cross-border Investments and Uncertainty: Firm-level Evidence | Published
Determinants of International Buyout Investments
Elusive Safety: The New Geography of Capital Flows and Risk
Trade, FDI, and Global Imbalances
International Equity and Debt Flows: Composition, Crisis, and Controls
News, sentiment and capital flows | Published
Policy Uncertainty and Foreign Direct Investment | Published
Capital account liberalisation does worsen income inequality
Reserve Accumulation, Macroeconomic Stabilization, and Sovereign Risk
Does reputation risk matter? Evidence from cross-border mergers and acquisitions
Institutional distance and cross-border M&A performance: A dynamic perspective
Cross-border capital flows and bank risk-taking
The Micro and Macro Dynamics of Capital Flows
COVID-19 and Emerging Markets: An Epidemiological Model with International Production Networks and Capital Flows
Grey Zones in Global Finance: the distorted Geography of Cross-Border Investments | Published
Foreign Direct Investment and Growth Convergence in a North-South Framework
Trade credit, trade finance, and the Covid-19 Crisis
Japan's outward FDI potential
US vs. euro area: Who drives cross-border bank lending to EMs?
Public policy, footloose capital, and union influence
Valuation effect of capital account liberalization: Evidence from the Chinese stock market
The Global Financial Resource Curse
The Portfolio Channel of Capital Flows and Foreign Exchange Intervention in A Small Open Economy
Holes in the Dike: The Global Savings Glut, U.S. House Prices, and the Long Shadow of Banking Deregulation
Taxing away M&A: Capital gains taxation and acquisition activity
Which firms do prefer Islamic debt? An analysis and evidence from global sukuk and bonds issuing firms
Evidence for the effect of monitoring costs on foreign direct investment
How does international capital flow?
Regulatory cooperation and foreign portfolio investment
Scarcity of Safe Assets and Global Neutral Interest Rates
The effects of outward FDI and export on firm productivity in emerging markets: Evidence from matching approach
Fencing Off Silicon Valley: Cross-Border Venture Capital and Technology Spillovers | Published
Capital Flows in Risky Times: Risk-On/Risk-Off and Emerging Market Tail Risk
Optimal Foreign Reserves and Central Bank Policy Under Financial Stress
International Public Capital Flows
Cross-border capital flows and return dynamics in emerging stock markets: Relative roles of equity and debt flows
Monetary policy news in the US: Effects on emerging market capital flows
Cross-Border Banking in EMDEs : Trends, Scale, and Policy Implications
Foreign direct investment and economic growth: Is more financial development better?
Sectoral Capital Flows: Covariates, Co-movements, and Controls | Published
Financial flows centrality: Empirical evidence using bilateral capital flows
International capital flows, portfolio composition, and the stability of external imbalances
Gross capital flows and the balance-of-payments: a balance sheet perspective
International Capital Flows: Private Versus Public Flows in Developing and Developed Countries | Published
How Shocks Affect International Reserves? A Quasi-Experiment of Earthquakes
The macro-financial effects of international bank lending on emerging markets
Is international tax competition only about taxes? A market-based perspective
Non-US global banks and dollar (co-)dependence: how housing markets became internationally synchronized
Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies
Bilateral International Investments: The Big Sur? | Published
Capital flows during the pandemic: lessons for a more resilient international financial architecture
Should developed economies manage international capital flows?
International financial flows and misallocation
What 'special purposes' explain cross-border debt funding by banks? Evidence from Ireland
Cross-Border Currency Exposures: New evidence based on an enhanced and updated dataset
Liquidity and the International Allocation of Economic Activity
The effect of information frictions on FDI persistence
Revisiting the relationship between cross-border capital flows and credit
Does Investor Protection Increase Foreign Direct Investment? A Meta-Analysis
Cross-border mergers and acquisitions for innovation
Substitution patterns in capital inflows: Evidence from disaggregated capital flow data
Japanese firms' overpayments for cross?border acquisitions
A novel approach to the estimation of an actively managed component of foreign exchange reserves
Revisiting the location of FDI in China: A panel data approach with heterogeneous shocks
Optimal capital account liberalization in China
Global Liquidity and Household Credit
External Imbalances, Gross Capital Flows, and Sovereign Debt Crises
Investor Protection and Capital Fragility: Evidence from Hedge Funds around the World
Foreign bank lending in the U.S. during three U.S. recessions
When Does Foreign Direct Investment Lead to Inclusive Growth?
How are the international capital flows of rapidly aging countries affected by the elderly working longer?
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
In lands of foreign currency credit, bank lending channels run through?
Central Bank Swap Arrangements in the COVID-19 Crisis
The impact of risk-based capital rules for international lending on income inequality: Global evidence
A BIT goes a long way: Bilateral investment treaties and cross-border mergers
Quantitative Easing in the US and Financial Cycles in Emerging Markets
Arbitrage Capital of Global Banks
Global syndicated lending during the COVID-19 pandemic
International Debts Flows
Corporate debt overhang and investment in emerging economies: Firm-level evidence
Does FDI promote entrepreneurial activities? A meta-analysis
Barriers to Global Capital Allocation
Uncertainty, financial development, and FDI inflows: Global evidence
The impact of foreign capital flows on long?term interest rates in emerging and advanced economies
What Drives Global Lending Syndication? Effects of Cross-Country Capital Regulation Gaps
Knowledge Spillovers, Trade, and Foreign Direct Investment
Population aging, relative prices and capital flows across the globe
Reserve accumulation, inflation, and moral hazard: Evidence from a natural experiment
Country Risk
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
Unconventional monetary policy and the portfolio choice of international mutual funds
Familiarity and Surprises in International Financial Markets: Bad news travels like wildfire; good news travels slow
Global policy uncertainty and cross-border acquisitions
Why Does Capital Flow from Equal to Unequal Countries?
Relationships between capital flow and economic growth: A network analysis
Corporate dollar debt and depreciations: All's well that ends well?
Emerging Economies' Vulnerability to Changes in Capital Flows: The Role of Global and Local Factors
International taxation and productivity effects of M&As
Does It Matter How Central Banks Accumulate Reserves? Evidence from Sovereign Spreads
Cheap but flighty: A theory of safety-seeking capital flows
The sources of international investment income in emerging market economies
The Aggregate Implications of Mergers and Acquisitions
Do oil endowment and productivity matter for accumulation of international reserves?
Bond flows and liquidity: Do foreigners matter?
Firm-productivity and cross border merger
Bank and non-bank financial institutions' crossborder linkages: New evidence from international banking data
Extreme capital flow episodes from the Global Financial Crisis to COVID-19: An exploration with monthly data
Gross capital inflows and outflows: Twins or distant cousins?
Redistribution of wealth through cross border financial transactions: A closer look
International Trade and the Propagation of Merger Waves
From taper tantrum to Covid-19: Portfolio flows to emerging markets in periods of stress
Global ownership patterns
ECB euro liquidity lines
Banks fearing the drought? Liquidity hoarding as a response to idiosyncratic interbank funding dry-ups
Emerging market capital flows: the role of fund manager portfolio allocation
Nonlinearities and a Pecking Order in Cross-border Investment
Decrypting New Age International Capital Flows | Published
Capital Flows to Emerging Economies and Global Risk Aversion during the COVID-19 Pandemic
Foreign Investors and U.S. Treasuries
International Reserve Management, Global Financial Shocks, and Firms' Investment in Emerging Market Economies
External Balance Sheets and the COVID-19 Crisis
FDI Mismatch, trade Mis-reporting, and hidden capital Movements: The USA - China case
Risk, financial stability and FDI
What Types of Capital Flows Help Improve International Risk Sharing? | Published
Covid-19 and capital flows: The responses of investors to the responses of governments
Emerging Market Securities Access to Global Plumbing
The shock absorbing role of cross-border investments: net positions versus currency composition
Capital Flows and Endogenous Growth
Dilemma and global financial cycle: Evidence from capital account liberalisation episodes
Can Cross-Border Funding Frictions Explain Financial Integration Reversals?
Foreign reserve accumulation, foreign direct investment, and economic growth
Taxation and the external wealth of nations: Evidence from bilateral portfolio holdings
Foreign Direct Investment under Uncertainty: Evidence from a Large Panel of Countries | Published
Global risk and portfolio flows to emerging markets: Evidence from irish-resident investment funds
Hide-seek-hide? The effects of financial secrecy on cross-border financial assets
Capital Flows and the Eurozone's North-South Divide
Time-variation in the effects of push and pull factors on portfolio flows: Evidence from a Bayesian dynamic factor model
Identifying FDI types: Watch what they do, not what they say or look like
Foreign-funded credit: Funding the credit cycle?
Output fluctuations, portfolio capital flows to emerging economies: Role of monetary policy uncertainty
The reinvestment by multinationals as a capital flow: Crises, imbalances, and the cash-based current account
The Taper This Time
Hedge fund sales fees and the flow of funds around the world
What drives portfolio capital inflows into emerging market economies? The role of the Fed's and ECB's balance sheet policies
Geographic proximity and M&As: Evidence from China
Uncertainty Shocks, Capital Flows, and International Risk Spillovers
The Rest of the World's Dollar-Weighted Return on U.S. Treasurys
Is Domestic Uncertainty a Local Pull Factor Driving Foreign Capital Inflows? New Cross-Country Evidence
Large international corporate bonds: Investor behavior and firm responses
Gravity, counterparties, and foreign investment
Greenfield foreign direct investment: Social learning drives persistence
Cross-border portfolio flows and news media coverage
Does the Relative Importance of the Push and Pull Factors of Foreign Capital Flows Vary Across Quantiles?
The Global Financial Cycle and Capital Flows During the COVID-19 Pandemic
Trade debts and bank lending in years of crisis
Do finite horizons matter? The welfare consequences of capital account liberalization
The role of non-bank financial institutions in the intermediation of capital flows to emerging markets
The effects of Monetary Policy on Capital Flows: A Meta-Analysis
How does economic policy uncertainty affect cross-border M&A: Evidence from Chinese firms
Cross-border flights to safe assets in bond markets: evidence from emerging market economies
Reserve Accumulation and Capital Flows: Theory and Evidence from Non-Advanced Economies
Help in a Foreign Land: Internationalized Banks and Firms' Export
Capital account liberalization, financial dependence and technological innovation: Cross-country evidence
Financial transparency and anomalous portfolio investment flows: A gravity analysis
Dollar Reserves and U.S. Yields: Identifying the Price Impact of Official Flows
Emerging market bond flows and exchange rate returns
Do emerging stock markets offer an illiquidity premium for local or global investors?
Global Fund Flows and Emerging Market Tail Risk
Stagflation and Topsy-Turvy Capital Flows
The growing importance of investment funds in capital flows
The Elusive Link Between FDI and Economic Growth
A Theory of Gross and Net Capital Flows over the Global Financial Cycle
Developing Countries' Policy Responses to Large Private Capital Inflows: Control or Liberalize?
Foreign Reserve Management and U.S. Money Market Liquidity: A Cost of Exorbitant Privilege
International Capital Flow Pressures and Global Factors
Illicit financial flows and developing countries: A review of methods and evidence
Output fluctuations and portfolio flows to emerging economies: The role of monetary uncertainty
Tax revenue and mobile money in developing countries
Measuring remittances
Gold as International Reserves: A Barbarous Relic No More? | Published
FDI and onshore job stability: Upgrades, downgrades, and separations in multinationals
Foreign Banks, Liquidity Shocks, and Credit Stability
Capital Account Liberalization, Financial Frictions, and Belief-Driven Fluctuations
Capital Account Liberalization and Wage Inequality: Evidence from Firm Level Data
Derivative Margin Calls: A New Driver of MMF Flows
Demographic change, national saving and international capital flows
Profit Shifting, Returns on Foreign Direct Investments and Investment Income Imbalances
Global Risk, Non-Bank Financial Intermediation, and Emerging Market Vulnerabilities
Impact of cultural trade on foreign direct investment: Evidence from China
A Theory of Net Capital Flows over the Global Financial Cycle
Measuring Multinational Production with Foreign Direct Investment Statistics: Recent Trends, Challenges, and Developments
Central Banks as Dollar Lenders of Last Resort: Implications for Regulation and Reserve Holdings
China as an International Lender of Last Resort
Global Liquidity: Drivers, Volatility and Toolkits
Consolidated Foreign Wealth of Nations: Nationality-based measures of international exposure
The Macroeconomic Effects of Portfolio Equity Inflows
Recent advances in the literature on capital flow management
Do market, resource and knowledge distance impact inbound cross-border acquisition?
Cross-border Spillovers: How US Financial Conditions affect M&As Around the World
International Tax Spillovers and Tangible Investment, with Implications for the Global Minimum Tax
International Reserve Accumulation: Balancing Private Inflows with Public Outflows
International capital flows, liquidity risk, and monetary policy
The gravity of syndication ties in international equity underwriting
Global Capital Allocation
Portfolio capital flows before and after the Global Financial Crisis
Modeling the Reserve Demand to Facilitate Central Bank Operations
Multilevel determinants of FDI: A regional comparative analysis
The Geography of Capital Allocation in the Euro Area
Quantitative Easing and Safe Asset Scarcity: Evidence from International Bond Safety Premia
Cross-Border Bank Flows and Systemic Risk
Capital Inflows and Income Inequality:Evidence from Panel VAR Approach
The Cyclicality of Official Bilateral Lending: Which Cycle do Flows Follow?
Asymmetric effects of trade and FDI: The role of country size and bridge multinational production
Corporate Debt Structure with Home and International Currency Bias
Capital-flow volatility in emerging markets: A panel GARCH approach
Federal policy announcements and capital reallocation: Insights from inflow and outflow trends in the U.S.
Gross capital inflows, the U.S. economy, and the response of the Federal Reserve
Cross-border capital flows and information spillovers across the equity and currency markets in emerging economies
What drives foreign real estate investment? A country-level panel analysis
Partial ownership, financial constraint, and FDI
International portfolio frictions
The Theory of Reserve Accumulation, Revisited
Have drivers of portfolio capital flows changed since the Global Financial Crisis?
Capital flows and income inequality
Foreign direct investment, trade and economic development: An overview
Foreign institutional investors, monetary policy, and reaching for yield
Foreign direct investment, trade and economic development: An overview
Flight to climatic safety: local natural disasters and global portfolio flows
What is real and what is not in the global FDI network?
Consecutive decentralization: The effect of central bank independence on capital account liberalization
Climate risks and FDI
Fueling or Following Growth? Causal Effects of Capital Inflows on Recipient Economies
In Search of the Origin of Original Sin Dissipation
Local Effects of Global Capital Flows: A China Shock in the U.S. Housing Market
Bilateral investment treaties and portfolio investment | Published
Outward foreign direct investment productivity along the belt and road
FDI and income inequality in tax-haven countries: The relevance of tax pressure
Uncertainty or Frictions? A Quantitative Model of Scarce Safe Assets
The cyclicality of official bilateral lending: Which cycle do flows follow?
International Banking and Nonbank Financial Intermediation: Global Liquidity, Regulation, and Implications
The Role of Domestic and Foreign Sentiment for Cross-Border Portfolio Flows
A Primer on Bitcoin Cross-Border Flows: Measurement and Drivers
Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies
Toward a Theory of International Currency
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
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
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
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
Vehicle Currency Use in International Trade | Alternative | Published
Sterling's Past, Dollar's Future: Historical Perspective on Reserve Currency Competition
State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions
Will the Euro Eventually Surpass the Dollar as Leading International Reserve Currency
A Theory of International Currency and Seigniorage Competition | Published
The Ties that Divide: A Network Analysis of the International Monetary System
The Empirics of International Currencies: Historical Evidence | Published
Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
The International Role of the Dollar and Trade Balance Adjustment
Money and capital as competing media of exchange
Inflation and dollarization in a dual-currency search-theoretic model
On the Welfare Benefits of an International Currency | Published
Float on a note
The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?
Currency Preferences in a Tri-Polar Model of Foreign Exchange
Asymmetric government transaction policies and currencies substitutability
The growing role of the euro in emerging market finance
International Money and Finance
Macroeconomic Interdependence and the International Role of the Dollar | Published
Vehicle Currency | Published
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
Currencies, competition, and clans
Foreign-currency bonds - currency choice and the role of uncovered and covered interest parity
Liquidity Premium and International DSeigniorage Payments
Why the Euro Will Rival the Dollar
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
One or Two Monies? | Published
Secondary currency: An empirical analysis
Crash Risk in Currency Markets
The Euro at Ten: The Next Global Currency?
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
Currency Internationalisation: Analytical and Policy Issues
Will the Dollar be Dethroned as the Main Reserve Currency?
Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
Managed Floats to Damp Shocks like 1982-5 and 2006-9: Field and Laboratory Evidence for Chinese Interest in a Single World Currency
The hysteresis of currency substitution: Currency risk vs. network externalities
Offshore Markets for the Domestic Currency: Monetary and Financial Stability Issues
The euro as a reserve currency for global investors
Choice of Collateral Currency
The renminbi as an international currency
Beyond the dollar
The future tri-polar international monetary system
Renminbi Rules: The Conditional Imminence of the Reserve Currency Transition
International Transmission of Monetary Shocks and the Non-Neutrality of International Money | Published
Monetary Policy under Leviathan Currency Competition
China's Dominance Hypothesis and the Emergence of a Multi-Currency System | Published
The international role of the dollar: Does it matter if this changes?
RMB Internationalization: Onshore/Offshore Links
When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets | Published
The Dollar and its Discontents
Currency substitution, inflation, and welfare
The Dollar Shortage in Global Banking and the International Policy Response
The Renminbi Bloc Is Here: Asia Down, Rest of the World to Go?
A driver currency hypothesis
An Information-Based Theory of International Currency | Published
Gauging the Safehavenness of Currencies
The Curious Case of the Yen as a Safe Haven Currency: A Forensic Analysis
Will the Renminbi Emerge as an International Reserve Currency?
E-Money: Efficiency, Stability and Optimal Policy
Foreign exchange reserve diversification and the "exorbitant privilege"
The impact of yuan internationalization on the euro-dollar exchange rate
Network Effects in Currency Internationalisation: Insights from BIS Triennial Surveys and Implications for the Renminbi
Stability or Upheaval? The Currency Composition of International Reserves in the Long Run
Redback Rising: China's Bilateral Swap Agreements and Renminbi Internationalization
The euro as an international currency
A Model of the Reserve Asset
The geographic distribution of international currencies and RMB internationalization
RMBI or RMBR: Is the Renminbi Destined to Become a Global or Regional Currency?
Carry funding and safe haven currencies: A threshold regression approach
Currency composition of reserves, trade invoicing and currency movements
Can Currency Competition Work?
Inertia of the U.S. Dollar as a Key Currency through the Two Crises
Determining global currency bloc equilibria: An empirical strategy based on estimates of anchor currency choice
The Currency Composition of Sovereign Debt | Published
Yen internationalization and Japan's international reserves
Intra-safe haven currency behavior during the global financial crisis
A New Financial Order in Asia: Will a RMB bloc emerge? | Published
Trade invoicing in major currencies in the 1970s-1990s: Lessons for renminbi internationalization
The internationalisation of the RMB: New starts, jumps and tipping points
Who Are the First Users of a Newly-Emerging International Currency? A Demand-Side Study of Chinese Renminbi Internationalization
Dynamic information spillovers in intraregionally-focused spot and forward currency markets
Pulling up the tarnished anchor: The end of silver as a global unit of account
The Currency Composition of International Portfolio Assets | Published
Safe-haven currency: An empirical identification
Do domestic bond markets participation help reduce financial dollarization in developing countries?
Stocks and bonds during the gold standard
Is the Renminbi a safe haven?
Reserve Currency Blocs: A Changing International Monetary System?
A new look at Cryptocurrencies
Monetary Policy and Models of Currency Demand
Exploring the dynamic relationships between cryptocurrencies and other financial assets
Internationalisation of the Rupee
Why Are More Sovereigns Issuing in Euros? Choosing between USD and EUR-Denominated Bonds
Banking, Trade, and the making of a Dominant Currency | Published
Rule of law and balance of power sustain US dollar preeminence
Debauchery and Original Sin: The Currency Composition of Sovereign Debt | Published
International Currencies and Capital Allocation | Published
Exchange rate regimes and the international transmission of business cycles: Capital account openness matters
Risks and Returns of Cryptocurrency | Published
Commodity and Token Monies
The relevance of currency-denomination for the cross-border effects of monetary policy
Crypto-Currencies: An Introduction to Not-So-Funny Moneys
SURVEY PAPER
An Equilibrium Model of the International Price System | Published
International Medium of Exchange: Privilege and Duty
Competing currencies in the laboratory
Can cryptocurrencies fulfil the functions of money?
The Rise of the Dollar and Fall of the Euro as International Currencies
Dominant currencies: How firms choose currency invoicing and why it matters | Alternative | Published
A key currency view of global imbalances | Published
China vs. U.S.: IMS Meets IPS
Cash Use Across Countries and the Demand for Central Bank Digital Currency
Determinants of Currency Composition of Reserves: a Portfolio Theory Approach with an Application to RMB
The road to currency internationalization: Global perspectives and chinese experience
The effect of inflation targeting and financial openness on currency composition of sovereign international debt
Central Bank Digital Currency and Financial Stability
The Blockchain Folk Theorem
The International Monetary and Financial System
On the benefits of currency reform
Dollar Safety and the Global Financial Cycle
The Currency Composition of International Reserves, Demand for International Reserves, and Global Safe Assets | Published
Trading and arbitrage in cryptocurrency markets | Published
The Regulation of Private Money
Vehicle Currency Pricing and Exchange Rate Pass-Through | Published
Dominant currency debt
Trade, finance and international currency
Is Bitcoin a Commodity? On price jumps, demand shocks, and certainty of supply
Volatility in the Cryptocurrency Market
Cryptocurrencies, Currency Competition, and the Impossible Trinity | Published
Dominant-currency pricing and the global output spillovers from US dollar appreciation | Published
How Do Private Digital Currencies Affect Government Policy?
The Emergence of Money: A Dynamic Analysis
From Cash to Central Bank Digital Currencies and Cryptocurrencies: a balancing act between modernity and monetary stability
Introducing dominant-currency pricing in the ECB's global macroeconomic model
Secondary currency acceptance: Experimental evidence with a dual currency search model
Information demand and cryptocurrency market activity
Central Bank Digital Currency: Welfare and Policy Implications | Published
A New Economic Framework: A DSGE Model with Cryptocurrency
Redeemable Platform Currencies
Designing Central Bank Digital Currencies | Published
Money Creation in Fiat and Digital Currency Systems
An exorbitant privilege in the first age of international financial integration?
The Worst of Both Worlds: Fiscal Policy and Fixed Exchange Rates
Private Bank Money vs Central Bank Money: A Historical Lesson for CBDC Introduction | Published
The currency composition of foreign exchange reserves | Published
Towards a cashless economy: Economic and socio-political implications
Central Bank Digital Currency: Central Banking For All? | Published
Why Is the Euro Punching Below Its Weight? | Published
A Model of Cryptocurrencies
Clamoring for greenbacks: Explaining the resurgence of the U.S. dollar in international debt
Safehavenness of the Chinese renminbi
Private money creation with safe assets and term premia
Currency compositions of international reserves and the euro crisis
What Keeps Stablecoins Stable?
Volatility forecasting accuracy for Bitcoin
Bubble regime identification in an attention-based model for Bitcoin and Ethereum price dynamics
What drives Bitcoin's price crash risk?
Fractal dynamics and wavelet analysis: Deep volatility and return properties of Bitcoin, Ethereum and Ripple
Do Bitcoin and other cryptocurrencies jump together?
The origins of the Asia dollar market 1968-1986: regulatory competition and complementarity in Singapore and Hong Kong
Bitcoin: Speculative asset or innovative technology?
Design Choices for Central Bank Digital Currency: Policy and Technical Considerations
Dominant Currencies and External Adjustment
Any port in a storm: Cryptocurrency safe-havens during the COVID-19 pandemic
Is bitcoin money? And what that means
Bitcoin, gold, and commodities as safe havens for stocks: New insight through wavelet analysis
Initial Coin Offerings: Financing Growth with Cryptocurrency Token Sales
Bitcoin: An Axiomatic Approach and an Impossibility Theorem
Legal restrictions and international currencies: An experimental approach
Patterns in invoicing currency in global trade | Published
Central bank digital currency in an open economy | Published
Monetary Policy with Reserves and CBDC: Optimality, Equivalence, and Politics
Designing a global digital currency
Parallel Digital Currencies and Sticky Prices
Young children use commodities as an indirect medium of exchange
Returns and volume: Frequency connectedness in cryptocurrency markets?
The golden hedge: From global financial crisis to global pandemic
Are cryptocurrencies becoming more interconnected?
The tail behavior of safe haven currencies: A cross-quantilogram analysis
How to measure the liquidity of cryptocurrency markets?
International Trade and the Currency Composition of Corporate Debt
On the monetary exchange with multiple equilibrium money holdings distributions: An experimental approach
Is the renminbi a safe-haven currency? Evidence from conditional coskewness and cokurtosis
Assessing the Impact of Central Bank Digital Currency on Private Banks
Dominant Currency Dynamics: Evidence on Dollar-Invoicing from UK Exporters
Is the COVID-19 crisis an opportunity to boost the euro as a global currency?
Quantile connectedness in the cryptocurrency market
Flight to quality - Gold mining shares versus gold bullion
The market for bitcoin transactions
Speculation and lottery-like demand in cryptocurrency markets
Where Do We Stand in Cryptocurrencies Economic Research? A Survey Based on Hybrid Analysis
Global Stablecoins: Monetary Policy Implementation Considerations from the U.S. Perspective
Retaliation in Bitcoin networks
Inflation and Bitcoin: A descriptive time-series analysis
Features of overreactions in the cryptocurrency market
On the dynamic equicorrelations in cryptocurrency market
Nothing but noise? Price discovery across cryptocurrency exchanges
Jumpstarting an International Currency
On the welfare effects of phasing out paper currency
Currency substitution in the shadow economy: International panel evidence using local Bitcoin trade volume
Monetary theory reversed: Virtual currency issuance and the inflation tax
Fundamentals vs. policies: can the US dollar's dominance in global trade be dented?
Investing during a Fintech Revolution: Ambiguity and return risk in cryptocurrencies
Equilibrium Model of the Market for Bitcoin Mining
Cryptocurrencies and Cagan's model of hyperinflation
Do investor sentiments drive cryptocurrency prices?
A singular value decomposition approach for testing the efficiency of Bitcoin and Ethereum markets
Inflation and cryptocurrencies revisited: A time-scale analysis
Long and short-term impacts of regulation in the cryptocurrency market
COVID-19 pandemic and the safe haven property of Bitcoin
Do Central Banks Rebalance Their Currency Shares? | Published
Dominant currencies and the export supply channel
Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations
The rise of a new anchor currency in RCEP? A tale of three currencies
Downside risk and the cross-section of cryptocurrency returns
The euro in the world
Central Bank Digital Currencies and The Emerging Markets: The Currency Substitution Challenge
Dominant Currency Paradigm: A Review
SURVEY PAPER
Volatility and return spillovers between stock markets and cryptocurrencies
Cryptocurrency in context of fiat money functions
Hedge and safe haven properties during COVID-19: Evidence from Bitcoin and gold
The Bitcoin: to be or not to be a Real Currency?
Stablecoins and Central Bank Digital Currencies: Policy and Regulatory Challenges
Should Central Banks Issue Digital Currency?
Do volatility indices diminish gold's appeal as a safe haven to investors before and during the COVID-19 pandemic?
The Fed's International Dollar Liquidity Facilities: New Evidence on Effects
Volatility models for cryptocurrencies and applications in the options market
Dollar Not So Dominant: Dollar Invoicing Has Only a Small Effect on Trade Prices | Published
A Model To Think About Crypto-Assets and Central Bank Digital Currency
Cryptocurrencies and the Future of Money
An unintended consequence of holding dollar assets
China's Transition to a Digital Currency: Does It Threaten Dollarization?
Monetary Policy Strategy in the Presence of Central Bank Digital Currency
Decentralizing Money: Bitcoin Prices and Blockchain Security
Global risk and the dollar
Falling Use of Cash and Demand for Retail Central Bank Digital Currency
Is there a value premium in cryptoasset markets?
Forecasting macroeconomic effects of stablecoin adoption: A Bayesian approach
Making Money
International Pecking Order
Retail CBDC purposes and risk transfers to the central bank
The real effects of invoicing exports in dollars
The Stealth Erosion of Dollar Dominance: Active Diversifiers and the Rise of Nontraditional Reserve Currencies | Published
US Sanctions Reinforce the Dollar's Dominance
Are Cryptocurrencies Currencies? Bitcoin as Legal Tender in El Salvador
The Coming Battle of Digital Currencies
Internationalizing Like China
Central bank digital currency with heterogeneous bank deposits
Digital Money and Central Bank Operations
Cross-Border Central Bank Digital Currencies, Bank Runs and Capital Flows Volatility
Crypto-assets, corruption, and capital controls: Cross-country correlations
Central bank digital currency can lead to the collapse of cryptocurrency
Central bank digital currency research around the World: a review of literature
Stablecoins: Growth Potential and Impact on Banking
Real Effects of Stabilizing Private Money Creation
Exorbitant Privilege Gained and Lost: Fiscal Implications
Central Bank Digital Currency: What Basis Should be Taken for Crypto Assets?
Security Considerations for a Central Bank Digital Currency
The Emerging Autonomy-Stability Choice for Stablecoins
On the volatility of cryptocurrencies
Darwin Among the Cryptocurrencies
Trading volume and liquidity provision in cryptocurrency markets
Asia Digital Common Currency as a Global (International) Currency
Hyperinflation, Optimal Currency Scopes, and a Cryptocurrency Alternative to Dollarization
Do conventional currencies hedge cryptocurrencies?
The price and cost of bitcoin
ECOWAS single currency: Prospective effects on trade
The digital economy, privacy, and CBDC
Central Bank Digital Currency: Stability and Information | Published
Central bank digital currency and bank intermediation
Unstable Coins: The Early History of Central Bank Analog Currencies
Trade Finance and the Durability of the Dollar
Banking in the shadow of Bitcoin? The institutional adoption of cryptocurrencies
The Lightning Network: Turning Bitcoin into Money
Will the U.S. Dollar Continue to Dominate World Trade?
Internationalizing Like China
Policies for transactional de-dollarization: A laboratory study
The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments
Loaded for bear: Bitcoin private wallets, exchange reserves and prices
The Cross-Section of Cryptocurrency Returns
The economics of digital currencies: Progress and open questions
Central bank digital currency and flight to safety
The macroeconomics of central bank digital currencies
Central bank digital currency and monetary policy
Currency stability using blockchain technology
Estimating the Currency Composition of Foreign Exchange Reserves
The Microeconomics of Cryptocurrencies
SURVEY PAPER
Digital Money as a Medium of Exchange and Monetary Policy in Open Economies
Currency Choice in Contracts
Sentiment and trading decisions in an ambiguous environment: A study on cryptocurrency traders
The economics of central bank digital currency
Digital Money and Central Banks Balance Sheet
Are institutional investors marching into the crypto market?
Demand elasticities of Bitcoin and Ethereum
Central Bank Digital Currency: Financial Inclusion vs. Disintermediation
International currency substitution and the demand for money in the euro area
The Rise of Digital Money
Crypto trading and Bitcoin prices: evidence from a new database of retail adoption
The Dollar's Imperial Circle
Dominant Currency Shocks and Foreign Exchange Pressure in the Periphery
Dollar-Yuan Battle in the World Trade Network
The Rise and Fall of Global Currencies over Two Centuries
Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
Who trades bitcoin futures and why?
Signaling with debt currency choice
The role of interpersonal trust in cryptocurrency adoption
The Currency Composition of Asia's International Investments
Currency Usage for Cross Border Payments
Renminbi Usage in Cross-Border Payments: Regional Patterns and the Role of Swaps Lines and Offshore Clearing Banks
Cryptocurrency is accounting coordination: Selfish mining and double spending in a simple mining game
CBDC policies in open economies
Trend-based forecast of cryptocurrency returns
A New Wolf in Town? Pump-and-Dump Manipulation in Cryptocurrency Markets
Arbitrage in the market for cryptocurrencies
FoMO in the Bitcoin market: Revisiting and factors
The intention to use cryptocurrency: A meta-analysis of what we know
A Simple Model of a Central Bank Digital Currency
A deep analysis of the economics and finance research on cryptocurrencies
Price discovery between Bitcoin spot markets and exchange traded products
Dollar Dominance in Cross-border Bank Loans and Its Response to Uncertainties
Realized higher-order moments spillovers across cryptocurrencies
Cross-currency basis swap spreads and corporate dollar funding
Central Bank Digital Currency Adoption: A Two-Sided Model
Taxing Cryptocurrencies | Published
Blockchain characteristics and cryptocurrency returns
Stablecoins: Adoption and Fragility
Liquidity, Debt Denomination, and Currency Dominance
The U.S. Dollar as an International Currency and Its Economic Effects
The Dominant Currency Financing Channel of External Adjustment
Monetary policy and Bitcoin
Exchange rate elasticities of international tourism and the role of dominant currency pricing
Dollar Rivals
The Dollar in an Era of International Retrenchment
Granular Corporate Hedging Under Dominant Currency
Dash for Dollars
A stable aggregate currency revisited: Highlighting some fundamental issues
The Financial Cost of Using Special Drawing Rights: Implications of Higher Interest Rates
Shifting Cryptocurrency Influence: A High-Resolution Network Analysis of Market Leaders
The four types of stablecoins: A comparative analysis
US dollar is losing it position of a reserve currency: How the BRICS development bank can ensure the soft landing
Currency substitution in a world of looming retail CBDCs: Suggestive currency substitution-based evidence
A Bayesian DSGE Approach to Modelling Cryptocurrency
Currencies of External Balance Sheets
Central Bank Digital Currency and Bank Disintermediation in a Portfolio Choice Model
Long-Term Nexus of Macroeconomic and Financial Fundamentals with Cryptocurrencies
Fiscal Rules and Optimal Currency Composition of Sovereign Debt in Emerging Economies
Global Flight to Safety, Business Cycles, and the Dollar
The dynamics of market efficiency of major cryptocurrencies
Monetary Policy in a World of Cryptocurrencies
Macro-Financial Impacts of Foreign Digital Money
Dollar invoicing, global value chains, and the business cycle dynamics of international trade
Macroprudential policy for internal financial dollarization
Money laundering and the privacy design of central bank digital currency
A Bayesian DSGE approach to modelling cryptocurrency
Foreign Exchange Implications of CBDCs and Their Integration via Bridge Coins
What Drives Sectoral Differences in Currency Derivate Usage in a Small Open Economy? Evidence from Supervisory Data
Global and local drivers of Bitcoin trading vis-ŕ-vis fiat currencies
Currency internationalization and openness: A paradigm from renminbi
Finding the Optimal Currency Composition of Foreign Exchange Reserves with a Quantum Computer
On the coexistence of cryptocurrency and fiat money
Dollar Shortages, CIP Deviations and the Safe Haven Role of the Dollar
Dollar Trinity and the Global Financial Cycle
The International Supply of Reserve Currency
Tokenomics: How "Risky" are the Stablecoins?
Privilege Lost? The Rise and Fall of a Dominant Global Currency
Analysis of the Impact of Central bank Digital Currency on the Demand for Transactional Currency
On Digital Currencies
Invoice Currency Choice in Intra-Firm Trade: A Transaction-Level Analysis of Japanese Automobile Exports
Central Bank Digital Currency and Banking Choices
Drivers of Dollar Share in Foreign Exchange Reserves
The euro in a world of dollar dominance: Between strategic autonomy and structural weakness
Invoicing Currency Choice: Strategic Complementarities and Currency Matching
Expectations and Exchange Rate Dynamics
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
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?
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
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
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
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
FX Trading & Exchange Rate Dynamics
The Application of Artificial Neural Networks to Exchange Rate Forecasting: The Role of Market Microstructure Variables
Implicit Band within the Announced Exchange Rate Band
Chaos and the Exchange Rate
High- and Low-Frequency Exchange Rate Volatility Dynamics: Range-Based Estimation of Stochastic Volatility Models
Easy Money through the Back Door: The Markets vs. the ECB | Alternative
Currency Substitution and the Demand for Money: Some Evidence for Canada
Technical Analysis in Foreign Exchange Markets: Linear Versus Nonlinear Trading Rules
On the Variation of Hedging Decisions in Daily Currency Risk Management
Daily Exchange Rate Behaviour and Hedging of Currency Risk
Learning Dynamics in an Artificial Currency Market
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
Modelling exchange rates: smooth transitions, neural networks, and linear models
Rational Speculation and Exchange Rates | Published | Comment
Current Accounts and Exchange Rates: A New Look at the Evidence
Portfolio Balance, Price Impact, and Secret Intervention
Why Has the Euro Been Falling? An Investigation into the Determinants of the Exchange Rate
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
Currency orders and exchange-rate dynamics: explaining the success of technical analysis
Tracking the euro
Exact Non-Parametric Tests for a Random Walk with Unknown Drift under Conditional Heteroscedasticity
Modelling Time-Varying Exchange Rate Dependence Using the Conditional Copula | Published
FX trading and Exchange Rate Dynamics
To What Extent Does Productivity Drive the Dollar?
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
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
The Adjustment of Prices and the Adjustment of the Exchange Rate
Why Has the Euro Been So Weak?
The Out-of-Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond
Can Markov switching models predict excess foreign exchange returns?
UIP for Short Investments in Long-Term Bonds
Daily exchange rate behaviour and hedging of currency risk
Neural networks as econometric tool
Exchange Rate Forecasting: The Errors We've Really Made | Published
Why is it so difficult to beat the random walk forecast of exchange rates?
Heterogeneous Beliefs and Instability
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
The Forward Premium Puzzle Revisited
Commodity Currencies and Empirical Exchange Rate Puzzles
Productivity and the Euro-Dollar Exchange Rate Puzzle
Exchange Rate Pass-Through, Exchange Rate Volatility, and Exchange Rate Disconnect
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
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
Foreign exchange: macro puzzles, micro tools
Exchange Rate Modelling: Where Do We Stand? | Published
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
The Cross Sectional Dependence Puzzle
The Euro-Dollar exchange rate: Is it fundamental?
Return-volatility linkages in the international equity and currency markets
Exchange Rates and Adjustment: Perspectives from the New Open Economy Macroeconomics
Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive? | Published
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
The Dornbusch Model with Chaos and Foreign Exchange Intervention
Understanding Bilateral Exchange Rate Volatility
Keynes, Cocoa, and Copper: In Search of Commodity Currencies
Explaining the Exchange Rate Pass-Through in Different Prices
How is Macro News Transmitted to Exchange Rates? | Published
Forward Discount Bias, Nalebuff's Envelope Puzzle, and the Siegel Paradox in Foreign Exchange
A Fundamental Theory of Exchange Rates and Direct Currency Trades | Published
Testing the Informational Efficiency of OTC Options on Emerging Market Currencies
Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle? | Published
Medium-Term Exchange Rate Forecasting: What Can We Expect?
Uncovered interest parity: it works, but not for long | Published
Exchange rate determination in a model of pricing-to-market and nontradeables
Is Grassman's Law Still There? The Empirical Range of Pass-Through in US, German and Japanese Macrodata
Overshooting and the exchange rate disconnect puzzle: a reappraisal | Published
Chartists and Fundamentalists in the Currency Market and the Volatility of Exchange Rates
Technical Analysis in Foreign Exchange - The Workhorse Gains Further Ground
More Evidence on the Dollar Risk Premium in the Foreign Exchange Market
Why is it so difficult to beat the random walk forecast of exchange rates?
Commodity currencies
Nonlinear Exchange Rate Models: A Selective Overview
Words, Deeds, and Outcomes: A Survey on the Growth Effects of Exchange Rate Regimes
SURVEY PAPER
Trade Liberalization and Real Exchange Rate Movement
Does the Purchasing Power Parity Hold in Emerging Markets? Evidence from Black Market Exchange Rates
Noise Traders and the Volatility of Exchange Rates
Asymmetric Adjustment and Nonlinear Dynamics in Real Exchange Rates
Tough Policies, Incredible Policies?
Official Interventions and Occasional Violations of Uncovered Interest Party
Exchange rate dynamics, central bank interventions and chaos control methods | Published
Investment Prices and Exchange Rates: Some Basic Facts | Alternative
Abstract: This paper documents four basic facts about investment goods and investment prices. First, investment has a very signiŢcant 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
Time-Varying Thresholds: An Application to Purchasing Power Parity
Can We Beat the Random Walk Forecasts of Out-of-Sample Exchange Rates? A Structural Approach
The Big Mac Standard: A Statistical Illustration
The high-frequency response of exchange rates and interest rates to macroeconomic announcements | Published
Imperfect Knowledge and Asset Price Dynamics: Modeling the Forecasting of Rational Agents, Dynamic Prospect Theory and Uncertainty Premia on Foreign Exchange
Do Fundamentals Matter for the D-Mark/Euro-Dollar? A Regime Switching Approach
A Theory of Exchange Rates and the Term Structure of Interest Rates
Net Foreign Assets and Imperfect Pass-through: The Consumption-Real Exchange Rate Anomaly
Nonlinearities and Cyclical Behavior: The Role of Chartists and Fundamentalists
In search of overshooting and bandwagons in exchange rates
Bandwagon effects and run patterns in exchange rates once more
High-Frequency Principal Components and Evolution of Liquidity in a Limit Order Market
An Intraday Pricing Model of Foreign Exchange Markets
Exploring Elements of Exchange Rate Theory in a Controlled Enivronment
Some Like it Smooth, and Some Like it Rough: Untangling Continuous and Jump Components in Measuring, Modeling, and Forecasting Asset Return Volatility
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
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?
Unit Root Tests in Three-Regime SETAR Models
What Do We Know about Recent Exchange Rate Models? In-Sample Fit and Out-of-Sample Performance Evaluated
A Scapegoat Model of Exchange Rate Fluctuations | Published
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
Accounting for Exchange Rate Variability in Present-Value Models When the Discount Factor is Near One | Published
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
A New Micro Model of Exchange Rate Dynamics
Exchange rates and interest rates: can term structure models explain currency movements?
Can Fluctuations in the Consumption-Wealth Ratio Help to Predict Exchange Rates?
Exchange Rate Dynamics: Where is the Saddle Path?
The Forward Premium Puzzle in a Model of Imperfect Information: Theory and Evidence
Measuring Tail Thickness under GARCH and an Application to Extremal Exchange Rate Changes
International Capital Markets and Foreign Exchange Risk
Identification and estimation of exchange rate models with unobservable fundamentals | Published
Does the World Real Interest Rate Affect the Real Exchange Rate? The South East Asian Experience
Exchange Rate Puzzles: A Tale of Switching Attractors | Published
Productivity, Tradability, and the Long-Run Price Puzzle
From Heterogeneous expectations to exchange rate dynamics
Testing the monetary model of exchange rate determination: a closer look at panels
Volatility Comovement: A Multifrquency Approach
Fractional cointegration and real exchange rates
Markov Switching Regimes In A Monetary Exchange Rate Model | Published
Exchange Rate Behavior and Exchange Rate Puzzles: Why the XVIII Century Might Help
Currency risk in emerging equity markets
Modelling Exchange Rate Volatility in the Run-up to EMU using a Markov Switching GARCH Model
Monetary Policy and Long-Horizon Uncovered Interest Parity
Exchange Rates and Markov Switching Dynamics
Trade Openness And Real Exchange Rate Volatility: Panel Data Evidence
A Guided Tour of the Market Microstructure Approach to Exchange Rate Determination | Published
Should the Exchange Rate be in the Monetary Policy Objective Function?
The Rise of Fund Managers in Foreign Exchange
The Fit of Dynamic Equilibrium Models of Exchange Rate
An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates
Risk management for an internationally diversified portfolio
Real-Time Price Discovery in Stock, Bond and Foreign Exchange Markets | Published
Limited participation and exchange rate dynamics : does theory meet the data? | Published
Do Currency Markets Absorb News Quickly? | Published
Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting | Alternative
Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era
Testing Long-Horizon Predictive Ability with High Persistence, and the Meese-Rogoff Puzzle
Do Financial Market Variables Show (Symmetric) Indicator Properties Relative to Exchange Rate Returns?
Dealer behavior and trading systems in foreign exchange markets
The U.S. Current Account and the Dollar
Liquidity provision in the overnight foreign exchange market
Exchange rates and fundamentals: new evidence from real-time data
Slow Passthrough Around the World: A New Import for Developing Countries?
Fundamental and Non-Fundamental Equilibria in the Foreign Exchange Market: A Behavioural Finance Framework
Heterogeneity of agents, transactions costs and the exchange rate
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
Do Demand Curves for Currencies Slope Down? Evidence from the MSCI Global Index Change
Exchange rates and fundamentals: evidence on the economic value of predictability
The impact of macroeconomic surprises on spot and forward foreign exchange markets
The Exchange Rate and its Fundamentals in a Complex World
The euro at five: Short-run pain, long-run gain?
The euro and the dollar 6 years after creation
The euro–dollar exchange rate defies prediction
Regime-Switching Behavior of the Term Structure of Forward Markets
Smooth-transition error-correction in exchange rates
Feedback trading and autocorrelation interactions in the foreign exchange market: Further evidence
Noise trading and delayed exchange rate overshooting
Rational Inattention: A Solution to the Forward Discount Puzzle | Published
Modeling Exchange-Rate Passthrough After Large Devaluations | Published
The Exchange Rate Forecasting Puzzle
Revisiting the Martingale hypothesis for exchange rates
Understanding Order Flow
Stock prices and exchange rate dynamics
What Defines 'News' in Foreign Exchange Markets?
Explaining exchange rate dynamics - the uncovered equity return parity condition
Monetary policy and the illusionary exchange rate puzzle
Foreign Exchange Market Microstructure
Arbitrage in the foreign exchange market: Turning on the microscope | Published
Investing in Foreign Currency is like Betting on your Intertemporal Marginal Rate of Substitution
New Evidence on the Forward Unbiasedness Hypothesis in the Foreign Exchange Market
Non-Linearities in the Relation between the Exchange Rate and its Fundamentals
The Information in Long-Maturity Forward Rates: Implications for Exchange Rates and the Forward Premium Anomaly
Exchange Rate Pass-through into Import Prices
A Note on the Foreign Exchange Market Efficiency Hypothesis: Does Small Sample Bias affect Inference?
A semiparametric GARCH model for foreign exchange volatility
Time-varying risk, interest rates, and exchange rates in general equilibrium | Published
Uncovered Interest Parity
SURVEY PAPER
A Market Microstructure Analysis of Foreign Exchange Intervention | Alternative
The Forward Exchange Rate Bias Puzzle: Evidence from New Cointegration Tests
Uncovering Yield Parity: A new insight into the UIP puzzle through the stationarity of long maturity forward rates
Another look at long-horizon uncovered interest parity
The microstructure approach to exchange rates: a survey from a central bank’s viewpoint
SURVEY PAPER
Towards Decoding Currency Volatilities
Fundamental volatility is regime specific
Learning to Forecast the Exchange Rate: Two Competing Approaches | Published
Profits and Speculation in Intra-Day Foreign Exchange Trading | Published
A Habit-Based Explanation of the Exchange Rate Risk Premium
Exchange Rates and Order Flow in the Long Run
Nonlinearity in Deviations from Uncovered Interest Parity: An Explanation of the Forward Bias Puzzle
Structural Error-Correction Model of Best Prices and Depths in the Foreign Exchange Limit Order Market
Regional heterogeneity in the relationship between fiscal imbalances and foreign exchange market pressure
On the short-term predictability of exchange rates: A BVAR time-varying parameters approach
Why use Markov-switching models in exchange rate prediction?
Can Affine Term Structure Models Help Us Predict Exchange Rates?
Forecasting and Combining Competing Models of Exchange Rate Determination
What drives volatility persistence in the foreign exchange market? | Published
Transmission of volatility and trading activity in the global interdealer foreign exchange market: evidence from electronic broking services (EBS) data
Clustering and psychological barriers in exchange rates
The Returns to Currency Speculation
The Forward Market in Emerging Currencies: Less Biased Than in Major Currencies | Published
Volatility impulse responses for multivariate GARCH models: An exchange rate illustration
Conventional and Unconventional Approaches to Exchange Rate Modeling and Assessment
The interaction between technical currency trading and exchange rate fluctuations
Pass Through of Exchange Rates to Consumption Prices: What has Changed and Why?
Accounting for the source of exchange rate movements: new evidence
What Drives Heterogeneity in Foreign Exchange Rate Expectations: Deep Insights from a New Survey
Affine term structure models for the foreign exchange risk premium
Exchange rate volatility without the contrivance of fundamentals and the failure of PPP
Announcement effects on exchange rate movements: continuity as a selection criterion among the REE
Testing the uncovered interest parity using traded volatility, a time-varying risk premium and heterogeneous expectations
Testing for multiple regimes in the tail behavior of emerging currency returns
Price Impacts of Deals and Predictability of the Exchange Rate Movements
A Behavioral Finance Model of the Exchange Rate with Many Forecasting Rules
The Obstinate Passion of Foreign Exchange Professionals: Technical Analysis
On the trade impact of nominal exchange rate volatility
Production, trade, prices, exchange rates and equilibration in large experimental economies
On the inadequacy of newswire reports for empirical research on foreign exchange interventions
Exchange Rate Markets and Conservative Inferential Expectations | Published
Black Market and Official Exchange Rates: Long-Run Equilibrium and Short-Run Dynamics | Published
Exchange rate pass-through to domestic prices: Does the inflationary environment matter?
Sentiment in foreign exchange markets: Hidden fundamentals by the back door or just noise?
Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through
Trade integration, competition, and the decline in exchange-rate pass-through | Published
Exchange Rate Pass-Through: Evidence Based on Vector Autoregression with Sign Restrictions
Testing the Equilibrium Exchange Rate Model - Updated
Can Markov switching models predict excess foreign exchange returns?
The Overvaluation of Renminbi Undervaluation | Published
Random Walk Expectations and the Forward Discount Puzzle
Evaluating An Estimated New Keynesian Small Open Economy Model | Published
Macroeconomic imbalances and exchange rate regime shifts
Testing PPP in the non-linear STAR framework
Industry Restructuring, Mark-ups, and Exchange Rate Pass-Through
A Yield Curve Perspective on Uncovered Interest Parity
Modeling foreign exchange rates with jumps
The Returns to Currency Speculation in Emerging Markets
Home bias, exchange rate disconnect, and optimal exchange rate policy | Published
Incomplete Cost Pass-Through Under Deep Habits
Do Exchange Rates Move in Line With Uncovered Interest Parity?
The Forward Premium Puzzle: new evidence from futures contracts
The exchange rate in a behavioral finance framework
Forecasting exchange rate better with artificial neural network
Resolving the unbiasedness and forward premium puzzles
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
Modeling Optimism and Pessimism in the Foreign Exchange Market | Published
Exchange rate forecasting, order flow and macroeconomic information | Published
The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Comment
A New Approach to Forecasting Exchange Rates | Published
Irving Fisher, Expectational Errors, and the UIP Puzzle
Exchange Rate Fundamentals and Order Flow
A Resolution of the Forward Discount Puzzle
The Importance of Interest Rate Volatility in Empirical Tests of Uncovered Interest Parity
End-user order flow and exchange rate dynamics
A Saddlepoint Approximation to the Distribution of the Half-Life Estimator in an Autoregressive Model: New Insights Into the PPP Puzzle
Pricing to Firm: an Analysis of Firm- and Product-level Import Prices
Random Walk Expectations and the Forward Discount Puzzle
Macroeconomic news and exchange rates
Measuring Long-Run Exchange Rate Pass-Through
Economic Integration and the Foreign Exchange
On the returns generating process and the profitability of trading rules in emerging capital markets
Uncovered interest rate parity and the term structure
Understanding the Forward Premium Puzzle: A Microstructure Approach
Safe Haven Currencies
The Economics of Uncovered Interest Parity Condition for Emerging Markets: A Survey
Fourier Transform Method with an Asymptotic Expansion Approach: an Application to Currency Options
Exchange Rate Models Are Not as Bad as You Think
Uncovered interest parity at distant horizons: evidence on emerging economies & nonlinearities
Currency and credit markets
Specifying the Forecast Generating Process for Exchange Rate Survey Forecasts
Is Sterilized Intervention Effective? New International Evidence
Aggregate Trading Behavior of Technical Models and the Yen/Dollar Exchange Rate
What can the data tell us about carry trades in Japanese yen?
Conditional Volatility and Distribution of Exchange Rates: GARCH and FIGARCH Models with NIG Distribution
Which Are the World's Wobblier Currencies? Reference Exchange Rates and Their Variation
Financial Exchange Rates and International Currency Exposures | Published
The uncovered return parity condition
Exchange rate pass-through to export prices: assessing some cross-country evidence | Published
Testing Uncovered Interest Parity: A Continuous-Time Approach | Published
Solving Exchange Rate Puzzles with neither Sticky Prices nor Trade Costs | Published
Professional forecasts of interest rates and exchange rates: Evidence from the Wall Street Journal’s panel of economists
Optimal Informed Trading in the Foreign Exchange Market
Where Does Price Discovery Occur in FX Markets?
Using a New Open Economy Macroeconomics model to make real nominal exchange rate forecasts
The timing and magnitude of exchange rate overshooting
A monetary model of the exchange rate with informational frictions
Exchange rate volatility, macro announcements and the choice of intraday seasonality filtering method
Exchange Rate Volatility and Reserves Transparency
Model-Free Evaluation of Directional Predictability in Foreign Exchange Markets
Investor Overconfidence and the Forward Discount Puzzle
An Economic Evaluation of Empirical Exchange Rate Models
Note on The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk
Rare Disasters and Exchange Rates
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
Microstructure Noise, Realized Variance, and Optimal Sampling
Does FOMC News Increase Global FX Trading? | Published
The Monetary Model Strikes Back: Evidence from the World | Published
Expectations and chaotic dynamics: Empirical evidence on exchange rates
Can Exchange Rates Forecast Commodity Prices?
Circular Aspects of Exchange Rates and Market Structure
A new look at pass-through
The long swings in the spot exchange rates and the complex unit roots hypothesis
Unraveling the complex interrelationships between exchange rates and fundamentals
Order flow and exchange rate dynamics in electronic brokerage system data
Forecasting foreign exchange rates using idiosyncratic volatility
Market structure and dealers’ quoting behavior in the foreign exchange market
Do Peso Problems Explain the Returns to the Carry Trade?
The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets
Short-run Exchange-Rate Dynamics: Theory and Evidence
Real Exchange Rate Dynamics under Staggered Loan Contracts
Market Microstructure Approach to the Exchange Rate Determination Puzzle
The Continuing Puzzle of Short Horizon Exchange Rate Forecasting
Common Risk Factors in Currency Markets
Random Walk or A Run: Market Microstructure Analysis of the Foreign Exchange Rate Movements based on Conditional Probability
Pitfalls in Measuring Exchange Rate Misalignment: The Yuan and Other Currencies
Private Information and a Macro Model of Exchange Rates: Evidence from a Novel Data Set
Exchange Rate Puzzles: A Review of the Recent Theoretical and Empirical Developments
Exchange rates and fundamentals: a generalization
Exchange rate determination under interest rate rules
Order flows, news, and exchange rate volatility
Emerging market hedge funds and the yen carry trade
New Keynesian Exchange Rate Pass-Through
Nonlinearity as an Explanation of the Forward Exchange Rate Anomaly
Risk-Premia, Carry-Trade Dynamics, and Speculative Efficiency of Currency Markets
Panel Cointegration and the Monetary Exchange Rate Model
Freely Floating Exchange Rates Do Not Systematically Overshoot
A structural time series test of the monetary model of exchange rates under four big inflations
Bayesian Model Averaging and exchange rate forecasts
News and Expectations in Financial Markets: An Experimental Study
Informational linkages across trading regions: Evidence from foreign exchange markets
Is the forward bias economically small? Evidence from European rates
Local information in foreign exchange markets
McCallum Rules, Exchange Rates, and the Term Structure of Interest Rates
Foreign exchange market bid-ask spread and market power in an underdeveloped economy
Price discovery from cross-currency and FX swaps: a structural analysis
Leveraged Carry Trade Portfolios
Emerging Market Currency Excess Returns | Published
Predictability and 'Good Deals' in Currency Markets
Forecasting foreign exchange volatility: Why is implied volatility biased and inefficient? And does it matter?
The Taylor rule and forecast intervals for exchange rates
Nonlinear Exchange Rate Predictability | Published
Interpreting deviations from covered interest parity during the financial market turmoil of 2007-08
Asymmetric information in the interbank foreign exchange market
Does a “correct” parameter estimate tell a better story about foreign exchange market efficiency?
Out-of-sample exchange rate predictability with Taylor rule fundamentals
Heterogeneous Expectations and Exchange Rate Dynamics
Uncertainty aversion in a heterogeneous agent model of foreign exchange rate formation
Heterogeneity in exchange rate expectations: Evidence on the chartist–fundamentalist approach
The economic value of fundamental and technical information in emerging currency markets
Expectations and exchange rate dynamics: A state-dependent pricing approach
Liquidity Shocks and Order Book Dynamics
State-Uncertainty preferences and the Risk Premium in the Exchange rate market
Can a Habit Formation Model really explain the forward premium anomaly?
Model Misspecification, Learning and the Exchange Rate Disconnect Puzzle
On the Unstable Relationship between Exchange Rates and Macroeconomic Fundamentals
Asymmetric volatility in the foreign exchange markets
Two currencies, one model? Evidence from the Wall Street Journal forecast poll
Monetary policy and exchange rate overshooting: Dornbusch was right after all | Published
Volatility Models : from GARCH to Multi-Horizon Cascades
Exchange Rate Volatility and Output Volatility: A Theoretical Approach
Exchange rates dependence: what drives it?
The impact of macroeconomic announcements on real time foreign exchange rates in emerging markets
Informed trading in an electronic foreign exchange market
Can Parameter Instability Explain the Meese-Rogoff Puzzle?
Resolving the unbiasedness puzzle in the foreign exchange market
On causal Relationships Between Exchange Rates and Fundamentals: Better Than You Think
Identifying the effects of an exchange rate depreciation on country risk: Evidence from a natural experiment
New evidence on nominal exchange rate predictability
Accounting for Incomplete Pass-Through | Published
A Model of Market Clearing Exchange Rates
Evidence on the contrarian trading in foreign exchange markets
International Portfolio Balance – Modeling the External Adjustment Process
Segmentation and time-of-day patterns in foreign exchange markets
Dynamical Clustering of Exchange Rates
Commodity prices, commodity currencies, and global economic developments
The Intertemporal Relation between Expected Return and Risk on Currency
Can long-horizon forecasts beat the random walk under the Engel-West explanation?
Wavelet Based Volatility Clustering Estimation of Foreign Exchange Rates
Exchange rate expectations: The role of person specific forward looking variables
The Carry Trade and Fundamentals: Nothing to Fear But FEER Itself | Published
Time-Varying Currency Betas: Evidence from Developed and Emerging Markets
Currency Carry Trade Regimes: Beyond the Fama Regression | Published
Announcement effect and intraday volatility patterns of euro-dollar exchange rate: monetary policy news arrivals and short-run dynamic response
For Rich or for Poor: When does Uncovered Interest Parity Hold?
Segmentation across International Equity, Bond, and Foreign Exchange Markets
The Multi-Scale Interaction between Interest Rate, Exchange Rate and Stock Price
Rise of the machines: algorithmic trading in the foreign exchange market
Order flows and the exchange rate disconnect puzzle
A Disutility-Based Drift Control for Exchange Rates
Modeling Exchange Rate Volatility
Detecting Crowded Trades in Currency Funds
Exchange Rate Pass-Through and Inflation: A Nonlinear Time Series Analysis
International order flows: Explaining equity and exchange rate returns
Foreign exchange, fractional cointegration and the implied–realized volatility relation
Commodity prices, commodity currencies, and global economic developments
What Drives Exchange Rates? New Evidence from a Panel of U.S. Dollar Bilateral Exchange Rates
Do Currency Fundamentals Matter for Currency Speculators?
Does the uncovered interest parity hold in short horizons?
Risk-Premia, Carry-Trade Dynamics, and Economic Value of Currency Speculation
Bond currency denomination and the yen carry trade
A stochastic dominance analysis of yen carry trades
Investor Overconfidence and the Forward Premium Puzzle
The Forward Premium Puzzle and Latent Factors Day by Day
Fluctuations in the foreign exchange market: How important are monetary policy shocks?
An Investigation of the Causal Relations between Exchange Rates and Interest Rate Differentials Using Wavelets
Liquidity in the Foreign Exchange Market: Measurement, Commonality, and Risk Premiums
Causal Relationship between Stock Prices and Exchange Rates
The Time-Varying Systematic Risk of Carry Trade Strategies
A Transaction Data Study of the Forward Bias Puzzle
News announcements and price discovery in foreign exchange spot and futures markets
Growth and inequality in a small open economy
The demand for euros
Exchange Rate and Industrial Commodity Volatility Transmissions, Asymmetries and Hedging Strategies
Nominal exchange rate volatility, relative price volatility, and the real exchange rate
Testing the asset pricing model of exchange rates with survey data
Does Foreign Exchange Reserve Decumulation Lead to Currency Appreciation?
Episodic Nonlinearity in Leading Global Currencies
Renminbi's misalignment: A meta-analysis
Search-Theoretic Money, Capital and International Exchange Rate Fluctuations | Published
Monetary Policy and the Uncovered Interest Parity Puzzle
Testing unit roots and long range dependence of foreign exchange
The influence of fundamentals on exchange rates: findings from analyses of news effects
Timing exchange rates using order flow: The case of the Loonie
Trader see, trader do: How do (small) FX traders react to large counterparties’ trades?
Taylor Rules and Exchange Rate Predictability in Emerging Economies | Published
The Solution to the Forward-Bias and Related Puzzles | Published
Countercyclical Currency Risk Premia | Published
A Cyclical Model of Exchange Rate Volatility | Published
Forecasting exchange rates: Non-linear adjustment and time-varying equilibrium
The electronic trading systems and bid-ask spreads in the foreign exchange market
Differences in beliefs and currency risk premiums
On the Correlation Structure of Microstructure Noise: A Financial Economic Approach
Currency Carry Trades
International money and stock market contingent claims
Modeling exchange rate dependence dynamics at different time horizons
Emerging floaters: Pass-throughs and (some) new commodity currencies
Speculative capital and currency carry trades
Adaptive Forecasting of Exchange Rates with Panel Data
A Transaction Data Study of the Forward Bias Puzzle
Exchange rate response to macronews: Through the lens of microstructure
Money Supply Rules and Exchange Rate Dynamics
Price Discovery in Currency Markets | Published
Extreme Returns: The Case of Currencies | Published
Micro approaches to Foreign Exchange Determination
The Microstructure of Currency Markets
The Predictive Information Content of External Imbalances for Exchange Rate Returns: How Much Is It Worth?
Adaptive Forecasting of Exchange Rates with Panel Data
Exchange rate determination, macroeconomic dynamics and stability under heterogeneous behavioral FX expectations
Sex Ratios and Exchange Rates
Do technical trading profits remain in the foreign exchange market? Evidence from 14 currencies
Fundamentalists vs. chartists: Learning and predictor choice dynamics
A Macro-Finance Approach to Exchange Rate Determination
Carry Trades and Global Foreign Exchange Volatility
Uncovered interest-rate parity over the past two centuries
Financial amplification of foreign exchange risk premia
Nonlinearity and time-variation in the monetary model of exchange rates
On the sources of private information in FX markets
A Simple Test of Momentum in Foreign Exchange Markets
Carry Trade and Momentum in Currency Markets
Spot and forward volatility in foreign exchange
Uncovered Interest Parity: Cross-Sectional Evidence
Analysis of the intraday effects of economic releases on the currency market
Exchange Rates in Emerging Countries: Eleven Empirical Regularities from Latin America and East Asia
An investigation of customer order flow in the foreign exchange market
Gold and the Dollar (and the Euro, Pound, and Yen)
Solving Exchange Rate Puzzles with neither Sticky Prices nor Trade Costs
Trading volume and exchange rate volatility: Evidence for the sequential arrival of information hypothesis
Exchange Rates and Fundamentals: Co-Movement, Long-Run Relationships and Short-run Dynamics | Published
Flexible inflation targets, forex interventions and exchange rate volatility in emerging countries | Published
Carry Trades and Risk
Risk, Monetary Policy and the Exchange Rate
Exchange rate dynamics under state-contingent stochastic process switching
Intertemporal risk-return trade-off in foreign exchange rates
The forward-bias puzzle: Still unsolved
On the (in)feasibility of covered interest parity as a solution to the forward bias puzzle
Possible solutions to the forward bias paradox
Properties of Foreign Exchange Risk Premiums | Published
The information content of a limit order book: The case of an FX market
Order Flows, Fundamentals and Exchange Rates
Structural Breaks and the Equilibrium Chinese Yuan/US Dollar Real Exchange Rate: A FEER Approach
Regime switches in exchange rate volatility and uncovered interest parity
Markov-switching regimes and the monetary model of exchange rate determination: Evidence from the Central and Eastern European markets
Exchange rate misalignment estimates – Sources of differences
Lessons from the evolution of foreign exchange trading strategies | Published
A Risk-Driven Approach to Exchange-Rate Modelling | Published
Foreign exchange market structure, players and evolution
The Forward Premium Puzzle in a Two-Country World
Sources of exchange rate fluctuations with Taylor rule fundamentals
Emerging markets and portfolio foreign exchange risk: An empirical investigation using a value-at-risk decomposition technique
The puzzling peso
A twelve-area model for the equilibrium Chinese Yuan/US dollar nominal exchange rate
Effects of monetary policy on the $/Ł exchange rate. Is there a 'delayed overshooting puzzle'?
Currency Momentum Strategies | Published
Continuous time regime switching model applied to foreign exchange rate
Short-run forecasting of the euro-dollar exchange rate with economic fundamentals
Do market fundamentals determine the Dollar–Euro exchange rate?
The Scapegoat Theory of Exchange Rates: The First Tests | Published
Are exchange rates serially correlated? New evidence from the Euro FX markets
The Euro/Dollar exchange rate: Chaotic or non-chaotic? A continuous time model with heterogeneous beliefs
Sources of Risk in Currency Returns
Temporal dimension and equilibrium exchange rate: A FEER/BEER comparison
Risk appetite, carry trade and exchange rates
Comprehensive Analysis of Market Conditions in the Foreign Exchange Market: Fluctuation Scaling and Variance-Covariance Matrix
Can Oil Prices Forecast Exchange Rates? | Published
A Note on Forecasting Emerging Market Exchange Rates: Evidence of Anti-herding
Exchange rates and oil prices: A multivariate stochastic volatility analysis
Modelling oil price and exchange rate co-movements
Do momentum-based trading strategies work in emerging currency markets?
Ambiguity Aversion: Implications for the Uncovered Interest Rate Parity Puzzle
Macroeconomic Determinants of Carry Trade Activity
Model uncertainty and exchange rate volatility
FX Counterparty Risk and Trading Activity in Currency Forward and Futures Markets | Published
A Long-Run Risks Explanation of Predictability Puzzles in Bond and Currency Markets
Commodity Trade and the Carry Trade: a Tale of Two Countries
The Exchange Rate Pass -Through to Import and Export Prices: The Role of Nominal Rigidities and Currency Choice
Exchange-rate return predictability and the adaptive markets hypothesis: Evidence from major foreign exchange rates
Factor Model Forecasts of Exchange Rates
Long Horizon Uncovered Interest Parity Re-Assessed
Free Lunch! Arbitrage Opportunities in the Foreign Exchange Markets
Importers, Exporters, and Exchange Rate Disconnect
Exchange Rate Determination, Risk Sharing and the Asset Market View
Asymmetries and state dependence: The impact of macro surprises on intraday exchange rates
Modeling the horizon-dependent ex-ante risk premium in the foreign exchange market: Evidence from survey data
The Behavior of Currencies during Risk-off Episodes
Fiscal deficits and mean reversion in real exchange rates
Hot Tip: Nominal Exchange Rates and Inflation Indexed Bond Yields
Carry trade and foreign exchange rate puzzles
The microstructure of covered interest arbitrage in a market with a dominant market maker
Exchange Rate Determination, Risk Sharing and the Asset Market View
Exchange rate expectations of chartists and fundamentalists
Is the Relationship Between Prices and Exchange Rates Homogeneous?
Nonlinear Exchange Rate Adjustment and the Monetary Model
Exchange Rates and Interest Parity
SURVEY PAPER
Exchange rates and commodity prices: measuring causality at multiple horizons
Financial crises and dynamic linkages among international currencies
Predictability of currency carry trades and asset pricing implications
Currency Jumps, Cojumps and the Role of Macro News
Effects of Speculation and Interest Rates in a "Carry Trade" Model of Commodity Prices | Published
Which Fundamentals Drive Exchange Rates? A Cross-Sectional Perspective
Delayed Overshooting: Is It an 80s Puzzle? | Published
Time-Varying International Diversification and the Forward Premium
Currency Wars
Volatility Risk Premia and Exchange Rate Predictability | Published
General equilibrium pricing of currency and currency options
Carry | Published
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
The market microstructure approach to foreign exchange: Looking back and looking forward
The Term Structure of Currency Carry Trade Risk Premia | Published
An analysis of forward exchange rate biasedness across developed and developing country currencies: Do observed patterns persist out of sample?
Exchange rate dynamics revisited
Currency Risk Premia and Uncovered Interest Parity in the International CAPM
Exchange Rate Predictability
Forecasting Exchange Rates Out-of-Sample with Panel Methods and Real-Time Data
Macroeconomic fundamentals and the exchange rate dynamics: A no-arbitrage macro-finance approach
International Liquidity and Exchange Rate Dynamics
Can time varying risk premiums explain the excess returns in the interest rate parity condition?
Forecasting exchange rates using panel model and model averaging
Foreign Exchange Risk and the Predictability of Carry Trade Returns
Order Choices under Information Asymmetry in Foreign Exchange Markets
What explains deviations in the unbiased expectations hypothesis? Market irrationality vs. the peso problem
Is There Momentum or Reversal in Weekly Currency Returns?
The Dynamic Relationship between Exchange Rates and Macroeconomic Fundamentals: Evidence from Pacific Rim Countries
The Unbeatable Random Walk in Exchange Rate Forecasting: Reality or Myth?
Model Uncertainty and the Forward Premium Puzzle
The impact of monetary policy on the exchange rate: A high frequency exchange rate puzzle in emerging economies
Co-dependence of extreme events in high frequency FX returns
Generating currency trading rules from the term structure of forward foreign exchange premia
The Long-Run Component of Foreign Exchange Volatility and Stock Returns
An Incomplete Markets Explanation to the UIP Puzzle | Published
Crash-neutral currency carry trades
Forward and Spot Exchange Rates in a Multi-currency World
Carry Trade, Uncovered Interest Parity and Monetary Policy
The exchange rate effect of multi-currency risk arbitrage
Currency excess returns and global downside market risk
Higher order beliefs and the dynamics of exchange rates
Destabilizing carry trades
New estimates of time-varying currency betas: A trivariate BEKK approach
The Carry Trade: Risks and Drawdowns
Quantifying Informational Linkages in a Global Model of Currency Spot Markets
Price dynamics in the Belarusian black market for foreign exchange
Economic Policy Uncertainty and Exchange Rate Volatility
Understanding Exchange Rate Behaviour
Conditional risk premia in currency markets and other asset classes
Financial constraints, firm entry, and exchange rate pass-through
Exchange Rate Predictability in a Changing World | Published
A Dynamic Exchange Rate Model with Heterogeneous Agents
What Makes a Commodity Currency?
Explaining exchange rate anomalies in a model with Taylor-rule fundamentals and consistent expectations | Published
Fact or friction: Jumps at ultra high frequency?
Forex Trading and the WMR Fix | Published
Carry Trade Activities: A Multivariate Threshold Model Analysis
What Makes a Currency Procyclical? An Empirical Investigation | Published
An empirical examination of heterogeneity and switching in foreign exchange markets
Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
Oil prices, exchange rates and asset prices
Exchange Rates Dynamics with Long-Run Risk and Recursive Preferences
The dynamics of exchange rate volatility: A panel VAR approach
Common Macro Factors and Currency Premia | Published
Exchange rates, expected returns and risk: UIP unbound
Can interest rate factors explain exchange rate fluctuations?
Exchange Rate Forecasts and Expected Fundamentals
The Macroeconomic Effects of Debt- and Equity-Based Capital Inflows | Published
The Portfolio Theory of Exchange Rates-Then and Now
Exchange Rates, Interest Rates, and the Risk Premium | Published
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
The failure of the monetary model of exchange rate determination
Foreign exchange market inefficiency and exchange rate anomalies
Currency forecast errors and carry trades at times of low interest rates: Evidence from survey data on the yen/dollar exchange rate
The behavior of currencies during risk-off episodes
Exchange rate forecasts and expected fundamentals
Currency Exposure to Downside Risk: Which Fundamentals Matter?
Do foreign exchange forecasters believe in Uncovered Interest Parity?
High-frequency, Algorithmic Spillovers Between NASDAQ and Forex
A Liquidity-Based Resolution of the Uncovered Interest Parity Puzzle
Uncovered Interest Parity and Monetary Policy Near and Far from the Zero Lower Bound
Market Structure and Exchange Rate Pass-Through | Published
Carry and Trend Following Returns in the Foreign Exchange Market
Understanding the price of volatility risk in carry trades
Trading price jump clusters in foreign exchange markets
Order Flow Information and Spot Rate Dynamics
Convergence of absolute purchasing power parity
Third-country effects on the exchange rate
Short-horizon excess returns and exchange rate and interest rate effects
Understanding the common dynamics of the emerging market currencies
Modeling the impact of exchange rates using a multicurrency framework
Commodity Currencies Revisited
Forecasting exchange rates under parameter and model uncertainty
Firm-level effects of asymmetric intervention in foreign exchange markets: Evidence from the Swiss currency floor
Empirical evidence on the currency carry trade, 1900-2012
The Taylor Rule, Wealth Effects and the Exchange Rate | Published
What Do Stock Markets Tell Us About Exchange Rates?
Reassessing exchange rate overshooting in a monetary framework
Safe haven currencies: a portfolio perspective
The Carry Trade and UIP when Markets are Incomplete
The Relation between National Stock Prices and Effective Exchange Rates: Does It Affect Exchange Rate Exposure?
Not so Disconnected: Exchange Rates and the Capital Stock | Published
What's news in exchange rate dynamics: A DSGE approach
Enhancing the forecasting power of exchange rate models by introducing nonlinearity: Does it work?
Google Trends and Forecasting Performance of Exchange Rate Models
A new technique for estimating currency premiums
Investor attention and FX market volatility
Is Exchange Rate Trading Profitable?
Global dollar credit and carry trades: a firm-level analysis
Liquidity premia and interest rate parity
Can implied volatility predict returns on the currency carry trade?
Was the Forex Fixing Fixed?
Half-lives of currencies and aggregation bias
Trend Fundamentals and Exchange Rate Dynamics
Breaking the Curse of Kareken and Wallace with Private Information
Can the Consumption Capital Asset Pricing Model Account for Traders' Expected Currency Returns?
Noisy news and exchange rates: A SVAR approach
International Evidence on the Role of Monetary Policy in the Uncovered Interest Rate Parity Puzzle
Government spending and the exchange rate
Currency Premia and Global Imbalances
Foreign exchange predictability during the financial crisis: implications for carry trade profitability
The tail risk premia of the carry trades
Exchange Rate and Current Account Dynamics: the Role of Asset Market Structure, Long-Run Risk and Risk Appetite
Microstructure order flow: statistical and economic evaluation of nonlinear forecasts
Revisiting the relationship between exchange rates and fundamentals
Exchange Rates and UIP Violations at Short and Long Horizons
Which continuous-time model is most appropriate for exchange rates?
Revisiting the role of inflation environment in exchange rate pass-through: A panel threshold approach
Downside and upside risk spillovers between exchange rates and stock prices
Risk appetite and exchange rates
Forecasting exchange rates using multivariate threshold models
Monetary policy and exchange rate dynamics
What can Big Data tell us about the passthrough of big exchange rate changes?
Financial Markets' Views about the Euro-Swiss Franc Floor
Sovereign yields and the risk-taking channel of currency appreciation
Does Incomplete Spanning in International Financial Markets Help to Explain Exchange Rates? | Published
Limits to Arbitrage and Deviations from Covered Interest Rate Parity
Exchange Rates and Fundamentals: A General Equilibrium Exploration
Agreeing on disagreement: heterogeneity or uncertainty?
Pricing errors and the geography of trade in the foreign exchange market
When the walk is not random: commodity prices and exchange rates
The speed of the exchange rate pass-through
Deep habits and exchange rate pass-through
Currency momentum, carry trade, and market illiquidity
How do Experts Forecast Sovereign Spreads?
State-dependent exchange rate pass-through behavior
What do retail FX traders learn?
U.S. Dollar Dynamics: How Important Are Policy Divergence and FX Risk Premiums?
Exchange rate forecasting with DSGE models | Published
The Forward Premium Bias, Carry Trade Return and the Risks of Volatility and Liquidity
Currency Value | Published
Unconventional Monetary Policy and International Risk Premia
Can exchange rate pass-through explain the price puzzle?
Global Macro Risks in Currency Excess Returns
Do carry trade returns show signs of long memory?
The skewness risk premium in currency markets
Considering all microstructure effects: The extension of a trade indicator model
Understanding bilateral exchange rate risks
Macro uncertainty and currency premia
Technical trading: Is it still beating the foreign exchange market?
A Network Model of Multilaterally Equilibrium Exchange Rates
Cointegration, error correction and exchange rate forecasting
Evidence of risk premiums in emerging market carry trade currencies
Gravity in FX R^{2}: Understanding the Factor Structure in Exchange Rates
Carry trades and monetary conditions
Are Exchange Rates Disconnected from Macroeconomic Variables? Evidence from the Factor Approach
Exchange Rate Pass-Through into Retail Prices
Monetary policy and exchange rates: Further evidence using a new method for implementing sign restrictions
A heterogeneous agent exchange rate model with speculators and non-speculators
Puzzles in the Forex Tokyo "Fixing": Order Imbalances and Biased Pricing by Banks | Published
Order flow information and spot rate dynamics
The sign switch effect of macroeconomic news in foreign exchange markets
Oil price shocks and exchange rate movements
Strong sterling pound and weak European currencies in the crises: Evidence from covered interest parity of secured rates
The Role of Non-Traded Goods in Current Account and Exchange Rate Determination: A DSGE Analysis
Exchange rates and the yield curve
Structural breaks in Taylor rule based exchange rate models - Evidence from threshold time varying parameter models
Informativeness of trade size in foreign exchange markets
Exchange rate dynamics in a Taylor rule framework
Monetary Policy and the Predictability of Nominal Exchange Rates | Published
Deviations from Covered Interest Rate Parity
After the tide: Commodity currencies and global trade
Pass-through of competitors' exchange rates to US import and producer prices
Importers and exporters in exchange rate pass-through and currency invoicing
FX Market Metrics: New Findings Based on CLS Bank Settlement Data
Uncertainty, Currency Excess Returns, and Risk Reversals
Rationality and forecasting accuracy of exchange rate expectations: Evidence from survey-based forecasts
Exchange Rates and Trade: A Disconnect?
Exchange Rate Prediction Redux: New Models, New Data, New Currencies | Published
Violations of uncovered interest rate parity and international exchange rate dependences
The impact of uncertainty on professional exchange rate forecasts
What can we Learn from Euro-Dollar Tweets?
Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction
Nominal Exchange Rate Determinacy under the Threat of Currency Counterfeiting
Monetary Policy and Global Banking
Did the Reform Fix the London Fix Problem?
Equilibrium in FX Swap Markets: Funding Pressures and the Cross-Currency Basis
On exchange rate comovements: New evidence from a Taylor rule fundamentals model with adaptive learning
Exchange rate expectations since the financial crisis: Performance evaluation and the role of monetary policy and safe haven
Systematic consumption risk in currency returns
Variance risk premiums and the forward premium puzzle
Exchange Rate Disconnect in General Equilibrium | Published
Using a Theory-Consistent CVAR Scenario to Test an Exchange Rate Model Based on Imperfect Knowledge
Do Term Premiums Matter? Transmission via Exchange Rate Dynamics | Published
Detecting Scapegoat Effects in the Relationship Between Exchange Rates and Macroeconomic Fundamentals | Published
Segmented money markets and covered interest parity arbitrage | Published
Statistical Properties of Microstructure Noise
Why Are Exchange Rates So Smooth? A Heterogeneous Portfolio Explanation | Published
Nonlinearity and asymmetry in the exchange rate pass-through: What role for nominal price stickiness? (pages 711-732)
The asymmetry in carry trade and the U.S. dollar
Financial crises, exchange rate linkages and uncovered interest parity: Evidence from G7 markets
Asymmetric volatility connectedness on the forex market
Identifying Exchange Rate Common Factors | Published
Expectations and forecasting during the Great Depression: Real-time evidence from the business press
Dollar pricing redux
The exchange rate exposure puzzle: The long and the short of it
Carry trade strategies based on option-implied information: Evidence from a cross-section of funding currencies
Exchange rates, interest rates and the global carry trade
Quality Pricing-to-Market
Unemployment fluctuations and the predictability of currency returns
Macroeconomic announcements and price discovery in the foreign exchange market
Interest Rates and Exchange Rates in Normal and Crisis Times
Did the reform fix the London fix problem?
International correlation risk | Published
Unconventional Policies and Exchange Rate Dynamics | Published
Central bank transparency and the volatility of exchange rates
The Uncovered Interest Parity Puzzle, Exchange Rate Forecasting, and Taylor Rules v
Understanding the Time Variation in Exchange Rate Pass-Through to Import Prices
An Equilibrium Theory of Determinate Nominal Exchange Rates, Current Accounts and Asset Flows
Bond Convenience Yields and Exchange Rate Dynamics | Published
Factor Models and the Time-Varying Parameter Framework for Forecasting Exchange Rates and Inflation: A Survey
On the Sources of Uncertainty in Exchange Rate Predictability
Explosiveness in G11 currencies
Does investor attention matter? The attention-return relationships in FX markets
Common information in carry trade risk factors
An Over-the-Counter Approach to the Forex Market
Jumps, cojumps, and efficiency in the spot foreign exchange market
Crash Risk in Currency Returns
The New Fama Puzzle
Intraday momentum in FX markets: Disentangling informed trading from liquidity provision
Do co-jumps impact correlations in currency markets?
Forward Guidance and the Exchnage Rate
The Macroeconomic Effects of Exchange Rate Movements
Boom-and-Bust Cycles in Emerging Markets: How Important is the Exchange Rate?
Foreign Safe Asset Demand and the Dollar Exchange Rate
Conditioning carry trades: Less risk, more return
Global liquidity and exchange market pressure in emerging market economies
The speed of exchange rate pass-through | Published
How Important are the International Financial Market Imperfections for the Foreign Exchange Rate Dynamics: A Study of the Sterling Exchange Rate | Published
Bid-ask spread determination in the FX swap market: Competition, collusion or a convention?
Uncovered Return Parity: Equity Returns and Currency Returns
Exchange rates, sunspots and cycles
Uncovered Interest Rate Parity, Carry Trade, and Country Equity Return Differentials
Future exchange rates and Siegel's paradox
The impact of Chinese financial markets on commodity currency exchange rates
Extreme co-movements and dependencies among major international exchange rates: A copula approach
Foreign currency lending
Modelling stock price-exchange rate nexus in OECD countries: A new perspective
Fundamentals and exchange rate forecastability with simple machine learning methods
Gradual learning about shocks and the forward premium puzzle
Measures of global uncertainty and carry-trade excess returns
Uncertainty, currency excess returns, and risk reversals
Uncertainty and deviations from uncovered interest rate parity
Revisiting the Exchange Rate Pass Through: A General Equilibrium Perspective | Published
Commodity Currencies and Monetary Policy
Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment | Published
Taking the Cochrane-Piazzesi Term Structure Model Out of Sample: More Data, Additional Currencies, and FX Implications
The Effects of Conventional and Unconventional Monetary Policy on Exchange Rates | Published
The quanto theory of exchange rates
An intermediation-based model of exchange rates
The importance of hedging currency risk: Evidence from CNY and CNH
Uninformative Feedback and Risk Taking: Evidence from Retail Forex Trading
The pricing of FX forward contracts: micro evidence from banks' dollar hedging
International Yield Curves and Currency Puzzles
The Monetary Model of CIP Deviations
Nominal exchange rate dynamics and monetary policy: uncovered interest rate parity and purchasing power parity revisited
Linking Net Foreign Portfolio Debt and Equity to Exchange Rate Movements
Decomposition of the uncovered equity parity correlation
Inflation targeting and the forward bias puzzle in emerging countries
Event-Related Exchange-Rate Forecasts Combining Information from Betting Quotes and Option Prices
Liquidity and Exchange Rates: An Empirical Investigation | Published
Exchange Rates and Uncovered Interest Differentials: The Role of Permanent Monetary Shocks
Does a big bazooka matter? Central bank balance-sheet policies and exchange rates | Published
Exchange rate comovements, hedging and volatility spillovers on new EU forex markets
Intraday effects of the currency market
Can structural changes in the persistence of the forward premium explain the forward premium anomaly?
Unexploited currency carry trade profit opportunity
Carry trades and endogenous regime switches in exchange rate volatility
Covered Interest Parity Deviations: Macrofinancial Determinants | Published
The impact of jumps on carry trade returns
Private information in currency markets
Oil Prices, Exchange Rates and Interest Rates | Published
The forward premium puzzle and Markov-switching adaptive learning
Liquidity withdrawal in the FX spot market: A cross-country study using high-frequency data
Monetary Policy and Exchange Rate Returns: Time-Varying Risk Regimes
Implied Volatility Term Structure and Exchange Rate Predictability
Microstructure of Foreign Exchange Markets
SURVEY PAPER
The response of multinationals' foreign exchange rate exposure to macroeconomic news
Exchange Rate Undershooting: Evidence and Theory
From carry trades to trade credit: financial intermediation by non-financial corporations
Exchange rates and fundamentals: A bootstrap panel data analysis
Monetary Policy and Exchange Rates: A Balanced Two-Country Cointegrated VAR Model Approach
Institutional Investors, the Dollar, and U.S. Credit Conditions
Expectation errors in the foreign exchange market
The effect of central bank transparency on exchange rate volatility
Where's the Risk? The Forward Premium Bias, the Carry-Trade Premium, and Risk-Reversals in General Equilibrium
Dealer activity and macro fundamentals - New evidence from hybrid exchange rate models
The term structure of exchange rate predictability: Commonality, scapegoat, and disagreement
The exchange rate effects of macro news after the global financial crisis
How does FX liquidity affect the relationship between foreign ownership and stock liquidity?
Carry trades and commodity risk factors
Exchange rate effects of financial regulations
Out-of-sample exchange rate predictability in emerging markets: Fundamentals versus technical analysis
Exchange rate disconnect and private information: What can we learn from Euro-Dollar tweets?
Housing Cycle and Exchange Rates
Anatomy of Sudden Yen Appreciations
A consumption-based approach to exchange rate predictability
Exchange Rate Reconnect
Covered Interest Parity Deviations: Macrofinancial Determinants
Exchange rate puzzles: evidence from rigidly fixed nominal exchange rate systems
Covered interest rate parity, relative funding liquidity and cross-currency repos
Two-sided heterogeneity and exchange rate pass-through
The Dollar, Bank Leverage, and Deviations from Covered Interest Parity
A new multiscale decomposition ensemble approach for forecasting exchange rates
The January effect in the foreign exchange market: Evidence for seasonal equity carry trades
Exchange Rate Pass-Through: A Competitive Search Approach
Covered interest rate parity, relative funding liquidity and cross-currency repos
Forward-Looking Policy Rules and Currency Premia | Published
Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment
Business Cycles and Currency Returns | Published
Exchange Rate and Interest Rate Disconnect: The Role of Capital Flows, Currency Risk and Default Risk
Foreign Currency Debt and the Exchange Rate Pass-Through
Estimates of Exchange Rate Pass-through with Product-level Data
US Fiscal Cycle and the Dollar | Published
A comparative study of exchange rates and order flow based on wavelet transform coherence and cross wavelet transform
Export Prices, Markups, and Currency Choice after a Large Appreciation
Foreign exchange dealer asset pricing
Exchange rate dynamics and monetary policy - Evidence from a non-linear DSGE-VAR approach
Dealer Leverage and Exchange Rates: Heterogeneity Across Intermediaries
Attention to the tail(s): global financial conditions and exchange rate risks
Towards a new monetary theory of exchange rate determination
Breaking the UIP: A Model-Equivalence Result
On the Asset Market View of Exchange Rates
Forecasting exchange rates using principal components
Does risk premium help uncover the uncovered interest parity failure?
Inflation and Exchange Rate Pass-Through | Published
Exchange Rate Risk and Business Cycles
Do forecasters of major exchange rates herd?
Investigating asymmetric determinants of the CNY-CNH exchange rate spreads: The role of economic policy uncertainty
A new wavelet-based ultra-high-frequency analysis of triangular currency arbitrage
Currency Commodities and Causality: Some High-Frequency Evidence
Exchange Rates and Consumer Prices: Evidence from Brexit
Exchange Rate Pass-through after a Large Depreciation
Execution Risk and Arbitrage Opportunities in the Foreign Exchange Markets
Robust learning in the foreign exchange market
Predicting exchange rate returns
Corporate investment and the exchange rate: The financial channel | Published
Uncovered Interest Parity, Forward Guidance, and the Exchange Rate
Economic momentum and currency returns
Shock-Dependent Exchange Rate Pass-Through: Evidence Based on a Narrative Sign Approach
Dollar borrowing, firm characteristics, and FX-hedged funding opportunities
Commodity currencies and causality: Some high-frequency evidence
Money stock versus monetary base in time-frequency exchange rate determination
Giving and receiving: Exploring the predictive causality between oil prices and exchange rates
Tales of tails: Jumps in currency markets
Dynamic pricing and exchange rate pass-through: Evidence from transaction-level data | Published
Central bank information shocks and exchange rates
Retaining Alpha: The Effect of Trade Size and Rebalancing Frequency on FX Strategy Returns
Price Discovery and Liquidity Recovery: Forex Market Reactions to Macro Announcements | Published
Good Carry, Bad Carry
Currency Futures' Risk Premia and Risk Factors
Information rigidities and exchange rate expectations
Emerging market economy exchange rates and local currency bond markets amid the Covid-19 pandemic
Optimal Policy under Dollar Pricing
Approximately Right? Global v. Local Methods for Open-Economy Models with Incomplete Markets
Intraday-of-the-week effects: What do the exchange rate data tell us?
Foreign Exchange Order Flow as a Risk Factor
Exchange Rates and Asset Prices in a Global Demand System
Gravity in the Exchange Rate Factor Structure
A Century of Arbitrage and Disaster Risk Pricing in the Foreign Exchange Market
The Open-Economy ELB: Contractionary Monetary Easing and the Trilemma
The Hedging Channel of Exchange Rate Determination
Forecasting short-run exchange rate volatility with monetary fundamentals: A GARCH-MIDAS approach
Is the exchange rate a shock absorber or a source of shocks? Evidence from the U.S.
The Tobit cointegrated vector autoregressive model: An application to the currency market
On the cross-sectional relation between exchange rates and future fundamentals
A Quantity-Driven Theory of Term Premia and Exchange Rates
Predictability and pricing efficiency in forward and spot, developed and emerging currency markets
Shock dependence of exchange rate pass-through: a comparative analysis of BVARs and DSGEs
The sources of pricing factors underlying the cross-section of currency returns
International Evidence on Shock-Dependent Exchange Rate Pass-Through
Shifts in monetary policy and exchange rate dynamics: Is Dornbusch's overshooting hypothesis intact, after all?
Dynamic exchange rate dependences: The effect of the U.S.-China trade war
The Economics of Currency Risk
Exchange Rates and Liquidity Risk
Spillovers to exchange rates from monetary and macroeconomic communications events
Unemployment Fluctuations and Currency Returns in the United Kingdom: Evidence from Over One and a Half Century of Data
Exchange Rate Predictability, Risk Premiums, and Predictive System
The Global Factor Structure of Exchange Rates
Public Debt Dynamics and Intra-Year Exchange Rate Fluctuations
From CIP-deviations to a market for risk premia: A dynamic investigation of cross-currency basis swaps
Credit migration and covered interest rate parity
Foreign Currency Borrowing of Corporations as Carry Trades: Evidence from India
Prospect Theory and Currency Returns: Empirical Evidence
Exchange Rate Prediction with Machine Learning and a Smart Carry Trade Portfolio
Global value chain participation and exchange rate pass-through
Global Risks in the Currency Market
Retaining alpha: The effect of trade size and rebalancing frequency on FX strategy returns
Exports and Invoicing: Evidence from the 2015 Swiss Franc Appreciation | Published
Unequal Exchange Rate Pass-Through across Income Groups | Published
Fundamental determinants of exchange rate expectations
Pricing Currency Risks
A Fundamental Connection: Exchange Rates and Macroeconomic Expectations
Attractive and non-attractive currencies
Can risk explain the profitability of technical trading in currency markets?
A Reconsideration of the Failure of Uncovered Interest Parity for the U.S. Dollar | Published
Delayed overshooting can still be a puzzle after the 1980s
Spoofing and pinging in foreign exchange markets
Forecasting the U.S. Dollar in the 21st Century
Foreign exchange market efficiency and the global financial crisis: Fundamental versus technical information
The cross-section of currency volatility premia
The effects of asset price volatility on market participation: Evidence from the Thai foreign exchange market
Can technical trading beat the foreign exchange market in times of crisis?
New "News" for the news model of the spot exchange rate
What is the impact of introducing a parallel OTC market? Theory and evidence from the chinese interbank FX market
Exchange Rate Pass-Through into Industry-Specific Prices: An Analysis with Industry-Specific Exchange Rates
External Vulnerabilities and Exchange Rate Pass-Through: The Case of Emerging Markets
What do we know about the popularity of technical analysis in foreign exchange markets? A skewness preference perspective
Asymmetric information risk in FX markets
How puzzling is the forward premium puzzle? A meta-analysis
CIP Deviations, the Dollar, and Frictions in International Capital Markets
How much does economic news influence bilateral exchange rates?
Testing for UIP: Nonlinearities, Monetary Announcements and Interest Rate Expectations
Currency returns and downside risk: Debt, volatility, and the gap from benchmark values
Conditional correlation between exchange rates and stock prices
Volatility spillover between exchange rate and stock returns under volatility shifts
Risk-adjusted return managed carry trade
Five Facts about the UIP Premium
Currency Hedging: Managing Cash Flow Exposure
Volatility, intermediaries, and exchange rates
Network structure and pricing in the FX market
A dynamic econometric analysis of the dollar-pound exchange rate in an era of structural breaks and policy regime shifts
Uncovered Interest Parity, Forward Guidance and the Exchange Rate
Volatility and the cross-section of returns on FX options
Market efficiency in foreign exchange market
Central bank tone and currency risk premia
Currency Management by International Fixed Income Mutual Funds
To hedge or not to hedge: Carry trade dynamics in the emerging economies
Short-term exchange rate forecasting: A panel combination approach
Dynamics of return and liquidity (co) jumps in emerging foreign exchange markets
Economic fundamentals and the long-run correlation between exchange rates and commodities
Currency hedging for single-currency equity portfolios: Does cross-asset risk matter?
Entangled risks in incomplete FX markets
Demand Effects in the FX Forward Market: Micro Evidence from Banks' Dollar Hedging
Risk and Return Spillovers in a Global Model of the Foreign Exchange Network
Stock market and deviations from covered interest parity
The conditional volatility premium on currency portfolios
An Equilibrium Theory of Nominal Exchange Rates
Foreign Exchange Fixings and Returns Around the Clock
Scrambling for Dollars: International Liquidity, Banks and Exchange Rates
Trend followers, contrarians and fundamentalists: Explaining the dynamics of financial markets
The role of heterogeneity in price rigidities for delayed nominal exchange rate overshooting
FX spot and swap market liquidity spillovers
Equity tail risk and currency risk premiums
Pricing ethics in the foreign exchange market: Environmental, Social and Governance ratings and currency premia
Real Output and Cross-Currency Basis Swap Spreads: Evidence from the Eurozone
U.S. Dollar Currency Premium in Corporate Bonds
Currency returns and FX dealer balance sheets
Beyond Incomplete Spanning: Convenience Yields and Exchange Rate Disconnect
Exchange rate disconnect and the general equilibrium puzzle
ECB euro liquidity lines
Currency carry trade: The decline in performance after the 2008 Global Financial Crisis
Modelling the quantile cross-coherence between exchange rates: Does the COVID-19 pandemic change the interlinkage structure?
Global risk sentiment and the Swiss franc: A time-varying daily factor decomposition model
Informed trading in foreign exchange futures: Payroll news timing
Aggregation bias in tests of the commodity currency hypothesis
Export pricing and exchange rate expectations under uncertainty
Dissecting currency momentum
Pricing Implications of Covariances and Spreads in Currency Markets
Exchange rate dependence and economic fundamentals: A Copula-MIDAS approach
Fundamentals, regimes and exchange rate forecasts: Insights from a meta exchange rate model
Heterogeneous beliefs in macroeconomic growth prospects and the carry risk premium
Shrouding and the FX trades of global custody bank
The cost of foreign-currency lending
Dollar beta and stock returns
Why exchange rate pass-through matters in forward exchange markets
Exchange-rate and news: Evidence from the COVID pandemic
Foreign Exchange Volume
The time-varying risk price of currency portfolios
What Drives Long-Term Interest Rates? Evidence from the Entire Swiss Franc History 1852-2020
Informativeness of trades around macroeconomic announcements in the foreign exchange market
The yen-dollar risk premium: A story of regime shifts in bond markets
Nonlinearities in the Exchange Rate Pass-Through: The Role of Inflation Expectations
Shorting the Dollar When Global Stock Markets Roar: The Equity Hedging Channel of Exchange Rate Determination
FX option volume
Are Entrepreneurs Aware of Covered Interest Parity and Dollar Shortage?
Risk and return in the foreign exchange market: Measurement without VARs
How Credit Improves the Exchange Rate Forecast
Liquidity in the global currency market
Samuelson hypothesis and carry arbitrage: U.S. and China
Maximally predictable currency portfolios
Out-of-sample forecasting of foreign exchange rates: The band spectral regression and LASSO
Uncovered return parity: Equity returns and currency returns
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?
Trading with the Informed and against the Uninformed: Flows and Positioning in the Global Currency Market
Foreign currency exposure and the financial channel of exchange rates
A New Test for Market Efficiency and Uncovered Interest Parity
Portfolio Capital Flows and the US Dollar Exchange Rate: Viewed from the Lens of Time and Frequency Dynamics of Connectedness
Constrained Liquidity Provision in Currency Markets
Borrowing Constraints in Emerging Markets
Can Time-Varying Currency Risk Hedging Explain Exchange Rates?
Delayed Overshooting Puzzle: Does Systematic Monetary Policy Matter?
Exchange Rate Predictability Based on Market Sentiments
Non-Fundamental Flows and Foreign Exchange Rates
How do monetary shock, financial crisis, and quotation reform affect the long memory of exchange rate volatility? Evidence from major currencies
Climate risks and realized volatility of major commodity currency exchange rates
Market Timing and Predictability in FX Markets
The Development of Local Currency Bond Markets and Uncovered Interest Rate Parity
Uncovering CIP Deviations in Emerging Markets: Distinctions, Determinants and Disconnect
ECB Euro Liquidity Lines
An algorithmic trading system based on a stacked generalization model and hidden Markov model in the foreign exchange market
The Transmission Mechanism of Stress in the International Banking System
Deviations from covered interest parity in the emerging markets after the global financial crisis
30 years of exchange rate analysis and forecasting: A bibliometric review
The foreign exchange market
Sovereign Credit Default Swaps and the Currency Forward Bias
Foreign Exchange Swap Liquidity
Price discovery and triangular arbitrage in currency markets
Liquidity yield and exchange rate predictability
Exchange Rates and Government Debt
Tails of Foreign Exchange-at-Risk (FEaR)
Currency Risk Premiums: A Multi-horizon Perspective
The words have power: the impact of news on exchange rates
Transition risk of a petroleum currency
Inflation in the aftermath of financial crises
Price Formation in the Foreign Exchange Market
Currency carry trades, risk management, and firm value: Evidence from Korean banking industry
Granular banking flows and exchange-rate dynamics
An unconventional FX tail risk story
On the role of interest rate differentials in the dynamic asymmetry of exchange rates
International trade and the risk in bilateral exchange rates
Implications of Asset Market Data for Equilibrium Models of Exchange Rates
Inattentive Search for Currency Fundamentals
CIP deviations: The role of U.S. banks' liquidity and regulations
A credit-based theory of the currency risk premium
Original sin redux and deviations from covered interest parity
Estimation of Nonlinear Exchange Rate Dynamics in Evolving Regimes
Explaining the stylized facts of foreign exchange markets with a simple agent-based version of Paul de Grauwe's chaotic exchange rate model
Currency risk premiums redux?
Bonds, currencies and expectational errors
Permanent and temporary monetary policy shocks and the dynamics of exchange rates
Global Bank Lending and Exchange Rates
An Intermediation-Based Model of Exchange Rates
Are FX communications effective? Evidence from emerging markets
Beyond Carry: The Prospective Interest Rate Differential and Currencuy Excess Returns
Deciphering Dollar Exchange Rates and Interest Parity
Was it Real? The Exchange Rate-Interest Differential Relation Over the Modern Floating-Rate Period
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
PPP and the Balassa Samuelson Effect - The Role of the Distribution Sector
Border Effects within the NAFTA Countries
Interpreting Real Exchange Rate Movements in Transition Countries | Published
Market Integration and Convergence to the Law of One Price: Evidence from the European Car Market | Published
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
Supply Shocks and Real Exchange Rates | Published
New multi-country evidence on purchasing power parity
The Law of One Price Over 700 Years
An Unbiased Appraisal of Purchasing Power Parity | Published
Determinants of the euro real effective exchange rate: a BEER/PEER approach
Sources of Euro Real Exchange Rate Fluctuations: What Is Behind the Euro Weakness in 1999-2000?
World-Wide Purchasing Power Parity
PPP May not Hold After all: A Further Investigation
A New Look at Panel Testing of Stationarity and the PPP Hypothesis
PPP and the real exchange rate-real interest rate differential puzzle revisited: evidence from non-stationary panel data
A Bayesian analysis of the PPP puzzle using an unobserved components model
Purchasing Power Parity and New Trade Theory
A Bayesian Analysis of the PPP Puzzle using an Unobserved Components Model
A simple test for PPP among traded goods
Real Exchange Rates in the Long and Short Run: A Panel Co-Integration Approach
Testing for PPP: Should We Use Panel Methods?
How does the world interest rate affect the real exchange rate?
Beyond Burgernomics and MacParity: Exchange Rate Forecasts Based on the Law of One Price
Inflation, Exchange Rates and PPP in a Multivariate Panel Cointegration Model
External Wealth, the Trade Balance, and the Real Exchange Rate
Current Account and Real Exchange Rate Dynamics in the G-7 Countries | Published
Price setting, price dispersion, and the value of money - or - The law of two prices
The Exchange Rate and Purchasing Power Parity: Extending the Theory and Tests | Published
The Real Exchange Rate Always Floats
Does the Balassa-Samuelson Hypothesis Hold for Asian Countries? An Empirical Analysis using Panel Data Cointegration Tests
Real Exchange Rates in Transition Economies
Does the Purchasing Power Parity Hold Within the US?
PPP Strikes Back: Aggregation and the Real Exchange Rate | Alternative | Published
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
Forecasting the Dollar/Euro Exchange Rate: Can International Parities Help?
Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?
The Real Exchange Rate in Small Open Developed Economies: Evidence from Cointegration Analysis
Short Memory and the PPP-puzzle | Published
Countercyclical Trade Balance and Persistent Real Exchange Rates in a Neomonetarist Model
Convergence to Purchasing Power Parity at the Commencement of the Euro
A Prism into the PPP Puzzles: The Micro-foundations of Big Mac Real Exchange Rates | Published
Commodity Currencies and the Real Exchange Rate
A re-examination of the Purchasing Power Parity using non-stationary dynamic panel methods : a comparative approach for developing and developed countries
On the long-run determinants of real exchange rates for developing countries : Evidence from Africa, Latin America and Asia
Dissecting the PPP Puzzle: The Unconventional Roles of Nominal Exchange Rate and Price Adjustment | Published
A Re-examination of the Link between Real Exchange Rates and Real Interest Rate Differentials
Does "Aggregation Bias" Explain the PPP Puzzle?
Non-Parametric Tests of Real Exchange rates in the Post-Bretton Woods Era
The Modern Theory of the LOP and PPP: Some Implications
Getting PPP Right: Identifying Mean Reverting Real Exchange Rates in Panels | Published
State of the Art Unit Root Tests and Purchasing Power Parity
The Purchasing Power Parity Debate
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
Parity Reversion in Real Exchange Rates: Fast, Slow or Not at All? | Published
The Long-Run Volatility Puzzle of the Real Exchange Rate
Testing for Long Run Relative PPP in Europe
Real Exchange Rates in Developing Countries: Are Balassa-Samuelson Effects Present? | Published
International Deviations from the Law of One Price: The Role of Search Frictions and Market Share
Panel Data Tests Of Ppp: A Critical Overview
PPP rules, macroeconomic (In)stability and learning | Published
The determination of the equilibrium exchange rate in a simple general equilibrium model
Estimating an equilibrium exchange rate for the dollar and other key currencies
The European Union currencies and the US dollar: from post-Bretton-Woods to the Euro
The Purchasing Power Parity Debate
Taylor Rules and the Deutschmark-Dollar Real Exchange Rate
Real exchange rates and the relative prices of non-traded and traded goods: an empirical analysis
How Puzzling is the PPP Puzzle? An Alternative Half-Life Measure of Convergence to PPP
The purchasing power parity puzzle, temporal aggregation, and half-life estimation
Real Exchange Rate and Consumption Fluctuations following Trade Liberalization
Trade Costs and Real Exchange Rate Volatility: The Role of Ricardian Comparative Advantage
Higher Power Tests for Bilateral Failure of PPP after 1973
Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
Real exchange rates and switching regimes
A Nonparametric Measure of Convergence Toward Purchasing Power Parity
Purchasing power parity and the theory of general relativity: The first tests
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
An oversimplified inquiry into the sources of exchange rate variability
Nominal rigidity, desired markup variations, and real exchange rate persistence
New Rates from New Weights | Published
The PPP debate: Price matters!
Joint Tests for Non-linearity and Long Memory: The Case of Purchasing Power Parity
Monetary Shocks and Real Exchange Rate Dynamics: a Reappraisal
A Primer on Real Effective Exchange Rates: Determinants, Overvaluation, Trade Flows and Competitive Devaluation
Productivity Bias Hypothesis and The Purchasing Power Parity: a review article
Demand and Distance: Evidence on Cross-Border Shopping
Real Exchange Rate Misalignment: A Panel Co-Integration and Common Factor Analysis
Testing long-run purchasing power parity under exchange rate targeting
"Aggregation Bias" DOES Explain the PPP Puzzle
Real Exchange Rate Overshooting RBC Style
Nominal Exchange Rate Flexibility and Real Exchange Rate Adjustment: Evidence from Dual Exchange Rates in Developing Countries
Investigating the threshold effects of inflation on PPP
Just how Undervalued is the Chinese Renminbi
Do Dollar Forecasters Believe too Much in PPP?
Real Exchange Rate Volatility and the Price of Nontradables in Sudden-Stop-Prone Economies
The Importance of Nontradable Goods' Prices in Cyclical Real Exchange Rate Fluctuations
Are Real Exchange Rates Nonlinear or Nonstationary? Evidence from a New Threshold Unit Root Test
The Triple-Parity Law
Testing Linearity in Cointegrating Relations with an Application to Purchasing Power Parity
Purchasing Power Parity and Heterogeneous Mean Reversion | Published
Nonlinear PPP Under the Gold Standard
The Purchasing Power Parity Persistence Paradigm: Evidence from Black Currency Markets
Testing for Purchasing Power Parity Under a Target Zone Exchange Rate Regime
Reconsidering Real Interest Parity for Traded and Nontraded Goods
Fundamentals and exchange rate volatility
Co-integrating currencies and yield differentials
International financial integration through the law of one price
Pairwise Tests of Purchasing Power Parity Using Aggregate and Disaggregate Price Measures
The Contribution of Growth and Interest Rate Differentials to the Persistence of Real Exchange Rates
Equilibrium Exchange Rates in Transition Economies: Taking Stock of the Issues
Structural Breaks in the Real Exchange Rate Adjustment Mechanism
Real Exchange Rate Volatility and Asset Market Structure
Euro-Dollar Real Exchange Rate Dynamics in an Estimated Two-Country Model: What Is Important and What Is Not | Published
An alternative test of purchasing power parity
Can Firms’ Location Decisions Counteract the Balassa-Samuelson Effect?
On the Equality of Real Interest Rates across Borders in Integrated Capital Markets
Persistence in Law-Of-One-Price Deviations: Evidence from Micro-Data | Published
The behaviour of the real exchange rate: evidence from regression quantiles | Published
A reappraisal of the evidence on PPP: a systematic investigation into MA roots in panel unit root tests and their implications
Real Exchange Rate Dynamics With Endogenous Distribution Costs
Cointegration Tests of PPP: Do they also Exhibit Erratic Behaviour?
Testing Real Interest Parity in Emerging Markets
Can the Law of One Price be tested?
International asset markets and real exchange rate volatility | Published
Real equilibrium exchange rates: A panel data approach for advanced and emerging economies
Is Reversion to PPP in Euro Exchange Rates Non-Linear?
Does Productivity Growth Appreciate the Real Exchange Rate?
Pricing to Habits and the Law of One Price
Purchasing power parity and country characteristics: Evidence from panel data tests
Does the real interest parity hypothesis hold? Evidence for developed and emerging markets
Foreign Exchange Intervention and Equilibrium Real Exchange Rates | Published
Household Heterogeneity and Real Exchange Rates
The Law of One Price: Nonlinearities in Sectoral Real Exchange Rate Dynamics
The behaviour of the real exchange rate: Evidence from regression quantiles
Capturing asymmetry in real exchange rate with quantile autoregression
A Framework for Identifying the Sources of Local-Currency Price Stability with an Empirical Application
Fertility and the Real Exchange Rate
Purchasing Power Parity for Developing and Developed Countries: What Can We Learn from Non-Stationary Panel Data Models? | Published
Uncover Latent PPP by Dynamic Factor Error Correction Model (DF-ECM) Approach: Evidence from five OECD countries
Does Purchasing Power Parity Hold Sometimes? Regime Switching in Real Exchange Rates
International investment positions and exchange rate dynamics: a dynamic panel analysis
International asset pricing under segmentation and PPP deviations
Do Internet Converge Prices to the "Law of One Price"? Evidence from Transaction Data for Airline Tickets
Real exchange rates, imperfect substitutability, and imperfect competition
Financial Market Integration and World Economic Stabilization toward Purchasing Power Parity
The Relative Price of Non-traded Goods in an Imperfectly Competitive Economy: Empirical Evidence for G7 Countries
Does the Nominal Exchange Rate Regime Affect the Long Run Properties of Real Exchange Rates?
Testing for Purchasing Power Parity in Cointegrated Panels
Equilibrium Exchange Rates: Assessment Methodologies
Real interest parity (RIP) over the 20th century: New evidence based on confidence intervals for the largest root and the half-life
Real Exchange Rates and Fundamentals: A Cross-Country Perspective
The PPP Puzzle: What the Data Tell when Allowed to Speak Freely
Volatile and persistent real exchange rates with or without sticky prices
The black market exchange rate vs. the official rate in testing PPP: Which rate fosters the adjustment process?
The Real Exchange Rate, Mercantilism and the Learning by Doing Externality
U.S. dollar real exchange rates: Nonlinearity revisited
A revisit on dissecting the PPP puzzle: Evidence from a nonlinear approach
Nonlinearities or outliers in real exchange rates?
How Robust are Estimated Equilibrium Exchange Rates? A Panel BEER Approach
Non-linearity versus non-normality in real exchange rate dynamics
Bivariate Assessments of Real Exchange Rates Using PPP Data
Persistent Real Exchange Rates
The Composition of Government Spending and the Real Exchange Rate
Skill Upgrading and the Real Exchange Rate
Some pitfalls in testing the law of one price in commodity markets
Long-run PPP in a system context: No favorable evidence after all for the U.S., Germany, and Japan
Cointegration Tests of Purchasing Power Parity
Threshold adjustment in deviations from the law of one price
Local Costs of Distribution, International Trade Costs and Micro Evidence on the Law of One Price
Median-Unbiased Estimation in DF-GLS Regressions and the PPP Puzzle
Foreign Exchange Market Volatility Information: an investigation of real-dollar exchange rate
Regional Mc Parity: Do Common Pricing Points Reduce Deviations From the Law of One Price?
Nontraded Goods, Market Segmentation, and Exchange Rates | Published
Real Exchange Rate Movements and the Relative Price of Non-traded Goods
Estimating exchange rate responsiveness to shocks
Aggregation and the PPP puzzle in a sticky-price model
A Resolution of the Purchasing Power Parity Puzzle: Imperfect Knowledge and Long Swings
Net Foreign Assets, Productivity and Real Exchange Rates in Constrained Economies | Published
Does the law of one price hold in international financial markets? Evidence from tick data | Published
Nonlinear Adjustment of the Real Exchange Rate Towards its Equilibrium Value: a Panel Smooth Transition Error Correction Modelling
3-Regime symmetric STAR modeling and exchange rate reversion
Real rigidities and real exchange rate volatility
Nonlinear PPP Deviations: A Monte Carlo Investigation of Their Unconditional Half-Life
Consumption and Real Exchange Rates in Professional Forecasts | Published
Nonlinear Adjustment in Law of One Price Deviations and Physical Characteristics of Goods
Estimating Exchange Rate Equations Using Estimated Expectations
Fiscal Shocks and The Real Exchange Rate
The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices | Published
Currency Misalignments and Optimal Monetary Policy: A Reexamination | Published
Does higher openness cause more real exchange rate volatility? | Published
The real exchange rate in sticky-price models: does investment matter?
Productivity shocks and real exchange rates - a reappraisal
A New Test of the Real Interest Rate Parity Hypothesis: Bounds Approach and Structural Breaks
Real Exchange Rate Misalignments
Household Heterogeneity and the Real Exchange Rate: Still a Puzzle
Empowering the IMF: Should Reform be a Requirement for Increasing the Fund's Resources?
The confusing time-series behaviour of real exchange rates: Are asymmetries important?
Purchasing Power Parity and Breaking Trend Functions in the Real Exchange Rate
Real Exchange Rates and Time-Varying Trade Costs
Nonlinearity and Persistence in PPP: Does Controlling for Nonlinearity Solve the PPP Puzzle?
Purchasing Power Parity in Less-Developed and Transition Economies: A Review Paper
The Real Exchange Rate as an Instrument of Development Policy
Can Non-Linear Real Shocks Explain The Persistence of PPP Exchange Rate Disequilibria?
The pass-through effect: a twofold analysis
Government Purchases and the Real Exchange Rate
Forecasting the Real Exchange Rate using a Long Span of Data. A Rematch: Linear vs Nonlinear
Understanding forecast failure of ESTAR models of real exchange rates
Productivity, the Terms of Trade, and the Real Exchange Rate: The Balassa-Samuelson Hypothesis Revisited
Sources of exchange rate fluctuations: are they real or nominal?
A Century of Purchasing Power Parity Confirmed: The Role of Nonlinearity | Published
What Makes Currencies Volatile? An Empirical Investigation
One TV, One Price?
Analyzing aggregate real exchange rate persistence through the lens of sectoral data | Published
Real exchange rates and real interest rate differentials: A present value interpretation
The dollar in the turmoil
Reverse Shooting of Exchange Rates
A model of international cities: implications for real exchange rates
Do uncertainty and technology drive exchange rates?
What do we know about real exchange rate non-linearities?
International Financial Integration and Real Exchange Rate Long-Run Dynamics in Emerging Countries: Some Panel Evidence
The Micro-Macro Disconnect of Purchasing Power Parity
Productive Government Purchases and the Real Exchange Rate
Real exchange rate dynamics in the presence of non-traded goods and transaction costs
Methodological advances in the assessment of equilibrium exchange rates
A Model of the Exchange Rate with Informational Frictions
Local persistence and the PPP hypothesis
The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium | Published
Fiscal Policy, the Real Exchange Rate and Traded Goods
Investigating nonlinearities in real exchange rate adjustment: Threshold cointegration and the dynamics of exchange rates and relative prices
How well does nonlinear mean reversion solve the PPP puzzle?
The Harrod-Balassa-Samuelson Hypothesis: Real Exchange Rates and their Long-Run Equilibrium
Decline in the persistence of real exchange rates, but not sufficient for purchasing power parity
The Balassa-Samuelson Hypothesis Through the Lens of the Dependent Economy Model
Purchasing power parity and the long memory properties of real exchange rates: Does one size fit all?
Long-run purchasing power parity with asymmetric adjustment: Further evidence from nine transition countries
Capital Flow Types, External Financing Needs, and Industrial Growth: 99 countries, 1991-2007
Temporal aggregation and purchasing power parity persistence
Sources of exchange rate fluctuations: Are they real or nominal?
Is the evidence for PPP reliable? A sustainability examination of the stationarity of real exchange rates
Aggregation and the PPP Puzzle in a Sticky-Price Model
Home bias, distribution services and determinants of real exchange rates
Nonlinear trends in real exchange rates: A panel unit root test approach
Spatial panel data analysis with feasible GLS techniques: An application to the Chinese real exchange rate
Financial liberalization, structural change, and real exchange rate appreciations
Accounting for Real Exchange Rates Using Micro-data | Published
Microeconomic Sources of Real Exchange Rate Variability | Published
The PPP debate: Multiple breaks and cross-sectional dependence
Rational expectations, changing monetary policy rules, and real exchange rate dynamics
Real exchanges rates in commodity producing countries: A reappraisal
Estimation of consistent multi-country FEERs
Examining the evidence of purchasing power parity by recursive mean adjustment
Correcting Real Exchange Rate Misalignment: Conceptual and Practical Issues
Mussa Redux and Conditional PPP | Published
Globalization, exports, and effective exchange rate indices
Value-Added Exchange Rates
Can producer currency pricing models generate volatile real exchange rates?
Product Introductions, Currency Unions, and the Real Exchange Rate
History, Gravity and International Finance | Published
Purchasing power parity and the Taylor rule
Understanding Long-run Price Dispersion | Published
International Prices and Exchange Rates
SURVEY PAPER
Real exchange rate fluctuations and the relative importance of nontradables
Exaggerated Death of Distance: Revisiting Distance Effects on Regional Price Dispersions
The consumption-real exchange rate anomaly with extensive margins
How do currency misalignments' threshold affect economic growth?
Borders and Big Macs
Testing Black Market vs. Official PPP: A Pooled Mean Group Estimation Approach
Do sticky prices increase real exchange rate volatility at the sector level?
Estimating the Half-life of Theoretically Founded Real Exchange Rate Misalignments
Revisiting the Balassa-Samuelson Model with Markup Variations
Roads and the Real Exchange Rate
Bond Market Co-movements, Expected Inflation and the GBP-USD Equilibrium Real Exchange Rate
Firm Productivity, Exchange Rate Movements, Sources of Finance, and Export Orientation
Real Exchange Rate Appreciation in Emerging Markets: Can Fiscal Policy Help?
Trade Intensity and Purchasing Power Parity
The Harrod-Balassa-Samuelson effect and endogenous extensive margins
Persistence in real exchange rate convergence
Real exchange rate dynamics in sticky wage models
Real Exchange Rate and Productivity in a Specific-Factor Model with Skilled and Unskilled Labour
Non-linear adjustments to intranational PPP
Do Real Exchange Rate Appreciations Matter for Growth?
Through the Looking Glass: A WARPed View of Real Exchange Rate History
Deconstructing shocks and persistence in OECD real exchange rates
Global Value Chains and Effective Exchange Rates at the Country-Sector Level
Common Trends and Common Cycles in Oil Price and Real Exchange Rate
Can Monetary Policy Cause the Uncovered Interest Parity Puzzle?
The Price of Development | Published
The Real Exchange Rate in the Long Run: Balassa-Samuelson Effects Reconsidered | Published
Did Purchasing Power Parity Hold in Medieval Europe?
Real Exchange Rate Persistence in US Dollar PPP Systems
Real Financial Market Exchange Rates and Capital Flows | | Published
Real Exchange Rates and Sectoral Productivity in the Eurozone | Published
Monetary Policy and Real Exchange Rate Dynamics in Sticky-Price Models
The Federal Reserve Engages the World (1970-2000): An Insider's Narrative of the Transition to Managed Floating and Financial Turbulence
The Macroeconomics of a Financial Dutch Disease
Imperfect mobility of labor across sectors: a reappraisal of the Balassa-Samuelson effect | Published
Inflation targeting and real exchange rates: A bias correction approach
Versailles Redux? Eurozone Competitiveness in a Dynamic Balassa-Samuelson-Penn Framework
The Macroeconomics of a Financial Dutch Disease
Foreign Technology Acquisition and Changes in the Real Exchange Rate
Phillips curve shocks and real exchange rate fluctuations: SVAR evidence
A Nonparametric Study of Real Exchange Rate Persistence over a Century
Real exchange rates and fundamentals: robustness across alternative model specifications
Persistence of Current-account Disequilibria and Real Exchange-rate Misalignments
Real Exchange Rate Determination and the China Puzzle
A pair-wise analysis of the law of one price: Evidence from the crude oil market
Can international macroeconomic models explain low-frequency movements of real exchange rates? | Published
Inter-Temporal Purchasing Power Parity
Demand for Value Added and Value-Added Exchange Rates | Published
Measuring the dollar-euro permanent equilibrium exchange rate using the unobserved components model
PPP may hold better than you think: Smooth breaks and non-linear mean reversion in real effective exchange rates
Testing for linear and nonlinear Granger causality in the real exchange rate-consumption relation
Real exchange rate forecasting and ppp: this time the random walk loses
Sources of Fluctuations in the Real Exchange Rates and Trade Balances of the G-7: A Sign Restriction VAR Approach
Noisy information, distance and law of one price dynamics across US cities
Real Exchange Rates and Commodity Prices
Price Indexes are a Problem for Testing PPP
Real exchange rate volatility and business cycles in emerging market economies
Exchange Rate Movements and the Distribution of Productivity
International Relative Prices: Evidence from Online Retailers in Seven Countries
Through the Looking Glass: A WARPed View of Real Exchange Rate History
Absolute purchasing power parity in industrial countries
Bayesian analysis of nonlinear exchange rate dynamics and the purchasing power parity persistence puzzle
The law of one price revisited: How do goods market frictions generate large and volatile price deviations? | Published
A Small Open Economy with the Balassa-Samuelson Effect
Valuation effects and long-run real exchange rate dynamics
Real Exchange Rate Volatility and Imports of Intermediate Inputs: A Microeconometric Analysis of Manufacturing Plants
On the impact of volatility on the real exchange rate - terms of trade nexus: Revisiting commodity currencies
Skilled Emigration, Wages and Real Exchange Rate in a Globalized World
Accounting for real exchange rate changes at long time horizons
Oil Prices and the Dynamics of Output and Real Exchange Rate
Bayesian forecasting of real exchange rates with a Dornbusch prior
The Dynamics of the Trade Balance and the Real Exchange Rate: The J Curve and Trade Costs?
The Determination of the Equilibrium Exchange Rates Based on a General Equilibrium Model
Why Are Exchange Rates So Smooth? A Segmented Asset Markets Explanation
Labor market flexibility and the real exchange rate
Sources of asymmetric shocks: The exchange rate or other culprits?
Parameter drifts, misspecification and the real exchange rate in emerging countries
Adoption of the Gold Standard and Real Exchange Rates in the Core and Periphery, 1870-1913
When and why hyperinflating monetary authorities abandon a currency
Quantitative assessment of the role of incomplete asset markets on the dynamics of the real exchange rate
Conditional PPP and Real Exchange Rate Convergence in the Euro Area
Effective exchange rates, current accounts and global imbalances | Published
Commonality and Heterogeneity in Real Effective Exchange Rates: Evidence from Advanced and Developing Countries
Exchange Rate Predictability and State-of-the-Art Models
Debt Thresholds and Real Exchange Rates: An Emerging Markets Perspective | Published
The 'Real' Explanation of the PPP Puzzle
Barriers to price convergence
Boom Goes the Price: Giant resource discoveries and real exchange rate appreciation | Published
On the link between the US economic policy uncertainty and exchange rates
Current Account and Real Exchange Rate changes: the impact of trade openness | Published
Purchasing power parity in emerging markets: A panel stationary test with both sharp and smooth breaks
Estimating Currency Misalignment Using the Penn Effect: It's Not as Simple As It Looks | Published
The Balassa-Samuelson hypothesis in the developed and developing countries revisited
Nonlinear Trend and Purchasing Power Parity
Real Exchange Rate Persistence and Country Characteristics | Published
Sovereign Risk and the Real Exchange Rate: A Non-Linear Approach
Boom or Gloom? Examining the Dutch Disease in Two-speed Economies
Persistence and Volatility of Real Exchange Rates: The Role of Supply Shocks Revisited
An exchange market pressure measure for cross country analysis
Real Exchange Rate and External Balance: How Important Are Price Deflators?
The real exchange rate and economic growth: Revisiting the case using external instruments
Information Frictions and Real Exchange Rate Dynamics | Published
The Balassa-Samuelson relationship: Services, manufacturing and product quality
Thousands of BEERs: Take your pick
Portfolio Inflows and Real Effective Exchange Rates: Does the Sectorization Matter?
Current Account Imbalances, Real Exchange Rates, and Nominal Exchange Rate Variability
Ramsey-optimal Tax Reforms and Real Exchange Rate Dynamics
Corporate Investment and the Real Exchange Rate | Published
Purchasing power parity across eight worlds
Law of One Price, Distance, and Borders
EQCHANGE: A World Database on Actual and Equilibrium Effective Exchange Rates
Does Real Exchange Rate Undervaluation Really Promote Economic Growth?
Real Exchange Rates, Income per Capita, and Sectoral Input Shares | Published
The PPP approach revisited: A study of RMB valuation against the USD
The impact of exchange rate deviations from relative PPP equilibrium on the U.S. demand for foreign equities
Nominal Exchange Rates and Net Foreign Assets' Dynamics: the Stabilization Role of Valuation Effects
The PPP Puzzle: An Update
Why Are Exchange Rates So Smooth? A Household Finance Explanation
Are supply shocks important for real exchange rates? A fresh view from the frequency-domain
Equilibrium Exchange Rates and Misalignments: The Case of Homogenous Emerging Market Economies
Real exchange rate misalignments in the euro area
Equilibrium Exchange Rates and Misalignments: The Case of Homogenous Emerging Market Economies
The Phillips Curve: Price Levels or Real Exchange Rates?
The cause of an integral correction mechanism of the real exchange rate
Intermediate Goods and Exchange Rate Disconnect
Are Risk Premia Related to Real Exchange Rate Swings? Evidence from I(2) CVARs with Survey Expectations
Real exchange rate variability in a two-country business cycle model
The Impact of Real Exchange Rate Shocks on Manufacturing Workers: An Autopsy from the MORG
Shining a Light on Purchasing Power Parities | Published
Liquidity and exchange rate volatility
Price level convergence and purchasing power divergence
Multihorizon Currency Returns and Purchasing Power Parity
Real Exchange Rates, Economic Complexity, and Investment
Price Rigidities and Relative PPP | Published
Estimating a Latent Risk Premium in Exchange Rate Futures
The Factor Content of Equilibrium Exchange Rates
The real exchange rate in Taylor rules: A Re-Assessment
Real exchange rate appreciation after the financial crisis of 2008-2009: Misalignment or fundamental correction?
A Nonlinear Analysis of the Real Exchange Rate-Consumption Relationship
U.S. Income Comparisons with Regional Price Parity Adjustments
Real exchange rate dynamics in New-Keynesian models - The Balassa-Samuelson effect revisited
The effects of government spending on real exchange rates: Evidence from military spending panel data
Real exchange rate dynamics: Relative importance of Taylor-rule fundamentals, monetary policy shocks, and risk?premium shocks
Real exchange rate convergence: The roles of price stickiness and monetary policy
Equilibrium real exchange rate estimates across time and space
Reliability of basic heading PPPs
Macro-prudential policies, the global financial cycle and the real exchange rate
Reforms and the real exchange rate: The role of pricing-to-market
The Law of One Food Price
Ramsey Tax Competition with Real Exchange Rate Determination
Real Exchange Rates and Primary Commodity Prices
The Level REER model in the External Balance Assessment (EBA) Methodology
Foreign exchange inflows, the trade balance and real effective exchange rates
Measuring the Balassa-Samuelson Effect: A guidance Note on the RPROD Database
How frequent a BEER? Assessing the impact of data frequency on real exchange rate misalignment estimation
Subnational purchasing power of parity in OECD countries: Estimates based on the Balassa-Samuelson hypothesis
Economic policy uncertainty shocks, economic activity, and exchange rate adjustments
Revisiting real exchange rate volatility: non-traded goods and cointegrated TFP shocks
Revisiting the persistence of real exchange rates
The predictive power of equilibrium exchange rate models
Beyond Basis Basics: Leverage Demand and Deviations from the Law of One Price
Exchange rate forecasting on a napkin
Real Exchange Rate Dynamics Beyond Business Cycles
Cross border flows, financial Intermediation and interactions of policy rules in a small open economy model
Exchange Rate Risk, Distribution Asymmetry and Deviations from Purchasing Power Parity
The changing nature of the real exchange rate: The role of central bank preferences
The Law of One Price, Purchasing Power Parity, and Exchange Rates
Explaining the Volatility of the Real Exchange Rate in Emerging Markets
Heterogenous Job Separations and the Balassa-Samuelson Effect
Structural changes and the real exchange rate dynamics
Inflation - Harrod-Balassa-Samuelson effect in a DSGE model setting
A Behavioral Explanation for the Puzzling Persistence of the Aggregate Real Exchange Rate
The evolution of purchasing power parity
Long-run purchasing power parity redux
Quantile nonlinear unit root test with covariates and an application to the PPP hypothesis
Long-run dynamics of exchange rates: A multi-frequency investigation
Sovereign Capital, External Balance, and the Investment-Based Balassa-Samuelson Effect in a Global Dynamic Equilibrium
The Story of the Real Exchange Rate
Climate Risk and Commodity Currencies
An asymmetrical overshooting correction model for G20 nominal effective exchange rates
Causal and frequency analyses of purchasing power parity
Facing up to the polysemy of purchasing power parity: New international evidence
Covariability of real exchange rates and fundamentals
Imperfect Exchange Rate Pass-through: Empirical Evidence and Monetary Policy Implications
Nonlinearities and Asymmetric Adjustment to PPP in an Exchange Rate Model with Inflation Expectations
Purchasing-power-parity and the saving behavior of temporary migrants
The PPP View of Multihorizon Currency Risk Premiums
Long-run equilibrium in international assets and goods markets: Why is the law of one price required?
Licence to Dine: 007 and the Real Exchange Rate
The real exchange rate and household consumption heterogeneity: Testing Kocherlakota and Pistaferri's (2007) model
Licence to Dine: 007 and the Real Exchange Rate
Timely measurement of real effective exchange rates
Real Exchange Rates and Primary Commodity Prices: Mussa Meets Backus-Smith
The Real Exchange Rate and Development: Theory, Evidence, Issues and Challenges
The missing risk premium in exchange rates
Fiscal Cyclicality and Currency Risk Premia
Real Exchange Rate Decompositions
The purchasing power parity and exchange-rate economics half a century on
Revisiting the PPP puzzle: Nominal exchange rate rigidity and region of inaction
Macroeconomic determinants of foreign exchange rate exposure
The origin of the law of one price deviations: Insights from the good-level real exchange rate volatility
The Law of One Price, Borders, and Purchasing Power Parity
How many fundamentals should we include in the behavioral equilibrium exchange rate model?
Real Exchange Rate Risk and FDI flows: stylized facts and theory
Real exchange rate and international reserves in the era of financial integration
External Shocks, Policies, and the Distribution of Real Exchange Rate Movements
Mr. Keynes meets the Classics: Government Spending and the Real Exchange Rate
Missing: A correlation between exchange rate misalignment and GDP growth
Liquidity premia: the PPP puzzle's missing piece?
Revisiting the real exchange rate misalignment?economic growth nexus via the across?sector misallocation channel
Long-Run Movements in Real Exchange Rates: 1264 to 2020
Low Risk Sharing with Many Assets
Dynamic Theory of the Balassa-Samuelson Effect
Exchange rate shocks and equity prices: the role of currency denomination
Real Exchange Rates and the Earnings of Immigrants
Can International Policy Coordination Be Counterproductive?
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?
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
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
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
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
Recent Thinking About Exchange Rate Determination and Policy
The Foreign Exchange Orgins of Japan's Economic Slump and Low Interest Liquidity Trap
An Interest Rate Defense of a Fixed Exchange Rate?
Equilibrium Exchange Rate Policies: Complicit Renegotiation-Proof Outcomes
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
Optimal Exchange Rate Policy: The Influence of Price-Setting and Asset Markets
On the Use of Local Currency When Less Inflationary Currencies are Available: An Overlapping Generations Model
Official Intervention in the Foreign Exchange Market or, Bet Against the Central Bank
Monetary Implications of Cross-Border Derivatives for Emerging Economies
Exchange Rate Risk Management: Evidence from East Asia
On Commodity-Sensitive Currencies and Inflation Targeting
Living with Fear of Floating: An Optimal Policy Perspective
Financial Repression and Exchange Rate Management in Developing Countries: Theory and Empirical Evidence for India
Exchange Rate Exposure | Published
Exchange Rate Pass-through and Partial Dollarization: Is There a Link?
International Transmission under Floating Exchange Rates
Exchange rate volatility and EURO area imports
The Effects of Monetary Policy Shocks on Exchange Rates: A Structural Vector Error Correction Model Approach
Policy Options for Joining the Euro
Dollarization of Liabilities in Non-tradable Goods Sector
What Hurts Most? G-3 Exchange Rate or Interest Rate Volatility
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
Dollarization: An Irreversible Decision
Is adopting Full Dollarization the solution? Looking at the evidence
Dollarization and Economic Performance: An Empirical Investigation
Dollarization: A Primer
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
Deposit Dollarization and the financial sector in emerging economies
Dollarization: A Dead End
Dollarization: Analytical Issues
A Fiscal Theory of the Currency Risk Premium and of Sterilized Intervention
Nominal Exchange Rate Anchoring Under Inflation Inertia
How Valuable Is Exchange Rate Flexibility? Optimal Monetary Policy under Sectoral Shocks
On the Distributional Effects of Exchange Rate Fluctuations | Published
Dread of Depreciation: Measuring Real Exchange Rate Interventions
Expenditure Switching and Exchange Rate Policy
Foreign Currency Pricing
Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility
Why Should Emerging Economies Give up National Currencies: A Case for 'Institutions Substitution'
Dollarization and Economic Performance: What Do We Really Know?
Optimal Exchange Rate Policy, Optimal Incomplete Taxation and Business Cycles
Global Implications of Self-Oriented National Monetary Rules | Published
Real Exchange Rate Targeting and Macroeconomic Instability
Should government smooth exchange rate risk?
Dollarization, Monetary Policy, and the Pass-Through
Exchange Rate Monitoring Bands: Theory and Policy | Alternative
The Great Exchange Rate Debate After Argentina
A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
Endogenous Deposit Dollarization
Dollarization of Liabilities: Beyond the Usual Suspects
The Dynamics of Currency Substitution, Asset Substitution and De facto Dollarization and Euroization in Transition Countries
Revisiting the Interest Rate-Exchange Rate Nexus: A Markov Switching Approach
Identifying the Effects of Monetary Policy Shocks on Exchange Rates Using High Frequency Data
Twin Fallacies About Exchange Rate Policy in Emerging Markets
Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey
Intervention and Exchange Rate Stabilization Policy in Developing Countries
Strict Dollarization and Economic Performance: An Empirical Investigation
Overshooting and Dollarization in the Democratic in the Democratic Republic of the Congo
The East Asian Dollar Standard, Fear of Floating, and Original Sin
Large Devaluations and the Real Exchange Rate | Alternative
Monetary policy, foreign exchange intervention, and the exchange rate in a unifying framework
When Do Central Bank Interventions Influence Intra-Daily and Longer-Term Exchange Rate Movements? | Published
Dollarization, Inflation Volatility and Underdeveloped Financial Markets in Transition Economies
The Trilemma in History: Tradeoffs among Exchange Rates, Monetary Policies,and Capital Mobility | Alternative | Published
Sticky Inflation and the Real Effects of Exchange Rate Based Stabilization | Published
Official Intervention in the Foreign Exchange Market: Elements of Best Practice
Exploring the Implications of Official Dollarization on Macroeconomic Volatility
Dollarization of the Banking System: Good or Bad?
Financial Dollarization and Central Bank Credibility
Economic Policy in the International Economy
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
Addicted to Dollars
The Travails of Current Macroeconomic and Exchange Rate Management in China: The Complications of Switching to a New Growth Engine
Monetary policy's role in exchange rate behavior
Reuters News Reports versus Official Interventions: A Cautionary Warning
Optimal fear of floating: the role of currency mismatches and fiscal constraints | Alternative
Financial Globalisation, Exchange Rates and Capital Controls in Developing Countries
Government intervention in the foreign exchange market
Is a transactions tax an effective means to stabilize the foreign exchange market?
Limited Arbitrage, Segmentation, and Investor Heterogeneity: Why the Law of One Price So Often Fails
The Gains from International Monetary Cooperation Revisited
Euro at Five: Ready for a Global Role?
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
Fear of Floating in East Asia
Computing currency invariant indices with an application to minimum variance currency baskets
Monetary Sovereignty, Exchange Rates, and Capital Controls: The Trilemma in the Interwar period
Productivity Shocks and Delayed Exchange-Rate Overshooting
Economic Integration, Sectoral Diversification, and Exchange Rate Policy in a Developing Economy
Dollarization and currency exchange
Balance Sheets, Exchange Rate Policy, and Welfare | Published
What Prompts Japan to Intervene in the Forex Market? A New Approach to a Reaction Function
The liquidity effects of foreign exchange intervention
On the determinants of "small" and "large" foreign exchange market interventions: The case of the Japanese interventions in the 1990s
Prudential Responses to De Facto Dollarization
Optimal Currency Hedging | Published
Assessing Financial Vulnerability in Partially Dollarized Economies
Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates | Published
Adjusting China’s Exchange Rate Policies
The Return to Soft Dollar Pegging in East Asia. Mitigating Conflicted Virtue
An Assessment of the Case for Monetary Union or Official Dollarization in Argentina, Brazil, Chile, Uruguay and Venezuela
Target Zone Interventions and Coordination of Expectations
Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank
Sterilization costs and exchange rate targeting
Monetary policy in emerging markets: Can liability dollarization explain contractionary devaluations?
Foreign exchange market intervention: implications of publicly announced and secret intervention for the euro exchange rate and its volatility
Balance Sheets and Exchange Rate Policy
Dollars, Debt and the IFIs: Dedollarizing Multilateral Lending
Exchange Rate and Inflation Dynamics in Dollarized Economies | Published
Models of foreign exchange intervention: Estimation and testing
A simple theoretical framework for the analysis of liability dollarization
Financial Dollarization: Evaluating the consequences
Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries
Communication and Exchange Rate Policy | Published
Living with flexible exchange rates
A Risk Allocation Approach to Optimal Exchange Rate Policy
Monitoring and Endogenous Financial Dollarization
Currency Boards and Productivity Growth
Labour market reform and the sustainability of exchange rate pegs
Official dollarization: a last resort solution to financial instability in Latin America?
Fear of floating and domestic liability dollarization
Exits from Heavily Managed Exchange Rate Regimes
Other People's Money
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
Dollarization of bank deposits: Causes and consequences
On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate
Friedman redux: Restricting monetary policy rules to support flexible exchange rates
Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue
The need for international policy coordination: what's old, what's new, what's yet to come?
Dollarization in Latin America: seigniorage costs and policy implications
Regime-switching in exchange rate policy and balance sheet effects
Dollarization and trade
Strategies of exchange rate policy in G3 economies
Explicit and Implicit Targets in Open Economies
Can a Rapidly-Growing Export-Oriented Economy Smoothly Exit an Exchange Rate Peg? Lessons for China from Japan's High-Growth Era
Managing Systemic Liquidity Risk in Financially Dollarized Economies
Financial Dollarization Equilibria: A Framework for Policy Analysis
Financial De-Dollarization: Is It for Real?
The Impact of FX Central Bank Intervention in a Noise Trading Framework | Published
Fear of Floating: An optimal discretionary monetary policy analysis
Financial Dollarization and the Size of the Fear
Currency Manipulation versus Current Account Manipulation
How to Exit from Fixed Exchange Rate Regimes
Regime-Switching in Exchange Rate Policy and Balance Sheet Effects
Exchange Rate Cointegration Across Central Bank Regime Shifts
Monetary Policy News and Exchange Rate Responses: Do Only Surprises Matter? | Published
Exchange Rate Targeting in a Small Open Economy
Financial Dollarization in Latin America
Toward an Effective Supervision of Partially Dollarized Banking Systems
How tight should one's hands be tied? Fear of floating and credibility of exchange regimes
Fear of Floating and Fear of Pegging: An Empirical Analysis of De Facto Exchange Rate Regimes in Developing Countries
Stabilization of Effective Exchange Rates Under Common Currency Basket Systems
Expectations and Exchange Rate Policy
Expenditure Switching vs. Real Exchange Rate Stabilization: Competing Objectives for Exchange Rate Policy | Published
The Foreign Exchange Rate Exposure of Nations
Central bank intervention and exchange rate volatility, its continuous and jump components
Evaluating Foreign Exchange Market Intervention: Self-Selection, Counterfactuals and Average Treatment Effects | Published
Why Do Countries Peg the Way They Peg? The Determinants of Anchor Currency Choice | Published
Optimal monetary policy in a regime-switching economy: the response to abrupt shifts in exchange rate dynamics
Inflation Targeting in Dollarized Economies
The Coordination Channel of Foreign Exchange Intervention | Published
Authorities' beliefs about foreign exchange intervention: getting back under the hood | Published
Passthrough Estimates and the Choice of an Exchange Rate Index
Should central banks react to exchange rate movements? An analysis of the robustness of simple policy rules under exchange rate uncertainty
Why do Central Bankers Intervene in the Foreign Exchange Market? Some New Evidence and Theory
The Effect of a Transaction Tax on Exchange Rate Volatility
Foreign exchange market interventions as monetary policy
A Critical Appraisal of Recent Developments in the Analysis of Foreign Exchange Intervention
On the Credibility of Currency Boards
The Historical Origins of U.S. Exchange Market Intervention Policy
Devaluation without common knowledge
Dollarization and financial integration | Published
Exchange Rate Policy and Liability Dollarization: An Empirical Study
Currency Crises and Monetary Policy in Economies with Partial Dollarisation of Liabilities
Talks, financial operations or both? Generalizing central banks’ FX reaction functions | Published
Fed intervention, dollar appreciation, and systematic risk
What prompts Japan to intervene in the Forex market? A new approach to a reaction function
"Optimal" inflation under dollarization
Solving Endogeneity in Assessing the Efficacy of Foreign Exchange Market Interventions
The Influence of Actual and Unrequited Interventions
Dollarization and exchange rate fluctuations
Monetary Policy in an Equilibrium Portfolio Balance Model
Why China Should Keep Its Dollar Peg
Why China Should Abandon Its Dollar Peg
Solving Endogeneity in Assessing the Efficacy of Foreign Exchange Market Interventions
Informative trading or just costly noise? An analysis of Central Bank interventions
Persistent Appreciations and Overshooting: A Normative Analysis
Optimal exchange rate policy in a low interest rate environment | Published
Optimal Monetary Policy with Vertical Production and Trade
Fear of Floating and Social Welfare
The Renminbifs Dollar Peg at the Crossroads
Fear of appreciation | Published
A Heterogenous Agents Model Usable for the Analysis of Currency Transaction Taxes
Liquidity shocks and the dollarization of a banking system
Sterilized Intervention in Emerging-Market Economies: Trends, Costs, and Risks
Sterilization, Monetary Policy, and Global Financial Integration
Accumulating Foreign Reserves Under Floating Exchange Rates
Oral Interventions Versus Actual Interventions in Fx Markets - An Event-Study Approach
Conditional Efficacy of Sterilized Intervention
Fear of Declaring: Do Markets Care What Countries Say About Their Exchange Rate Policies?
Exchange Rate Dynamics and the Relationship between the Random Walk Hypothesis and Official Interventions
A class of quadratic options for exchange rate stabilization
Foreign Debt and Fear of Floating: A Theoretical Exploration
The welfare implications of foreign exchange intervention
Currency interdependence and dollarization
Dollarization, exchange rate regimes and government quality
A new solution to the Purchasing Power Parity puzzles: Risk-aversion, exchange rate uncertainty and the Law of One Price
Evaluating Historical CGER Assessments:How Well Have They Predicted Subsequent Exchange Rate Movements?
Learning under Fear of Floating | Published
The Effects of Real Exchange Rate Shocks in an Economy with Extreme Liability Dollarization
Optimal devaluations
Should central bankers talk to the foreign exchange markets?
A brief empirical history of U.S. foreign-exchange intervention: 1973-1995
The Future of China's Exchange Rate Policy
Policy Responses to Exchange-Rate Movements
Financial Instability, Reserves, and Central Bank Swap Lines in the Panic of 2008
Financial dollarization: Short-run determinants in transition economies
Speculative hyperinflations and currency substitution
Exchange rate management in emerging markets: Intervention via an electronic limit order book
How successful is the G7 in managing exchange rates?
Do China and oil exporters influence major currency configurations?
The Mechanics of Central Bank Intervention in Foreign Exchange Markets
Optimal intervention in the foreign exchange market when interventions affect market dynamics
On-Going versus Completed Interventions and Yen/Dollar Expectations - Evidence from Disaggregated Survey Data
Does inflation targeting lead to excessive exchange rate volatility?
Currency Misalignments and Growth: a New Look Using Nonlinear Panel Data Methods
Capturing the time dynamics of central bank intervention
The Interest Rate — Exchange Rate Nexus: Exchange Rate Regimes and Policy Equilibria
Macro-Hedging for Commodity Exporters
High-Frequency Analysis of Foreign Exchange Interventions: What Do We Learn?
Revisiting the Tobin Tax, in the Context of Development and the Financial Crisis
Noise traders, exchange rate disconnect puzzle, and the Tobin tax
Official Central Bank Interventions in the Foreign Exchange Markets: A DCC Approach with Exogenous Variables
FX Swaps: Implications for Financial and Economic Stability
International reserves and swap lines: substitutes or complements?
The economic consequences of a Tobin tax—An experimental analysis
Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma | Published
Financial Stability, the Trilemma, and International Reserves
Implementing Official Dollarization
Twin dollarization and exchange rate policy
Are Small Countries Able to Set their Own Interest Rates? Assessing the Implications of the Macroeconomic Trilemma
Does Export Pricing Explain ‘Fear of Floating’ in Small Open Emerging Market Economies?
Undervaluation through Foreign Reserve Accumulation: Static Losses, Dynamic Gains | Published
On the theory of sterilized foreign exchange intervention
China as a reserve sink: The evidence from offset and sterilization coefficients
Exchange rate policies, patterns of specialization and economic development: theory and evidence in developing countries
Is Exchange Rate Stabilization an Appropriate Cure for the Dutch Disease?
Dedollarization
Dollarization does promote trade
Are the intraday effects of central bank intervention on exchange rate spreads asymmetric and state dependent? | Published
Deposit Dollarization and Its Impact on Financial Deepening in the Developing World
Absorbing A Windfall of Foreign Exchange: Dutch disease dynamics
Desperately Seeking the Positive Impact of Undervaluation on Growth
Liability dollarization and fear of floating
Order flow and central bank intervention: An empirical analysis of recent Bank of Japan actions in the foreign exchange market
Financial dollarization: The role of foreign-owned banks and interest rates
Pegs and Pain
Large Devaluations, Foreign Direct Investment and Exports: A Speculative Note
Financial Protectionism: the First Tests
Nonlinear exchange rate dynamics under stochastic official intervention
Taxing Financial Transactions: An Assessment of Administrative Feasibility
A structural threshold model of the exchange rate under optimal intervention
Real Exchange Rates and Growth Surges
Exchange Rate Policy and Sovereign Spreads in Emerging Market Economies
International Reserves and the Global Financial Crisis
Dollar Illiquidity and Central Bank Swap Arrangements During the Global Financial Crisis
Foreign Exchange Intervention: A Shield Against Appreciation Winds?
The Federal Reserve as an Informed Foreign Exchange Trader: 1973 – 1995
The relationship between investment and large exchange rate depreciations in dollarized economies
Hybrid Inflation Targeting Regimes | Published
Opposition to capital market opening
Currency blocs in the 21st century
Market microstructure matters when imposing a Tobin tax—Evidence from the lab
Currency intervention and the global portfolio balance effect: Japanese and Swiss lessons, 2003-2004 and 2009-2010
The Signalling Channel of Central Bank Interventions: Modelling the Yen/US Dollar Exchange Rate
Exchange Rate Policy in Small Rich Economies
The Impact of Monetary Policy on the Exchange Rate: puzzling evidence from three emerging economies | Published
The Scope of Foreign Exchange Market Interventions
Trilemma Policy Convergence Patterns and Output Volatility
Global liquidity risk in the foreign exchange market
Resurrecting the weak credibility hypothesis in models of exchange-rate-based stabilization
Financial Repression and External Imbalances
Capital controls and foreign exchange policy
Financial dollarization and systemic risks: New empirical evidence
Currency intervention - the profitability of some recent international experiences
Currency Intervention: A Case Study of an Emerging Market | Published
Does foreign exchange intervention volume matter?
Are changes in foreign exchange reserves a good proxy for official intervention?
Capital Account Policies and the Real Exchange Rate
Exchange rate undervaluation and economic growth: Díaz Alejandro (1965) revisited
How to devalue exchange rates, without building up reserves: Strategic theory for central banking
Central bank interventions and limit order behavior in the foreign exchange market
Capital Inflows and Booms in Assets Prices: Evidence From a Panel of Countries
Modeling Sterilized Interventions and Balance Sheet Effects of Monetary Policy in a New-Keynesian Framework
Short- and Long-term Growth Effects of Exchange Rate Adjustment
Factors Influencing Emerging Market Central Banks' Decision to Intervene in Foreign Exchange Markets
Monetary and exchange rate policy under remittance fluctuations
Foreign exchange intervention and expectation in emerging economies
Official Interventions through Derivatives: affecting the demand for foreign exchange
A DSGE Model for a SOE with Systematic Interest and Foreign Exchange Policies in Which Policymakers Exploit the Risk Premium for Stabilization Purposes
Volatility and Spillover Effects of Yen Interventions
China's Profits and Losses from Currency Intervention, 1994-2011
Foreign Exchange Market Interventions and the $-Ą Exchange Rate in the Long-Run
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
Institutions and financial dollarization: Indirect effects based on a policy experiment
Macroeconomic impacts of Chinese currency appreciation on China and the Rest of World: A global CGE analysis
Optimal Exchange Rate Policy in a Growing Semi-Open Economy
The Art of Currency Manipulation: How to Profiteer by Deliberately Distorting Exchange Rates
Should developing countries undervalue their currencies?
Inflation-Targeting and Foreign Exchange Interventions in Emerging Economies
Currency Wars in Action: How Foreign Exchange Interventions Work in an Emerging Economy
Capital Controls or Real Exchange Rate Policy? A Pecuniary Externality Perspective
Exchange Rate Management and Crisis Susceptibility: A Reassessment
Gauging Exchange Rate Targeting
One Fundamental and Two Taxes: When Does a Tobin Tax Reduce Financial Price Volatility?
Market vs. Residence Principle: Experimental Evidence on the Effects of a Financial Transaction Tax
Large Versus Small Foreign Exchange Interventions
On the effectiveness of devaluations in emerging and developing countries
The Impact of Different Types of Foreign Exchange Intervention: An Event Study Approach
Globalisation, Pass-through and the Optimal Policy Response to Exchange Rates | Published
The Mechanics of Real Undervaluation and Growth
A Model of the Twin Ds: Optimal Default and Devaluation | Published
Official FX interventions through derivatives
Foreign Exchange Intervention and Monetary Policy: A Tale of Two Agencies with Conflicting Objectives
The interbank market risk premium, central bank interventions, and measures of market liquidity
Inflation targeting and exchange rate volatility smoothing: A two-target, two-instrument approach
Competing for Order Flow in OTC Markets
On the Effectiveness of Exchange Rate Interventions in Emerging Markets
Currency substitution, risk premia and the Taylor principle
Exchange Rate Policy and Export Performance in Efficiency-Driven Economies
The International Policy Trilemma in the Post-Bretton Woods Era | Published
The real exchange rate as a target of macroeconomic policy
Motives and Effectiveness of Forex Interventions: Evidence from Peru
Revisiting the Concept of Dollarization: The Global Financial Crisis and Dollarization in Low-Income Countries
Advanced-Country Policies and Emerging-Market Currencies: The Impact of U. S. Tapering on India's Rupee
Monetary Policy Independence under Flexible Exchange Rates: An Illusion?
A Survey on the Effects of Sterilized Foreign Exchange Intervention
SURVEY PAPER
The Open-Economy Trilemma in China: Monetary and Exchange-Rate Policy Interaction under Financial Repression
Two targets, two instruments: Monetary and exchange rate policies in emerging market economies
A model of a heterodox exchange rate based stabilization
Living with the Trilemma Constraint: Relative Trilemma Policy Divergence, Crises, and Output Losses for Developing Countries | Published
Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy | Published
Monetary Policy Spillovers and the Trilemma in the New Normal: Periphery Country Sensitivity to Core Country Conditions | Published
Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence
Unveiling the Effects of Foreign Exchange Intervention: A Panel Approach | Published
Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
Distributional Effects of Monetary Policy in Emerging Market Economies
Was the Forex Fixing Fixed?
Real-Exchange-Rate-Adjusted Inflation Targeting in an Open Economy: Some Analytical Results
Exchange Rate Manipulation and Constructive Ambiguity
Input substitution, export pricing, and exchange rate policy
Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks?
Foreign exchange market intervention and price discovery
External Devaluations: Are Small States Different?
When Is Foreign Exchange Intervention Effective? Evidence from 33 Countries | Published
The Plaza Accord, 30 Years Later
The Impact of the Tobin Tax in a Heterogeneous Agent Model of the Foreign Exchange Market
A Darwinian Perspective on "Exchange Rate Undervaluation" | Published
Currency intervention and the global portfolio balance effect: Japanese lessons
Foreign Exchange Intervention under Policy Uncertainty
The Cost of Foreign Exchange Intervention: Concepts and Measurement
Foreign exchange market interventions under inflation targeting: The case of Guatemala
What to Aim for? The Choice of an Inflation Objective When Openness Matters
The Real Exchange Rate in Open-Economy Taylor Rules: A Re-Assessment
Large Depreciations: Recent Experience in Historical Perspective
Inflation announcements and asymmetric exchange rate responses
Exchange Rate Targeting in the Presence of Foreign Debt Obligations | Published
Exchange Rate-Based Stabilizations: A Literature Review
Capital account liberalization and income inequality
Foreign exchange intervention and monetary policy design: a market microstructure analysis
Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change
Currency Manipulation
Taylor rule deviations and out-of-sample exchange rate predictability
The Relative Effectiveness of Spot and Derivatives Based Intervention : The Case of Brazil
A Theoretical Approach to Sterilized Foreign Exchange Intervention
Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies
Exchange Rate Policies at the Zero Lower Bound | Published
Foreign Exchange Intervention and the Dutch Disease
Private Equity and Devaluation in Emerging Countries
Exchange Rates, International Trade and Growth: Re-Evaluation of Undervaluation
The Currency-Plus-Commodity Basket; A Proposal for Exchange Rates in Oil-Exporting Countries to Accommodate Trade Shocks Automatically
Effects of Consumption Taxes on Real Exchange Rates and Trade Balances
The Distributional Consequences of Large Devaluations | Published
A stopping time approach to assessing the effectiveness of foreign exchange intervention: An application to Japanese data
Mundell's trilemma: Policy trade-offs within the middle ground
Financial Frictions and Export Dynamics in Large Devaluations | Published
The Exchange Rate as an Instrument of Monetary Policy
Exchange rate policy and the role of non-traded goods prices in real exchange rate fluctuations
FX Intervention in the New Keynesian Model
Retail Sales of Durable Goods, Inventories and Imports after Large Devaluations
FX interventions in Brazil: A synthetic control approach
Real Exchange Rate Policies for Economic Development
Beggar-Thy-Neighbor Effects of Exchange Rates: A Study of the Renminbi
Did the exchange rate interventions enhance inflation in Switzerland?
Financial Repression in General Equilibrium
Optimal Exchange-Rate Policy in a Model of Local-Currency Pricing with Vertical Production and Trade
Exchange Rate Misalignment and Growth: A Myth?
The real exchange rate, innovation and productivity
Monetary Policy and Carry Trade
Inflation Targeting Consequences for Exchange Rates
Inflation targeting and exchange rate management in less developed countries
Disagreement about Future Inflation: Understanding the Benefits of Inflation Targeting and Transparency
Examining the success of the central banks in inflation targeting countries: the dynamics of the inflation gap and institutional characteristics
Does Inflation Targeting Matter? An Experimental Investigation
Carry Trade vs. Deposit-Driven Euroization
Can appreciation be expansionary? Evidence from the euro area
Foreign Exchange Intervention Redux
Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Policy Conflicts and Inflation Targeting: The Role of Credit Markets
Self-selection and treatment effects in macroeconomics: Revisiting the effectiveness of foreign exchange intervention | Published
Hedger of Last Resort: Evidence from Brazilian FX Interventions, Local Credit and Global Financial Cycles
Devaluation with Exchange rate Floor in a Small Open Economy
Central bank intervention, public debt and interest rate target zones
The RMB central parity formation mechanism: August 2015 to December 2016
Classical and restricted impulse control for the exchange rate under a stochastic trend model
Effective sterilized foreign exchange intervention? Evidence from a rule-based policy
Real exchange rate policies for economic development
Market power, inflation targeting, and commodity currencies
Dollarization and Financial Development
Macroprudential FX Regulations: Shifting the Snowbanks of FX Vulnerability?
Devaluations and Growth: The Role of Financial Development
No Pain, All Gain? Exchange Rate Flexibility and the Expenditure-Switching Effect
Foreign exchange intervention revisited: A new way of estimating censored models
Regional Inflation, Banking Integration, and Dollarization
One fundamental and two taxes: When does a Tobin tax reduce financial price volatility?
Foreign exchange market intervention and asymmetric preferences
Financial Dollarization in Emerging Markets: An Insurance Arrangement | Published
Financial Dollarization of Households and Firms: Does It Differ? | Published
Verbal interventions and exchange rate policies: The case of Swiss franc cap
The German undervaluation regime under Bretton Woods: How Germany became the nightmare of the world economy
Capital Flows and Foreign Exchange Intervention
Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage | Published
Contractionary Devaluation Risk: Evidence from the Free Silver Movement, 1878-1900
Inflation and Exchange Rate Targeting Challenges Under Fiscal Dominance | Published
Optimal Fiscal Spending and Reserve Accumulation Policies under Volatile Aid
Impairment of monetary autonomy: Case of "trilemma" vs. "duo"
Optimal Monetary Policy Under Bounded Rationality
A modern reincarnation of Mundell-Fleming's trilemma
Facing the Quadrilemma: Taylor Rules, Intervention Policy and Capital Controls in Large Emerging Markets | Published
Foreign exchange intervention and inflation targeting: The role of credibility
Emerging markets, household heterogeneity, and exchange rate policy
Does monetary policy credibility mitigate the fear of floating?
Do currency undervaluations affect the impact of inflation on growth?
SFX Interventions, Financial Intermediation, and External Shocks in Emerging Economies
Japanese Foreign Exchange Interventions, 1971-2018: Estimating a Reaction Function Using the Best Proxy | Published
The Market Microstructure of Central Bank Bond Purchases
Dollar shortages and central bank swap lines
Global banks' dollar funding needs and central bank swap lines
Intervention Under Inflation Targeting--When Could It Make Sense?
Money demand and seignorage maximization before the end of the Zimbabwean dollar
Is the response of the bank of England to exchange rate movements frequency-dependent?
The impact of exchange rate volatility on inflation targeting monetary policy in emerging and advanced economies
Exchange Rate Misalignment and External Imbalances: What is the Optimal Monetary Policy Response?
Currency devaluation and trade balance: Evidence from the US services trade
Global implications of a US-led currency war
Do inflation-targeting central banks adjust inflation targets to meet the target?
The dynamic impact of FX interventions on financial markets
Sterilized FX interventions may not be so sterilized
Patterns of Foreign Exchange Intervention under Inflation Targeting
Interest Rate Uncertainty as a Policy Tool
A lesson from the four recent large public Japanese FX interventions
Real Exchange Rate Overshooting in Large Depreciations: Determinants and Consequences
Domestic Price Dollarization in Emerging Economies | Published
The central banks' ability to control variability of money market interest rates: The case of inflation targeting countries
Monetary Policy Surprises and Exchange Rate Behavior | Published
A Theory of Foreign Exchange Interventions | Published
The Effectiveness of FX Interventions: A Meta-Analysis
Forex interventions and exchange rate exposure: Evidence from emerging market firms
Foreign exchange intervention and financial stability
Winners and losers of central bank foreign exchange interventions
Foreign exchange reserves as a tool for capital account management
The Cost of Foreign Exchange Intervention: Concepts and Measurement
Daily currency interventions in an emerging market: Incorporating reserve accumulation to the reaction function
Macroprudential FX regulations: Shifting the snowbanks of FX vulnerability?
Currency Depreciations in Emerging Economies: A Blessing or a Curse for External Debt Management?
Exchange rate policy and firm dynamics
FX policy when financial markets are imperfect
Optimal exchange-rate policy under collateral constraints and wage rigidity
The case for starting a new exchange rate after debt settlement: Reexamining alternatives to Argentina's exchange rate policy in 2001-2002
Financial Dollarization in Emerging Markets: Efficient Risk Sharing or Prescription for Disaster?
Exogenous and endogenous sterilisation under managed exchange rates
Macroeconomic instability and targeting rules for monetary policy in an endogenously growing small open economy
Foreign Exchange Intervention, Capital Flows, and Liability Dollarization
Monetary policy surprises, stock returns, and financial and liquidity constraints, in an exchange rate monetary policy system
Default or Depreciate
Fiscal and exchange rate policies drive trade imbalances: New estimates
The end of currency manipulation? Global production networks and exchange rate outcomes
Central bank swap lines: evidence on the effects of the lender of last resort | Published
The Whack-a-Mole Game: Tobin Taxes and Trading Frenzy
Hitting the elusive inflation target
Strategic Trading When Central Bank Intervention Is Predictable
Macroeconomic Impact of Foreign Exchange Intervention: Some Cross-country Empirical Findings
Currency Wars, Trade Wars, and Global Demand
Monetary policy implications of deviations in inflation targeting: the need for a global cooperative, coordinated and correlated response
Rounding the corners of the trilemma: A simple framework | Published
Detecting persistent one-sided intervention in foreign exchange markets: A simple test
Managing macroeconomic fluctuations with flexible exchange rate targeting
Currency Undervaluation and Comparative Advantage | Published
Inflation concerns and mass preferences over exchange-rate policy
Foreign exchange intervention for commodity booms and busts
Devaluations, Deposit Dollarization, and Household Heterogeneity
A Minimalist Model for the Ruble During the Russian Invasion of Ukraine | Published
Foreign exchange interventions under a minimum exchange rate regime and the Swiss franc
Does the monetary policy regime matter in the effect of credit on growth?
"Wait and See" or "Fear of Floating"?
Oral FX Interventions in Emerging Markets: the Colombian case
Foreign Exchange Interventions: The Long and the Short of It
Exchange-Rate Swings and Foreign Currency Intervention
Central bank swap lines: micro-level evidence
Fear of Appreciation and Current Account Adjustment
Leaning-against-the-wind Intervention and the "Carry-Trade" View of the Cost of Reserves
Changing anchor of the renminbi: A Bayesian learning approach to the decade-long transition
Foreign Reserves Management and Original Sin
A Multi-Currency Exchange and Contracting Platform
Do Actions Speak Louder Than Words? Assessing the Effects of Inflation Targeting Track Records on Macroeconomic Performance
FX Intervention to Stabilize or Manipulate the Exchange Rate? Inference from Profitability
Geographical and Cultural Proximity in Retail Banking
The Central Bank Strikes Back! Credibility of Monetary Policy under Fiscal Influence
International Sanctions and Dollar Dominance
The First Practical Guide to Inflation Targeting
Can governments sleep more soundly when holding international reserves? A banking and financial vulnerabilities perspective
The ECB's new inflation target from a short- and long-term perspective
A Theory of Fear of Floating
Exchange Controls As A Fiscal Instrument
Dollarization Dynamics
The Macroeconomic Consequences of Exchange Rate Depreciations
On the pass-through of large devaluations
Distributional Effects of Exchange Rate Depreciations: Beggar-Thy-Neighbour or Beggar-Thyself?
Central banks' interventions in exchange rate markets during the international gold standard: Italy 1880-1913
Effectiveness of Foreign Exchange Interventions Evidence and Lessons from Chile
On the Effectiveness of Foreign Exchange Reserves during the 2021-22 U.S. Monetary Tightening Cycle
Determinants of Inflation Targeting: A Survey of Empirical Literature
Growth and inflation tradeoffs of dollarization: Meta-analysis evidence
Trilemma revisited with dollar dominance in trade and finance/A>
Intervening against the Fed
Exchange Rate Policy and Firm Heterogeneity
Central bank swap arrangements and exchange rate volatility: Evidence from China
Foreign Exchange Intervention with UIP and CIP Deviations: The Case of Small Safe Haven Economies
Taylor rules around the world: Mapping monetary policy
Chronicle of a Dollarization Foretold: Inflation and Exchange Rates Dynamics
Exchange rate volatility and the effectiveness of FX interventions: the case of Chile
Negative Externalities of Financial Dollarization
Foreign Exchange Intervention: A New Database
The High Frequency Effects of Dollar Swap Lines
International effects of quantitative easing and foreign exchange intervention
Negative Externalities of Financial Dollarization
Optimal Exchange Rate Policy
Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics
Foreign Exchange Interventions in the New-Keynesian Model: Transmission, Policy, and Welfare
The High Frequency Effects of Dollar Swap Lines
Currency misalignments, international trade in intermediate inputs, and inflation targeting | Published
Exchange rate and inflation under weak monetary policy: Turkey verifies theory
Competitive devaluations in the 1930s: myth or reality?
Exchange rates and the speed of economic recovery: The role of financial development
Target Zones and Exchange Rate Dynamics
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
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
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
Optimal Choice of Exchange Rate Regime: The Case of Australia
Fixed or Flexible? Getting the Exchange Rate Right in the 1990s
Exchange Rate Regimes and the Stability of Trade Policy in Transition Economies
Implications of the Currency Crisis for Exchange Rate Arrangements in Emerging East Asia
Proposed Strategy for a Regional Exchange Rate Arrangement in Post-Crisis East Asia
Examining the Case for Currency Basket Regimes for Southeast Asia
Mundell, the Euro, and Optimum Currency Areas
Monetary Independence in Emerging Markets - Does the Exchange Rate Regime Make a Difference?
Currency Unions
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
Sustaining Fixed Exchange Rates - A Model with Debt and Institutions
How Do Countries Choose Their Exchange Rate Regime?
Real and Monetary Shocks to the Canadian Dollar: Do Canada and the U.S Form an Optimal Currency Area?
The Mechanics of a successful Exchange-Rate Peg: Lessons from Emerging Markets
Fewer Monies, Better Monies
Does the Exchange Rate Regime Affect Macroeconomic Performance? Evidence from Transition Economies
Real Exchange Rate Behavior Under Floating and Fixed Regimes
Baltic Monetary Regimes in the XX1st Century
Pricing Currency Risk: Facts and Puzzles from Currency Boards
Terms of Trade and Exchange Rate Regimes in Developing Countries | Published
Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era
To Float or to Trail: Evidence on the Impact of Exchange Rate Regimes
Exchange Rate Regimes and Economic Performance
Fixed versus Flexible: Lessons from EMS Order Flow | Published
A Model of Exchange Rate Regime Choice in the Transitional Economies of Central and Eastern Europe
Fixed or floating: is it still possible to manage in the middle?
Pegging and macroeconomic performance in East Asia
Estimation and Arbitrage Opportunities for Exchange Rate Baskets
Characterizing Exchange Rate Regimes in Post-Crisis East Asia
Core, Periphery, Exchange Rate Regimes, and Globalization
Assessing the impact of macroeconomic news announcements on securities prices under different monetary policy regimes
Maastricht and the Choice of Exchange Rate Regime in Transition Countries during the Run-Up to EMU
Beyond Bipolar: A Three-Dimensional Assessment of Monetary Frameworks
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
Exchange Rate Regimes and Capital Flows
SURVEY PAPER
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
Global Transmission of Interest Rates: Monetary Independence and Currency Regime | Published
Terms of Trade and Exchange Rate Regimes in Developing Countries
Pricing Currency Risk: Facts and Puzzles from Currency Boards
Optimal exchange rate regime in a two-sector economy
Currency Substitution in Russia
Terms of trade and exchange rate regimes in developing countries
Do "Flexible" Exchange Rates of Developing Countries Behave Like the Floating Exchange Rates of Industrialized Countries?
Exchange rate overshooting and the costs of floating
"New" views on the optimum currency area theory : what is EMU telling us?
Policy pre-commitment and institutional design: A synthetic indicator applied to Currency Boards
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
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
Optimal Currency Areas
Currency Fluctuations, Liability Dollarization, and the Choice of Exchange Rate Regimes in Emerging Markets
Self-Validating Optimum Currency Areas
Long-Run Determinants of Exchange Rate Regimes: A Simple Sensitivity Analysis
Does It Really Matter Whether the Exchange Rate Floats or Not?
Classifying Exchange Rate Regimes
Exchange Rate Regimes: Choices and Consequences
Exchange Rate Regime Considerations in an Oil Economy: the Case of the Islamic Republic of Iran
On the Choice of an Exchange Regime: Target Zones Revisited
Segmented Asset Markets and Optimal Exchange Rate Regimes | Published
Exchange Rate Regime Choice in Historical Perspective
Do Fixed Exchange Rates Induce More Fiscal Discipline?
Pick Your Poison: The Exchange Rate Regime and Capital Account Volatility in Emerging Markets
The Mirage of Exchange Rate Regimes for Emerging Market Countries | Published
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
A Proposed Monetary Regime for Small Commodity Exporters: Peg the Export Price
Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board
Regional currency areas and the use of foreign currencies
CONFERENCE VOLUME
Flexible Exchange Rates as Shock Absorbers | Published
Exits From Pegged Regimes: An Empirical Analysis
Noise trading and exchange rate regimes: Some empirical evidence
Exchange Rate Regime Choice in Historical Perspective
SURVEY PAPER
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
A time series model for an exchange rate in a target zone with applications | Published
How Tight Should Central Bank's Hands be Tied? Credibility, Volatility and the Optimal Band Width of a Target Zone
Exchange Rate Regimes and Monetary Discipline - Only Hard Pegs Make a Difference
Monetary Fundamentals and Exchange Rate Dynamics under Different Nominal Regimes
Experience of and Lessons from Exchange Rate Regime in Emerging Economies
SURVEY PAPER
The Choice of Monetary/Exchange Rate Regimes: Concepts and Arguments
Exchange Rate Regimes for the 21st Century: Asia, Europe and the Americas
Explaining the Transition Between Exchange Rate Regimes
Exchange Rate Regimes and Volatility: Comparison of the Snake and Visegrad | Published
Evolution and Performance of Exchange Rate Regimes
Optimum currency area theory: A selective review
Good Housekeeping? Reputation, Fixed Exchange Rates, and the 'Original Sin' Problem
A Time Series Model for an Exchange Rate in a Target Zone with Applications
Financial Dollarization and Debt Deflation under a Currency Board
The Effect of Fixed Exchange Rates on Monetary Policy
Exchange Rate Regimes, Globalisation And The Cost Of Capital In Emerging Markets
The basket-peg, dollar-peg, and floating: A comparative analysis
The Expenditure Switching Effect and the Choice Between Fixed and Floating Exchange Rates
From Fixed to Float: Operational Aspects of Moving Towards Exchange Rate Flexibility
Exchange Rate Regime Durability and Performance in Developing Countries Versus Advanced Economies | Published | Comment
Fixed Exchange Rates and Trade | Published
Structural Factors Affecting Exchange Rate Volatility: A Cross-Section Study
Exchange-Rate Regimes: "Does What Countries Say Matter?" | Published
Endogenous Price Flexibility, the Expenditure Switching Effect and Exchange Rate Regime Choice
An Institutional Framework for Comparing Emerging Market Currency Boards
Monetary Policy and the Currency Denomination of Debt: A Tale of Two Equilibria | Published
Exchange Rate Regimes and Economic Linkages
Could the Exchange Rate Regime Reduce Macroeconomic Volatility?
Fixed, Float or Intermediate? A Cross-COuntry Time Series Analysis Of Exchange Rate Regimes
Exchange Rate Regimes And Fiscal Performance. Do Fixed Exchange Rate Regimes Generate More Discipline Than Flexible Ones?
Exchange Rate Regimes Past, Present and Future
Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China
Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
Classifying exchange rate regimes: Deeds vs. words
The global implications of regional exchange rate regimes
Macroeconomic effects of nominal exchange rate regimes: new insights into the role of price dynamics
Effective Exchange Rate Classifications and Growth | Published
Cataclysms and Currencies: Does The Exchange Rate Regime Matter for Real Shocks? | Published
Are Emerging Market Countries Learning to Float?
Peg the export price index: A proposed monetary regime for small countries
The original sin and the blessing trinity: An investigation
Pitfalls in estimating equilibrium exchange rates for transition economies
A modified currency board system: Theory and evidence
Pegged Exchange Rate Regimes -- A Trap?
Productivity Growth and the Exchange Rate Regime: The Role of Financial Development
Welfare implications of joining a common currency
Exchange Rate Regimes and Trade
Structural Reforms and the Exchange Rate Regime: A Panel Analysis for the World versus OECD Countries
The duration of fixed exchange rate regimes
Evaluation of Currency Regimes: The Unique Role of Sudden Stops
Output Costs, Currency Crises, and Interest Rate Defense of a Peg
Target Zones in Theory and History: Credibility, Efficiency, and Policy Autonomy | Published
Does the Time Inconsistency Problem Make Flexible Exchange Rates Look Worse Than You Think?
Bi-Polar Disorder: Exchange Rate Regimes, Economic Crises and the IMF
The Impact of Foreign Interest Rates on the Economy: The Role of the Exchange Rate Regime | Published
On the identification of de facto currency pegs
Openness and the case for flexible exchange rates
De facto and official exchange rate regimes in transition economies
To Peg or Not to Peg: A Template for Assessing the Nobler
The choice between fixed and flexible exchange rates: Which is best for a small open economy?
Exchange Rate Regimes, Location, and Specialization
Fiscal Policy and Welfare under Different Exchange Rate Regimes
Choice of exchange rate regime in transition economies: An empirical analysis
International Exchange Rate Systems - Where do we Stand?
The exchange rate – A shock-absorber or source of shocks? A study of four open economies
Target zones for exchange rates and policy changes
Deviations from purchasing power parity under different exchange rate regimes: Do they revert and, if so, how?
Capital inflows, fiscal discretion, and exchange rate policy
Implications of the Modigliani-Miller Theorem for the Study of Exchange Rate Regimes
Exchange Rate Regimes, Specialization and Trade Volume
Optimal exchange rate regimes: Turning Mundell-Fleming's dictum on its head
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
Exchange Rate Regimes, Globalisation, and the Cost of Capital in Emerging Markets
Assessing China's Exchange Rate Regime
Parametric and Non-parametric Approaches to Exits from Fixed Exchange Rate Regimes
Segmented Asset Markets and Optimal Exchange Rate Regimes
Exchange Rate Regimes, Inflation and Growth in Developing Countries -- An Assessment
The choice of exchange rate regimes in developing countries: A multinomial panel analysis
Exchange rate dynamics in a target zone: a heterogeneous expectations approach
IMF Support and Inter-regime Exchange rate Volatility
Expenditure-Switching Effect and the Choice of Exchange Rate Regime
Pass-through of Exchange Rates and Competition Between Floaters and Fixers
Real exchange rate fluctuations, endogenous tradability and exchange rate regimes
The dynamics of exchange rate regimes: Fixes, floats, and flips
Why Do Countries Peg the Way They Peg?The Determinants of Anchor Currency Choice
Estimation of De Facto Exchange Rate Regimes: Synthesis of the Techniques for Inferring Flexibility and Basket Weights | Published
When is it Optimal to Abandon a Fixed Exchange Rate?
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
The Rise and Fall of the Dollar, or When did the Dollar Replace Sterling as the Leading Reserve Currency?
Forward-rate target zones and exchange rate dynamics
Currency Misalignments and Exchange Rate Regimes in Emerging and Developing Countries | Published
Exchange Rate Regimes and the Extensive Margin of Trade
Exploring different views of exchange rate regime choice
Does the Nominal Exchange Rate Regime Affect the Real Interest Parity Condition?
A Faith-based Initiative: Does a Flexible Exchange Rate Regime Really Facilitate Current Account Adjustment?
The Classification and Perfomance of Alternative Exchange-Rate Systems
Not Complements, But Substitutes: Fixed Exchange Rate Commitments, Central Bank Independence, and External Currency Stability
Automatic stabilizer feature of fixed exchange rate regimes
Does the currency regime shape unhedged currency exposure? | Published
The Benefit of Exchange Rate Flexibility, Trade Openness and Extensive Margin
Determinants of exchange rate regime switching
Openness, exchange rate regimes and the Phillips curve
Institutional development and the choice of exchange rate regime: A cross-country analysis
The Name of the Rose: Classifying 1930s Exchange-Rate Regimes
Choosing and assessing exchange rate regimes: A survey of the literature
SURVEY PAPER
The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility
Bretton-Woods Systems, Old and New, and the Rotation of Exchange-Rates Regimes
The Importance of the Exchange Rate Regime in Limiting Misalignment
Revised System for the Classification of Exchange Rate Arrangements
Are Hard Pegs Ever Credible in Emerging Markets? Evidence from the Classical Gold Standard
Structure and evolution of the foreign exchange networks
Analysis of a network structure of the foreign currency exchange market
Exchange rate regimes, globalisation, and the cost of capital in emerging markets
Exchange Rate Regimes in Developing and Emerging Economies and the Incidence of IMF Programs
Advantages of Fixed Exchange Rate Regime from a General Equilibrium Perspective
Estimation of De Facto Flexibility Parameter and Basket Weights in Evolving Exchange Rate Regimes
Deciding to Peg the Exchange Rate in Developing Countries:The Role of Private-Sector Debt
Analysis of exchange-rate regime effect on growth: theoretical channels and empirical evidence with panel data
Modeling Sample Selection for Durations with Time-Varying Covariates, with an Application to the Duration of Exchange Rate Regimes
On the endogeneity of exchange rate regimes | Published
Exchange Rate Choices of Microstates
The Empirics of Exchange Rate Regimes and Trade: Words vs. Deeds
Exchange Rate Regimes in the Modern Era
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
Foreign direct investment and exchange rate regimes
Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky
A Case for Intermediate Exchange-Rate Regimes
The macroeconomic effects of monetary and fiscal policy in a small open economy: Does the exchange rate regime matter?
The Fall of the Vanishing Interim Regime Hypothesis: Towards a New Paradigm of the Choice of the Exchange Rate Regimes
Pegs and Pain
Limits of Floating Exchange Rates: the Role of Foreign Currency Debt and Import Structure | Published
Trade, Exchange Rate Regimes and Output Co-Movement: Evidence from the Great Depression
Words vs. Deeds: What Really Matters?
The role of financial development in exchange rate regime choices
International monetary arrangements for the 21st century—Which way?
Testing the bounds: Empirical behavior of target zone fundamentals
Exchange rate regime verification: An alternative method of testing for regime changes
How Reliable are De Facto Exchange Rate Regime Classifications?
Fixed Exchange Rate Versus Inflation Targeting: Evidence from DSGE Modelling
How Flexible Can Inflation Targeting Be and Still Work?
Exchange rate arrangements and misalignments: contrasting words and deeds
Mark my Words: Information and the Fear of Declaring one’s Exchange Rate Regime | Published
Exchange Rate Regimes in the Modern Era: Fixed, Floating, and Flaky
SURVEY PAPER
Capital market imperfections and the theory of optimum currency areas
On the Distribution of Exchange Rate Regime Treatment Effects on International Trade
Global Imbalances, Exchange Rate Pegs and Capital Flows: A Closer Look
Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries
Hard or Soft Pegs? Choice of Exchange Rate Regime and Trade in Africa
Analysis of an unannounced foreign exchange regime change
Exchange Rate Volatility Under Peg: Do Trade Patterns Matter?
Remittances, Exchange Rate Regimes and the Dutch Disease: A Panel Data Analysis
Prudential Policy for Peggers
Managing Currency Pegs
Exchange rate regimes and fiscal multipliers
Explaining Shifts in Exchange Rate Regimes
Bayesian estimation of exchange rate regime choice with spatial effect
Budgetary consolidation under different exchange rate regimes
Is the exchange rate regime really irrelevant for external adjustment?
The "Great Moderation" in a Dual Exchange Rate Regime
Exchange Rate Asymmetry and Flexible Exchange Rates under Inflation Targeting Regimes: Evidence from Four East and Southeast Asian Countries
International financial integration and national price levels: The role of the exchange rate regime
Does exchange rate control improve inflation targeting in emerging economies?
Fiscal Policy, Monetary Regimes and Current Account Dynamics
Welfare analysis of currency regimes with defaultable debts
Fixed currency regimes and the time pattern of trade effects
Exchange Rate Target Zones: A Survey of the Literature
Evaluating the effect of de facto pegs on currency crises
Fixed currency regimes and the time pattern of trade effects
Convergence, capital accumulation and the nominal exchange rate
Duration of Fixed Exchange Rate Regimes in Emerging Economies
Carry Trade, Reserve Accumulation, and Exchange-Rate Regimes
Exchange rate regimes and asset prices
Surprising Similarities: Recent Monetary Regimes of Small Economies | Published
Policy Responses to Aid Surges in Countries with Limited International Capital Mobility: The Role of the Exchange Rate Regime | Published
An Empirical Inquiry into the Role of Sectoral Diversification in Exchange Rate Regime Choice
Crises and Exchange Rate Regimes: Time to break down the bipolar view?
The Devil you Know: Pegs vs Floats with Uncertain Outcomes
Exchange Rate Regimes and Business Cycles: An Empirical Investigation
Friedman Redux: External Adjustment and Exchange Rate Flexibility | Published
The Bond Market: An Inflation-Targeter's Best Friend
Monetary policy credibility and exchange rate pass-through: Some evidence from emerging countries
Capital Inflows, Exchange Rate Regimes and Credit Dynamics in Emerging Market Economies
Exchange Rate Flexibility under the Zero Lower Bound | Published
Exchange rate regimes and foreign exchange exposure: The case of emerging market firms
Examining the volatility of exchange rate: Does monetary policy matter?
Dynamic Effect of a Change in the Exchange Rate System: From a Fixed Regime to a Basket-Peg or a Floating Regime
Fixed exchange rate regimes, real undervaluation and economic growth
On the distribution of exchange rate regime treatment effects on international trade
De Facto Exchange Rate Regime Classifications Are Better Than You Think
Exchange rate misalignments and the external balance under a pegged currency system | Published
Financial development, exchange rate regimes and productivity growth: Theory and evidence
The role of the exchange rate regime in the process of real and nominal convergence
Global Trends in the Choice of Exchange Rate Regime
On the sustainability of exchange rate target zones with central parity realignments
Exchange rate regimes and current account adjustment: an empirical investigation | Published
Export diversification and exchange-rate regimes: Evidences from 72 developing countries
Persistent real misalignments and the role of the exchange rate regime
Inflation Targeting and Exchange Rate Regimes in Emerging Markets | Published
Floating with a Load of FX Debt?
Global Liquidity and Monetary Policy Autonomy
How false beliefs about exchange rate systems threaten global growth and the existence of the Eurozone
Current account dynamics, real exchange rate adjustment, and the exchange rate regime in emerging-market economies
Quantitative modelling of the EUR/CHF exchange rate during the target zone regime of September 2011 to January 2015
Optimal exchange rate flexibility with large labor unions
Austerity and recovery: Exchange rate regime choice, economic growth, and financial crises
Classifying Exchange Rate Regimes: 15 Years Later
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
Financial market segmentation and choice of exchange rate regimes
Dynamic Efficiency of Stock Markets and Exchange Rates | Published
Global Financial Conditions and Monetary Policy Autonomy
The Case for Flexible Exchange Rates in a Great Recession
Currency Misalignments in emerging and developing countries: reassessing the role of exchange rate regimes
Exchange Rate Regimes and Growth Collapses
Purchasing power parity and the behavior of prices and nominal exchange rates across exchange-rate regimes
Pegxit Pressure: Evidence from the Classical Gold Standard | Published
Fiscal Discipline and Exchange Rates: Does Politics Matter?
Monetary Policy Credibility and Exchange Rate Pass-Through
Exchange Rate Flexibility and the Effect of Remittances on Economic Growth
Dissecting Exchange Rates and Fundamentals in the Modern Floating Era: The Role of Permanent and Transitory Shocks
The Missing Bretton Woods Debate over Flexible Exchange Rates
Exchange Arrangements Entering the 21st Century: Which Anchor Will Hold? | Published
The Country Chronologies to Exchange Rate Arrangements into the 21st Century: Will the Anchor Currency Hold?
Exchange Rate Flexibility, Financial Market Openness and Economic Growth
A Tie That Binds: Revisiting the Trilemma in Emerging Market Economies | Published
Output stabilization in fixed and floating regimes: Does trade of new products matter?
Exchange Rate Choices with Inflexible Markets and Costly Price Adjustments
Foreign Financial Deregulation under Flexible and Fixed Exchange Rates
Systematic Managed Floating
Borrowing Credibility: Global Banks and Monetary Regimes
Exchange rate regimes and FDI in developing countries: A propensity score matching approach
Fixed on Flexible: Rethinking Exchange Rate Regimes after the Great Recession
Dealing with time-inconsistency: Inflation targeting vs. exchange rate targeting
Settling the Inflation Targeting Debate: Lights from a Meta-Regression Analysis
IT Countries: A Breed Apart? the case of Exchange Rate Pass-Through
The Continuing Validity of Monetary Policy Autonomy Under Floating Exchange Rates
Asset Prices under Alternative Exchange Rate Regimes
Global Financial Cycles and the Exchange Rate Regime: A Perspective from Emerging Markets
Trilemma, dilemma and global players
Are inflation targets credible? A novel test
Discretionary policy in a small open economy: Exchange rate regimes and multiple equilibria
Does a flexible exchange rate regime increase inflation persistence?
Informal one-sided target zone model and the Swiss franc
Exchange rate regimes, devaluations and growth collapses
A market-based measure for currency risk in managed exchange rate regimes
Global credit supply shocks and exchange rate regimes
When do fixed exchange rates work? Evidence from the Gold Standard
Classifying de facto exchange rate regimes of financially open and closed economies: A statistical approach
China's rise, asymmetric trade shocks and exchange rate regimes
Exchange rate regimes in a liquidity trap
China's Evolving Exchange Rate Regime
Liquidity Management under Fixed Exchange Rate with Open Capital Account
Change of Monetary Regime, Contracts, and Prices: Lessons from the Great Depression, 1932-1935 | Published
A Re-Evaluation of the Choice of an Inflation Target in the Wake of the Global Financial Crisis
National culture and the choice of exchange rate regime
Exchange Rate Policy in Emerging Economics: Should Floating Be Clean or Dirty?
Firm turnover in the export market and the case for fixed exchange rate regime
Harry Johnson's "Case for Flexible Exchange Rates" - 50 Years Later
Do fixers perform worse than non-fixers during global recessions and recoveries?
Price and wage inflation persistence across countries and monetary regimes
Milton Friedman and Exchange Rates in Developing Countries
The welfare implications of exchange rate choices in developing agricultural economies
How do countries choose their monetary policy frameworks?
The Fata Morgana of Exchange Rate Regimes: Reconciling the LYS and the RR classifications
Exchange Rates and Insulation in Emerging Markets
The impact of US monetary policy on managed exchange rates and currency peg regimes The Exchange Rate Insulation Puzzle
A comprehensive classification of monetary policy frameworks in advanced and emerging economies
Fixed exchange rate - a friend or foe of labor cost adjustments?
Effective Exchange Rate Regimes and Inflation
Exchange rate flexibility, the real exchange rate, and adjustment to terms-of-trade shocks
Output volatility and exchange rates: New evidence from the updated de facto exchange rate regime classifications
Economic performance under different monetary policy frameworks
Fiscal regimes and the exchange rate
Bilateral de-jure exchange rate regimes and foreign direct investment: A gravity analysis
Exchange rate regimes and price efficiency: Empirical examination of the impact of financial crisis
The Currency Board Debate of the 1940s-1960s
How does the ZLB affect the properties of alternative exchange rate systems?
Rethinking Exchange Rate Regimes
Better Two Eyes than One: A Synthesis Classification of Exchange Rate Regimes
Macroeconomic policy under a managed float: a simple integrated framework
The Exchange Rate as a Shock Absorber and Amplifier: An Analysis of the Transmission Channels and the Policy Toolbox in Small Open Economies
The impact of the exchange rate regime on the dispersion of the price-change distribution: Evidence from a large panel of countries
Flexible exchange rates in emerging markets: shock absorbers or drivers of endogenous cycles?
Gold rush: the political economy of the Yugoslavian gold exchange standard
Optimal Currency Areas with Labor Market Frictions
Currency regimes and external competitiveness: the role of institutions, trade agreements and monetary frameworks
Weather Shocks and Exchange Rate Flexibility | Published
Output Divergence in Fixed Exchange Rate Regimes: Is the Euro Area Growing Apart?
Better two eyes than one: A synthesis classification of exchange rate regimes
Fiscal deficits and inflation risks: the role of fiscal and monetary policy regimes
Exchange arrangements and economic growth. What relationship is there?
Classifying Exchange Rate Regimes: 20 Years Later
Macro-financial policies under a managed float: A simple integrated framework
Fallacy of floating? Reconsidering the ability of flexible exchange rates to offset terms-of-trade volatility in developing countries
A model of the gold standard
Trade and Welfare Under Alternative Exchange Rate Regimes
Inflation Indexation: Current International Practices
The "real" exchange rate regime in China since 2015's exchange rate reform
The anatomy of a peg: lessons from China's parallel currencies
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
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?
International Risk Sharing is Better Than You Think (or Exchange Rates are Much Too Smooth)
Spurious Welfare Reversals in International Business Cycle Models
Capital Imports and the Jacksonian Economy: The Business Cycle and the Balance of Payments
Variable Factor Utilization and International Business Cycles
Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
The Rise in Comovement Across National Stock Markets: Market Integration or Global Bubble?
Synchronized Business Cycles in East Asia: Fluctuations in the Yen/Dollar Exchange Rate and China’s Stabilizing Role
The Trade Comovement Problem in International Macroeconomics
Substitution elasticities and investment dynamics in international business cycle models
The trade comovement problem in international macroeconomics
How Does Globalization Affect the Synchronization of Business Cycles?
International Business Cycles: The Quantitative Role of Transportation Costs
How much does international trade affect business cycle synchronization?
Are They All in the Same Boat? The 2000-01 Growth Slowdown and the G-7 Business Cycle Linkages
Trade, Finance, Specialization, and Synchronization | Published
International Transmission of Business Cycles in an Increasingly Integrated Trade Structure, Industrial Structure, and International Business Cycles
How Does Globalization Affect the Synchronization of Business Cycles?
Understanding Changes in International Business Cycle Dynamics
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
International Business Cycles: World, Region, and Country-Specific Factors
Tariffs and the Great Depression Revisited
Country Spreads and Emerging Countries: Who Drives Whom? | Published
A spectral analysis of the cross-country consumption correlation puzzle
The transmission mechanism in a changing world
Have National Business Cycles Become More Synchronized?
Volatility and Comovement in a Globalized World Economy: An Empirical Exploration
International business cycles under fixed and flexible exchange rate regimes
Determinants of Business Cycle Comovement: A Robust Analysis | Published | Comment
Financial globalization and real regionalization
The International Business Cycle in a Changing World: Volatility and the Propagation of Shocks in the G7
Comparing shocks and frictions in US and euro area business cycles: a Bayesian DSGE approach
Financial Globalization, International Business Cycles and Consumption Risk Sharing
Consumption and Real Exchange Rates with Incomplete Markets and Non-traded Goods | Published
Stocks, Bonds, Money Markets and Exchange Rates: Measuring International Financial Transmission
Deflation and the International Great Depression: A Productivity Puzzle
Fiscal Divergence and Business Cycle Synchronization: Irresponsibility is Idiosyncratic
Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth
Can the Standard International Business Cycle Model Explain the Relation Between Trade and Comovement? | Published
Has Financial Development Made the World Riskier?
Global Inflation
Intra- and international risk-sharing in the short run and the long run
International business cycles with domestic and foreign lenders
Is the International Diversification Potential Diminishing? Foreign Equity Inside and Outside the US
Trade intensity and business cycle synchronization: Are developing countries any different?
Heterogeneous preferences and equilibrium trading volume
Similarities and convergence in G-7 cycles
Business Cycle Accounting
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
Business cycles with staggered prices and international trade in intermediate inputs
The Role of Nonseparable Utility and Nontradeables in International Business Cycle and Portfolio Choice
Monetary regime change and business cycles
Twin Deficits, Openness and the Business Cycle
High level of international risk sharing when the productivity growth contains long run risk
How Does Financial Globalization Affect Risk Sharing? Patterns and Channels | Published
International Diversification Gains and Home Bias in Banking
Changing Nature of North-South Linkages: Stylized Facts and Explanations
Comovements in international stock markets
Trade, Production Sharing, and the International Transmission of Business Cycles
On the empirics of international smoothing
Stochastic Discount Factor Approach to International Risk-Sharing: Evidence from Fixed Exchange Rate Episodes
Net exports, consumption volatility and international business cycle models
Understanding the evolution of world business cycles
Closing international real business cycle models with restricted financial markets
Global Business Cycles: Convergence or Decoupling? | Published
Trade elasticity of substitution and equilibrium dynamics | Published
International Financial Remoteness and Macroeconomic Volatility | Published
What Are the Driving Forces of International Business Cycles? | Published
Vertical specialization and international business cycle synchronization
Financial Integration and Business Cycle Synchronization
On the international transmission of technology shocks
Transmission of the U.S. Subprime Crisis to Emerging Markets: Evidence on the Decoupling-Recoupling Hypothesis | Published
International business cycles and the relative price of investment goods
Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement
Commodity Terms of Trade: The History of Booms and Busts
International Risk Sharing During the Globalization Era
Cointegrated TFP Processes and International Business Cycles
Regime Switches in GDP Growth and Volatility: Some International Evidence and Implications for Modeling Business Cycles
Cointegrated TFP processes and international business cycles
International portfolio reallocation: Diversification benefits and European monetary union
International Business Cycle Accounting
Medium-term business cycles in developing countries
Modeling News-Driven International Business Cycles | Published
Limited asset market participation and the consumption-real exchange rate anomaly
Global versus country-specific shocks and international business cycles
Terms of Trade Shocks and Fiscal Cycles
Market power in banking, countercyclical margins and the international transmission of business cycles
Leverage constraints and the international transmission of shocks
Inflation targeting and business cycle synchronization
Banking Globalization and International Business Cycles | Published
Organizational Capital and the International Co-movement of Investment | Published
International Business Cycle Spillovers
Business Cycles around the Globe: A Regime-switching Approach
Global Banking and International Business Cycles | Published
The First Global Recession in Decades
Technology Shocks: Novel Implications for International Business Cycles
Investment - Specific Technology Shocks and International Business Cycles: An Empirical Assessment
Incentive problems and the pattern of international risk sharing
Banking globalization and international business cycles
Deconstructing The International Business Cycle: Why Does A U.S. Sneeze Give The Rest Of The World A Cold?
Do Credit Shocks Matter? A Global Perspective | Published
Exporting recessions: International links and the business cycle
International comovements, business cycle and inflation: A historical perspective
How does multinational production change international comovement?
Is History a Blessing or a Curse? International Borrowing without Commitment, Leapfrogging and Growth Reversals
Trade and synchronization in a multi-country economy | Published
Multi-country real business cycle models: Accuracy tests and test bench
Comparison of solutions to the multi-country Real Business Cycle model
Robust control, informational frictions, and international consumption correlations | Published
Robustness, information-processing constraints, and the current account in small open economies
Globalization, the Business Cycle, and Macroeconomic Monitoring
Revisiting the consumption-real exchange rate anomaly in a model with non-traded goods
Endogenous Entry, International Business Cycles, and Welfare
Business Cycle Synchronization Since 1880
How Do Business and Financial Cycles Interact?
Cointegrated TFP processes and international business cycles
Business cycle synchronisation: disentangling trade and financial linkages
The World Has More Than Two Countries: Implications of Multi- Country International Real Business Cycle Models
Closing large open economy models
International Risk Cycles | Published
Labor wedges and open economy puzzles
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
International Recessions | Published
Trade agreements and international comovements: The case of NAFTA (North American Free Trade Agreement)
Medium Term Business Cycles in Developing Countries | Published
Financial integration and international business cycle co-movement: the role of balance sheets
International Business Cycle Comovement: Trade and Foreign Direct Investment
Foreign direct investment and business cycle co-movements: The panel data evidence
Factor Proportions and International Business Cycles
Risk Sharing through Capital Gains
International real business cycles with endogenous markup variability
The yield curve in a small open economy
Firms entry, monetary policy and the international business cycle
Emerging from the war: Gold Standard mentality, current accounts and the international business cycle 1885-1939
A Dynamic General Equilibrium Analysis of Monetary Policy Rules, Adverse Selection and Long-Run Financial Risk
The role of credit in international business cycles
International transmission of business cycles: Evidence from dynamic correlations
The Trade Comovement Puzzle and the Margins of International Trade
International business cycles with complete markets
Investment Composition and International Business Cycles | Published
Business cycles through international shocks: A structural investigation
Global Banks, Financial Shocks and International Business Cycles: Evidence from an Estimated Model
Trade Wedges, Inventories, and International Business Cycles | Published
International Business Cycles and Financial Frictions | Published
Home Production, Labor Wedges, and International Real Business Cycles | Published
Business cycle synchronization during US recessions since the beginning of the 1870s
The Few Leading The Many: Foreign Affiliates and Business Cycle Comovement | Published
Expected Currency Excess Returns and International Business Cycles
International Transmission of Financial Shocks in an Estimated DSGE model | Published
Trade and Synchronization in a Multi Country Economy
Workers’ Remittances: An Overlooked Channel of International Business Cycle Transmission?
How Does Deposit Insurance Affect Bank Risk? Evidence from the Recent Crisis
The Rising Resilience of Emerging Market and Developing Economies
Banks, Sovereign Debt and the International Transmission of Business Cycles
Macroeconomic Model Spillovers and Their Discontents
Emerging economies in the 2000s: Real decoupling and financial recoupling
Regionalization vs. Globalization
The Global Financial Crisis: An Anatomy of Global Growth
Assessing International Efficiency
Do Institutions and Culture Matter for Business Cycles?
The Great Recession: A Self-Fulfilling Global Panic
Large global volatility shocks, equity markets and globalisation: 1885-2011
International Business Cycles with Complete Markets
Financial exposure and the international transmission of financial shocks
Financial factors and the international transmission mechanism
News Shocks, Real Exchange Rates and International Co-Movements
The Great Recession: A Self-Fulfilling Global Panic
World, Country, and Sector Factors in International Business Cycles
Business cycle convergence in EMU: A first look at the second moment
Output gap and non-linear economic convergence
Economic depression in the world
Firms' entry, monetary policy and the international business cycle
Cross-country Transmission Effect of the U.S. Monetary Shock under Global Integration
Limited participation in international business cycle models: A formal evaluation
Labor market polarization and international macroeconomic dynamics |
Half a century of Empirical Evidence of Business Cycles in OECD countries
Financial Integration and International Business Cycle Co-movement
The International Business Cycle and Gold-Price Fluctuations
News-driven international business cycles
Have business cycles changed over the last two decades? An empirical investigation
Emerging Economies' Supply Shocks and Japan's Price Deflation: International Transmissions in a Three-Country DSGE Model
Trade Integration and Business Cycle Synchronization: A Reappraisal with Focus on Asia
Emerging Market Fluctuations: What Makes The Difference?
Preference Shocks, International Frictions, and International Business Cycles
International business cycles and remittance flows
Business cycle accounting of the BRIC economies
International Banking and Liquidity Risk Transmission: Lessons from Across Countries
Business cycles synchronization in East Asia: A Markov-switching approach
International transmission of productivity shocks with nonzero net foreign debt
The role of investment-specific technology shocks in driving international business cycles: a bayesian approach
Trade in Intermediate Inputs and Business Cycle Comovement
International (spillovers in) macrofinancial linkages and the decoupling phenomenon
Determinants of Financial Market Spillovers: The Role of Portfolio Diversification, Trade, Home Bias, and Concentration
International Transmission of Credit Shocks: Evidence from Global Vector Autoregression Model | Published
Policy uncertainty spillovers to emerging markets - evidence from capital flows
Policy and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach
Foreign shocks in an estimated multi-sector model
'N Sync: how do countries' economies move together?
Entry, trade costs, and international business cycles
Comovement in GDP trends and cycles among trading partners
One money, one cycle? The EMU experience
International Comovement of Economic Fluctuations: A Spatial Analysis
Globalization and international business cycle dynamics: A conditional GVAR approach
Eurosclerosis and international business cycles
TFP, News, and 'Sentiments': The International Transmission of Business Cycles | Published
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
Can indeterminacy and self-fulfilling expectations help explain international business cycles?
Network Effects of International Shocks and Spillovers
Cross-border Banking, Spillover Effects and International Business Cycles
International Transmission of Credit Shocks in an Equilibrium Model with Production Heterogeneity
Bank Capital, Credit Market Frictions and International Shocks Transmission
Agency Costs, Risk Shocks and International Cycles
Foreign banks and international shock transmission: Does bank ownership still matter?
Household Debt and Business Cycles Worldwide | Published
Big Players Out of Synch: Spillovers Implications of US and Euro Area Shocks
Monitoring the world business cycle
Credit, Asset Prices and Business Cycles at the Global Level
Business cycle and financial cycle spillovers in the G7 countries
National Financial Frictions and International Business Cycle Synchronization
Demand-Driven Propagation: Evidence from the Great Recession
Global prediction of recessions
How Do Public Debt Cycles Interact with Financial Cycles?
Measuring Business Cycles with Structural Breaks and Outliers: Applications to International Data
Business cycle (de)synchronization in the aftermath of the global financial crisis: implications for the Euro area
A contribution to the chronology of turning points in global economic activity (1980-2012)
Sharing a Ride on the Commodities Roller Coaster: Common Factors in Business Cycles of Emerging Economies
International Spillovers of Large-Scale Asset Purchases | Published
The international transmission of US shocks-Evidence from Bayesian global vector autoregressions
Channels of US Monetary Policy Spillovers into International Bond Markets | Published
Global Banking, Trade, and the International Transmission of the Great Recession
Real growth co-movements and business cycle synchronization in the GCC countries: Evidence from time-frequency analysis
International Channels of Transmission of Monetary Policy and the Mundellian Trilemma
The Micro Origins of International Business Cycle Comovement | Published
International Transmissions of Monetary Shocks
Has Globalization Really Increased Business Cycle Synchronization?
International fiscal spillovers
Value-added trade and business cycle synchronization
Banks' balance sheets and the international transmission of shocks
Monetary policy spillovers and currency networks in cross-border bank lending
International Business Cycles and Risk Sharing with Uncertainty Shocks and Recursive Preferences | Published
Foreign Branches of US Global Banks: Geography, Balance Sheet Structure and Contagion
International correlation of business cycles in a behavioral macroeconomic model
The International Impact of Financial Shocks: A Global VAR and Connectedness Measures Approach
Product Quality and International Price Dynamics
Optimal Unemployment Insurance and International Risk Sharing | Published
Does joint modelling of the world economy pay off? Evaluating global forecasts from a Bayesian GVAR
Multinational Firms and International Business Cycle Transmission
Globalization and monetary policy comovement: International evidence
Dynamics of global business cycle interdependence
Real exchange rates and international co-movement: news-shocks and non-tradable goods with complete markets | Published
International Shocks and Domestic Prices: How Large Are Strategic Complementarities?
Macrofinancial History and the New Business Cycle Facts
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
Bilateral Tax Treaties and GDP Comovement
Credit constraints and the international propagation of US financial shocks
Trade, finance or policies: What drives the cross-border spill-over of business cycles?
Business Cycles in Small, Open Economies: Evidence from Panel Data Between 1900 and 2013
International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma
World Shocks, World Prices, and Business Cycles: An Empirical Investigation | Published/A>
Is there really a Global Business Cycle? A Dynamic Factor Model with Stochastic Factor Selection
International Transmission of Growth Shocks and the World Business Cycle
Crisis severity and the international trade network
By force of demand: Explaining cyclical fluctuations of international trade and government spending
Business cycle synchronisation in EMU: Can fiscal policy bring member-countries closer?
Output and Inflation Co-movement: An Update on Business-Cycle Stylized Facts
Business cycle synchronization in the EMU: Core vs. periphery
The G7 business cycle in a globalized world | Published
International Business Cycle and Financial Intermediation
The currency dimension of the bank lending channel in international monetary transmission | Published
Finance and synchronization | Published
Foreign Banks and International Transmission of Monetary Policy: Evidence from the Syndicated Loan Market
Composite habits and international transmission of business cycles
International Spillovers and Local Credit Cycles | Published
The Global Role of the U. S. Economy: Linkages, Policies and Spillovers
Common and country specific economic uncertainty
Inattentive consumers and international business cycles
Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence | Published
A Meta-Analysis of FDI and Productivity Spillovers in Developing Countries
The Decoupling of Emerging Economies: Theoretical and Empirical Puzzle
Fiscal Spillovers; The Importance of Macroeconomic and Policy Conditions in Transmission
Explaining International Business Cycle Synchronization: Recursive Preferences and the Terms of Trade Channel
Endogenous Asymmetric Shocks in the Eurozone: The Role of Animal Spirits
Risk sharing and real exchange rates: the role of non-tradable sector and trend shocks | Published
International Real Business Cycle Models with Incomplete Information
If the Fed sneezes, who catches a cold? | Published
International effects of euro area versus US policy uncertainty: A FAVAR approach
Global commodity prices and global stock volatility shocks: Effects across countries
China's slowdown and global financial market volatility: Is world growth losing out?
To bi, or not to bi? Differences between spillover estimates from bilateral and multilateral multi-country models
How Important are Spillovers from Major Emerging Markets? | Published
Coherent financial cycles for G-7 countries: Why extending credit can be an asset | Published
Co-movement of ASEAN stock markets: New evidence from wavelet and VMD-based copula tests
International spillovers in global asset markets
International financial spillovers to emerging market economies: How important are economic fundamentals?
U.S. credit-market sentiment and global business cycles
Understanding the Cross-Country Effects of US Technology Shocks
International business cycles: quantifying the effects of a world market for oil
The synchronization of credit cycles
Good Policies or Good Luck? New Insights on Globalization and the International Monetary Policy Transmission Mechanism
A fresh look at integration of risks in the international stock markets: A wavelet approach
Business Cycles in Small Open Economies: Evidence from Panel Data Between 1900 and 2013
Does institutional ownership matter for international stock return comovement?
Financial frictions, interest rate dynamics, and international business cycle synchronization
International Credit Supply Shocks | Published
Emerging economies business cycles: The role of commodity terms of trade news
Accounting for Automation and Offshoring in International Macroeconomic and Employment Dynamics
On demand shocks and international business cycle puzzles
US monetary regimes and optimal monetary policy in the Euro Area
Synchronicity of real and financial cycles and structural characteristics in EU countries
Advanced economies and emerging markets: Dissecting the drivers of business cycle synchronization | Published
When arm's length is too far: Relationship banking over the credit cycle
International Transmission of Financial Shocks without Financial Integration | Published
Does Credit Market Integration Amplify the Transmission of Real Business Cycle During Financial Crisis?
What's News in International Business Cycles
Global Spillover Effects of US Uncertainty | Published
Clustering regional business cycles
Finance and Business Cycles: The Credit-Driven Household Demand Channel | Published
International transmissions of monetary shocks: Between a trilemma and a dilemma
The Regime-Switching Volatility of Euro Area Business Cycles
Regional business cycle synchronization in emerging and developing countries: Regional or global integration? Trade or financial integration?
The International Transmission of Monetary Policy | Published
International co-movements in recessions
Assessing International Commonality in Macroeconomic Uncertainty and Its Effects
Agency Costs, Risk Shocks, and International Cycles
Trade in Commodities and Business Cycle Volatility
Business Cycle Synchronization and Vertical Trade Integration: A Case Study of the Eurozone and East Asia
Cross-Border Transmission of Fiscal Shocks: The Role of Monetary Conditions
International Monetary Policy Transmission through Banks in Small Open Economies | Published
International Spillovers of Forward Guidance Shocks
The international credit channel of U.S. monetary policy transmission to developing countries: Evidence from trade data
Remittances and the informal economy
International trade and the transmission of shocks: The case of ASEAN-4 and NIE-4 economies
Balance Sheets, Exchange Rates, and International Monetary Spillovers
International Credit Markets and Global Business Cycles
Financial Institutions' Business Models and the Global Transmission of Monetary Policy | Pubished
International confidence spillovers and business cycles in small open economies
Intangible Capital Formation, International Equity Investments, and Output Synchronization
Oil and Commodities Drive the World Business Cycle: A Long-Commodity-Cycle Model of the World Economy Over a Century and a Half
Fiscal foresight: Do expectations have cross-border effects?
Pricing behavior and the role of trade openness in the transmission of monetary shocks
Common business cycles and volatilities in US states and MSAs: The role of economic uncertainty
Transmission of monetary policy through global banks: whose policy matters?
House Price Synchronization and Financial Openness: A Dynamic Factor Model Approach
A Unified Model of International Business Cycles and Trade
International Transmission with Heterogeneous Sectors
Going the Extra Mile: Distant Lending and Credit Cycles
What are the consequences of global banking for the international transmission of shocks? A quantitative analysis
Financial connectedness of BRICS and global sovereign bond markets
Modeling time-variation over the business cycle (1960-2017): an international perspective
Input Linkages and the Transmission of Shocks: Firm-Level Evidence from the 2011 T?hoku Earthquake
International business cycles: Information matters | Published
Changes in Economic and Financial Synchronisation: A Global Factor Analysis
Firm Leverage and Regional Business Cycles
The growing impact of US monetary policy on emerging financial markets: Evidence from India
Cross-border spillovers of monetary policy: what changes during a financial crisis?
Commodities and International Business Cycles
Spillovers from US monetary policy: Evidence from a time-varying parameter GVAR model
What are the consequences of global banking for the international transmission of shocks? A quantitative analysis
Are business and credit cycles synchronised internally or externally?
China's increasing global influence: Changes in international growth linkages
Models of international fiscal spillovers
Global Inflation Synchronization
International Linkages and the Changing Nature of International Business Cycles
Monetary Policy Autonomy and International Monetary Spillovers
Monetary news in the United States and business cycles in emerging economies
Global financial cycles since 1880
Does the Number of Countries in an International Business Cycle Model Matter?
Explaining Monetary Spillovers: The Matrix Reloaded
International spillovers into Asian stock markets under the unconventional monetary policies of advanced countries
Foreign effects of higher U.S. interest rates
Global Liquidity and the Impairment of Local Monetary Policy Transmission
The Global Business Cycle: Measurement and Transmission
Inflation Co-Movement in Emerging and Developing Asia: The Monsoon Effect
International Fiscal-financial Spillovers: The Effect of Fiscal Shocks on Cross-border Bank Lending
How Does Unconventional Monetary Policy Affect the Global Financial Markets?: Evaluating Policy Effects by Global VAR Models
Global Dimensions of U.S. Monetary Policy
Adding Space to the International Business Cycle | Published
International spillovers of quantitative easing | Published
Shock Transmission through Cross-Border Bank Lending: Credit and Real Effects | Published
The Effect of Exchange Rate Regimes on Business Cycle Synchronization: A Robust Analysis
A Model for International Spillovers to Emerging Markets
International Welfare Spillovers of National Pension Schemes
Production Network and International Fiscal Spillovers
Monetary Policy Spillovers and Currency Networks in Cross-Border Bank Lending: Lessons from the 2013 Fed Taper Tantrum
One Ring to Rule Them All? New Evidence on World Cycles
Credit intermediation and the transmission of macro-financial uncertainty: International evidence | Published
Exchange Rates Co-movement and International Trade
International Spillovers of U.S. Monetary Policy
Making Sense of Increased Synchronization in Global House Prices
The Effect of U.S. Stress Tests on Monetary Policy Spillovers to Emerging Markets
Spread the Word: International Spillovers from Central Bank Communication | Published
The global financial cycle and US monetary policy in an interconnected world | Published
Global Spillovers of a China Hard Landing
In the face of spillovers: prudential policies in emerging economies | Published
International Spillovers and Bailouts
Global Liquidity and Impairment of Local Monetary Policy
Different No More: Country Spreads in Advanced and Emerging Economies
The Trade-Comovement Puzzle | Published
The Global Impact of Brexit Uncertainty
Noisy information, risk sharing, and international business cycles
International Business Cycles in Emerging Markets
Monetary Policy Transmission in Emerging Markets and Developing Economies
Global Macro-Financial Cycles and Spillovers
Utilization-Adjusted TFP Across Countries: Measurement and Implications for International Comovement | Published
Climate policies under dynamic international economic cycles: A heterogeneous countries DSGE model
Utilization-Adjusted TFP Across Countries: Measurement and Implications for International Comovement
A fistful of dollars:Transmission of global funding shocks to EMs
Disguised carry trade and the transmission of global liquidity shocks: Evidence from China's goods trade data
Monetary Policy Spillovers under Intermediate Exchange Rate Regimes | Published
Nonlinear transmission of U.S. monetary policy shocks to international financial markets
The transmission of business cycles: Lessons from the 2004 enlargement of the EU and the adoption of the euro
Are cyclical patterns of international housing markets interdependent?
The dollar, bank leverage and real economic activity: an evolving relationship
International credit markets and global business cycles
International information flows, sentiments and cross-country business cycle fluctuations
Home sweet host: Prudential and monetary policy spillovers through global banks | Published
The International Spillover Effects of US Monetary Policy Uncertainty | Published
The Global Transmission of U.S. Monetary Policy
Global and domestic financial cycles: variations on a theme
Does monetary policy impact international market co-movements?
Liquidity connectedness and output synchronisation
Volatility spillovers and the global financial cycle across economies: Evidence from a global semi-structural model
Monetary Policy Independence and the Strength of the Global Financial Cycle
Dynamic Spillovers between REITs and Stock Markets in Global Financial Markets
When the U.S. catches a cold, Canada sneezes: A lower-bound tale told by deep learning
Does the Commodity Super Cycle Matter?
The Ends of 30 Big Depressions
Monetary policy and its transmission in a globalised world
The global effects of global risk and uncertainty
When the Fed sneezes, the whole world catches the cold, when the ECB - only Europe
Global Trade and GDP Co-Movement
Trade, Growth, and the International Transmission of Financial Shocks
Exploring GDP growth volatility spillovers across countries
On the (Changing) asymmetry of global spillovers: Emerging markets vs. advanced economies
Measuring Global Macroeconomic Uncertainty
Global Recessions
Global shocks and emerging economies: disentangling the commodity roller coaster
The global effects of Covid-19-induced uncertainty
How much does aggregate demand travel across the Atlantic?
Synchronization of globalized economies
Matched trade at the firm level and the micro origins of international business-cycle comovement
Financial spillover and global risk in a multi-region model of the world economy
Global Business and Financial Cycles: A Tale of Two Capital Account Regimes
Fragility and the effect of international uncertainty shocks
Is Business Cycle Asymmetry Intrinsic in Industrialized Economies?
Monetary Policy and Cross-Border Interbank Market Fragmentation: Lessons from the Crisis
The International Propagation of Economic Downturns Through Multinational Companies: The Real Economy Channel
Foreign banks and international transmission of monetary policy: Evidence from the syndicated loan market
Global Financial Cycle and Liquidity Management | Published
The US, Economic News, and the Global Financial Cycle
Emerging economy business cycles: Interest rate shocks vs trend shocks
U.S. Monetary Policy and the Global Financial Cycle
Global effects of US uncertainty: real and financial shocks on real and financial markets
Global Flight-to-Safety Shocks
An Analysis of International Shock Transmission: A Multi-level Factor Augmented TVP GVAR Approach
Fed's unconventional monetary policy and risk spillover in the US financial markets
The cross-country transmission of credit risk between sovereigns and firms in Asia
Financial globalisation, monetary policy spillovers and macro-modelling: Tales from 1001 shocks
Dissecting Trade and Business Cycle Co-movement
Foreign Shocks as Granular Fluctuations | Published
Production Networks and International Fiscal Spillovers | Published
Investment funds, monetary policy, and the global financial cycle
A comparative assessment of the spillovers of US monetary policy shocks and its mitigation
On the International Spillover Effects of Country-Specific Financial Sector Bailouts and Sovereign Risk Shocks
Fiscal policy shocks and international spillovers | Published
Common Trade Exposure and Business Cycle Comovement
Are global spillovers complementary or competitive? Need for international policy coordination
On the International Spillover Effects of Country-Specific Financial Sector Bailouts and Sovereign Risk Shocks
Financial spillovers and spillbacks: New evidence from China and G7 countries
The effect of US stress tests on monetary policy spillovers to emerging markets
Sharing is caring: Spillovers and synchronization of business cycles in the European Union
The Internationalization of Domestic Banks and the Credit Channel of Monetary Policy
The macroeconomic response to real and financial factors, commodity prices, and monetary policy: International evidence
Real exchange rate and international spillover effects of US technology shocks
Quantitative Easing in the US and Financial Cycles in Emerging Markets
The International Transmission of Local Economic Shocks Through Migrant Networks
International medium-term business cycles
Vulnerable Funding in the Global Economy
Facing the Global Financial Cycle: What Role for Policy
International spillover effects of U.S. tax reforms: evidence from Germany
Global volatility accounting and structural transformation
Does debt market integration amplify the international transmission of business cycles during financial crises?
GEA tracker: A daily indicator of global economic activity
Output falls and the international transmission of crises
The puzzling change in the international transmission of U.S. macroeconomic policy shocks
Stock Market Spillovers via the Global Production Network: Transmission of U.S. Monetary Policy
Testing for international business cycles: A multilevel factor model with stochastic factor selection
Heterogeneous Global Booms and Busts | Published
Economies of scale and international business cycles
The Gold Standard and the International Dimension of the Great Depression
Spillovers in global production networks
Exchange rates and the global transmission of equity market shocks | Published
International Yield Spillovers | Published
The Transmission of Monetary Policy Shocks
U.S. Monetary Policy Spillovers to Emerging Markets: Both Shocks and Vulnerabilities Matter
Capital mobility and the synchronization of business cycles: Evidence from the European Union
"When it rains, it pours": Fiscal policy, credit constraints and business cycles in emerging and developed economies
US Spillovers of US Monetary Policy: Information effects & Financial Flows
Liquidity Traps, Prudential Policies, and International Spillovers
Faraway, so close! International transmission in the medium-term cycle of advanced economies
The European growth synchronization through crises and structural changes
A Theory of the Global Financial Cycle
Growing Apart or Moving Together? Synchronization of Informal and Formal Economy Cycles
Global Banking and Firm Financing: A Double Adverse Selection Channel of International Transmission
Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets
International output synchronization at different frequencies
Financial market spillovers of U.S. monetary policy shocks
The Global Financial Cycle
Exchange rate depreciations and local business cycles: The role of bank loan supply
Fed and ECB monetary policy spillovers to Emerging Market Economies
News-driven international credit cycles | Published
Singular spectrum analysis for real-time financial cycles measurement
Fluctuations in global output volatility
Unintended Consequences of U. S. Monetary Policy Shocks: Dutch Disease and Capital Flow Measures in Emerging Markets and Developing Economies
Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates?
Global spillovers of the Fed information effect
News-Driven International Credit Cycles
Endogenous Fluctuations and International Business Cycles
Learning and Cross-Country Correlations in a Multi-Country DSGE Model
The Transmission Mechanisms of International Business Cycles: Output Spillovers through Trade and Financial Linkages
Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rate
Transmission of U.S. monetary policy to commodity exporters and importers
International determinants of asymmetric dependence in investment returns
Monetary policy spillovers under COVID-19: Evidence from lending by U.S. foreign bank subsidiaries
Global vs. Group-Specific Business Cycles: The Importance of Defining the Groups
The internationalization of domestic banks and the credit channel of monetary policy
One Money, Many Markets
Financial shocks, credit spreads, and the international credit channel
What price index should central banks target? An open economy analysis
The effects of permanent monetary shocks on exchange rates and uncovered interest rate differentials
Doubly heterogeneous monetary spillovers
Forecasting inflation rates with multi-level international dependence
Global trade and GDP comovement
Interest rates and foreign spillovers
A tale of two global monetary policies
Are higher U.S. interest rates always bad news for emerging markets?
The currency channel of the global bank leverage cycle
Alternative Measures for the Global Financial Cycle: Do They Make a Difference?
State-owned banks and international shock transmission
The way digitalization is impacting international financial markets: Stock price synchronicity
The international real business cycle when demand matters
Measuring credit procyclicality: A new database
Global shocks and international policy coordination
On the international co-movement of natural interest rates
What goes around comes around: How large are spillbacks from US monetary policy?
U.S. Monetary Policy Shock Spillovers: Evidence from Firm-Level Data
Real business cycles in emerging countries: Are Asian business cycles different from Latin American business cycles?
Alternative Measures for the Global Financial Cycle: Do They Make a Difference?
Measuring 25 years of global equity market co-movement using a time-varying spatial model
Global Monetary and Financial Spillovers: Evidence from a New Measure of Bundesbank Policy Shocks
Exchange Rate Synchronization for a set of Currencies from Different Monetary Areas
The Impact of U.S. Monetary Policy on Foreign Firms
What Happens in China Does Not Stay in China
Quantitative Easing in the US and Financial Cycles in Emerging Markets
International Business Cycle Synchronization: A Synthetic Assessment
Commodity Exports, Financial Frictions and International Spillovers | Published
Chinese supply chain shocks
Multilateral Comovement in a New Keynesian World: A Little Trade Goes a Long Way
Origins of international factor structures
What are the events that shake our world? Measuring and hedging global COVOL
Carry trades and US monetary policy
The impact of macroprudential policies on the transmission of shocks across financially integrated countries
Trade Credit and the Transmission of Unconventional Monetary Policy
The Global Transmission of U.S. Monetary Policy
The Transmission of International Monetary Policy Shocks on Firms' Expectations
The macroeconomic effects of global supply chain disruptions
The transmission of euro area monetary policy to financially euroized countries
International business cycles
The Transmission of US Monetary Policy Shocks The Role of Investment & Financial Heterogeneity
Spillovers to Emerging Markets from US Economic News and Monetary Policy
Technology diffusion and international business cycles
Persistence and long run co-movements across stock market prices
The Global Financial Cycle and Country Risk in Emerging Markets During Stress Episodes: A Copula-CoVaR Approach
Stock market evidence on the international transmission channels of US monetary policy surprises
The network and own effects of global-systemically-important-bank designations
The Impact of Risk Cycles on Business Cycles: A Historical View
GVC trade and business cycle synchronization between China and belt-road countries
Monitoring multicountry macroeconomic risk
International Spillovers of ECB Interest Rates Monetary Policy & Information Effects
Lockdown spillovers
Risk-Off Shocks and Spillovers in Safe Havens
Globalization, Structural Change and International Comovement
The cross-border interconnectedness of shadow banking
Cross-Border Risks of a Global Economy in Mid-Transition
Heterogeneous international monetary transmissions: The role of inflation
The Network Gravity of Global Banking
China Spillovers: Aggregate and Firm-Level Evidence
Growth, Housing, and Global Imbalances
On foreign drivers of emerging markets fluctuations
Nonbank Lenders as Global Shock Absorbers: Evidence from US Monetary Policy Spillovers
Pandemic-Era Inflation Drivers and Global Spillovers
Demographics and Real Interest Rates Across Countries and Over Time
The effects of uncertainty on the dynamics of stock market interdependence: Evidence from the time-varying cointegration of the G7 stock markets
The effect of real money balances on international monetary policy transmission
Global banking and the international transmission of shocks: A quantitative analysis
The international transmission of local economic shocks through migrant networks
Global impacts of US monetary policy uncertainty shocks
Global Flight to Safety, Business Cycles, and the Dollar
Risk, monetary policy and asset prices in a global world
The Channels of International Comovement
Neoclassical Growth in an Interdependent World
To What Degree and through Which Channel Do Central Banks Other Than the Federal Reserve Cause Spillovers?
Carbon Taxes and Tariffs, Financial Frictions, and International Spillovers
Global Banks and the Transmission of Shocks across Borders
Regional fiscal spillovers: The role of trade linkages
Quantifying spillovers among regions
A note on international spillovers of economic policy uncertainty across business cycles: evidence from OECD countries
Credit market developments and sectoral business cycles worldwide
The international spillovers of synchronous monetary tightening
International Spillovers and Bailouts
International input-output linkages and changing business cycle volatility
International trade network and stock market connectedness: Evidence from eleven major economies
State-owned banks and international shock transmission
Energy and international business cycles
Financial integration and international shock transmission: The terms-of-trade effect
International monetary spillovers to frontier financial markets: Evidence from Bangladesh
The Role of International Financial Integration in Monetary Policy Transmission
Central Bank Exit Strategies Domestic Transmission and International Spillovers
The Global Credit Cycle
Unveiling the Dance of Commodity Prices and the Global Financial Cycle
The Performance of Emerging Markets During The Fed's Easing and Tightening Cycles: A Cross-Country Resilience Analysis
Spillover effects of US monetary policy on emerging markets amidst uncertainty
Whither the World Bank and the IMF?
International Institutions for Reducing Global Financial Instability
Basel Committee Compendium
Reforming the International Financial Architecture: Limiting Moral Hazard and Containing Real Hazard
From the Washington Consensus to the New International Financial Architecture
Toward A New International Financial Architecture: A Practical Post-Asia Agenda
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
The Debate On The International Financial Architecture: Reforming The Reformers
Examining the Case for an Asian Monetary Fund
The Global Economy in Crises: How the Gold Standard Absorbed Shocks, 1880-1914
Time Present and Time Past: A Duration Analysis of IMF Program Spells | Published
Carrots and Sticks: a quick fix for IMF conditionality?
IMF Structural Conditionality: How Much is Too Much?
The International Lender of Last Resort: How Large is Large Enough?
Should the IMF cease long term lending?
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
An Academic Response to Basel II
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
Basel Committee Working Papers: Risk Sensitive Approaches for Equity Exposures in the Banking Book for IRB Banks
The Origins of the Modern Financial Revolution: Responses to Impediments from Church and State in Western Europe, 1200-1600
The Need for Competition in International Securities Regulation
Working Paper on Pillar 3 - Market Discipline
Will the proposed new Basel Capital Accord have a net negative effect on developing countries?
IMF Conditionality and Country Ownership of Programs
The New Basel Capital Accord: The Devil Is in the (Calibration) Details
The New International Financial Architecture and Africa
The Development and Reform of the Modern International Financial System
The Adam Klug Memorial Lecture: Haberler versus Nurkse: The Case for Floating Exchange Rates as an Alternative to Bretton Woods?
Does the IMF know best? Jamaica's response to financial crisis
The International Dollar Standard and Sustainability of the U.S. Current Account Deficit
The World Monetary System and External Relations of the EMU: Fasten your safety belts!
Twentieth Century Monetary Regimes in Canadian Perspective
Globalization, Crisis Contagion and the Reform of the International Financial Architecture
Why White, Not Keynes? Inventing the Post-War International Monetary System
A Capital Accord for Emerging Economies?
Financial Crises and Reform of the International Financial System
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
What Determines the Implementation of IMF-Supported Programs?
Do IMF-Supported Programs Help Make Fiscal Adjustment More Durable?
On the International Financial Architecture: Insuring Emerging Markets
Exchange Rates in the Periphery and International Adjustment Under the Gold Standard | Published
Adoption of an IMF programme and debt rescheduling: An empirical analysis
The Future of the IMF
The World Bank of the Future
International institutional lending arrangements to sovereign borrowers
What strategies are viable for developing countries today? The World Trade Organization and the shrinking of ‘development space’
Currency competition: a partial vindication of Hayek | Published
Survival of fittest
Paper or Gold
An Essay on the Revived Bretton Woods System
The Past as Future? The Contribution of Financial Globalization to the Current Crisis of Neo-Liberalism as a Development Strategy
Reforming the global financial system
International Lending of Last Resort and Moral Hazard: A Model of IMF's Catalytic Finance | Published
The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries
Global Economic Governance at a Crossroads: Replacing the G-7 with the G-20
Global Imbalances and the Lessons of Bretton Woods | Published
The IMF and the Force of History: Ten Events and Ten Ideas that Have Shaped the Institution
Instability in Exchange Rates of the World Leading Currencies: Implications of a Spatial Competition Model among Central Banks
Global Monetary Policy Under a Dollar Standard | Published
A key currency and a local currency? A simple theoretical model and its welfare implications
The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap
Basel II and Developing Countries: Sailing through the Sea of Standards
An analysis of IMF-induced moral hazard
Bank Capital and Loan Loss Reserves under Basel II: Implications for Emerging Countries
Does Compliance with Basel Core Principles Bring Any Measurable Benefits? | Published
A Model of the IMF as a Coinsurance Arrangement
Who Runs the IFIs?
Some Fundamental Inadequacies of the Washington Consensus: Misunderstanding the Poor by the Brightest
Implicit Transfers in IMF Lending, 1973-2003
Will the Bretton Woods 2 Regime Unravel Soon? The Risk of Hard Landing in 2005-2006
Measuring Market Integration: Foreign Exchange Arbitrage and The Gold Standard, 1879-1913
Interest rate interactions in the classical gold standard, 1880–1914: was there any monetary independence?
Efficiency and Legitimacy: Trade-Offs in IMF Governance
Does the World Need a Universal Financial Institution?
The case for a world currency
Trapped by the international dollar standard
Stabilizing the international monetary system
Credit Risk Measurement Under Basel II: An Overview and Implementation Issues for Developing Countries
The Need for Institutional Changes in the Global Financial System: An Analytical Framework
Developing country representation and governance of the International Monetary Fund
Interest Rates, Exchange Rates and International Adjustment
Stuck on Gold: Real Exchange Rate Volatility and the Rise and Fall of the Gold Standard | Published
Living with Global Imbalances: A Contrarian View | Published
Pillar 1 vs. Pillar 2 Under Risk Management
International Financial Instability in a World of Currencies Hierarchy
American in the Shadows: Harry Dexter White and the Design of the International Monetary Fund
A Bank-Fund projection framework with CGE features
Reforming the IMF for the 21st Century
CONFERENCE VOLUME
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
Proposal for a Common Currency among Rich Democracies (Paper 1); One World Money, Then and Now (Paper 2)
Harmonization without representation: Small states, the Basel Committee, and the WTO
The Fallacy of the Revised Bretton Woods Hypothesis: Why Today's International Financial System Is Unsustainable
Banking on the principles: compliance with Basel Core Principles and bank soundness
The resolution of global imbalances: Soft landing in the North, sudden stop in emerging markets?
Evaluating the impact of IMF programs: A comparison of matching and instrumental-variable estimators
Principal-agent problems in international organizations
IMF quotas: Constructing an international organization using inferior building blocks
Reviving the Bank and Fund
Beyond the IMF
Global Imbalances and Low Interest Rates: An Equilibrium Model vs. A Disequilibrium Reality
The Incidence and Effectiveness of Prior Actions in IMF-Supported Programs
Promises Made, Promises Broken: A Model of IMF Program Implementation
Macroeconomic policies and participation in IMF programs
How Does the Global Economic Environment Influence the Demand for IMF Resources
Do External Interventions Work? The Case of Trade Reform Conditions in IMF Supported Programs | Published
A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed | Published
How can IMF policy eliminate country moral hazard and account for externalities?
What kind of capital flows does the IMF catalyze and when?
On Current Account Surpluses and the Correction of Global Imbalances
Financial Integration, Financial Deepness and Global Imbalances | Published
Pricing Fund Liquidity Provision
Does the IMF cause moral hazard and political business cycles? Evidence from panel data
Unconditional IMF Financial Support and Investor Moral Hazard
IMF programs and reforms — inhibition or encouragement?
Intra-Day Seasonality in Foreign Exchange Market Transactions
IMF Drawing Programs: Participation Determinants and Forecasting
Cova, P. & F. Natoli (2017/20)
Huang, A. & N.K. Kishor (2017)
Gambacorta, L., S. Schiaffi & A. Van Rixtel (2017)
Matsumoto, H. (2017)
Braggion, F. & S. Ongena (2018)
Khayat G.A. (2018)
Lin, S. & H. Ye (2018)
Choi, S. & D. Furceri (2018/19)
Jones, H. & J.V. Martinez (2018)
Harms, P. & P-G. Méon (2018)
Koska, O.A., N.V. Long & F. Stähler (2018)
SURVEY PAPER
Rojec, M. & M. Knell (2018)
Moran, T., H. Gorg, A. Seric & C. Krieger-Boden (2018)
Li, S., J. de Haan & B. Scholtens (2018)
Struck, C.C. (2018)
Goldberg, L.S. & S. Krogstrup (2018/24)
Hwang, S.H. & Y.J. Kim (2018)
Williams, T., N. Converse & E. Levy-Yeyati (2018)
Cerutti, E.M. & G.H. Hong (2018)
Camanho, N., H. Hau & H. Rey (2018/22)
Joy, M., N. Lisack, S. Lloyd, D. Reinhardt, R. Sajedi & S. Whitaker (2018)
Cooke, D. & E. Kara (2018)
Barrot, L-D. & L. Serven (2018)
Gaulier, G. & V. Vicard (2018)
SURVEY PAPER
Loizos, K. (2018)
Bahadir, B., S. Chatterjee & T. Lebesmuehlbacher (2018)
Bhattacharya, R., K. Mann & M. Nkusu (2018)
Batista, C. & G. Narciso (2018)
Sen Gupta, A. & P. Atri (2018)
Caballero, R.J. & A. Simsek (2018)
Varela, L. (2018)
Calomiris, C.W., M. Larrain & S.L. Schmukler (2018)
Colacito, R., M.M. Croce, S. Ho & P. Howard (2018)
Adler, G. & D. Garcia-Macia (2018)
Gold, R., H. Görg, A. Hanley & A. Seric (2018)
Bickenbach, F., W-H. Liu & P. Nunnenkamp (2018)
Huang, Y., U. Panizza & R. Portes (2018)
Calomiris, C.W., M. Larrain & S.L. Schmukler (2018)
Moreno, R. & J.M. Serena Garralda (2018)
Temesvary, J., S. Ongena & A.L.Owen (2018)
Drehmann, M., M. Juselius & A. Korinek (2018)
Krogstrup, S. & C. Tille (2018)
Mbaye, S., M.M. Badia & K. Chae (2018)
Makiela, K. & B. Ouattara (2018)
Krogstrup, S. & C. Tille (2018)
Jorda, O., M. Schularick, A.M. Taylor & F. Ward (2018)
Lee, S.S. & P. Luk (2018)
Kikuchi, T., J. Stachurski & G. Vachadze (2018)
Burger, J.D., F.E. Warnock & V.C. Warnock (2018)
SURVEY PAPER
Devigne, D., S. Manigart, T. Vanacker & K. Mulier (2018)
Wang, Y. (2018)
Taddei, F. (2018)
Beer, S., R.A. de Mooij & L. Liu (2018)
Bonaime, A., H. Gulen & M. Ion (2018)
Cai, P., Q. Gan & S-J. Kim (2018)
Benecká, S. & L. Komarek (2018)
Converse, N. (2018)
Aguirregabiria, V., R. Clark & H. Wang (2018)
Hannan, S.A. (2018)
Ennis, H.M. (2018)
Borga, M. & C. Caliandro (2018)
Yan, C. & X. Wang (2018)
Shim, I. & K. Shin (2018/21)
Lee, H. (2018)
Kolasa, M. (2018/22)
Avdjiev, S., U. Aysun & R. Hepp (2018)
Chen, W., D. Dollar & H. Tang (2018)
Mercado Jr, R.V. (2018/22)
Catăo, L.A.V. & D.M. te Kaat (2018/21)
Eguren-Martin, M. Ossandon Busch & D. Reinhardt (2018)
Bruno, V. & H.S. Shin (2018)
Fang, H., J.R. Nofsinger, Z. Song & S. Wang (2018)
Williams, T. (2018)
Niepmann, F. & T. Schmidt-Eisenlohr (2018)
Eller, M., F. Huber & H. Schuberth (2018/20)
Belke, A. & C. Domnick (2018/21)
Barany, Z., N. Coeurdacier & S. Guibaud (2018)
Du, D. & W. Rousse (2018)
Hung, L-D. (2018)
Avdjiev, S., S. Kalemli-Ozcan & L. Servén (2018/22)
Hardy, B. (2018)
Correa, R., T. Paligorova, H. Sapriza & A. Zlate (2018/22)
Herzberg, V. & P. McQuade (2018)
Hung, L-D. (2018)
Zhang, N. (2018)
Davis, S. & A. Zlate (2018/19)
Bergant, K., M. Fidora & M. Schmitz (2018)
SURVEY PAPER
Ardalan, K. (2019)
SURVEY PAPER
Noon, P., G. De Vita & L. Appleyard (2019)
Ding, H., Y. Jin, Z. Liu & W. Xie (2019)
Eichengreen, B. (2019)
Ahmad, M.F. & T. Lambert (2019)
Kao, K-F. & C-S. Chen (2019)
Shams, S. & A. Gunasekarage (2019)
Shi, J. (2019)
Fried, J.M. & C.C.Y. Wang (2019)
Fostel, A., J. Geanakoplos & G. Phelan (2019)
Mercado, R.V. (2019)
Gangi, F., A. Meles, M. Mustilli, D. Graziano & N. Varrone (2019)
Maung, M., M. Shedden, Y. Wang & C. Wilson (2019)
McQuade, P. & M. Schmitz (2019)
Huber, F., M.M. Fischer & P. Piribauer (2019)
Scheubel, B., L. Stracca & C. Tille (2019)
Davis, J.S., G. Valente & E. van Wincoop (2019/21)
Xu, T. (2019)
Fidora, M., M. Schmitz & C. Tcheng (2019)
Wang, L. (2019)
Mahraddika, W. (2019)
Hashimoto, Y. & S. Krogstrup (2019)
Bilir, L.K., D. Chor & K. Manova (2019)
Garetto, S., L. Oldenski & N. Ramondo (2019)
Bleaney, M. & M. Tian (2019)
Cuaresma, J.C., G. von Schweinitz & K. Wendt (2019)
Aizenman, J. & Y. Jinjarak (2019)
Kaminsky, G.L. (2019)
Amar, J., B. Candelon, C. Lecourt & Z. Xun (2019)
Habib, M.M. & F. Venditti (2019)
Challe, E., J.I. Lopez & E. Mengus (2019)
Adler, G., D. Garcia-Macia & S. Krogstrup (2019)
Levy Yeyati, E. & J.F. Gómez (2019)
Ogawa, Eiji, J. Shimizu & P. Luo (2019)
Kneer, C. & A. Raabe (2019)
Horn, S., C.M. Reinhart & C. Trebesch (2019/21)
Zhu, J., F. Jia & H. Wu (2019)
Bar-Ilan, A. & I. Borodko (2019)
Wang, L. & C.J. Hueng (2019)
Burger, J.D., F.E. Warnock & V.C. Warnock (2019)
Sabbadini, R. (2019)
Anagnostopoulos, A., O.E. Atesagaoglu, E. Faraglia & C. Giannitsarou (2019)
Hünnekes, F., M. Schularick & C. Trebesch (2019)
Kadirgan, C. (2019)
Alves, C. & J. Toporowski (2019)
Turnovsky, S.J. (2019)
Ohrn, E. & N. Seegert (2019)
Karmakar, S. & D. Lima (2019)
Park, R.J., S. Xu, F. In & P.I. Ji (2019)
Cavallaro, E. & E. Cutrini (2019)
Fouejieu, A., A. Popescu & P. Villieu (2019)
Engel, C. (2019/20)
Arce, F., J. Bengui & J. Bianchi (2019/22)
Cova, P. & F. Natoli (2019)
Cerdeiro, D.A. & A. Komaromi (2019)
Cuadra, G. & L. Menna (2019)
Cerutti, E.M. & C. Osorio Buitron (2019)
Jafarov, E., R. Maino & M. Pani (2019)
Scheubel, B. & L. Stracca (2019)
Tanaka, K. (2019)
Demirguc-Kunt, A., B.L. Horvath & H. Huizinga (2019/23)
Yang, S. (2018)
Bleaney, M. & M. Tian (2019)
Bürgi, C., V. Bobic, M. Wu & C. Bürgi (2019)
Anderson, J.E., M. Larch & Y.V. Yotov (2019)
Combes, J-L., T. Kinda, R. Ouedraogo & P. Plane (2019)
Damgaard, J., T. Elkjaer & N. Johannesen (2019)
Tong, H. & S-J. Wei (2019/21)
Bertaut, C.C., B. Bressler & S.E. Curcuru (2019)
Andriansyah, A. & G. Messinis (2019)
Lafuerza, F., L. Gonzalo & L. Serven (2019)
Sahay, R., R.G. Gelos, L. Gornicka, R. Keopke & S. Sgherri (2019/22)
Beer, S., M.D. Coelho & S. Leduc (2019)
Klemm, A.D. & L. Liu (2019)
Enya, M., A. Kohsaka & K. Sugimoto (2019)
Wang, S. (2019)
Scheubel, B., L. Stracca & C. Tille (2019)
Juvenal, L., D. Gautam, A. Benetrix & M. Schmitz (2019)
Yu, S., X. Qian & T. Liu (2019)
Esteller-Moré, A., L. Rizzo & R. Secomandi (2019)
Didier, T., S. Herrador & M. Pinat (2019)
Chen, C., W. Tian & M. Yu (2019)
Bonfatti, A., S. Imrohoroglu & S. Kitao (2019)
Pozo, J. (2019)
Jin, H. & H. Shen (2020)
Hosny, A. (2020)
Fatum, R. & J. Yetman (2020)
Habib, M.M., L. Stracca & F. Venditti (2020)
Hayakawa, K., H. Mukunoki & C-H. Yang (2020)
Bussičre, M., R. Hills, S. Lloyd, B. Meunier, J. Pedrono, D. Reinhardt & R. Sowerbutts (2020/21)
Lee, S. & C. Bowdler (2020)
Malmendier, U., D. Pouzo & V. Vanasco (2020)
Broner, F., A. Martin, L. Pandolfi & T. Williams (2020/21)
Kaminsky, G.L., L. Medina & S. Wang (2020)
Bednarek, P., D.M. te Kaat, C. Ma & A. Rebucci (2020/21)
Kick, T., M. Koetter & M. Storz (2020)
Ando, S. & M. Wang (2020)
Ibhagui, O.W. (2020)
Buono, I., F. Corneli & R. Di Stefano (2020/24)
Coppola, A., M. Maggiori, B. Neiman & J. Schreger (2020/21)
Caporale, G.M., F.M. Ali, F. Spagnolo & N. Spagnolo (2020/22)
Keller, W., M. Lampe & C.H. Shiue (2020)
Hu, Y., C. Li & C. Qin (2020)
Liang, H. & L. Renneboog (2020)
Frame, W.C., A. Mihov & L. Sanz (2020)
Megginson, W.L. & X. Gao (2020)
Forbes, K.J. & F.E. Warnock (2020/21)
Cezar, R., T. Gigout & F. Tripier (2020)
Aldatmaz, S., G.W. Brown & A. Demirguc-Kunt (2020)
Alfaro, L., E. Faia, R.A. Judson & T. Schmidt-Eisenlohr (2020)
Li, W., G. Nie & Z. Wang (2020)
Ma, C. & S-J. Wei (2020)
Benhima, K. & R. Cordonier (2020/22)
Choi, S., D. Furceri & C. Yoon (2020/21)
Li, X. & D. Su (2020)
Bianchi, J. & C. Sosa-Padilla (2020)
Maung, M., C. Wilson & W. Yu (2020)
Li, W., C. Wang, Q. Ren & D. Zhao (2020)
Dinger, V. & D.M. te Kaat (2020)
Saffie, F., L. Varela & and K-M. Yi (2020)
Cakmakli, C., S. Demiralp, S. Kalemli-Ozcan, S. Yesiltas & M.A. Yildirim (2020)
Delatte, A-L., A. Guillin & V. Vicard (2020/21)
Cicero, V.C. & G.T. Lima (2020)
Boissay, F., N. Patel & H.S. Shin (2020)
Greaney, T.M. & K. Kiyota (2020)
Cerutti, E. & C. Osorio-Buitron (2020)
Palokangas, T. (2020)
Ding, H., Y. Jin, K.G. Koedijk & Y. Wang (2020)
Benigno, G., L. Fornaro & M. Wolf (2020)
Montoro, C. & M. Ortiz (2020)
Hoffmann, M. & I. Stewen (2020)
Todtenhaupt, M., J. Voget, L.P. Feld, M. Ruf & U. Schreiber (2020)
Uddin, M.H., S.H. Kabir, M.S. Hossain, N.S. Abdul Wahab & J. Liu (2020)
Blonigen, B.A., A. Cristea & D. Lee (2020)
Kumhof, M., P. Rungcharoenkitkul & A. Sokol (2020)
Lang, M., M. Maffett, J.D. Omartian & R. Silvers (2020)
Ferreira, T.R.T. & S. Shousha (2020)
Zhou, C. (2020)
Akcigit, U., S.T. Ates, J. Lerner, R.R. Townsend & Y. Zhestkova (2020/24)
Chari, A., K.D. Stedman & C.T. Lundblad (2020)
Céspedes, L.F. & R. Chang (2020)
Dai, H.L. (2020)
Bathia, D., C. Bouras, R. Demirer & R. Gupta (2020)
Dahlhaus, T. & G. Vasishtha (2020)
Feyen, E.H.B., N.M. Fiess, A.C. Bertay, I.Z. Huertas (2020)
Osei, M.J. & J. Kim (2020)
Lepers, E. & R. Mercado, Jr. (2020/21)
Mercado, R. & S. Noviantie (2020)
Devereux, M.B., M. Saito & C. Yu (2020)
Kohler, K. (2020)
Kim, Y.J. & J. Zhang (2020/23)
Jinjarak, Y., I. Noy & Q. Ta (2020)
Aldasoro, I., P. Beltrán, F. Grinberg & T. Mancini-Griffoli (2020)
Azémar, C., R. Desbordes & I. Wooton (2020)
Ehlers, T., M. Hoffmann & A. Raabe (2020)
Mihailov, A. & H. Nasir (2020)
Broner, F., T. Didier, S.L. Schmukler & G. von Peter (2020/23)
Martin, F.E., M. Joy, C. Maurini, A. Moro, V.N. Landi, A. Schiavone & C. van Hombeeck (2020)
Bonam, D., G. Goy & E. de Veirman (2020)
Cingano, F. & F. Hassan (2020)
Golden, B. & E. Maqui (2020)
Benetrix, A.S., D. Gautam, L. Juvenal & M. Schmitz (2020)
Rodriguez-Lopez, A. (2021)
Khraiche, M. & P. de Araujo (2021)
Carvalho, D. (2021)
SURVEY PAPER
Brada, J.C., Z. Drabek & I. Iwasaki (2021)
Hsu, P-H., P. Huang, M. Humphery-Jenner & R. Powell (2021)
Cerutti, E. & G.H. Hong (2021)
Bebenroth, R. & K. Ahmed (2021)
Dabrowski, M.A. (2021)
Hou, L., K. Li, Q. Li & M. Ouyang (2021)
Liu, Z., M.M. Spiegel & J. Zhang (2021)
Bahadir, B. & N. Valev (2021)
de Ferra, S. (2021)
Aragon, G.O., V. Nanda & H. Zhao (2021)
Rai, A., R. Seth & S.K. Mohanty (2021)
Kang, H. & J. Martinez-Vazquez (2021)
Inagaki, K. (2021)
Eichengreen, B.J., B. Csonto, A.A. ElGanainy & Z. Koczan (2021)
Ongena, S., I. Schindele & O. Vonnák (2021)
Aizenman, J., H. Ito & G.K. Pasricha (2021)
Hasan, I., G. Hassan, S-J. Kim & E. Wu (2021)
Bhagwat, V., J. Brogaard & B. Julio (2021)
Kolasa, M. & G. Wesolowski (2021)
Anderson, A.G., W. Du & B. Schlusche (2021)
Hasan, I., P.N. Politsidis & Z. Sharma (2021)
Hung, L-D., B.T. Hai Anh & V.T. Thanh (2021)
Borensztein, E. & L.S. Ye (2021)
Hong, S., W.R. Reed, B. Tian, T. Wu & G. Chen (2021)
Pellegrino, B., E. Spolaore & R. Wacziarg (2021)
Nguyen, C.P. & G.S. Lee (2021)
Inoguchi, M. (2021)
Gao, J. & Y. Jang (2021)
Keller, W. (2021)
Papetti, A. (2021)
Chitu, L. (2021)
Hassan, T.A., J. Schreger, M. Schwedeler & A. Tahoun (2021)
Ryan, E. & K. Whelan (2021)
Cenedese, G. & I. Elard (2021)
Mondria, J., X. Wang & T. Wu (2021)
Dang, M., N.V. Nguyen, M. Mazur, P. Puwanenthiren & N.T. Nguyen (2021)
de Ferra, S., K. Mitman & F. Romei (2021)
Park, S. & J-S. Yang (2021)
Caballero, J. (2021)
Norimasa, Y., K. Ueda & T. Watanabe (2021)
Todtenhaupt, M. & J. Voget (2021)
Sosa-Padilla, C. & F. Sturzenegger (2021)
Ahnert, T. & E. Perotti (2021)
Joyce, J.P. (2021)
David, J.M. (2021)
Fatum, R., G. Zhu & W. Hui (2021)
Christensen, J.H.E.., E. Fischer & P.J. Shultz (2021)
Mukherjee, A. &l U.E. Senalp (2021)
Emter, L., N. Killeen & P. McQuade (2021)
de Crescenzio, A. & E. Lepers (2021)
Özmen, E. & F. Tasdemir (2021)
Nizam, A.M. (2021)
Ahmad, M.F., E. de Bodt & J. Harford (2021)
Ferriani, F. (2021)
Mariscal, A. (2021)
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2021)
Littke, H.C.N. & M.O. Busch (2021)
Bush, G., C.I. Cańón Salazar & D. Gray (2021)
Holland, S.B., S. Sarkissian, M. Schill & F.E. Warnock (2021)
von Luckner, C.G., C.M. Reinhart & K.S. Rogoff (2021/23)
Alba, C., G. Cuadra, J.R. Hernández & R. Ibarra-Ramírez (2021)
Tabova, A.M. & F.E. Warnock (2021)
Aizenman, J., Y-W. Cheung & X. Qian (2021)
Hale, G. & L. Juvenal (2021)
Biswas, A.K., J. von Hagen & S. Sarkar (2021)
Kellard, N.M., A. Kontonikas, M.J. Lamla, S. Maiani & G. Wood (2021)
Islamaj, E. & M.A. Kose (2021/22)
Goldbach, S. & V. Nitsch (2021)
Choi, G., F. Ortega & M. Singh (2021)
Benetrix, A.S., B. Demirolmez & M. Schmitz (2021)
Komarov, E. (2021)
Li, X. (2021)
Akbari, A., F. Carrieri & A. Malkhozov (2021)
Matsumoto, H. (2022)
Huizinga, H., M. Todtenhaupt, J. Voget & W. Wagner (2022)
Jardet, C., C. Jude & M.D. Chinn (2022/23)
Bianchi, B., V. Galstyan & V. Herzberg (2022)
Janský, P., T. Palanská & M. Palanský (2022)
Kohler, K. (2022)
Bettendorf, T. & A. Karadimitropoulou (2022)
Ahn, J. & J-H. Park (2022)
Duijm, P. (2022)
Ba, T.N. (2022)
Hansen, E. & R. Wagner (2022)
Eichengreen, B., P. Gupta & R. Choudhary (2022)
Cumming, D. & P. Monteiro (2022)
Ledóchowski, M. & P. Zuk (2022)
Li, C., H. Li & Z. Zhao (2022)
Akinci, O., S. Kalemli-Özcan & A. Queralto (2022)
Jiang, Z., A. Krishnamurthy & H. Lustig (2022)
Choi, S., G. Ciminelli & D. Furceri (2022)
Calomiris, C.W., M. Larrain, S.L. Schmukler & T. Williams (2022)
Badarinza, C., T. Ramadorai & C. Shimizu (2022)
Ng, J.C.Y., T.C.H. Chan, K.P. Tsang & C.K.Y. Leung (2022)
Caporale, G.M., F.M. Ali, F. Spagnolo & N. Spagnolo (2022)
Wang, X. & C. Yan (2022)
Davis, J.S. & A. Zlate (2022)
Dottori, D., G. Micucci & L. Sigalotti (2022)
Chari, A., P.B. Henry & R. Moussa (2022)
Moro, A. & A. Schiavone (2022)
Villamizar-Villegas, M., L. Arango-Lozano, G. Castelblanco, N. Fajardo-Baquero & M.A. Ruiz-Sanchez (2022)
Li, W., Y. Su & K. Wang (2022)
Janus, J. (2022)
Ugarte, J.P. (2022)
Brancati, E. (2022)
Wang, X. (2022)
Gullo, V. & P. Montalbano (2022)
Ahmed, R. & A. Rebucci (2022)
Hördahl, P. & G. Valente (2022)
Butt, H.A., R. Demirer, M. Sadaqat & M.T. Suleman (2022)
Chari, A., K.D. Stedman & C. Lundblad (2022)
Bengui, J. & L. Coulibaly (2022)
Schmidt, R. & P. Yesin (2022)
Benetrix, A., H. Pallan & U. Panizza (2022)
Davis, J.S. & E. van Wincoop (2022)
Attia, S. & A. Ragab (2022)
Alquist, R., K.D. Stedman & R.J. Kahn (2022)
Goldberg, L. & S. Krogstrup (2022)
Brandt, K. (2023)
Trung, N.B. (2023)
Apeti, A.E. & E.D. Edoh (2023)
De Arcangelis, G., A. Fertig, Y. Liang, P. Srouji & D. Yang (2023)
Arslanalp, S., B.J. Eichengreen & C. Simpson-Bell (2022/23)
Koerner, K., L. Borrs & J. Eppelsheimer (2023)
Belton, D., L. Gambacorta, S. Kokas & R. Minetti (2023)
Kunieda, T. & K. Nishimura (2023)
Eklou, K.M. & S. Foster (2023)
Ghio, M., L. Rousova, D. Salakhova & G.V. Bauer (2023)
Liu, W.L. (2023)
Vicard, V. (2023)
Chari, A. (2023)
Li, C., C. Wang, L. Yang & B. Chu (2023)
Davis, J.S. & E. Van Wincoop (2023)
Casella, B., M. Borga & K. Wacker (2023)
Das, M., G. Gopinath, T. Kim & J.C. Stein (2023)
Horn, S., B.C. Parks, C.M. Reinhart & C. Trebesch (2023)
Goldberg, L.S. (2023)
Sanchez Pacheco, A. (2023)
Sander, N. (2023)
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)
Raghavendra, C., T. Sharif, R. Mahesh, M.P. Yadav & M.Z. Abedin (2023)
Bergant, K., P. Mishra & R. Rajan (2023)
Keen, M., L. Liu & H. Pallan (2023)
Han, B., D. Kim & Y. Yun (2023)
Harrison, A. & R.R. Reed (2023)
Milsom, L., V. Pažitka, I. Roland & D. Wójcik (2023)
Florez-Orrego, S., M. Maggiori, J. Schreger, Z. Sun & S. Tinda (2023)
Boonman, T.M. (2023)
Chen, Z., N. Kourentzes & R.M. Veyrune (2023)
Sarker, B. & J. Serieux (2023)
Beck, R., A. Coppola, A. Lewis, M. Maggiori, M. Schmitz & J. Schreger (2023)
Christensen, J.H.E., N. Mirkov & X. Zhang (2023)
Karolyi, G.A., J. Sedunov & A.G. Taboada (2023)
Yun, J. (2023)
Galindo, A., L. Avellán, T. Gómez & G. Lotti (2023)
Allub, L. & N. Aragon (2023)
Maggiori, M., B. Neiman & J. Schreger (2023)
Kaya, A.I. & L. Erden (2023)
Qiu, Y., T. Xie, W. Xie & X. Zheng (2023)
Harrison, A. & R.R. Reed (2023)
Bathia, D., R. Demirer, R. Ferrer & I.D. Raheem (2023)
Wang, R., A. Nanda & F. Valtonen (2023)
Ito, T., M. Ryan & A. Tanaka (2023)
Du, W., A. Fontana, P. Jakubik, P.S.J. Koijen & H.S. Shin (2023)
Corsetti, G. & S.H. Maeng (2023)
Boonman, T. (2023)
Liu, Z., M.M. Spiegel & J. Zhang (2023)
Blanga-Gubbay, M. & S. Rubínová (2023)
Ahmed, A., B. Hofmann & M. Schmitz (2023)
Blanga-Gubbay, M. & S. Rubínová (2023)
Ferriani, F., A. Gazzani & F. Natoli (2023)
Damgaard, J., T. Elkjaer & N. Johannesen (2024)
Lee, J.H. (2024)
Gu, G.W. & G. Hale (2024)
End, N. (2024)
Han, B., J. Lee & T. Oh (2024)
Li, Z., L.S. Shen & C. Zhang (2024)
Eichler, S. & J.A. Nauerth (2024)
Zhang, Y., Y. Chen, R. Zhang, W. Tu & Y. Zhao (2024)
Soto, G., C.M. Jardon & X. Martinez-Cobas (2024)
Ilut, C.L., P. Krivenko & M. Schneider (2024)
Avellán, L., A.J. Galindo, T. Gómez & G. Lotti (2024)
Buch, C.M. & L.S. Goldberg (2024)
Birru, J. & M. Wynter (2024)
Cerutti, E.M., J. Chen & M. Hengge (2024)
Juhro, S.M., B.N. Iyke & P.K. Narayan (2024)
Currency Competition
Matsuyama, K., N. Kiyotaki & A. Matsui (1993)
Zhou, R. (1997)
Black, S.W. (1991)
Rey, H. (2002)
Lyons, R.K. & M.J. Moore (2005/09)
Goldberg, L.S. & C. Tille (2005/08)
Eichengreen, B. (2005)
Michener, R.W. & R.E. Wright (2005)
Chinn, M. & J. Frankel (2005)
Li, Y. & A. Matsui (2005/09)
Flandreau, M. & C. Jobst (2005)
Flandreau, M. & C. Jobst (2006/09)
Papaioannou, E., R. Portes & G. Siourounis (2006)
Goldberg, L.S. & C. Tille (2006)
Lagos, R. & G. Rocheteau (2006)
Chang, S.S. (2006)
Kannan, P. (2007/09)
Wallace, N. & T. Zhu (2007)
Galati, G. & P.D. Wooldridge (2007)
Melecky, M. (2007)
Marchesiani, A. & P. Senesi (2007)
Masson, P.R. (2007)
Hallwood, P. & R. MacDonald (2008)
Goldberg, L.S. & C. Tille (2008/09)
Devereux, M.B. & S. Shi (2008/13)
Canzoneri, M., R.E. Cumby, B. Diba & D. Lopez-Salido (2008)
Kocenda, E., J. Hanousek & D. Engelmann (2008)
Habib, M.M. & M. Joy (2008)
Eden, B. (2009)
Chinn, M. & J. Frankel (2008)
Flandreau, M., C. Galimard, C. Jobst & M.D.P. Nogués Marco (2009)
Hua, J.J. & D. Mei (2009/10)
Colacelli, M. & D.J.H. Blackburn (2009)
Farhi, E., S.P. Fraiberger, X. Gabaix, R. Ranciere & A. Verdelhan (2009)
Pisani-Ferry, J. & A.S. Posen (editors) (2009)
Thimann, C. (2009)
Genberg, H. (2009)
Carbaugh, R.J. & D.W. Hedrick (2009)
Schmitt-Grohé, S. & M. Uribe (2009)
Pope, R., R. Selten, S. Kube & J. von Hagen (2009)
Valev, N.T. (2010)
He, D. & R.N. McCauley (2010)
Viceira, L.M. & R. Gimeno (2010)
Fujii, M. & A. Takahashi (2010)
Eichengreen, B. (2011)
Kenen, P.B. (2011)
Salvatore, D. (2011)
Subramanian, A. (2011)
Cheng, W. & D. Zhang (2011/12)
Waknis, P. (2011)
Fratzscher, M. & A. Mehl (2011/14)
Goldberg, L. (2011)
Maziad, S. & J.S. Kang (2012)
Chitu, L., B. Eichengreen & A.J. Mehl (2012/13)
Jeanne, O. (2012)
Özbilgin, H.M. (2012)
McGuire, P. & G. von Peter (2012)
Subramanian, A. & M. Kessler (2012)
Wang, P.J. (2012)
Zhang, C. (2013/144)
Wong, A. & T. Fong (2013)
Botman, D.P.J., I.E. Carvalho Filho & R.W. Lam (2013)
Lee, J-W. (2014)
Chiu, J. & T-N. Wong (2014)
Cova, P., P. Pagano & M. Pisani (2014)
Bénassy-Quéré, A. & Y. Forouheshfar (2014)
He, D. & X. Yu (2014)
Eichengreen, B., C. Livia & A. Mehl (2014)
Liao, S. & D. McDowell (2014)
Bénassy-Quéré, A. (2015)
He, Z., A. Krishnamurthy & K. Milbradt (2015)
He, Q., I. Korhonen, J. Guo & F. Liu (2015)
Eichengreen, B. & D. Lombardi (2015)
Hossfeld, O. & R. MacDonald (2015)
Ito, H., R.N. Mccauley & T. Chan (2015)
Fernandez-Villaverde, J. & D. Sanches (2016)
Ogawa, E. & M. Muto (2016)
Fischer. C. (2016)
Perez, D. & P. Ottonello (2016/19)
Zhang, Z., A.J. Makin & Q. Bai (2016)
Fatum, R. & Y. Yamamoto (2016)
Ito, T. (2016/17)
Ito, H. & M. Kawai (2016)
Batten, J.A. & P.G. Szilagyi (2016)
Chey, H-K., G-Y. Kim & D.H. Lee (2016)
Wang, X., J-H. Yang, K-L. Wang & C. Fawson (2017)
Fernholz, R.T., K.J. Mitchener & M. Weidenmier (2017)
Galstyan, V., C. Mehigan & R. Mercado (2017/20)
Lee, K-S. (2017)
Balima, W.H. (2017)
Le Bris, D. & A. Rezaee (2017)
Fatum, R., Y. Yamamoto & G. Zhu (2017)
Tovar Mora, C.E. & T.M. Nor (2018)
Phillip, A., J.S.K. Chan & S. Peiris (2018)
El Hamiani Khatat, M. (2018)
Corbet, S., A. Meegan, C. Larkin, B. Lucey & L. Yarovaya (2018)
Kumar, S.H. & I. Patnaik (2018)
Velandia, A. & R. Cabral (2018)
Gopinath, G. & J.C. Stein (2018/21)
Seghezza, E. & P. Morelli (2018)
Engel, C. & J. Park (2018/22)
Maggiori, M., B. Neiman & J. Schreger (2018/20)
Kim, K. & J.H. Pyun (2018)
Liu, Y. & A. Tsyvinski (2018/21)
Sargent, T.J. (2018)
Argimón, I. (2018)
Smith, C. & A. Kumar (2018)
Mukhin, D. (2018/22)
Chahrour, R. & R. Valchev (2018)
Jiang, J.H. & C. Zhang (2018)
Ammous, S. (2018)
Maggiori, M., B. Neiman & J. Schreger (2018)
Amiti, M., O. Itskhoki & J. Konings (2018/20/22)
McCauley, R.N. & H. Ito (2018/19)
Farhi, E. & M. Maggiori (2019)
Khiaonarong, T. & D. Humphrey (2019)
Lu, Y. & Y. Wang (2019)
Liu, T., X. Wang & W.T. Woo (2019)
Ogrokhina, O. & C.M. Rodriguez (2019)
Kim, Y.S. & O. Kwon (2019)
Biais, B., C. Bisičre, M. Bouvard & C. Casamatta (2019)
Gourinchas, P-O., H. Rey & M. Sauzet (2019)
Krishna, R.V. & O. Leukhina (2019)
Jiang, Z., A. Krishnamurthy & H. Lustig (2019)
Aizenman, J., Y-W. Cheung & X. Qian (2019/20)
Makarov, I. & A. Schoar (2019/20)
Gorton, G.B. (2019)
Chen, N., W. Chung & D. Novy (2019/22)
Eren, E. & S. Malamud (2019)
Liu, T., D. Lu & W.T. Woo (2019)
Gronwald, M. (2019)
Serletis, A. & J. Liu (2019)
Benigno, P., L.M. Schilling & H. Uhlig (2019/22)
Georgiadis, G. & B. Schumann (2019/21)
Raskin, M., F. Saleh & D. Yermack (2019)
Iacopetta, M. (2019)
Belke, A. & E. Beretta (2019)
Georgiadis, G. & S. Mösle (2019)
Rietz, J. (2019)
Katsiampa, P., K. Moutsianas & A. Urquhart (2019)
Williamson, S. (2019/22)
Asimakopoulos, S., M. Lorusso & F. Ravazzolo (2019)
You, Y. & K.S. Rogoff (2019)
Agur, I., A. Ari & G. Dell'Ariccia (2019/22)
Gross, M. & C. Siebenbrunner (2019)
van Hombeeck, C.E. (2019)
Born, B., F. D'Ascanio, G. Müller & J. Pfeifer (2019)
Grodecka-Messi, A. & X. Zhang (2019/23)
Ito, H. & R.N McCauley (2019/20)
Cohen, N., A. Rubinchik & L. Shami (2020)
Fernández-Villaverde, J., D. Sanches, L. Schilling & H. Uhlig (2020/21)
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2020/21)
Sockin, M. & W. Xiong (2020)
Ito, H. & C.M. Rodriguez (2020)
Fong, T.P.W. & A.Y.T. Wong (2020)
Infante, S. (2020)
Laser, F.H. & J. Weidner (2020)
Lyons, R.K. & G. Viswanath-Natraj (2020)
Köchling, G., P. Schmidtke & P.N. Posch (2020)
Cretarola, A. & G. Figŕ-Talamanca (2020)
Kalyvas, A., P. Papakyriakou, A. Sakkas & A. Urquhart (2020)
Celeste, V., S. Corbet & C. Gurdgiev (2020)
Bouri, E., D. Roubaud & S.J.H. Shahzad (2020)
Schenk, C.R. (2020)
Lee, A.D., M. Li & H. Zheng (2020)
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)
Adler, G., C. Casas, L.M. Cubeddu, G. Gopinath, N. Li, S. Meleshchuk, C.O. Buitron, D. Puy & Y. Timmer (2020)
Corbet, S., Y. Hou, Y. Hu, C. Larkin & L. Oxley (2020)
Hazlett, P.K. & W.J. Luther (2020)
Bouri, E., S.J.H. Shahzad, D. Roubaud, L. Kristoufek & B. Lucey (2020)
Howell, S.T., M. Niessner & D. Yermack (2020)
Leshno, J.D. & P. Strack (2020)
Ding, S. & D. Puzzello (2020)
Georgiadis, G., H. Le Mezo, A. Mehl, Arnaud, C. Casas, E. Boz, T. Nguyen & G. Gopinath (2020/22)
Ferrari, M.M., A. Mehl & L. Stracca (2020/22)
Niepelt, D. (2020)
Balvers, R.J. & B. McDonald (2021)
Uhlig, H. & T. Xie (2021)
Brocas, I. & J.D. Carrillo (2021)
Fousekis, P. & D. Tzaferi (2021)
Burdekin, R.C.K. & R. Tao (2021)
Aslanidis, N., A.F. Bariviera & A. Perez-Laborda (2021)
Cho, D. & H. Han (2021)
Brauneis, A., R. Mestel, R. Riordan & E. Theissen (2021)
Yang, J., O. Kwon & J-W. Roh (2021)
Kamiya, K., H. Kobayashi, T. Shichijo & T. Shimizu (2021)
Cheng, X., H. Chen & Y. Zhou (2021)
Andolfatto, D. (2021)
Crowley, M., L. Han & M. Son (2021)
Claeys, G. & G.B. Wolff (2021)
Bouri, E., T. Saeed, X.V. Vo & D. Roubaud (2021)
Baur, D.G., P. Prange & K. Schweikert (2021)
Tsang, K.P. & Z. Yang (2021)
Grobys, K. & J. Junttila (2021)
SURVEY PAPER
Bariviera, A.F. & I. Merediz-Solŕ (2021)
Lowe, D. & M. Malloy (2021)
Lepomäki, L., J. Kanniainen & H. Hansen (2021)
Blau, B.M., T.G. Griffith & R.J. Whitby (2021)
Borgards, O. & R.L. Czudaj (2021)
Demiralay, S. & P. Golitsis (2021)
Dimpfl, T. & F.J. Peter (2021)
Bahaj, S. & R. Reis (2021)
Garín, J., W.D. Lastrapes & R. Lester (2021)
Marmora, P. (2021)
Marchiori, L. (2021)
Georgiadis, G., H. Le Mezo, A. Mehl & C. Tille (2021)
Luo, D., T. Mishra, L. Yarovaya & Z. Zhang (2021)
Prat, J. & B. Walter (2021)
Jermann, U.J. (2021)
Akyildirim, E., A.F. Aysan, O. Cepni & S.P.C. Darendeli (2021)
Alvarez-Ramirez, J. & E. Rodriguez (2021)
Conlon, T., S. Corbet & R.J. McGee (2021)
Chokor, A. & E. Alfieri (2021)
Raheem, I.D. (2021)
Chinn, M.D., H. Ito & R.N. McCauley (2021/22)
Frohm, E. (2021)
Ehrmann, M. (2021)
Guo, D. & P. Zhou (2021)
Zhang, W., Y. Li, X. Xiong & P. Wang (2021)
Hudecz, G., E. Moshammer, A. Raabe & G. Cheng (2021)
Edwards, S. (2021)
Gopinath, G. & O. Itskhoki (2021)
Uzonwanne, G. (2021)
Levulyte, L. & A. Sapkauskiene (2021)
Chemkha, R., A. BenSaďda, A. Ghorbel & T. Tayachi (2021)
Janson, N. & B. Karoubi (2021)
Eichengreen, B. & G. Viswanath-Natraj (2021)
Keister, T. & D.R. Sanches (2021)
Tanin, T.I., A. Sarker, S. Hammoudeh & M. Shahbaz (2021)
Goldberg, L.S. & F. Ravazzolo (2021)
Chi, Y. & W. Hao (2021)
Gagnon, J.E. & M. Sarsenbayev (2021/23)
Seoane, H.D. (2021)
Grasselli, M.R. & A. Lipton (2021)
Czech, R., S. Huang, D. Lou & T. Wang (2021)
Aysan, A.F. & N. Farrukh (2021)
Syarifuddin, F. & T. Bakhtiar (2021)
Pagnotta, E.S. (2022)
Georgiadis, G., G.J. Müller & B. Schumann (2021)
Khiaonarong, T. & D. Humphrey (2022)
Liebi, L.J. (2022)
Bojaj, M.M., M. Muhadinovic, A. Bracanovic, A. Mihailovic, M. Radulovic, I. Jolicic, I. Milosevic & V. Milacic (2022)
Gorton, G.B., C.P. Ross & S.Y. Ross (2022)
Eren, E., S. Malamud & H. Zhou (2022)
Baeriswyl, R., S. Reynard & A. Swoboda (2022)
Berthou, A., G. Horny & J-S. Mésonnier (2022)
Arslanalp, S., B.J. Eichengreen & C. Simpson-Bell (2022)
Dooley, M.P., D. Folkerts-Landau & P.M. Garber (2022)
Alvarez, F.E., D. Argente & D. Van Patten (2022)
Cong, L.W. & S. Mayer (2022)
Clayton, C., A.D. Santos, M. Maggiori & J. Schreger (2022)
Nyffenegger, R. (2022)
Kahn, C.M., M. Singh & J. Alwazir (2022)
Popescu, A. (2022)
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Delak, K. & T. Hansen (2022)
van Oordt, M. (2022)
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Shahzad, S.J.H., F. Balli, M.A. Naeem, M. Hasan & M. Arif (2022)
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Auer, R., G. Cornelli, S. Doerr, J. Frost & L. Gambacorta (2022)
Akinci, O., G. Benigno, S. Pelin & J. Turek (2022)
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Coquide, C., J. Lages & D.L. Shepelyansky (2022)
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Chiu, J., M. Davoodalhosseini, J. Jiang & Y. Zhu (2023)
Ferko, A., A. Moin, E. Onur & M. Penick (2023)
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Jalan, A., R. Matkovskyy, A. Urquhart & L. Yarovaya (2023)
Halili, P.R. & R. Mercado, Jr. (2023)
Perez-Saiz, H., L. Zhang & R. Iyer (2023)
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Sokol, A., M. Kumhof, M. Pinchetti & P. Rungcharoenkitkul (2023)
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Gordon, S., Z. Li & J. Marthinsen (2023)
Gemayel, R., T. Franus & J. Bowden (2023)
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Tan, B. (2023)
Baer, K., R.A. de Mooij, S. Hebous & M. Keen (2023)
Bhambhwani, S.M., S. Delikouras & G.M. Korniotis (2023)
Bertsch, C. (2023)
Coppola, A., A. Krishnamurthy & C. Xu (2023)
Fried, D. (2023)
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Karau, S. (2023)
Ding, D. & Y. Timmer (2023)
Frankel, J.A. (2023)
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Hiray, A., A. Shah & S. Chava (2023)
Hafner, M., M.H. Pereira, H. Dietl & J. Beccuti (2023)
Popov, V. (2023)
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Allen, C., D. Gautam & L. Juvenal (2023)
Chang, H., F. Grinberg, L. Gornicka, M. Miccoli & B. Tan (2023)
Pourpourides, P. (2023)
Valencia, O., L.A. Rodriguez & J.P. Siachoque (2023)
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Aslam, F., B.A. Memon, A.I. Hunjra & E. Bouri (2023)
Benigno, P. (2023)
Le, A., A. Copestake, B. Tan, S.J. Peiris & U. Rawat (2023)
Cook, D. & N. Patel (2023)
Oskolkov, A. & M. Sorá (2023)
Wang, Z. (2023)
Asimakopoulos, S., M. Lorusso & F. Ravazzolo (2023)
Derviz, A. (2023)
Gric, Z., J. Janku & S. Malovana (2023)
Di Casola, P., M.M. Habib & D. Tercero-Lucas (2023)
Li, H., D. Jia & J. Li (2023)
Vesely, M. (2023)
Yu, Z. (2024)
Bacchetta, P., J.S. Davis & E. Van Wincoop (2023)
Georgiadis, G., G.J. Müller & B. Schumann (2023)
Benigno, P. (2023)
Shah, A. & A. Bahri (2023)
Arvai, K. & N. Coimbra (2023)
Song, R., T. Zhao & C. Zhou (2024)
Uhlig, H. (2024)
Yoshimi, T., U. Yoshimoto, K. Sato, T. Ito, J. Shimizu & Y. Yoshida (2024)
Li, J., A. Usher & Y. Zhu (2024)
Goldberg, L.S. & O. Hannaoui (2024)
Tokarski, P. (2024)
Yoshida, Y., J. Shimizu, T. Ito, K. Sato, T. Yoshimi & U. Yoshimoto (2024)
Exchange Rate Determination (Nominal)
Dornbusch, R. (1976)
Stockman, A.C. (1980)
Meese, R. & K. Rogoff (1983)
Wickens, M.R. (1984)
Stockman, A.C. (1987)
Obstfeld, M. & K. Rogoff (2000)
Williams, K.L. (2000)
Evans, M.D.D. (2001)
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Koren, M. (2001)
Federici, D. & G. Gandolfo (2001)
Alizadeh, S., M.W. Brandt & F.X. Diebold (2001)
Bibow, J. (2001)
Bordo, M.D. & E.U. Choudhri (2001)
Fernández-Rodríguez, F., S. Sosvilla-Rivero and J. Andrada-Félix (2001)
Bos, C.S., R.J. Mahieu & H.K. van Dijk (2001)
Bos, C.S., R.J. Mahieu & H.K. van Dijk (2001)
Georges, C. (2001)
Lux, T. (2001)
Medeiros, M.C., A. Veiga & C.E. Pedreira (2001)
Duarte, M. & A.C. Stockman (2001)
Leonard, G. & A.C. Stockman (2001)
Evans, M.D.D. & R.K. Lyons (2001)
Sinn, H.W. & F. Westermann (2001)
Rzepkowski, B. (2001)
Osler, C.L. (2001)
Koen, V., L. Boone, A. de Serres & N. Fuchs (2001)
Luger, R. (2001)
Patton, A.J. (2001/06)
Evans, M. (2001)
Tille, C., N. Stoffels & O. Gorbachev (2001)
Brandt, M.W. & P. Santa-Clara (2001)
Kim, J., M. Ogaki & M.S. Yang (2001)
Engel, C. & J.C. Morley (2001)
Meredith, G.M. (2001)
Clarida, R., L. Sarno, M. Taylor & G. Valente (2001)
Dueker, M. & C.J. Neely (2001)
Alexius, A. (2001)
Bos, C.S., R.J. Mahieu & H.K. Van Dijk (2001)
Kaashoek, J.F. & H.K. Van Dijk (2001)
Faust, J., J.H. Rogers & J. Wright (2001/2003)
Kilian, L. & M.P. Taylor (2001)
Lasselle, L., S. Svizzero & C. Tisdell (2001)
Neely, C.J. & P.A. Weller (2001)
Meredith, G.M. & Y. Ma (2002)
Chen, Y.C. & K. Rogoff (2002)
Alquist, R. & M.D. Chinn (2002)
Devereux, M.B. & C. Engel (2002)
Rogoff, K. (2002)
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Francis, B.B., I. Hasan & D.M. Hunter (2002)
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Li, X. (2003)
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Westerhoff, F.H. & S. Reitz (2003)
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Tyurin, K. (2003)
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Engel, C. & K.D. West (2004/05)
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Kapetanios, G. & Y. Shin (2003)
Cheung, Y-W., M.D. Chinn & A. Garcia-Pascual (2003)
Bacchetta, P. & E. van Wincoop (2004)
Rzepkowski, B. (2004)
Engel, C. & K.D. West (2004)
Hellerstein, R. (2004/08)
Evans, M.D.D. & R.K. Lyons (2004)
Inci, A.C. & B. Lu (2004)
Selaive, J. & V. Tuesta (2004)
Cheung, Y-W., J. Gardeazabal & J. Vazquez (2004)
Albuquerque, R. (2004)
Wagner, N. & T. Marsh (2004)
Brennan, M. & Y. Xia (2004)
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Rapach, D.E. & M.E. Wohar (2004)
Calvet, L.E., A.J. Fisher & S.B. Thompson (2004)
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Froemmel, M., R. Macdonald & L. Menkhoff (2004/2005)
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Phylaktis, K. & F. Ravazzolo (2004)
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Breedon, F. & P. Vitale (2004)
Menoncin, F. (2004)
Andersen, T.G., T. Bollerslev, F.X. Diebold & C. Vega (2004/07)
Karame, F., L. Patureau & T. Sopraseuth (2004/08)
Evans, M.D.D. & R.K. Lyons (2005)
Evans, M.D.D. & R.K. Lyons (2005)
Chinn, M.D. & G. Meredith (2005)
Rossi, B. (2005)
Castren, O. (2005)
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Simpson, M.W., S. Ramchander & M. Chaudhry (2005)
De Grauwe, P. & M. Grimaldi (2005)
Rogoff, K. (2005)
Mussa, M. (2005)
Salvatore, S. (2005)
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Laopodis, N.T. (2005)
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Burstein, A., M. & S. Rebelo (2005/07)
Vitek, F. (2005)
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Boudoukh, J., M. Richardson & R. Whitelaw (2005)
Campa, J.M. & L.S. Goldberg (2005)
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Yang, L. (2006)
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Gereben, A., G. Gyomai & N. Kiss M. (2006)
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De Grauwe, P. & A. Markiewicz (2006/13)
Mende, A. & L. Menkhoff (2006)
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Boyer, M.M. & S. van Norden (2006)
Sarno, L., G. Valente & H.L. Leon (2006)
Lo, I. & S.G. Sapp (2006)
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Lee, H-Y. & S-L. Chen (2006)
Diez, A. (2006)
Altavilla, P. & P. De Grauwe (2006)
Berger, D., A. Chaboud, E. Hjalmarsson & E. Howorka (2006/09)
Cai, F., E. Howorka & J. Wongswan (2006)
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Bask, M. (2006)
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Caporale, G.M. & M. Cerrato (2006/07)
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An, L. (2006)
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Post, E. (2007)
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Lapham, B. & D. Leung (2007)
Krippner, L. (2007)
Maheu, J.M. & T.H. McCurdy (2007)
Burnside, B., M. Eichenbaum & S. Rebelo (2007)
Wang , J. (2007/10)
Ravn, M., S. Schmitt-Grohe & M. Uribe (2007)
Huisman, R., R.J. Mahieu & A. Mulder (2007)
Bernoth, K., J. von Hagen & C. de Vries (2007)
Osler, C. (2007)
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de Bandt, O., A. Banerjee & R. Kozluk (2007)
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Bekaert, G., M. Wei & Y. Xing (2007)
Burnside, C., M.S. Eichenbaum & S. Rebelo (2007)
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Mehl, A. & L. Cappiello (2007)
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Roche, M.J. & M.J. Moore (2007/10)
Mitchell, K. & D.K. Pearce (2007)
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Laakkonen, H. (2007)
Cady, J. & J. Gonzalez-Garcia (2007)
Chung, J. & Y. Hong (2007)
Han, B., D. Hirshleifer & T. Wang (2008)
Della Corte, P., L. Sarno & I. Tsiakas (2008)
Lustig, H. & A. Verdelhan (2008)
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Jongen, R., W.F.C. Verschoor, C.C. Wolff & R.C.J. Zwinkels (2008/12)
Bandi, F.M. & J.R. Russell (2008)
Fischer, A.M. & A. Ranaldo (2008/11)
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Murphy, A. & Y. Zhu (2008)
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Guo, H. & R. Savickas (2008)
Ding, L. (2008)
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King, M., L. Sarno & E. Sojli (2010)
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Harris, R.D.F., E. Stoja & F. Yilmaz (2010/11)
Grossmann, A. & D.G. McMillan (2010)
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Moosa, I. & K. Burns (2014)
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Daniel, K., R.J. Hodrick & Z. Lu (2014)
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ter Ellen, S., W.F.C. Verschoor & R.C.J. Zwinkels (2016)
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Fukuda, S-I. (2016)
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Huber, F. (2017)
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Eichenbaum, M., B.K. Johannsen & S. Rebelox (2017/21)
Du, W., A. Tepper & A. Verdelhan (2017)
Ready, R., N. Roussanov & C. Ward (2017)
Pennings, S. (2017)
Devereux, M.B., W. Dong & B. Tomlin (2017)
Hasbrouck, J. & R.M. Levich (2017)
Husted, L.F., J.H. Rogers & B. Sun (2017)
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Cheung, Y-W., M.D. Chinn, A.G. Pascual & Y. Zhang (2017/19)
Ames, M., G. Bagnarosa & G.W. Peters (2017)
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Londono, J.M. & H. Zhou (2017)
Itskhoki, O. & D. Mukhin (2017/21)
Juselius, K. (2017)
Katagiri, M. & K. Takahashi (2017/23)
Pozzi, L. & B. Sadaba (2017/20)
Rime, D., A. Schrimpf & O. Syrstad (2017/22)
Jacod, J., Y. Li & X. Zheng (2017)
Naknoi, K., H. Lustig & Y. Chien (2017/20)
Razafindrabe, T. (2017)
Wu, C-C. & C-C. Wu (2017)
Dimitriou, D., D. Kenourgios & T. Simos (2017)
Baruník, J, E. Kocenda & L. Vácha (2017)
Greenaway-McGrevy, R., D. Sul, N. Mark & J-L. Wu (2017/18)
Mathy, G. & H. Stekler (2017)
Casas, C., F. Díez, G. Gopinath & P-O. Gourinchas (2017)
Snaith, S., S. Termprasertsakul & A. Wood (2017)
Chen, S-H. (2017)
Evans, M.D.D. & D. Rime (2017)
Auer, R., T. Chaney & P. Sauré (2017)
Nucera, F. (2017)
Gau, Y-F. & Z-X. Wu (2017)
Forti Grazzini, C. & M. Rieth (2017)
Ito, T. & M. Yamada (2017)
Mueller, P., A. Stathopoulos & A. Vedolin (2017)
Adler, G., R. Lama & J.P. Medina (2017/19)
Eichler, S. & H.C.N. Littke (2017)
Engel, C., D. Lee, C. Liu, C. Liu & S.P.Y. Wu (2017/19)
Cunningham, R., C. Friedrich, K. Hess & M.J. Kim (2017)
Hagedorn, M. (2017)
Valchev, R. (2017/20)
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Kavtaradze, L. & M. Mokhtari (2018)
Byrne, J.P., D. Korobilis & P.J. Ribeiro (2018)
Steenkamp, D. (2018)
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Byrne, J.P., B.M. Ibrahim & R. Sakemoto (2018)
Geromichalos, A. and Kuk Mo Jung (2018)
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Gali, J. (2018)
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Bonadio, B., A.M. Fischer & P. Sauré (2018/20)
Xue, D., P. Minford & D. Meenagh (2018/19)
Stenfors, A. (2018)
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Husted, L., J. Rogers & B. Sun (2018)
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García-Schmidt, M. & J. Garcia-Cicco (2018/20)
Devereux, M.B. & G.W. Smith (2018)
Bacchetta, P. & E. van Wincoop (2018/21)
Hodrick, R.J. & T. Tomunen (2018)
Inoue, A. & B. Rossi (2018/19)
Kremens, L. & I. Martin (2018)
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Du, J., J-N. Wang, Y-T. Hsu & K.K. Lai (2018)
Ben-David, I., J. Birru & V. Prokopenya (2018)
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Gardberg, M. (2018)
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Engel, C. & S.P.Y. Wu (2018/23)
Schmitt-Grohé, S. & M. Uribe (2018)
Dedola, L., G. Georgiadis, J. Gräb & A. Mehl (2018/21)
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Lee, S.S. & M. Wang (2019)
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Kilian, L. & Z. Xiaoqing (2019/22)
Reed, J.R. (2019)
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Hardy, B. & F. Saffie (2019)
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Weber, C.S. (2019)
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Cao, S., H. Huang, R. Liu & R. MacDonald (2019)
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Lee, J. & D. Ryu (2019)
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Filippou, I. & M.P. Taylor (2019/23)
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Jiang, Z. (2019/21)
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Kumar, S. (2019)
Ha, J., M. Stocker & H. Yilmazkuday (2019/20)
Lloyd, S.P. & E.A. Marin (2019)
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Li, X-L., X. Li & D-K. Si (2019)
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Ahmed, R. (2019)
Breinlich, H., E. Leromain, D. Novy & T. Thomas (2019)
Colicev, A., J. Hoste & J. Konings (2019)
Ito, T., K. Yamada, M. Takayasu & H. Takayasu (2020)
Djeutem, E. & P. Nguimkeu (2020)
Narayan, P.K., S.S. Sharma, D.H.B. Phan & G. Liu (2020)
Banerjee, R.N., B. Hofmann & A. Mehrotra (2020/22)
Galí, J. (2020)
Dahlquist, M. & H. Hasseltoft (2020)
An, L., M.A. Wynne & R. Zhang (2020)
Gambacorta, L., S. Mayordomo & J.M. Serena (2020)
Ahmed, R. (2020)
Funashima, Y. (2020)
Gomez-Gonzalez, J.E., J. Hirs-Garzon & J.M. Uribe (2020)
Lee, S.S. & M. Wang (2020)
Nagengast, A.J., D. Bursian & J-O. Menz (2020/21)
Franz, T. (2020)
Melvin, M., W. Pan & P. Wikstrom (2020)
Yamada, M. & T. Ito (2020/21)
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Bernoth, K., J. von Hagen & C.G. de Vries (2020)
Beckmann, J. & S. Reitz (2020)
Hofmann, B., I. Shim & H.S. Shin (2020)
Egorov, K. & D. Mukhin (2020)
de Groot, O., C.B. Durdu & E.G. Mendoza (2020)
Khademalomoom, S. & P.K. Narayan (2020)
Burnside, C., M. Cerrato & Z. Zhang (2020)
Koijen, R.S.J. & M. Yogo (2020)
Lustig, H. & R.J. Richmond (2020)
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You, Y. & X. Liu (2020)
De, K. & W. Sun (2020)
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Greenwood, R., S.G. Hanson, J.C. Stein & A. Sunderam (2020)
Potě, V., R. Levich & T. Conlon (2020)
Comunale, M. (2020)
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Forbes, K., I. Hjortsoe & T. Nenova (2020)
Rüth, S.K. (2020)
Xu, Y. & D. Lien (2020)
Hassan, T.A. & T. Zhang (2020)
Evans, M. (2020)
Rossi, E. & V. Wolff (2020)
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Bak, Y. & C. Park (2020)
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Ormaechea, S.A. (2020)
Chatziantoniou, I., D. Gabauer & A. Stenfors (2020)
Liao, G.Y. (2020)
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Kozhan, R., M.P. Taylor & Q. Xu (2020)
Filippou, I., D. Rapach, M.P. Taylor & G. Zhou (2020)
Georgiadis, G., J. Gräb & M. Khalil (2020)
Panayotov, G. (2020)
Melvin, M., W. Pan & P. Wikstrom (2020)
Auer, R., A. Burstein, K. Erhardt & S. Lein (2020/21)
Yilmazkuday, H. (2020/22)
Beckmann, J. & R.L. Czudaj (2020)
Chernov, M., M. Dahlquist & L.A. Lochstoer (2020)
Stavrakeva, V. & J. Tang (2020)
Dupuy, P., J. James & I.W. Marsh (2021)
Ivanova, Y., C.J. Neely, P. Weller & M.T. Famiglietti (2020)
Engel, C., E. Kazakova, M. Wang & N. Xiang (2021/22)
Ahn, J. & S. Kim (2021)
Stenfors, A. & M. Susai (2021)
Engel, C. & S.P.Y. Wu (2021)
Yamani, E. (2021)
Della Corte, P., R. Kozhan & A. Neuberger (2021)
Koosakul, J. & I. Shim (2021)
Yamani, E. (2021)
Du, W. & E.J. Pentecost (2021)
Holden, C.W., D. Lu, V. Lugovskyy & D. Puzzello (2021)
Saygili, H. & M. Saygili (2021)
Kazdal, A. & M.H. Yilmaz (2021)
Jin, X. (2021)
Ranaldo, A. & F. Somogyi (2021)
Zigraiova, D., T. Havranek, Z. Irsova & J. Novak (2021)
Du, W. & J. Schreger (2021)
Narayan, P.K., D. Bannigidadmath & S. Narayan (2021)
Anderl, C. & G.M. Caporale (2021)
Cavusoglu, N., M.D. Goldberg & J. Stillwagon (2021)
Ding, L. (2021)
Malik, F. (2021)
Dupuy, P. (2021)
Kalemli-Özcan, S. & L. Varela (2021)
Alfaro, L., M. Calani & L. Varela (2021)
Fang, X. & Y. Liu (2021)
Hasbrouck, J. & R.M. Levich (2021)
Castle, J.L. & T. Kurita (2021)
Galí, J. (2021)
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Lee, N., W. Choi & Y. Pae (2021)
Dossani, A. (2021)
Sialm, C. & Q. Zhu (2021)
Geyikçi, U.K. & S. Özyildirim (2021)
Ren, Y., X. Liang & Q. Wang (2021)
Serdengeçti, S., A. Sensoy & D.K. Nguyen (2021)
Tsiakas, I. & H. Zhang (2021)
Kunkler, M. (2021)
Maurer, T. & N-K. Tran (2021)
Puriya, A. & F. Bräuning (2021)
Greenwood-Nimmo, M., D. Steenkamp & R. van Jaarsveld (2021)
Ibhagui, O. (2021)
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Hagedorn, M. (2021)
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Schmitt, N. & F. Westerhoff (2021)
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Fan, Z., J.M. Londono & X. Xiao (2021)
Filippou, I. & M.P. Taylor (2021)
Ibhagui, O. (2021)
Gopinath, G., J. Caramichael & G.Y. Liao (2021)
Reitz, S. & D. Umlandt (2021)
Jiang, Z., A. Krishnamurthy & H. Lustig (2021)
Chen, Y-C., I. Fujiwara & Y. Hirose (2021)
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2021)
Fan, Z., A. Paseka, Z. Qi & Q. Zhang (2022)
Ur Rehman, M., A.R. Al Rababa'a, G. El-Nader, A. Alkhataybeh & X.V. Vo (2022)
Fink, F., L. Frei & O. Gloede (2022)
Park, Y-H. (2022)
Bork, L., P.R. Kaltwasser & P. Sercu (2022)
Fracasso, A., A. Secchi & C. Tomasi (2022)
Zhang, S. (2022)
Maurer, T., T-D. Tô & N-K. Tran (2022)
Gong, Y., C. Ma & Q. Chen (2022)
Aristidou, C., K. Lee & K. Shields (2022)
Park, S. (2022)
Osler, C. & T. Savaser (2022)
Delis, M.D., P.N. Politsidis & L. Sarno (2022)
Bruno, V., I. Shim & H.S. Shin (2022)
Choi, Y. & E.K. Choi (2022)
Aquilante, T., F. Di Pace & R.M. Masolo (2022)
Cespa, G., A. Gargano, S.J. Riddiough & L. Sarno (2022)
Byrne, J.P., B.M. Ibrahim & R. Sakemoto (2022)
Hauzenberger, N., D. Kaufmann, R. Stuart & C. Tille (2022)
Wu, Z-X. & Y-F. Gau (2022)
Cho, S., S. Hyde & L. Liu (2022)
Anderl, C. & G.M. Caporale (2022)
Nathan, D. & N. Ben Zeev (2022)
Czech, R., P. Della Corte, S. Huang & T. Wang (2022)
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Ranaldo, A. & P.S. de Magistris (2022)
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Harris, R.D.F., J. Shen & F. Yilmaz (2022)
Wada, T. (2022)
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Longaric, P.A. (2022)
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Kim, H.S., E. Kang, Y. Kim, S. Moon & H. Jang (2022)
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Wang, X., Z. Qi & J. Huang (2023)
Bonato, M., O. Cepni, R. Gupta & C. Pierdzioch (2023)
Maurer, T.A., T-D. To & N-K. Tran (2023)
Park, C-Y. & K. Shin (2023)
Cerutti, E.M. & H. Zhou (2023)
Albrizio, S., I. Kataryniuk, L. Molina & J. Schäfer (2023)
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Fang, S., Y. Wei & S. Wang (2023)
Chaboud, A., D. Rime & V. Sushko (2023)
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Kloks, P., E. Mattille & A. Ranaldo (2023)
Wu, Z-X., Y-F. Gau & Y-L. Chen (2023)
Chen, S-S. & Y-H. Chou (2023)
Favaretto, F. (2023)
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Shugliashvili, T. (2023)
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Kaehler, J. & C.S. Weber (2023)
Gallien, F., S. Glebkin, S. Kassibrakis, S. Malamud & A. Teguia (2023)
Kim, S.F. (2023)
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Hassan, R., E. Loualiche, A.R. Pecora & C. Ward (2023)
Jiang, Z., A. Krishnamurthy & H. Lustig (2023)
Markiewicz, A.P., R.C. Verhoeks, W.F.C. Verschoor & R.C.J. Zwinkels (2023)
Bazán, W., M. Ortiz, M. Terrones & D. Winkelried (2023)
Della Corte, P., A. Jeanneret & E.D.S. Patelli (2023)
Zheng, H. (2023)
Frankel, J., Y. Hou & D. Xie (2023)
Mignot, S. & F.H. Westerhoff (2023)
Nucera, F.C., L. Sarno & G. Zinna (2023)
Granziera, E. & M. Sihvonen (2024)
Carvalho, A., J. Valle e Azevedo & P.P. Ribeiro (2024)
Becker, J., M. Schmeling & A. Schrimpf (2024)
Malamud, S., A. Schrimpf & Y. Zhang (2024)
Parra-Polanía, J., A. Sánchez-Jabba & M. Sarmiento (2024)
Dong, M., S. Goto, Y. Xu & Y. Zhang (2024)
Yang, Y., R. Zhang & S. Zhang (2024)
Exchange Rate Determination (Real)
Meese, R. & K. Rogoff (1988)
Taylor, A.M. (2000)
MacDonald, R. & L.A. Ricci (2001)
Rogers, J.H. & H.P. Smith (2001)
De Broeck, M. & T. Slok (2001/06)
Goldberg, P.K. & F. Verboven (2001)
Fisher, E. (2001)
Alexius, A. (2001)
J.J.J. Groen (2001)
Rogoff, K., K.A. Froot & M. Kim (2001)
Cashin, P.A. & C.J. McDermott (2001)
Maeso-Fernandez, F., C. Osbat & B. Schnatz (2001)
Döpke, J., J. Gottschalk & C. Kamps (2001)
Jacobson, T. & M. Nessen (2001)
Ng, S. & P. Perron (2001)
Bai, J. & S. Ng (2001)
Chortareas, G.E. & R.L. Driver (2001)
Kleijn, R.H. & H.K. Van Dijk (2001)
Macdonald, R. & L.A. Ricci (2002)
Kleijn, R. & H. K. van Dijk (2002)
Franses, P.H. & D.J. van Dijk (2002)
Calderón, C. (2002)
Banerjee, A. & M. Marcellino & C. Osbat (2002)
Gente, K. (2002)
Lutz, M. (2002)
Jacobson, T., J. Lyhagen, R. Larsson & M. Nessén (2002)
Lane, P. & G.M. Milesi-Ferretti (2002)
Chinn, Menzie & J. Lee (2002/06)
Curtis, E. & R. Wright (2002)
Apte, P., P. Sercu & R. Uppal (2002)
Gylfason, T. (2002)
Drine, I. & C. Rault (2002)
Jazbec, B. (2002)
Pedersen, M. (2002)
Imbs, J, H. Mumtaz, M. Ravn & H. Rey (2003)
Mercereau, B. (2003)
Sosvilla-Rivero, S. and Garcia, E. (2003)
Lee, J. & M.K. Tang (2003)
Bagchi, D., G.E. Chortareas & S.M. Miller (2003)
Ryu, D. & M.A. El-Gamal (2003/06)
Zamulin, O. (2003)
Lopez, C. & D.H. Papell (2003)
Parsley, D.C. & S-J. Wei (2003/07)
Cashin, P., L.F. Céspedes & R. Sahay (2003)
Drine, I. & C. Rault (2003)
Drine, I. & C. Rault (2003)
Cheung, Y-W., K.S. Lai & M. Bergman (2003)
Hoffmann, M. & R. MacDonald (2003)
Chen, S-S. & C. Engel (2004)
Ahking, F.W. (2004)
Pippenger, J. (2004)
Chortareas. G. & G. Kapetanios (2004/08)
Lopez, C., C.J. Murray & D.H. Papell (2004)
Taylor, A.M. & M.P. Taylor (2004)
Choi, C-Y., N. Mark & D. Sul (2004)
Cashin, P.A. & C.J. McDermott (2004/06)
Hausmann, R., U. Panizza & R. Rigobon (2004)
Coakley, J. & S. Snaith (2004)
Choudhri, E.U. & M.S. Khan (2004/05)
Alessandria, G. (2004)
Caporale, G.M. & M. Cerrato (2004)
Zanna, L-F. (2004/09)
Van, C.L., C. Couharde & T.B. Luong (2004)
Hughes Hallett, A. & C. Richter (2004)
Gadea, M-D., A. Montańés & M. Reyes (2004)
Taylor, A.M. & M.P. Taylor (2004)
Engel, C. & K.D. West (2004)
Groen, J.J.J. & C. Lombardelli (2004)
Chortareas, G. & G. Kapetanios (2004)
Chambers, M.J. (2005)
Jonsson, K. (2004)
Bravo-Ortega, C. & J. di Giovanni (2005)
Elliott, G. & E. Pesavento (2004)
Mark, N.C. (2005)
Bergman, U.M. & J. Hansson (2005)
Shintani, M. (2005)
Coakley, J., R.P. Flood, A.M. Fuertes & M.P. Taylor
Lane, P.R. & G.M. Milesi-Ferretti (2005)
Kempa, B. (2005)
Bouakez, H. (2005)
Bayoumi, T.A., J. Lee & S. Jayanthi (2005/06)
Coakley, J., N. Kellard & S. Snaith (2005)
Smallwood, A.D. (2005)
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Chinn, M.D. (2005)
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Brissimis, S.N., D.A. Sideris & F.K. Voumvaki (2005)
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Ho, T-W. (2005)
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Miller, J.I. (2006)
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Inci, A.C. (2006)
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Égert, B., L. Halpern & R. MacDonald (2006)
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Thoenissen, C. (2006)
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Mejean, I. (2006)
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Crucini, M.J. & M. Shintani (2006/08)
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Philip, K. (2006)
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Lee, J. & Tang M-K. (2007)
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Sengupta, A. (2007)
MacDonald, R. & L.A. Ricci (2007)
Okimoto, T. & K. Shimotsu (2007)
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Ricci, L.A., G.M. Milesi-Ferretti & J. Lee (2008)
Juselius, K. (2008)
Moore, M.J. & M.J. Roche (2008)
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Arghyrou, M.G. & A. Gregoriou (2008)
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Engel, C. (2009)
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Weisbrot, M., J. Cordero & L. Sandoval (2009)
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Forte, A. (2009)
Kollmann, R. (2009)
Peel, D., I. Paya & E. Pavlidis (2009)
Buncic, D. (2009)
Choudhri, E.U. & L.L. Schembri (2009)
Juvenal, L. (2009)
Kim, H. & Y-K. Moh (2009/10)
Bleaney, M. & M. Francisco (2009)
Imbs, J., H. Mumtaz, M.O. Ravn & H. Rey (2009)
Mayoral. L. & M.D. Gadea (2009/11)
Hoffmann, M. & R. MacDonald (2009)
Bénassy-Quéré, A., S. Béreau & V. Mignon (2009)
Wang, P. (2009)
Crucini, M.J. & H. Yilmazkuday (2009)
Guerron-Quintana, P.A. (2009)
Kruse, R., M. Frömmel, L. Menkhoff & P. Sibbertsen (2009)
Caporale, G.M., T.H. Amor & C. Rault (2009)
Bergin, P.R., R. Glick & J-L. Wu (2009)
Basu, P. & R. Kollmann (2010)
Lee, I. & J. Shin (2010)
Bussičre, M., M. Ca’ Zorzi, A. Chudík & A. Dieppe (2010)
Martínez-García, E. (2010)
Kim, S. & L.R. Lima (2010)
Chong, Y., O. Jorda & A.M. Taylor (2010/12)
Monacelli, T. & R. Perotti (2010)
Nakagawa, H. (2010)
Norman, S. (2010)
Chong, Y., O. Jordŕ & A.M. Taylor (2010)
Okimoto, T. & K. Shimotsu (2010)
Brock, P. (2010)
Aloy, M., M. Boutahar, Karine Gente & A. Péguin-Feissolle (2011)
Chang, T. & H-W. Tzeng (2011)
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Ahmad, Y. & W.D. Craighead (2011)
Juvenal, L. (2011)
Zhou, S. & A.M. Kutan (2011)
Carvalho, C. & F. Nechio (2011)
Chaban, M. (2011)
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Hall, S.G. & Q. Guo (2011)
Meza, F. & C. Urrutia (2011)
Crucini, M.J. & A. Landry (2012/19)
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Carton, B. & K. Hervé (2012)
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Eden, M. & H. Nguyen (2012)
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Ho, L.S. (2012)
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Chitu, L., B. Eichengreen & A.J. Mehl (2013/14)
Ogaki, M., B.E. Hansen, I. Fujiwara & H. Kim (2013)
Crucini, M.J. & H. Yilmazkuday (2013/14)
Burstein, A. & G. Gopinath (2013)
Ouyang, A.Y. & R.S. Rajan (2013)
Kano, K., T. Kano & K. Takechi (2013)
Hamano, M. (2013)
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Landry, A. (2013)
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Crucini, M.J., M. Shintani & T. Tsuruga (2013)
Kubota, M. (2013)
Restout, R. (2013)
Du, Q., S-J. Wei & P. Xie (2013)
Macchiarelli, C. (2013)
Caglayan, M. & F. Demir (2013)
Badia, M.M. & A. Segura-Ubiergo (2014)
Cho, D. & A. Doblas-Madrid (2014)
Hamano, M. (2014)
Stengos, T. & M.E. Yazgan (2014)
Crucini, M.J., M. Shintani & T. Tsuruga (2014)
Doan, T.H.T. & K. Gente (2014)
Woo, K-Y., S-K. Lee & A. Chan (2014)
Bussičre, M., C. Lopez & C. Tille (2014)
Campbell, D.L. & J.H. Pyun (2014)
Basher, S.A. & J.L. Carrion-i-Silvestre (2014)
Patel, N., Z. Wang & S-J. Wei (2014)
Basnet, H.C., P. Vatsa & S. Sharma (2014)
Park, C. & S. Park (2014)
Hassan, F. (2014/16)
Bordo, M.D., E.U. Choudhri, G. Fazio & R. MacDonald (2014)
Bell, A.R., C. Brooks & T.K. Moore (2014)
Crowder, W.J. (2014)
Gelman, M., A. Jochem, S. Reitz & M.P. Taylor (2014/15)
Berka, M., M.B. Devereux & C. Engel (2014/18)
de Carvalho, C.V. & F.F. Necchio (2014)
Truman, E.M. (2014)
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Cardi, O. & R. Restout (2014/15)
Kim, J. (2014)
Stahler, K. & A. Subramanian (2014)
Botta, A. (2014)
Alvarez, R. & R.A. Lopez (2014)
Gehrke, B. & F. Yao (2014)
Kim, H. & D. Ryu (2014)
Adler, K. & C. Grisse (2014)
Gnimassoun, B. & V. Mignon (2015)
Tyers, R. & Y. Zhang (2014)
Giulietti, M., A.M. Iregui & J. Otero (2015)
Rabanal, P. & J.F. Rubio-Ramirez (2015)
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Bems, R. & R.C. Johnson (2015/17)
Chen, X. & R. MacDonald (2015)
Kutan, A.M. & S. Zhou (2015)
Pavlidis, E.G., I. Paya & D.A. Peel (2015)
Ca'Zorzi, M., J. Muck & M. Rubaszek (2015)
Huh, H-S. & W.S. Kwon (2015)
Crucini, M.J., M. Shintani & T. Tsuruga (2015)
Nicolini, J., C. Hevia & J. Ayres (2015)
Wallace, F. (2015)
Gumus, I., Z.T. Taspinar (2015)
Tomlin, B. & L. Fung (2015)
Neiman, B. & A. Cavallo (2015)
Campbell, D.L. (2015)
Zhang, Z. & Z. Bian (2015)
Lo, M.C. & J. Morley (2015)
Lee, I. & S.S. Park (2015)
Ambrisko, R. (2015)
Mileva, M. (2015)
López, R.A. & H.D. Nguyen (2015)
Coudert, V., C. Couharde & V. Mignon (2015)
Ouyang, A. & S. Paul (2015)
Chen, L-L., S. Choi & J. Devereux (2015)
Meenagh, D., P. Minford & O. Oyekola (2015)
Ca' Zorzi, M., A. Kociecki & M. Rubaszek (2015)
Choi, H. & G. Alessandria (2015)
Li, W. (2015)
Chien, Y., H. Lustig & K. Naknoi (2015)
Du, Q. & Q. Liu (2015)
Skorepa, M. & L. Komarek (2015)
Seoane, H.D. (2016)
Mollick, A.V. (2016)
Miller, S.M. (2017)
Martinez-Garcia, E. (2016)
Bergin, P.R., R. Glick & J-L. Wu (2016)
Beckmann, J. & R. Czudaj (2016/17)
Nagayasu, J. (2016)
Yesin, P. (2016)
Galstyan, V. & A. Velic (2016)
Ford, N. & C.Y. Horioka (2016)
Glushenkova, M., A. Kourtellos & M. Zachariadis (2016)
Harding, T., R. Stefanski & G. Toews (2016/20)
Kido, Y. (2016)
Romelli, D., C. Terra & E. Vasconcelos (2016/18)
Bahmani-Oskooee, M., T. Chang & K-C. Lee (2016)
Cheung, Y-W., M. Chinn & X. Nong (2016/17)
Wang, W., J. Xue & C. Du (2016)
Luo, Y. (2016)
Curran, M. & A. Velic (2016/19)
Ojeda-Joya, J.N. & G. Sarmiento (2016)
Bjřrnland, H.C. & L.A. Thorsrud (2016)
Gehrke, B. & F. Yao (2016)
Patnaik, I., J. Felman & A. Shah (2017)
Ahn, J., R. Mano & J. Zhou (2017)
Habib, M.M., E. Mileva & L. Stracca (2017)
Candian, G. (2017/19)
Zhang, Q. (2017)
Adler, K. & C. Grisse (2017)
Ouedraogo, R. (2017)
Velic, A. (2017)
Auray, S., A. Eyquem & P. Gomme (2017)
Dao, M.C., C. Minoiu & J.D. Ostry (2017/21)
Morrison, M. & M. Fontenla (2017)
Borraz, F. & L. Zipitría (2017)
Couharde, C., A-L. Delatte, C. Grekou, V. Mignon & F. Morvillier (2017)
Marques Ribeiro., R.S., J.S.L. McCombie & G.T. Lima (2017)
Cravino, J., S.E. Haltenhof (2017/20)
Almĺs, I., M. Grewal, M. Hvide & S. Ugurlu (2017)
Grossmann, A., C. Paul & M.W. Simpson (2017)
Eugeni, S. (2017)
Razzak, W. (2017)
Chien, Y., H. Lustig & K. Naknoi (2017)
Gehrke, B. & F. Yao (2017)
Tipoy, C.K., M.C. Breitenbach & M.F. Zerihun (2017)
Fidora, M., C. Giordano & M. Schmitz (2017)
Tipoy, C.K., M.C. Breitenbach & M.F. Zerihun (2017)
Geerolf, F. (2017)
Jiang, S. (2017)
Craighead, W. (2017)
Stillwagon, J.R. (2018)
Tretvoll, H. (2018)
Campbell, D.L. & L. Lusher (2018)
Pinkovskiy, M. & X. Sala-i-Martin (2018/20)
Pham, T.H.H. (2018)
Eleftheriou, M. & N.A. Müller-Plantenberg (2018)
Chernov, M. & D.D. Creal (2018)
Brito, S., N.E. Magud & S. Sosa (2018)
Blanco, A. & J. Cravino (2018/20)
Bernoth, K., J. von Hagen & C.G. de Vries (2018)
Clarida, R.H. (2018)
Froyen, R.T. & A.V. Guender (2018)
Caputo, R. (2018)
Pavlidis, E.G., I. Paya & D.A. Peel (2018)
Bishop, J.A., J.M. Lee & L.A. Zeager (2018)
Brede, M. (2018)
Miyamoto, W., T.L. Nguyen & V. Sheremirov (2019)
Kim, C-J. & C. Park (2019)
Engel, C. (2019)
Fischer, C. (2019)
Hajargasht, G., D.S.P. Rao & A. Valadkhani (2019)
Ouyang, A.Y. & S. Guo (2019)
Patureau, L. & C. Poilly (2019)
Clements, E., J. Si & L.H. Vo (2019)
Gomme, P. (2019)
Hevia, C., J.L. Ayres & J.P. Nicolini (2019)
Mano, R., C.O. Buitron, L.A. Ricci & M. Vargas (2019)
Bleaney, M. & M. Tian (2019)
Couharde, C. A-L. Delatte, C. Grekou, V. Mignon & F. Morvillier (2019)
Giordano, C. (2019)
Costa, A., J. Garcia, J.L. Raymond & D. Sanchez-Serra (2019)
Nilavongse, R., R. Michal & G.S. Uddin (2019)
Dogan, A. & T. Bettendorf (2020)
Chen, S-L. & J-L. Wu (2020)
Mijakovic, A., M. Rubaszek, M.C. Zorzi & A. Cap (2020)
Hazelkorn, T.M., T.J. Moskowitz & K. Vasudevan (2020)
Ca' Zorzi, M. & M. Rubaszek (2020)
Cao, D., M. Evans & W. Lua (2020)
Goyal, A. & A.K. Verma (2020)
Arghyrou, M.G., W. Lu, Wenna & P.M. Pourpourides (2020)
Caputo, R. & M. Pedersen (2020)
Pippenger, J. (2020)
Agosin, M. & J.D. Díaz (2020)
Gaston, N. & T. Yoshimi (2020)
Ju, J., J.Y. Lin, Q. Liu & K. Shi (2020)
Lenarcic, C. (2020)
Crucini, M., M. Shintani & T. Tsuruga (2020)
Rabe, C. & A. Waddle (2020)
Papell, D.H. & R. Prodan (2020)
Yang, Y. & Z. Zhao (2020)
Vo, D.H. (2020)
Derviz, A. (2020)
Itskhoki, O. (2020)
Kapfhammer, F., V.H. Larsen & L.A. Thorsrud (2020)
Bec, F. & M. Ben Salem (2020)
Nagayasu, J. (2021)
Xie, Z., S-W. Chen & C-K. Hsieh (2021)
Grisse, C. & F. Scheidegger (2021)
Mirfatah, M., V.J. Gabriel & P. Levine (2021)
Anderl, C. & G.M. Caporale (2021)
Akay, A., A. Brausmann, S. Djajic & M.G. Kirdar (2021)
Chernov, M. & D. Creal (2021)
Bosi, S., P. Fontaine & C.L. Van (2021)
Craig, L.E., J. Treme & T.J. Weiss (2021)
Kollmann, R. (2021)
Craig, L.A., J. Treme & T.J. Weiss (2021)
Darvas, Z. (2021)
Ayres, J., C. Hevia & J.P. Nicolini (2021)
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Demir, F. & A. Razmi (2022)
Dahlquist, M. & J. Pénasse (2022)
Jiang, Z. (2022)
Feunou, B., J-S. Fontaine & K. Ingomar (2022)
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Vo, H.L. & D.H. Vo (2022)
Choi, J.H. & S. Song (2022)
Fuchs, F.U. (2022)
Nakamura, F. (2022)
Pippenger, J. (2022)
Ca' Zorzi, M. & M. Rubaszek (2023)
Rothert, J., A. McQuoid & K. Smith (2023)
Aizenman, J., S-H. Ho, L.D.T. Huynh, J. Saadaoui & G.S. Uddin (2023)
Magud, N.E. & S. Pienknagura (2023)
Born, B., F. D'Ascanio, G. Mueller & J. Pfeifer (2023)
Goncalves, C. & M. Rodrigues (2023)
Olk, C. (2023)
Giordano, C. (2023)
Kellard, N., J.B. Madsen & S. Snaith (2023)
Marin, E.A. & S.R. Singh (2023)
Takahashi, H. & A. Venditti (2023)
Baeriswyl, R., A. Oktay & M-A. Ramelet (2023)
Dustmann, C., H. Ku & T. Surovtseva (2024)
Exchange Rate Policy
Rogoff, K. (1985)
Carraro, C. & F. Giavazzi (1988)
Drazen, A. & P.R. Masson (1994)
Kaminsky, G.L. K.K. Lewis (1999)
Svensson, L.E.O. (2000)
Artis, M. (1999)
Krugman, P. (1999)
McKinnon, R. & K. Ohno (2000)
Flood, R. & O. Jeanne (2000)
Mella-Barral, P. & P. Vitale (2001)
Ishii, S., I. Otker-Robe & L. Cui (2001)
Engel, C. (2001)
Eden, B. (2001)
Taylor, D. (2001)
Morales, A. (2001)
Allayannis, G., G.W. Brown & L.F. Klapper (2001)
Clinton, K. (2001)
Lahiri, A. & C.A. Vegh (2001)
Kletzer, K. & R. Kohli (2001)
Dominguez, K.M.E. & L.L. Tesar (2001/05)
González, J.A. (2001)
Lothian, J.R. & C.H. McCarthy (2001)
Anderton, R., F. Skudelny (2001)
Jang, K. & M. Ogaki (2001)
de Crombrugghe, A. (2001)
Chabellard, F. (2001)
Reinhart, C.M. & V.R. Reinhart (2001)
Ennis, H.M. (2001)
Craine, R. (2001)
Goldfajn, I. & G. Olivares (2001)
Edwards, S. (2001)
Levy-Yeyati, E. & F. Sturzenegger (2001)
Taylor, M.P. & L. Sarno (2001)
Shi, A. (2002)
Izurieta, A. (2002)
Chang, R. & A. Velasco (2002)
Kumhof, M. & S. Van Nieuwerburgh (2002)
Calvo, G.A., O. Celasun & M. Kumhof (2002)
Tille, C. (2002)
Tille, C. (2002/06)
Dutta, J. (2002)
Engel, C. (2002)
Levina, I. & O. Zamulin (2002)
Feige, E.L., V. Šošić, M. Faulend & V. Šonje (2002)
Mendoza, E.G. (2002)
Edwards, S. & I.I. Magendzo (2002)
Cunha, A.B. (2002)
Obstfeld, M. & K. Rogoff (2001/2002)
Uribe, M. (2002)
Goldfajn, I. & A. Silveira (2002)
Ize, A. & E. Parrado (2002)
Corrado, L., M. Miller & L. Zhang (2002)
Edwards, S. (2002)
Edwards, S. & I. Magendzo (2003)
Broda, C. & E.L. Yeyati (2003)
Barajas Estrada, A. & A. Morales (2003)
Feige, E.L. (2003)
Chen, S.S. (2003)
Faust, J., J.H. Rogers, E. Swanson & J.H. Wright (2003)
Reinhart, C.M. & V.R. Reinhart (2003)
Canales Kriljenko, J.I. (2003)
Hutchison, M.M. (2003)
Edwards, S. & I. Magendzo (2003)
Beaugrand, P. (2003)
McKinnon, R. & G. Schnabl (2003)
Burstein, A., M. Eichenbaum & S. Rebelo (2003)
Kim, S. (2003)
Dominguez, K.M.E. (2003/06)
Piontkovsky, R. (2003)
Obstfeld, M.,J.C. Shambaugh & A.M. Taylor (2003/04/05)
Celasun, O. (2003/06)
Canales Kriljenko, J.I., R. Guimaraes & C. Karacadag (2003)
Duncan, R. (2003)
Honohan, P., A. Ize & G. De Nicolo (2003)
Cowan, K. & Do Q-T (2003)
Helpman, E. & E. Sadka (2003)
Jeanne, O. (2003)
Reinhart, C.M., K.S. Rogoff & M.A. Savastano (2003)
Woo, W.T. (2003)
Faust, J. & J.H. Rogers (2003)
Fischer, A. (2003)
Ganapolsky, E.J.J. (2003)
Joshi, V. (2003)
SURVEY PAPER
Humpage, O.F. (2003)
Terzi, A. (2003)
Flynn, S.M. (2003)
Tchakarov, I. (2004)
CONFERENCE VOLUME
Various authors (2004)
de la Torre, A. & S. Schmukler (2004)
Kim, S., S.H. Kim & Y. Wang (2004)
Hovanov, N.V., J.W. Kolari & M.V. Sokolov (2004)
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2004)
Pierdzioch, P. (2004)
Srour, G. (2004)
Craig, B. & C.J. Waller (2004)
Elekdag, S. & I. Tchakarov (2004/07)
Ito, T. & T. Yabu (2004)
Ho, W-M. (2004)
Frenkel, M., C. Pierdzioch & G. Stadtmann (2004)
Ize, A. & A. Powell (2004)
Albuquerque, R. (2004/07)
Moron, E., J.F. Castro & D. Winkelried (2004)
Coenen, G. & V.W. Wieland (2004)
Goldstein, M. (2004)
McKinnon, R. & G. Schnabl (2004)
Hallwood, P., I.W. Marsh & J. Scheibe (2004)
Reitz, S., F. Westerhoff & C. Wieland (2004)
Jeanne, O. & L.E.O. Svensson (2004)
Kletzer, K. & M.M. Spiegel (2004)
Cook, D. (2004)
Brissimisa, S.N. & D.P. Chionis (2004)
Cespedes, L.F., R. Chang & A. Velasco (2004)
Levy Yeyati, E. (2004)
Carranza. L., J.E. Galdon-Sanchez & J.G. Biscarri (2004/09)
Brown, B.W. & D.J. Hodgson (2004)
Heymann, D. & E. Kawamura (2004)
Levy-Yeyati, E. (2004)
Jahjah, S. & V.Z. Yue (2004)
Fratzscher, M. (2004/08)
Ho, C. & R.N. McCauley (2004)
Mundaca, G.B. & J. Strand (2004)
Corrado, G. (2005)
Canavese, A. (2004)
Castrén, O., T. Takalo & G. Wood (2004)
Minda, A. (2005)
Honig, A. (2005)
Detragiache, E., A. Mody & E. ` (2005)
Eichengreen, B. (2005)
Keiding, H. & M.J. Knudsen (2005)
De Nicoló, G., P. Honohan & A. Ize (2005)
Frankel, J. (2005)
Devereux, M.B., K. Shi & J. Xu (2005)
McKinnon, R.I. (2005)
Canzoneri, M.B., R.E. Cumby & B.T. Diba (2005)
Lange, C. & C. Sauer (2005)
Fiess, N. & R. Shankar (2005)
Klein, M.W. (2005)
Fratzscher, M. (2005)
Sgherri, S. (2005)
Eichengreen, B. & M. Hatase (2005)
Ize, A., M.A. Kiguel & E. Levy Yeyati (2005)
Ize, A. (2005)
Ize, A. & E. Levy Yeyati (2005)
De Grauwe, P., M. Grimaldi & M.A.R. Beine (2005/09)
Bokil, M. (2005)
Castro, J.F. & E. Morón (2005)
Cai, J. (2005)
Asici, A.A. & N. Ivanova & C. Wyplosz (2005)
Fiess, N. & R. Shankar (2005)
Lopez, J.A. (2005)
Fatum, R. & B. Scholnick (2005/08)
Nielsen, M.E.B. (2005)
Rennhack, R. & M. Nozaki (2006)
Cayazzo, J., A.G. Pascual, E. Gutierrez & S. Heysen (2006)
López, J.R. & H.R. Mendizábal (2006)
von Hagen, J. & J. Zhou (2006)
Ogawa, E. & J. Shimizu (2006)
Devereux, M.D. & C. Engel (2006)
Devereux, M.D. & C. Engel (2006/07)
Entorf,H., J. Moebert & K. Sonderhof (2006)
Beine, M., J. Lahaye, S. Laurent, C.J. Neely & F.C. Palm (2006)
Fatum, R. & M.M. Hutchison (2006/10)
Meissner, C.M. & N. Oomes (2006/09)
Zampolli, F. (2006)
Leiderman, L., R. Maino & E. Parrado (2006)
Reitz, S. & M.P. Taylor (2006/08)
Neely, C.J. (2006/08)
Pollard, P.S. & C.C. Coughlin (2006)
Wollmershäuser, T. (2006)
Guerron, P.A. (2006)
Lanne. M. & T. Vesalay (2006)
Post, E. (2006)
Vitale, P. (2006)
Feuerstein, S. & O. Grimm (2006)
Bordo, M.D., O. Humpage & A.J. Schwartz (2006)
Rochon, C. (2006)
Arellano, C. & J. Heathcote (2007/10)
Berkmen, P & E.E. Cavallo (2007)
Flaschel, P., C. Proano & W. Semmler (2007)
Bernal, O. & J-Y. Gnabo (2007/09)
Sweeney, R.J. (2007)
Ito, T. & T. Yabu (2007)
Kurasawa, K. & A.L. Marty (2007)
Park, S.G. (2006)
Dominguez, K.M.E. & F. Panthaki (2007)
Honohan, P. (2007)
Kumhof, M. & S. van Nieuwerburgh (2007)
McKinnon, R. (2007)
Roubini, N. (2007)
Park, S.G. (2007)
Pasquariello, P. (2007)
Caballero, R.J. & G. Lorenzoni (2007)
Pavasuthipaisit, R. (2007/09)
Shi, K. & J. Xu (2007)
Tambakis, D.N. (2007)
Obstfeld, M. (2007)
Levy-Yeyati, E. & F. Sturzenegger (2007/13)
Demary, M. (2008)
Machicado, C.G. (2008)
Lavigne, R. (2008)
Aizenman, J. & R. Glick (2008)
Gonçalves, F.M. (2008)
Fratzscher, M. (2008)
Jun, J. (2008)
Barajas, A., L. Erickson & R. Steiner (2008)
Lima, E.J.A. & B.M. Tabak (2008)
Suh, S. & F. Zapatero (2008)
Bleaney, M. & F.G. Ozkan (2008)
Ho, W-M. (2008)
Dutu, R. (2008)
Honig, A. (2009)
Arghyrou, M.G., A. Gregoriou & P.M. Pourpourides (2009)
Abiad, A., P. Kannan & J. Lee (2009)
Bigio, S. (2009/10)
Melander, O. (2009)
Hevia, C. & J.P. Nicolini (2009)
Beine, M., G. Janssen & C. Lecourt (2009)
Bordo, M.D., O.F. Humpage & A.J. Schwartz (2009)
Goldstein, M. & N.R. Lardy (2009)
Ball, L.M. (2009)
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2009)
Neanidis, K.C. & C.S. Savva (2009)
Arce, O.J. (2009)
Melvin, M., L. Menkhoff & M. Schmeling (2009)
Fratzscher, M. (2009)
Fratzscher, M. & A. Mehl (2009)
Basu, K. (2009)
Kercheval, A.N. & J.F. Moreno (2009)
Yoshida, Y. & J.C. Rülke (2009)
Pétursson, T.G. (2009)
Bereau, S., A.L. Villavicencio & V. Mignon (2009)
Douglas, C.C. & M. Kolar (2009)
Himmels, C. & T. Kirsanova (2009)
Borensztein, E., O. Jeanne & D. Sandri (2009)
SURVEY PAPER
Menkhoff, L. (2010)
Yates, N.A. (2010)
Xu, J. (2010)
Antonakakis, N. (2010)
Barkbu, B. & L.L. Ong (2010)
Aizenman, J., Y. Jinjarak & D. Park (2010)
Hanke, M., J. Huber, M. Kirchler & M. Sutter (2010)
Aizenman, J., M.D. Chinn & H. Ito (2010/11)
Obstfeld, M., J.C. Shambaugh & A.M. Taylor (2010)
Jácome, L.I. & A. Lönnberg (2010)
Shi, K. & J. Xu (2010)
Herwartz, H. & J. Roestel (2010)
Farid, M. (2010)
Korinek, A. & L. Serven (2010/16)
Kumhof, M. (2010)
Ouyang, A.Y., R.S. Rajan & T.D. Willett (2010)
Gala, P. & G. Libanio (2010)
Lama, R., M. Guzman & J. Pablo (2010)
Kokenyne, A., J. Ley, & R. Veyrune (2010)
Lin, S. & H. Ye (2010)
Fatum, R., J. Pedersen & P.N. Sřrensen (2010/13)
Court, E., E. Ozsoz & E.W. Rengifo (2010)
van der Ploeg, F. & A.J. Venables (2010)
Nouira, R. & K. Sekkat (2010)
Nguyen, Q.H. (2010)
Marsh, I.W. (2011)
Basso, H.S., O. Calvo-Gonzalez & M. Jurgilas (2011)
Schmitt-Grohe, S. & M. Uribe (2011)
Lederman, D. (2011)
Rose, A.K. & T. Wieladek (2011)
Lee, H-Y. (2011)
Brondolo, J. (2011)
Lee, H-Y. & H-P. Lai (2011)
McLeod, D. & E. Mileva (2011)
Gumus, I. (2011)
Dominguez, K.M.E., Y. Hashimoto & T. Ito (2011)
Rose, A.K. & M.M. Spiegel (2011)
Adler, G. & C.E. Tovar Mora (2011)
Bordo, M.D., O.F. Humpage & A.J. Schwartz (2011)
Carranza, L., J.E. Galdon-Sanchez & J. Gomez-Biscarri (2011)
Roger, S., J. Restrepo & C. Garcia (2009/11)
Engler, P. & A. Wulff (2011)
Fischer, C. (2011)
Kirchler, M., J. Huber & D. Kleinlercher (2011)
Gerlach, P., R.N. McMauley & K. Ueda (2011)
Chen, Y-F., M. Funke & N. Glanemann (2011)
Breedon, F., T.G. Pétursson & Andrew K. Rose (2011)
Kohlscheen, E. (2011/14)
Bofinger, P. (2011)
Aizenman, J. & H. Ito (2012)
Banti, C., K. Phylaktis & L. Sarno (2012)
Buffie, E.F. & M. Atolia (2012)
Johansson, A.C. & X. Wang (2012)
Fratzscher, M. (2012)
Vieira, F.A.C., M. Holland & M.F. Resende (2012)
Cassino, E. & M. Lewis (2012)
Fry-McKibbin, R. & S. Wanaguru (2012/13)
Fatum, R. & Y. Yamamoto (2012)
Suardi, S. & Y. Chang (2012)
Jeanne, O. (2012)
Glüzmann, P.A., E. Levy-Yeyati & F. Sturzenegger (2012)
Basu, K. (2012)
Susai, M. & Y. Yoshida (2012)
Olaberría, E. (2012)
Benes, J., A. Berg, R. Portillo & D. Vavra (2013)
Kocenda, E., M. Maurel & G. Schnabl (2013)
Malloy, M. (2013)
Mandelman, F.S. (2013)
Miyajima, K. (2013)
Kohlscheen, E. & S.C. Andrade (2013)
Escude, G.J. (2013)
Chortareas, G., Y. Jiang & J.C. Nankervis (2013)
Jin, H. & E.K. Choi (2013)
Beckmann, J., A. Belke & M. Kühl (2013)
Basu, K. & A. Varoudakis (2013)
Neanidis, K.C. & C. S. Savva (2013)
Yang, J., W. Zhang & S. Tokgoz (2013)
Bacchetta, P., K. Benhima & Y. Kalantzis (2013)
Basu, K. (2013)
Schröder, M. (2013)
Pourroy, M. (2013)
Moura, M.L., F.R. Pereira & G.M. Attuy (2013)
Benigno, G., H. Chen, C. Otrok, A. Rebucci & E.R. Young (2013)
Ghosh, A.R., J.D. Ostry & M.S. Qureshi (2014)
Parsley, D. & H. Popper (2014)
Deng, Y., X. Liu & S-J. Wei (2014)
Huber, J., M. Kirchler, D. Kleinlercher & M. Sutter (2014)
Fatum, R. & Y. Yamamoto (2014)
Grekou, C. (2014)
Echavarría, J.J., L.F. Melo Velandia & M. Villamizar (2014)
Devereux, M.B. & J. Yetman (2014)
Wlasiuk, J.M. (2014)
Na, S., S. Schmitt-Grohe, M. Uribe & V.Z. Yue (2014/18)
Kohlscheen, E. & S.C. Andrade (2014)
Lambson, V., S. Takagi & I. Kozuru (2014)
Alexius, A., H. Birenstam & J. Eklund (2014)
Castillo, C. (2014)
Lester, B., G. Rocheteau & P-O. Weill (2014)
Daude, C., E. Levy Yeyati & A. Nagengast (2014)
Airaudo, M. (2014)
Rowbotham, N.K., A. Saville & D. Mbululu (2014)
Mandilaras, A. (2014/15)
Frenkel, R. & M. Rapetti (2014)
Tashu, M. (2014)
Mwase, N. & F.Y. Kumah (2015)
Ikeda, Y., D. Medvedev & M. Rama (2015)
Edwards, S. (2015)
Villamizar-Villegas, M. & D. Perez-Reyna (2015)
Wu, Y. (2015)
Ghosh, A.R., J.D. Ostry & M. Chamon (2015)
Aytac, O. (2015)
Aizenman, J. & H. Ito (2013/14)
Klein, M.W. & J.C. Shambaugh (2013/15)
Aizenman, J., M.D. Chinn & H. Ito (2015/16)
Rey, H. (2015)
Adler, G., N. Lisack & R. Mano (2015/19)
Blanchard, O.J., G. Adler & I.E. Carvalho Filho (2015)
Prasad, E. & B. Zhang (2015)
Ito, T. & M. Yamada (2015)
Froyen, R.T. & A.V. Guender (2015)
Fernholz, R.T. (2015)
Shi, K., J. Xu & X. Yin (2015)
Blanchard, O., G. Adler & I. de Carvalho Filho (2015)
Chen, Y-L. & Y-F. Gau (2015)
Mejia, S.A., A. Cebotari, K. Greenidge & G.N. Keim (2015)
Fratzscher, M., O. Goede, L. Menkhoff, L. Sarno & T. Stöhr (2015/19)
Frankel, J. (2015)
Kukacka, J. & F. Stanek (2015)
Du, Q. & S-J. Wei (2015/16)
Gerlach-Kristen, P., R.N. McCauley & K. Ueda (2016)
Adler, G., R. Lama & J.P. Medina Guzman (2016)
Adler, G. & R. Mano (2016)
Catalán-Herrera, J. (2016)
Froyen, R.T. & A.V. Guender (2016)
Froyen, R.T. & A.V. Guender (2016)
De Gregorio, J. (2016)
Arghyrou, M.G. & P. Pourpourides (2016)
Staveley-O'Carroll, J. & O.M. Staveley-O'Carroll (2016/18)
Aytaç, O. (2016)
Bumann, S. & R. Lensink (2016)
Montoro, C. & M. Ortiz (2016)
Dixon, R., Z. Zhang & Y. Dai (2016)
Hassan, T.A., T.M. Mertens & T. Zhang (2016)
Ince, O., T. Molodtsova & D.H. Papell (2016)
Saborowski, C. & M. Nedeljkovic (2017)
Villamizar-Villegas, M. & D. Perez-Reyna (2017)
Gagnon, J.E., T. Bayoumi, J.M. Londono, C. Saborowski & H. Sapriza (2017)
Amador, M., J. Bianchi, L. Bocola & F. Perri (2017/20)
Faltermeier, J., R. Lama & J.P. Medina (2017)
Herrera-Echeverri, H., J. Haar & J.G. Salazar-Duque (2017)
Sokolova, M.V. (2017)
Frankel, J. (2017)
Freund, C. & J.E. Gagnon (2017)
Cravino, J. & A.A. Levchenko (2017)
Kitamura, Y. (2017)
Herwartz, H. & J. Roestel (2017)
Kohn, D., F. Leibovici & M. Szkup (2017/20)
Heipertz, J., I. Mihov & A.M. Santacreu (2017)
Azcona, N. (2017)
Alla, Z., R.A. Espinoza & A.R. Ghosh (2017)
Charnavoki, V. (2017)
Chamon, M., M. Garcia & L. Souza (2017)
Guzman, M., J.A. Ocampo & J.E. Stiglitz (2017)
Mattoo, A., P. Mishra & A. Subramanian (2017)
Zídek, L. & M. Suterova (2017)
Scheer, A., G. Müller & A. Kriwoluzky (2017)
Gong, L., C. Wang & H-F. Zou (2017)
Goncalves, C. & M. Rodrigues (2017)
Alfaro, L., A. Cunat, H. Fadinger & Y. Liu (2017)
López Gaviria, J.I. & V. Olivella (2017)
Beaudry, P. & A. Lahiri (2017)
Buffie, E.F., M. Airaudo & F. Zanna (2018)
Brito, S., Y. Carriere-Swallow & B. Gruss (2018)
Ardakani, O.M. & N.K. Kishor (2018)
Cornand, C. & C.K. M'baye (2018)
Geng, N., T. Scutaru & J. Wiegand (2018)
Lane, P.R. & L. Stracca (2018)
Chang, R. (2018)
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt, Dennis (2018)
Choi, W.G. & D. Cook (2018)
Pontines, V. (2018)
Barbone Gonzalez, R., D. Khametshin, J.L. Peydró & A. Polo (2018)
Svacina, D. (2018)
Della Posta, P. (2018)
Cheung, Y-W., C-H. Hui & A. Tsang (2018)
Runggaldier, W.J. & K. Yasuda (2018)
Kuersteiner, G.M., D.C. Phillips & M. Villamizar-Villegas (2018)
Guzman, M., J.A. Ocampo & J.E. Stiglitz (2018)
Chen, Y-C. & D. Lee (2018)
Bannister, G.J., J. Turunen & M. Gardberg (2018)
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt (2018)
Perez-Reyna, D. & F. Rebessi (2018)
Carriere-Swallow, Y., N.E. Magud & J. Yepez (2018)
Ordońez-Callamand, D., M. Villamizar-Villegas & L.F. Melo-Velandia (2018)
Brown, M., R. De Haas & V. Sokolov (2018)
Deng, Y., X. Liu & S-J. Wei (2018)
Keefe, H.G. & H. Shadmani (2018)
Dalgic, H.C. (2018/24)
Corrales, J.S. & P.A. Imam (2019/21)
Mirkov, N., I. Pozdeev & P. Söderlind (2019)
Höpner, M. (2019)
Cavallino, P. (2019)
Bergin, P.R. & G. Corsetti (2019/20)
Weiss, C. (2019)
Ahmed, R., J. Aizenman & Y. Jinjarak (2019/21)
Moldovan, I., S-C.S. Yang & L-F. Zanna (2019)
Rohit, A.K., A. Kumar & P. Dash (2019)
Bechimol, J. & L. Bounader (2019)
Aizenman, J. (2019)
Chertman, F., M. Hutchison & D. Zink (2019/20)
Adler, G., R. Lama & J.P. Medina (2019)
Cugat, G. (2019)
Montes, G.C. & C.F. Ferreira (2019)
Morvillier, F. (2019)
Carrasco, A., D.F. Hoyle & R. Nivin (2019)
Ito, T. & T. Yabu (2020)
Schlepper, K., H. Hofer, R. Riordan & A. Schrimpf (2020)
Eguren-Martin, F. (2020)
Aldasoro, I., T. Ehlers, P. McGuire & G. von Peter (2020)
Hofman, D.J., M. Chamon, P. Deb, T. Harjes, U. Rawat & I. Yamamoto (2020)
Miller, S.M. & T. Ndhlela (2020)
Caraiani, P. & R. Gupta (2020)
Keefe, H.G. (2020)
Corsetti, G., L. Dedola & S. Leduc (2020)
Cheng, K.M. (2020)
Triggs, A. & W.J. McKibbin (2020)
Kim, S. & G. Yim (2020)
Menkhoff, L., M. Rieth & T. Stöhr (2020)
Mkhatrishvili, S., G. Tsutskiridze & L. Arevadze (2020)
Adler, G., K.S. Chang & Z. Wang (2020)
Ghironi, F. & G.K. Ozhan (2020)
Kitamura, Y. (2020)
Culiuc, A. (2020)
Drenik, A. & D. Perez (2020/21)
Bruna, K. & Q.V. Tran (2020)
Gürkaynak, R.S., A.H. Kara, B. Kisacikoglu & S.S. Lee (2020/21)
Fanelli, S. & L. Straub (2020/21)
Arango-Lozano, L., L. Menkhoff, D. Rodríguez-Novoa & M. Villamizar-Villegas (2020)
Sikarwar, E. (2020)
Agénor, P-R., T. Jackson & A. Pereira da Silva (2020)
Viziniuc, M. (2021)
Davis, J.S., I. Fujiwara, K.X.D. Huang & J. Wang (2021)
Adler, G. & R.C. Mano (2021)
Frömmel, M. & M. Midiliç (2021)
Ahnert, T., K. Forbes, C. Friedrich & D. Reinhardt (2021)
Fisera, B., M.W. Tiruneh & D. Hojdan (2021)
Hamano, M. & F. Pappadŕ (2021)
Maggiori, M. (2021)
Ottonello, P. (2021)
Ho, T-K., Y-C. Lin & K-C. Yeh (2021)
Christiano, L., H. Dalgic & A. Nurbekyan (2021)
Pantelopoulos, G. (2021)
Chen, K-J., C-C. Lai & T-W. Lai (2021)
Castillo, P. & J.P. Medina (2021)
Sequeira, J.M. (2021)
Önder, Y.K. & E. Sunel (2021)
Gagnon,, J.E. & M. Sarsenbayev (2021)
Weldzius, R.M. (2021)
Bahaj, S. & R. Reis (2021/22)
Cai, J., J. He, W. Jiang & W. Xiong (2021)
Bianchi, F., L. Melosi & M. Rottner (2021)
Yang, L. & H. Zhu (2021)
Jin, Z., H. Wang & Y. Zhao (2021)
Jeanne, J. (2021)
Ojo, M. & T. Dierker (2021)
Jeanne, O. (2022)
Chen, S-S. & J-K. Wang (2022)
Heipertz, J., I. Mihov & A.M. Santacreu (2022)
Bergin, P. (2022)
Aklin, M., E. Arias & J. Gray (2022)
Faltermeier, J., R. Lama & J.P. Medina (2022)
Ferrante, F. & N. Gornemann (2022)
Lorenzoni, G. & I. Werning (2022/23)
Hertrich, M. (2022)
Altuzarra, A., R. Bustillo & C. Rodríguez (2022)
Lei, X., D. Lu & K. Kasa (2022)
Parra-Polania, J.A., A. Sánchez-Jabba & M. Sarmiento (2022)
Alexander, P., S. Alpanda & S. Kabaca (2022)
Filardo, A., R.G. Gelos & T. McGregor (2022)
Ferrara, G., P. Mueller, G. Viswanath-Natraj & J. Wang (2022)
Bergin, P., K. Kim & J.H. Pyun (2022)
Levy Yeyati, E. & J.F. Gómez (2022)
Zhang, C., Y. Fang & L. Niu (2022)
Devereux, M.B. & S.Y.W. Pak (2022)
Adrian, T., F. Grinberg, T.M. Griffoli, R.M. Townsend & N. Zhang (2022)
Zhang, Z. & S. Wang (2022)
Sandri, D. (2022)
Carbo-Valverde, S., H.P. Saiz & H. Xiao (2023)
Camous, A. & D. Matveev (2023)
Bianchi, J. & C. Sosa-Padilla (2023)
Jonung, L. (2023)
Sallenave, A., J-P. Allegret & T. Omay (2023)
Benigno, P., P. Canofari, G. Di Bartolomeo & M. Messori (2023)
Bianchi, J. & L. Coulibaly (2023)
Schmitt-Grohé, S. & M. Uribe (2023)
Caravello, T.E., P. Martinez-Bruera & I. Werning (2023)
Fukui, M., E. Nakamura & J. Steinsson (2023)
Casacuberta, C. & O. Licandro (2023)
Fisera, B. (2023)
Di Martino, P. (2023)
Arenas, J. & S. Griffith-Jones (2023)
Ahmed, R., J. Aizenman, J. Saadaoui & G.S. Uddin (2023)
Petrevski, G. (2023)
Koráb, P., J. Fidrmuc & S. Dibooglu (2023)
Dovonou, V.O. (2023)
Rodnyansky, A., Y. Timmer & N. Yago (2023)
Hamano, M. & F. Pappadŕ (2023)
Yu, Z., X. Liu, Z. Liu & Y. Li (2023)
Bacchetta, P., K. Benhima & B. Berthold (2023)
El-Shagi, M. & Y. Ma (2023)
Caravello, T.E., P. Martinez-Bruera & I. Werning (2023)
Jara, A. & N. Pińa (2023)
Pantsulaia, V., A. Jangveladze & S. Mkhatrishvili (2023)
Fratzscher, M., T. Heidland, L. Menkhoff, L. Sarno & M. Schmeling (2023)
Kekre, R. & M. Lenel (2023)
Kim, D. (2023)
Pantsulaia, V., A. Jangveladze & S. Mkhatrishvili (2023)
Itskhoki, O. & D. Mukhin (2023)
Mimir (2023)
Yakhin, Y. (2023)
Kekre, R. & M. Lenel (2023)
Gong, L., C. Wang, L. Wu & H-F. Zhou (2023)
Gürkaynak, R.S., B. Kisacikoglu & S.S. Lee (2024)
Ljungberg, J. (2024)
Fisera, B. (2024)
Exchange Rate Regimes
Krugman, P.R. (1991)
Svensson, L.E.O. (1992)
Frankel, J.A. (1999)
Hervey, J.L. & W.A. Strauss (1996)
Lim, J.J. (1998)
Caramazza, F. & J. Aziz (1998)
Drabek, Z. & J.C. Brada (1998)
Kawai, M. & S. Akiyama (2000)
Kawai, M. & S. Takagi (2000)
Rajan, R.S. (2000)
McKinnon, R. (2000)
Borensztein, E.R., J. Zettelmeyer & T. Philippon (2001)
Alesina, A. & R.J. Barro (2001)
Wyplosz, C. (2001)
Pitt, A. (2001)
Poirson, H. (2001)
Carr, J.L. & J.E. Floyd (2001)
Dueker, M. & A. Fischer (2001)
Dornbusch, R. (2001)
Domac, I., K. Peters & Y. Yuzefovich (2001)
Lothian, J.R. & C.H. McCarthy (2001)
Viksnins, G. (2001)
Schmukler, S. & L. Serven (2001)
Broda, C. (2001/2004)
Córdova, J.E.L. & C. Meissner (2001)
Levy-Yeyati, E. & F. Sturzenegger (2001)
Levy-Yeyati, E. & F. Sturzenegger (2001)
Killeen, W.P., R.K. Lyons & M.J. Moore (2001/06)
Sahay, R. (2001)
Glick, R. (2001)
Moreno, R. (2001)
Mercurio, D. & C. Torricelli (2001)
Baig, T. (2001)
Bordo, M.D. & M. Flandreau (2001)
Clare, A. & R. Courtenay (2001)
Szapary, G. (2001)
Kuttner, K.N. & A.S. Posen (2001)
Buiter, W.H. & C. Grafe (2002)
Tavlas, G.S. & M.K. Ulan (2002)
Arteta, C. (2002/2005)
Frankel, J.A., S.L. Schmukler & L. Serven (2002)
Broda, C. (2002)
Schmukler, S.L. & L. Servén (2002)
Wibaut, Q. (2002)
Fridman, A. & A. Verbetsky (2002)
Broda, C. (2002)
Wickham, P. (2002)
Cavallo, M., K. Kisselev, F. Perri & N. Roubini (2002)
Mongelli, F.P. (2002)
Gilson, M.T.C. (2002)
Reinhart, C.M. & K.S. Rogoff (2002/2004)
Broda, C. (2002/06)
Alesina, A., R.J. Barro & S. Tenreyro (2002)
Osakwe, P.N. (2002)
Corsetti, G. & P. Pesenti (2002)
Juhn, G.S. & P. Mauro (2002)
Cunha, A.B. (2002)
Nitithanprapas, I. & T.D. Willett (2002)
Ghosh, A.R., A.M. Gulde & H.C. Wolf (2003)
Celasun, O. (2003)
López, J.R. & H.R. Mendizábal (2003)
Lahiri, A., R. Singh & C. Vegh (2003/07)
Bordo, M.D. (2003)
Sun, Y. (2003)
Iwata, S. & E. Tanner (2003)
Calvo, G. & F.S. Mishkin (2003/2004)
Alesina, A. & A. Wagner (2003)
Frankel, J. (2003)
Levy-Yeyati, E., A. de la Torre & S. Schmukler (2003)
Various authors (2003)
Edwards, S. & E.L. Yeyati (2003/05)
Duttagupta, R. & I. Otker-Robe (2003)
Herz, B. & C. Bauer (2003)
Bordo, M.D. (2003)
Bauer, C. & B. Herz (2003/2005)
Lundbergh, S. & T. Terasvirta (2003/06)
Lopez, J.R. & H.R. Mendizabal (2003)
Francisco, M. & M. Bleaney (2003)
Sarno, L., G. Valente & M.E. Wohar (2003)
Frankel, J.A. (2003)
Dehejia, V.H. (2003)
Dean, J. (2003)
Masson, P. & F.J. Ruge-Murcia (2003)
Valachy, J. & E. Kocenda (2003/06)
Rogoff, K., A.M. Husain, A. Mody, R.J. Brooks & N. Oomes (2003)
SURVEY PAPER
Horvath, J. (2003)
Tan, K.Y. & P. Gai (2003)
Lundbergh, S. & T. Terasvirta (2003)
Levy-Yeyati, E., E. Schargrodsky & S. Galiani (2004)
Shambaugh, J.C. (2004)
de los Rios, A.D. (2004)
Yoshino, N., S. Kaji & A. Suzuki (2004)
Senay, O. & A. Sutherland (2004)
Karacadag, C., R. Duttagupta & G. Fernandez (2004)
Husain, A.M., A. Mody & K.S. Rogoff (2004)
Klein, M.W. & J.C. Shambaugh (2004)
Canales Kriljenko, J.I. & K.F. Habermeier (2004)
Genberg, H. & A.K. Swoboda (2004)
Senay, O. & A. Sutherland (2004)
Camilleri Gilson, M-T. (2004)
Velasco, A. & R. Chang (2004/06)
Lee, J-W. & K. Shin (2004)
Carrera, J. & D. Bastourre (2004)
Uctum, M. & I. Kato (2004)
Vuletin, G.J. (2004)
Bordo, M.D., J. Christl, C. Just & H. James (2004)
Prasad, E., T. Rumbaugh & Q. Wang (2005)
Senay, O. & A. Sutherland (2005)
Levy-Yeyati, E. & F. Sturzenegger (2005)
Dellas, H. & G. Tavlas (2005)
Kollmann, R. (2005)
Dubas, J.M., B-J. Lee & N.C. Mark (2005/10)
Ramcharan, R. (2005/07)
Hakura, D. (2005)
Frankel, J.A. (2005)
Özmen, E. & D. Arinsoy (2005)
Maeso-Fernandez, F., C. Osbat & B. Schnatz (2005)
Wu, Y. (2005)
Aizenman, J. & R. Glick (2005)
Aghion, P., P. Bacchetta, R. Rancičre & K. Rogoff (2005)
Ca’Zorzi, M., R.A. De Santis & F. Zampolli (2005)
Adam, C. & D. Cobham (2005)
Belke, A., B. Herz & L. Vogel (2005)
Walti, S. (2005)
Razin, A. & Y. Rubinstein (2005)
Lahiri, A. & C.A. Vegh (2005)
Flandreau, M. & J. Komlos (2005/06)
Armenter, R. & M. Bodenstein (2005)
Bird, G. & D. Rowlands (2005)
di Giovanni, J. & J.C. Shambaugh (2006/08)
Bénassy-Quéré, A., B. Cśuré & V. Mignon (2006)
Corsetti, G. (2005)
von Hagen, J. & J. Zhou (2005)
Husain, A.M. (2006)
Berger, W. (2006)
Ricci, L.A. (2006)
Finn, Ř. (2006)
Markiewicz, A. (2006)
Siebert, H. (2006)
Artis, M. & M. Ehrmann (2006)
Driffill, J. & M. Sola (2006)
Sarno, L. & G. Valente (2006)
Cook, D. & M.B. Devereux (2006)
Cunha, A.B. (2006)
Devereux, M.B. & G.M. Voss (2006)
Lahiri, A., R. Singh & C.A. Vegh (2006)
Adao, B., M.I.H. Correia & P. Teles (2006/09)
de los Rios, A.D. (2007)
Frankel, J.A. & S-J. Wei (2007)
Asici, A.A. (2007)
Lahiri, A., R. Singh & C.A. Vegh (2007)
Bleaney, M. & M. Francisco (2007)
von Hagen, J. & J. Zhou (2007)
Bauer, C., P. De Grauwe & S. Reitz (2007)
Arnold, I.J.M., R. MacDonald & C.G. de Vries (2007)
Dong, W. (2007)
Bergin, P.R. & R.C. Feenstra (2007)
Naknoi, K. (2008)
Klein, M.W. & J.C. Shambaugh (2008)
Meissner, C.M. & N. Oomes (2008)
Frankel, J.A. & S-J. Wei (2008)
Rebelo, S. & C.A. Vegh (2008)
Eichengreen, B. (2008)
Eichengreen, B. & M. Flandreau (2008)
Lin, H.C. (2008)
Coudert, V. & C. Couharde (2008/09)
Bergin, P.R. & C-Y. Lin (2008)
Carmignani, F., E. Colombo & P. Tirelli (2008)
Dreger, C. (2008)
Chinn, M.D. & S-J. Wei (2008)
Tavlas, G., H. Dellas & A. Stockman (2008)
Bearce, D.H. (2008)
Aysun, U. (2008)
SURVEY PAPER
SURVEY PAPER
Harms, P. & M. Kretschmann (2009)
Patnaik, I. & A. Shah (2008/10)
Naknoi, K. (2008)
Fiess, N. & R. Shankar (2009)
Bowdler, C. (2009)
Hossain, M. (2009)
Urban, S.A. (2009)
Cruz Rodriguez, A. (2009)
Kaltenbrunner, A. & M. Nissanke (2009)
Hall, S. (2009)
Dubas, J.M. (2009)
Habermeier, K.R., A. Kokenyne, R. Veyrune & H. Anderson (2009)
Mitchener, J.M. & M.D. Weidenmier (2009)
Kwapien, J., S. Gworek & S. Drozdz (2009)
Kwapien, J., S. Gworek, S. Drozdz & A. Gorski (2009)
de los Rios, A.D. (2009)
Bird, G. & D. Rowlands (2009)
Ajevskis, V. & K. Vitola (2009)
Frankel, J.A. & D. Xie (2009)
Harms, P. & M. Hoffmann (2009)
Petreski, M. (2009)
Boehmke, F.J. & C.M. Meissner (2009)
Levy-Yeyati, E., F. Sturzenegger & I. Reggio (2009/10)
Imam, P.A. (2010)
Qureshi, M.S. & C.G. Tsangarides (2010)
Klein, M.W. & J.C. Shambaugh (2010)
Ahmad, A.H. & E.J. Pentecost (2010)
Busse, M., C. Hefeker & S. Nelgen (2010)
Rose, A.K. (2010)
Salins, V. & A. Benassy-Quere (2010)
Darius, R. (2010)
Jurek, M. (2011)
Schmitt-Grohé, S. & M. Uribe (2011)
Towbin, P. & S. Weber (2011/13)
Mathy, G.P. & C.M. Meissner (2011)
Ghosh, A.R., M.S. Qureshi, M. Saeed & C. Tsangarides (2011)
Lin, S. & H. Ye (2011)
Hossain, M. (2011)
Miller, J.I. (2011)
Ahmad, A.H., D.I. Harvey & E.J. Pentecost (2011)
Eichengreen, B. & R. Razo-Garcia (2011)
Ajevskis V. & K. Vitola (2011)
Kuttner, K. & A.S. Posen (2011)
Yougbaré, L. (2011)
Méon, P-G. & G. Minne (2011/14)
Rose, A.K. (2011)
Agénor, P-R. & J. Aizenman (2011)
Dorn, S. & P. Egger (2011)
van den Noord, P. (2011)
Abbott, A., D.O. Cushman & G. De Vita (2012)
Qureshi, M.S. & C.G. Tsangarides (2012)
Khemraj, T. & S. Pasha (2012)
Lonkeng Ngouana, C. (2012)
Lartey, E.K.K., F.S. Mandelman & P.A. Acosta (2012)
Schmitt-Grohe, S. & M. Uribe (2012)
Schmitt-Grohé, S. & M. Uribe (2012)
Born, B., F. Juessen & G. Müller (2012)
Bird, G., A. Mandilaras & H. Popper (2012)
Zhang, G. (2012)
Beetsma, R., M. Giuliodori & J. Hanson (2012)
Ghosh, A.R., M.S. Qureshi & C.G. Tsangarides (2012)
Arndt, S.W. (2012)
Pontines, V. & R.Y. Siregar (2012)
Hoffmann, M. & P. Tillmann (2012)
Pourroy, M. (2012)
Hohberger, S. & B. Herz (2012)
Araujo, A., M. Leon & R. Santos (2013)
Dorn, S. & P.H. Egger (2013)
SURVEY PAPER
Duarte, A.P., J.S. Andrade & A. Duarte (2013)
Esaka, T. (2013)
Dorn, S. & P.H. Egger (2013)
Benczur, P. & I. Konya (2013)
Tamgac, U. (2013)
Alfaro, L. & F. Kanczuk (2013)
Dellas, H. & G. Tavlas (2013)
Rose, A.K. (2013/14)
Berg, A., R.A. Portillo & L-F. Zanna (2014)
Chowdhury, M.T.H., P.S. Bhattacharya, D. Mallick & M.A. Ulubasoglu (2014)
Combes, J-L., A. Minea & M.N. Sow (2014)
Bizuneh, M. & N. Valev (2014)
Erdem, F.P. & E. Ozmen (2014)
Ghosh, A.R., M.S. Qureshi & C.G. Tsangarides (2014/18)
Rose, A.K (2014)
Aleem, A. & A. Lahiani (2014)
Boudias, R. (2014)
Cook, D. & M.B. Devereux (2014/16)
Ye, M., E. Hutson & C. Muckley (2014)
Lim, S.Y. & S.K. Sek (2014)
Yoshino, N., S. Kaji & T. Asonuma (2015)
Mao, R. & Y. Yao (2015)
Dorn, S. & P. Egger (2015)
Bleaney, M., N. Tian & L. Yin (2015)
Gnimassoun, B. (2015/17)
Slavtcheva, D. (2015)
D'Adamo, G. & R. Rovelli (2015)
Bleaney, M., M. Tian & L. Yin (2015)
Martínez-García, E. (2015)
Eguren-Martin, F. (2015/16)
Liu, X. & J. Zhang (2015)
Caputo, R. (2015)
Ebeke, C. & A. Fouejieu (2015/18)
Kliatskova, T. & U. Mikkelsen (2015)
Angrick, S. (2015)
White, W.R. (2015)
Gervais, O., L. Schembri & L. Suchanek (2016)
Lera, S.C. & D. Sornette (2016)
Cuciniello, V. & L. Lambertini (2016)
Bohl, M.T., P. Michaelis & P.L. Siklos (2016)
Levy Yeyati, E. & F. Sturzenegger (2016)
Debowicz, D. (2016)
Mathur, V. & C. Subramanian (2016)
Sensoy, A. & B.M. Tabak (2016)
Caceres, C., Y. Carriere-Swallow & B. Gruss (2016)
Corsetti, G., K. Kuester & G.J. Müller (2016)
Couharde, C. & C. Grekou (2016)
Bleaney, M., S. Saxena & L. Yin (2016)
Lothian, J.R. (2016)
Mitchener, K.J. & C. Pina (2016/20)
Jalles, J.T., C. Mulas-Granados & J. Tavares (2016)
Carriere-Swallow, Y., B. Gruss, N.E. Magud & F. Valencia (2016)
Lartey, E.K.K. (2016)
Chou, Y-S. (2017)
Irwin, D.A. (2017)
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2017/19)
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2017)
Lee , I.H., K. Kim & E. Kang (2017)
Obstfeld, M., J.D. Ostry & M.S. Qureshi (2017/19)
Cavallari, L. & S. D'Addona (2017)
Iyer, T. (2017)
Welfens, P.J.J. (2017)
Frankel, J.A. (2017)
Grittersová, J. (2017)
Cushman, D.O. & G. De Vita (2017)
Corsetti, G., K. Kuester & G. Müller (2017)
Davis, J.S., I. Fujiwara & J. Wang (2017)
Balima, H.W., E.G. Kilama & R. Tapsoba (2017)
López-Villavicencio, A. & M. Pourroy (2017)
Nelson, E. (2017)
Aregger, N. (2018)
Obstfeld, M., J.D. Ostry & M.S. Qureshi (2018)
Ligonniere, S. (2018)
Mehrotra, A. & J. Yetman (2018)
Himmels, C. & T. Kirsanova (2018)
Wu, J-W. & J-L. Wu (2018)
Chen, Y-F., M. Funke & R. Moessner (2018)
Bleaney, M., S. Saxena & L. Yin (2018)
Eichler, S. & I. Roevekamp (2018)
Ben Zeev, N. (2019)
Chen, Y. & F. Ward (2019)
Dabrowski, M.A., M. Papiez & S. Smiech (2019)
Caselli, F.G. (2019)
Badarau, C. & I. Sangaré (2019)
Das, S. (2019)
El Hamiani Khatat, M. & R.M. Veyrune (2019)
Edwards, S. (2019/20)
Froyen, R.T. & A.V. Guender (2019)
Cao, Z., S. El Ghoul, O. Guedhami & C. Kwok (2019)
Bird, G. (2019)
Hamano, M. & F. Pappadŕ (2020)
Obstfeld, M. (2020)
Terrones, M.E. (2020)
Di Bartolomeo, G., M. Di Pietro & E. Beqiraj (2020)
Edwards, S. (2020)
Iyer, T. (2020)
Cobham, D. & M. Song (2020)
Couharde, C. & C. Grekou (2020)
Eichengreen, B., D. Park, A. Ramayandi & K. Shin (2020)
Roevekamp, I. (2021)
Corsetti, G., K. Kuester, K., G.J. Müller & S. Schmidt (2021)
Cobham, D. (2021)
Milivojevic, L. & B. Tatar (2021)
Harms, P. & J. Knaze (2021)
Carričre-Swallow, Y., N.E. Magud & J.F. Yépez (2021)
Dabrowski, M.A., M. Papiez & S. Slawomir (2021)
Cobham, D., P. Macmillan, C. Mason & M. Song (2021)
Alberola-Ila, A., C. Cantú, P. Cavallino & N. Mirkov (2021)
Harms, P. & J. Knaze (2021)
Diniz-Maganini, N., A.A. Rasheed & H.H. Sheng (2021)
Thakkar, P. (2021)
Balfoussia, H., H. Dellas, D. Papageorgiou & E. Vourvachaki (2021)
Ilzetzki, E., C.M. Reinhart & K.S. Rogoff (2021)
Couharde, C. & C. Grekou (2021)
Agénor, P-R. & L.A. Pereira da Silva (2021)
Dvoskin, A. & S. Katz (2021)
Abdelraouf, N. & D. Noureldin (2022)
Kohler, K. & E. Stockhammer (2022)
Jevtic, A.R. (2022)
Kekre, R. (2022)
Aman, Z., S. Mallick & I. Nemlioglu (2022)
Elekdag, S. & M. Tuuli (2022/23)
Chen, Y. & F. Ward (2022)
Couharde, C. & C. Grekou (2022)
Banerjee, R.N., V. Boctor, A. Mehrotra & F. Zampolli (2022)
Cruz-Rodríguez, A. (2022)
Levy Yeyati, E. & F. Sturzenegger (2022)
Agénor, P-R., L.A. Pereira da Silva (2023)
Popescu, I.O. (2023)
Fernández-Villaverde, J. & D. Sanches (2023)
Singh, R. (2023)
Balasundharam, V., A. Kayastha, M.P. Ribeiro (2023)
Chen, J. (2024)
Bahaj, S. & R. Reis (2024)
Financial Crises
International Business Cycles
Ahmed, P., B. Ickes, P. Wang & S. Yoo (1993)
Lewis, K.K. (1996)
Brandt, M.W., J.H. Cochrane & P. Santa-Clara (2001)
Kim, J. & S.H. Kim (2001)
Dick, T. J. O. & J.E. Floyd (2001)
Baxter, M. & D. Farr (2001)
Dedola, L. & S. Leduc (2001)
Brooks, R.J. & M. Del Negro (2002)
McKinnon, R. & G. Schnabl (2002)
Kose, M.A. & K.M. Yi (2002)
Pakko, M.R. (2003)
Kose, M.A. & K.M. Yi (2003)
Kose, A., E.S. Prasad & M.E. Terrones Silva (2003)
Mazzenga, E. & M. Ravn (2003)
Gruben, W.C., J. Koo & E. Millis (2003)
Helbling, T. & T. Bayoumi (2003)
Imbs, J. (2003)
Baxter, M. & M.A. Kouparitsas (2003)
Kose, M.A., E.S. Prasad amp; M.E. Terrones (2003)
Stock, J.H. & M.W. Watson (2003)
Artis, M.J. & M. Hoffmann (2003)
Kose, M.A., C. Otrok & C.H. Whiteman (2003)
Crucini, M.J. & J. Kahn (2003)
Uribe, M. & V.Z. Yue (2003/06)
Pakko, M.R. (2003)
Artis, M.J., A.B.C. Galvao & M. Marcellino (2003)
Bordo, M.D. & T. Helbling (2003)
Kose, A., E.S. Prasad, & M.E. Terrones Silva (2003)
Kouparitsas, M.A. (2003)
Baxter, M. & M.A. Kouparitsas (2004)
Heathcote, J. & F. Perri (2004)
Artis, M.J., D.R. Osborn & P. Perez-Vazquez (2004)
Smets, F. & R. Wouters (2004)
Artis, M.J. & M. Hoffmann (2004)
Benigno, G. & C. Thoenissen (2004/08)
Ehrmann, M., M. Fratzscher & R. Rigobon (2005)
Cole, H.L., L.E. Ohanian & R. Leung (2005)
Darvas, Z., A.K. Rose & G. Szapary (2005)
Sorensen, B.E., Y-T. Wu, O. Yosha & Y. Zhu (2005)
Kose, M.A. & K-M. Yi (2005/06)
Rajan, R.G. (2005)
Ciccarelli, M. & B. Mojon (2005)
Becker, S.O. & M. Hoffmann (2006)
Iacoviello, M. & R. Minetti (2006)
Lewis, K.K. (2006)
Calderón, C., A. Chong & E. Stein (2007)
Berrada, T., J. Hugonnier & M. Rindisbacher (2007)
Canova, F., M. Ciccarelli & E. Ortega (2007)
Chari, V.V., P.J. Kehoe & E.R. McGrattan (2007)
Faia, E. (2007)
Huang, K.X.D. & Z. Liu (2007)
Matsumoto, A. (2007)
Cúrdia, V. & D. Finocchiaro (2007)
Corsetti, G. & G.J. Mueller (2007)
Chang, Y. (2007)
Kose, M.A., E. Prasad & M. Terrones (2007/09)
García-Herrero, A. & F.F. Vázquez (2007)
Akin, C. & M.A. Kose (2007)
Morana, C. & A. Beltratti (2008)
Burstein, A., C. Kurz & L. Tesar (2008)
Asdrubali, P. & S. Kim (2008)
Hadzi-Vaskov, M. & C.J.M. Kool (2008)
Raffo, A. (2008)
Kose, M.A., C. Otrok & C.H. Whiteman (2008)
Boileau, M. & M. Normandin (2008)
Kose, M.A., C. Otrok & E. Prasad (2008/12)
Bodenstein, M. (2008/10)
Rose, A.K. & M.M. Spiegel (2008/09)
Crucini, M.J., M.A. Kose & C. Otrok (2008/10)
Arkolakis, C. & A. Ramanarayanan (2008)
Kalemli-Ozcan, S., E. Papaioannou & J.L. Peydro (2009)
Enders, Z. & G.J. Müller (2009)
Dooley, M.P. & M.M. Hutchison (2009)
Basu, P. & C. Thoenissen (2009)
di Giovanni, J. & A.A. Levchenko (2009)
Spatafora, N. & I. Tytell (2009)
Flood, R.P., N.P. Marion & A. Matsumoto (2009)
Rabanal, P., J.F. Rubio-Ramirez & V. Tuesta (2009)
Smith, P. & P.M. Summers (2009)
Rabanal, P., J.F. Rubio-Ramirez & V. Tuesta (2009)
De Santis, R.A. & B. Gérard (2009)
Otsu, K. (2009)
Comin, D., N. Loayza, F. Pasha & L. Serven (2009)
Beaudry, P., M. Dupaigne & F. Portier (2009/10)
Kollmann, R. (2010)
Boileau, M., M. Normandin & B.P. Fosso (2010)
Kaminsky, G.L. (2010)
Olivero, M.P. (2010)
Devereux, M.B. & J. Yetman (2010)
Flood, R.P. & A.K. Rose (2010)
Ueda, K. (2010/12)
Johri, A., M-A. Letendre & D. Luo (2010/11)
Yilmaz, K. (2010)
Altug, S.G. & M. Bildirici (2010)
Enders, Z., R. Kollmann & G. Müller (2010/11)
Imbs, J. (2010)
Raffo, A. (2010)
Rabanal, P., F. Mandelman, J.F. Rubio-Ramirez & D. Vilan (2010)
Eijffinger, S. & W. Wagner (2010)
Ueda, K. (2010)
Bayoumi, T. & T.T. Bui (2010)
Helbling, T., R. Huidrom, M.A. Kose & C. Otrok (2010/11)
Yetman, J. (2010)
Mumtaz, H., S. Simonelli & P. Surico (2010)
Contessi, S. (2010)
Boucekkine, R. & P-A. Pintus (2010)
Juvenal, L. & P.S. Monteiro (2010/17)
Juillard, M. & S. Villemot (2011)
Kollmann, R., S. Maliar, B.A. Malin & P. Pichler (2011)
Luo, Y., J. Nie & E.R. Young (2010/14)
Luo, Y., J. Nie & E.R. Young (2010)
Aruoba, S.B., F.X. Diebold, M.A. Kose & M. Terrones (2011)
Nuntramas, P. (2011)
Auray, S. & A. Eyquem (2011)
Artis, M.J., G. Chouliarakis & P.K.G. Harischandra (2011)
Claessens, S., M.A. Kose & M. Terrones (2011)
Rabanal, P., J.F. Rubio-Ramírez, V. Tuest (2011)
Dées, S. & N. Zorell (2011)
Ishise, H. (2011)
Bodenstein, M. (2011)
Gourio, F., M. Siemer & A. Verdelhan (2011/13)
Karabarbounis, L. (2011)
Devereux, M.B. & V. Hnatkovska (2011)
Perri, F. & V. Quadrini (2011/18)
Bejan, M. (2011)
Comin, D., N. Loayza, F. Pasha & L. Servén (2011)
Davis, S. (2011)
Jansen, J. & A. Stokman (2011)
Hsu, C-C., J-Y. Wu & R. Yau (2011)
Jin, K. & N. Li (2011)
Balli, F., S. Kalemli-Ozcan & B. Sorensen (2011)
Davis, J.S. & K.X.D. Huang (2011)
Kulish, M. & D. Rees (2011)
Lilia, C. (2011)
Hoffmann, M. & U. Woitek (2011)
Blommestein, H.J., S.C.W Eijffinger & Z. Qian (2011)
Xu, T.T. (2011)
Fidrmuc, J., T. Ikeda & K. Iwatsubo (2012)
Liao, W. & A.M. Santacreu (2012)
Dmitriev, A. & I. Roberts (2012)
Oviedo, P.M. & R. Singh (2012)
Yilmazkuday, H. (2012)
Kollmann, R. (2012)
Alessandria, G., J. Kaboski & V. Midrigan (2012/13)
Yao, W. (2012/19)
Karabarbounis, L. (2012/14)
Antonakakis, N. (2012)
Kleinert, J., J. Martin & F. Toubal (2012/15)
Lee, S. (2012)
Aysun, U. & S. Alpanda (2012/14)
Monteiro, P.S. & L. Juvenal (2012)
Barajas, A., R. Chami, C. Ebeke & S. Tapsoba (2012)
Anginer, D., A. Demirguc-Kunt & M. Zhu (2012)
Abiad, A., J. Bluedorn, J. Guajardo & P. Topalova (2012)
Guerrieri, L., M. Iacoviello & R. Minetti (2013)
Bayoumi, T. &amnp; F. Vitek (2013)
Levy Yeyati, E. & T. Williams/I> (2013)
Hirata, H., M. Kose & C. Otrok (2013)
Matheson, T. (2013)
Heathcote, J. & F. Perri (2013)
Altug, S.G. & F. Canova (2013)
Bacchetta, P. & E. van Wincoop (2013)
Mehl,. A. (2013)
Dmitriev, A. & I. Roberts (2013)
Kamber, G. & C. Thoenissen (2013)
Haddow, A. & M. Mileva (2013)
Lambrias, K. (2013)
Bacchetta, P. & E. van Wincoop (2013)
Karadimitropoulou, A. & M. León-Ledesma (2013)
Crespo-Cuaresma, J. & O. Fernández-Amador (2013)
Beyaert, A. & J. García-Solanes (2013)
Breuer, J.B. & J. McDermott (2013)
Cavallari, L. (2013)
Fukuda, Y., Y. Kimura, N. Sudo & H. Ugai (2013)
Gao, X., V. Hnatkovska & V. Marmer (2013)
Mandelman, F.S. (2013/16)
Konstantakopoulou, I. & E.G. Tsionas (2014)
Davis, J.S. (2014)
Pierdzioch, C., M. Risse & S. Rohloff (2014)
Kosaka, M.S. (2014)
Calderón, C. & J.R. Fuentes (2014)
Hirakata, N., Y. Iwasaki & M. Kawai (2014)
Duval, R.A., K.C. Cheng, K.H. Oh, R. Saraf & D. Seneviratne (2014)
Hevia, C. (2014)
Hirata, H. (2014)
Cooray, A. & D. Mallick (2014)
Chakraborty, S. & K. Otsu (2014)
Buch, C. & L.S. Goldberg (2014)
Dufrénot, G. & B. Keddad (2014)
Mykhaylova, O. & J. Staveley-O'Carroll (2014)
Dey, J. (2014)
Johnson, R.C. (2014)
Pesce, A. (2014)
Shinagawa, Y. (2014)
Fadejeva, L., M. Feldkircher & T. Reininger (2014/17)
Gauvin, L., C. McLoughlin & D. Reinhardt (2014)
Vitek, F. (2014)
Bergholt, D. (2014)
Graham, J. (2014)
Fattal Jaef, R.N. & J.I. Lopez (2014)
Blonigen, B.A., J. Piger & N. Sly (2014)
Gächter, M. & A. Riedl (2014)
Wang, M., M.C.S. Wong & J. Granato (2014)
Binder, M. & C.J. Offermanns (2014)
Cook, D. & J. Xu (2015)
Levchenko, A.A. & N. Pandalai-Nayar (2015/20)
Chen, Q., A. Filardo, D. He & F. Zhu (2015)
McKnight, S. & L. Povoledo (2015)
Kireyev, A. & A. Leonidov (2015)
Kopoin, A. (2015)
Imura, Y. & J. Thomas (2015)
Kopoin, A., K. Moran & J-P. Kevin (2015)
Letendre, M-A. & J. Wagner (2015)
Xu, Y. & H.A. La (2015)
Mian, A.R., A. Sufi & E. Verner (2015/17)
Osorio Buitron, C. & E. Vesperoni (2015)
Camacho, M. & J. Martinez-Martin (2015)
Dees, S. (2015)
Antonakakis, N., M. Breitenlechner & J. Scharler (2015)
Rouillard, J-F. (2015)
Nguyen, H. (2015)
Dovern, J. & F. Huber (2015)
Poghosyan, T. (2015)
Perron, P. & T. Wada (2015)
Bekiros, S., D.K. Nguyen, G.S. Uddin & B. Sjö (2015)
Martínez-García, E., V. Grossman & A. Mack (2015)
Fernandez, A., A. Gonzalez & D. Rodriguez (2015)
Alpanda, S. & S. Kabaca (2015/20)
Feldkircher, M. & F. Huber (2015)
Albagli, E., L. Ceballos, S. Claro & D. Romero (2015/19)
Enders, Z. & A. Peter (2015)
Aloui, C., B. Hkiri & D.K. Nguyen (2016)
Rey, H. (2016)
di Giovanni, J., A.A. Levchenko & I. Mejean (2016/18)
Han, X. & S-J. Wei (2016)
Monnet, E. & D. Puy (2016)
Faccini, R., H. Mumtaz & P. Surico (2016)
Duval, R., N. Li, R. Saraf & D. Seneviratne (2016)
Krenz, J. (2016)
Avdjiev, S. & E. Takats (2016)
Kollmann, R. (2016)
D'Avino, C. (2016)
De Grauwe, P. & Y. Ji (2016)
Smith, D. (2016)
Arespa, M. & D. Gruber (2016)
Moyen, S., N. Stahler, Nikolai; Winkler, Fabian (2016/9)
Dovern, J., M. Feldkircher & F. Huber (2016)
Cravino, J. & A.A. Levchenko (2016)
Chatterjee, A. (2016)
Ductor, L. & D. Leiva-Leon (2016)
Lambrias, K. (2016/20)
Amiti, M., O. Itskhoki & J. Konings (2017)
Jorda, J., M. Schularick & A.M. Taylor (2016)
Kamber, G., O. Karagedikli, M. Ryan & T Vehbi (2016)
Sly, N. & C. Weber (2016)
Metiu, N., B. Hilberg & M. Grill (2016)
Montinari, L. & L. Stracca (2016)
Miyamoto, W. & T.L. Nguyen (2016)
Han, X. & S-J. Wei (2016)
Fernandez, A., S. Schmitt-Grohe & M. Uribe (2016/17)
Berger, T. & L. Pozzi (2016)
Yifan, S. & T. Abeysinghe (2016)
Endrész, M. & F. Skudelny (2016)
Jiang, M. (2016)
Degiannakis, S., D. Duffy, G. Filis & A. Livada (2016)
Andrle, M., J. Bruha & S. Solmaz (2016)
Belke, A., C. Domnick & D. Gros (2016)
Carstensen, K. & L. Salzmann (2016/17)
Csabafi, T., M. Gillman & R. Naraidoo (2016)
Takats, E. & J. Temesvary (2016/20)
Cesa-Bianchi, A. (2016/19)
Demirgüç-Kunt, A., B.L. Horváth & H. Huizinga (2017)
Dmitriev, A. (2017)
Baskaya, Y.S., J. di Giovanni, S. Kalemli-Özcan & M.F. Ulu (2017/22)
Kose, M.A., C. Lakatos, F. Ohnsorge & M. Stocker (2017)
Mumtaz, H. & K. Theodoridis (2017)
Ekinci, M.F. (2017)
Ozhan, G.K. (2017/20)
SURVEY PAPER
Demena, B.A. & P.A.G. van Bergeijk (2017)
SURVEY PAPER
Pesce, A. (2017)
Blagrave, P., G. Ho, K. Koloskova & E. Vesperoni (2017)
Kollmann, R. (2017)
De Grauwe, P. & Y. Ji (2017)
Akkoyun, H.C., Y. Arslan & M. Kilinç (2017)
Guo, Z-Y. (2017)
Dedola, L., G. Rivolta & L. Stracca (2017)
Belke, A. & T. Osowski (2017)
Kang, W., R.A. Ratti & J. Vespignani (2017)
Cashin, P., K. Mohaddes & M. Raissi (2017)
Georgiadis, G. (2017)
Huidrom, R., A. Kose & F. Ohnsorge (2017/20)
Schüler, Y.S., P.P. Hiebert & T.A. Peltonen (2017/19)
Jiang, Y., H. Nie & J.Y. Monginsidi (2017)
Belke, A. & I. Dubova (2017)
Ahmed, S., B. Coulibaly & A. Zlate (2017)
Du, D. (2017)
Miyamoto, W. & T.L. Nguyen (2017)
Gars, J. & C. Olovsson (2017)
Meller, B. & N. Metiu (2017)
Martinez-Garcia, E. (2017)
Marfatia, H.A. (2017)
Miyamoto, W. & T.L. Nguyen (2017)
Faias, J.A. & M.A. Ferreira (2017)
Rouillard, J-F. (2017)
Cesa-Bianchi, A., A. Ferrero & A. Rebucci (2017/18)
Ben Zeev, N., E. Pappa & A. Vicondoa (2017)
Mandelman, F. (2017)
Jiang, M. (2017)
Mavromatis, K. (2017)
Comunale, M. (2017)
Karadimitropoulou, A. (2017/18)
Beck, T., H. Degryse, R. De Haas & N. van Horen (2017)
Ohdoi, R. (2017/18)
Kim, K., J.H. Pyun & J. An (2017)
Siena, D. (2017)
Bhattarai, S., A. Chatterjee & W.Y. Park (2017/20)
Gadea-Rivas, M.D., A. Gómez-Loscos & E. Bandrés (2018)
Mian, A.R. & A. Sufi (2018)
Han, X. & S-J. Wei (2018)
Lhuissier, S. (2018)
Gong, C. & S. Kim (2018)
Buch, C.M., M. Bussiere, L. Goldberg & R. Hills (2018/19)
Roth, M.A. (2018)
Carriero, A., T.E. Clark & M. Marcellino (2018)
Letendre, M.A. & J. Wagner (2018)
Kohn, D., F. Leibovici & H. Tretvoll (2018)
Saiki, A. (2018)
Blagrave, P., G. Ho, K. Koloskova & E. Vesperoni (2018)
Auer, S., C. Friedrich, M. Ganarin, T. Paligorova & P. Towbin (2018)
Jones, C., M. Kulish & D.M. Rees (2018)
Lin, S. & H. Ye (2018)
Chatterjee, S. & S.J. Turnovsky (2018)
Dungey, M., F. Khan & M. Raghavan (2018)
Akinci, O. & A. Queralto (2018)
Pintus, P.A., Y. Wen & X. Xing (2018)
Argimon, I., C. Bonner, R. Correa, P. Duijm, J. Frost, J. de Haan, L. de Haan & V. Stebunovs (2018)
Brzoza-Brzezina, M. & J. Kotlowski (2018)
Baldi, G. & A. Bodmer (2018)
Le, V.P.M., D. Meenagh & P. Minford (2018)
Romano, S. (2018)
Povoledo, L. (2018)
Gupta, R., J. Ma, M. Risse & M.E. Wohar (2018)
Avdjiev, S., C. Koch, P. McGuire & G. von Peter (2018)
Katagiri, M. (2018)
Bhattarai, S. & K. Kucheryavyy (2018)
Jin, K. & N. Li (2018)
Granja, J., C. Leuz & R. Rajan (2018)
Fillat, J.L., S. Garetto & A. Smith (2018)
Ahmad, W., A.V. Mishra & K.J. Daly (2018)
Martínez-García, E. (2018)
Boehm, C.E., A. Flaaen & N. Pandalai-Nayar (2018)
Iliopulos, E., E. Perego & T. Sopraseuth (2018/21)
Maravalle, A. & L. Rawdanowicz (2018)
Giroud, X. & H.M. Mueller (2018)
Lakdawala, A. (2018)
Barbosa, L., D. Bonfim, S. Costa & M. Everett (2018)
Kim, M. (2018)
Crespo Cuaresma, J., G. Doppelhofer, M. Feldkircher & F. Huber (2018)
Fillat, J.L., S. Garetto & A.V. Smith (2018)
Kurowski, L. & K. Rogowicz (2019)
Bataa, E., D.R. Osborn & M. Sensier (2019)
Devereux, M.B. & C. Yu (2019)
Ha, J., M.A. Kose & F.L. Ohnsorge (2019)
Miyamoto, W. & T.L. Nguyen (2019)
Demir, I. (2019)
Vicondoa, A. (2019)
Potjagailo, G. & M.H. Wolters (2019)
Kim, M. (2019)
Kearns, J., A. Schrimpf & F.D. Xia (2019)
Sugimoto, K. & T. Matsuki (2019)
Iacoviello, M. & G. Navarro (2019)
Fendoglu, S., E. Gulsen & J-L. Peydro (2019)
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2019)
Blagrave, P. (2019)
Choi, S., D. Furceri & C. Yoon (2019)
Inoue, T. & T. Okimoto (2019)
Obstfeld, M. (2019)
Abate, G.D. & L. Serven (2019/20)
Kolasa, M. & G. Wesolowski (2019/20)
Hale, G., T. Kapan & C. Minoiu (2019/20)
Hou, J. & J. Knaze (2019)
Houssa, R., J. Mohimont & C. Otrok (2019)
Staveley-O'Carroll, J. & O. Staveley-O'Carroll (2019)
Devereux, M.B., K. Gente & C. Yu (2019)
Avdjiev, S. & E. Takáts (2019)
Monnet, E. & D. Puy (2019)
Gächter, M., M. Geiger & S. Stöckl (2019/20)
Babii, A. (2019)
Demir, I. (2019)
Duca, J.V. (2019)
Liu, E., F. Niepmann & T. Schmidt-Eisenlohr (2019)
Armelius, H., C. Bertsch, I. Hull & X. Zhang (2019)
Dées, S. & A. Galesi (2019/21)
Ahmed, S., R. Correa, D.A. Dias, N. Gornemann, J. Hoek, A.K. Jain, E.X. Liu & A. Wong (2019)
Coman, A. & S.P. Lloyd (2019/22)
Azzimonti, M. & V. Quadrini (2019)
Fendoglu, S., E. Gulsen & J-L. Peydró (2020)
Born, B., G. Müller, J. Pfeifer, S. Wellmann & G.J. Müller (2020)
Drozd, L.A., S. Kolbin & J.B. Nosal (2020/21)
Hassan, T.A., S. Hollander, L. van Lent & A. Tahoun (2020)
Guo, Z-Y. (2020)
Rothert, J. (2020)
Brandao-Marques, L., R.G Gelos, T. Harjes, R. Sahay & Y. Xue (2020)
Ha, J., M.A. Kose, C. Otrok & E.S. Prasad (2020)
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2020/24)
Xiao, B., X. Guo, Y. Fan, S. Voigt & L. Cui (2020)
Huo, Z., A.A. Levchenko & N. Pandalai-Nayar (2020)
Kumar, S.H. & A. Mathur (2020)
Lin, S., J. Xiao & H. Ye (2020)
Ahmed, R. (2020/21)
Ha, J. (2020)
Nguyen, H.S. & F. Rondeau (2020)
Chang, K-L. (2020)
Erik, B., M.J. Lombardi, D. Mihaljek & H.S. Shin (2020)
Pintus, P., Y. Wen & X. Xing (2020)
Brzoza-Brzezina, M. & J. Kotlowski & G. Wesolowski (2020)
Avdjiev, S., B. Hardy, P. McGuire & G. von Peter (2020/21)
Lakdawala, A., T. Moreland & M. Schaffer (2020/21)
Degasperi, R., S.S. Hong & G. Ricco (2020)
Aldasoro, I., S. Avdjiev, C. Borio & P. Disyatat (2020)
Caporin, M., L. Pelizzon & A. Plazzi (2020)
Inekwe, J.N. (2020)
Gómez-Pineda, J.G. (2020)
Friedrich, C., P. Guérin & D. Leiva-Leon (2020)
Gomez-Gonzalez, J.E. & J. Hirs-Garzon (2020)
Lepetyuk, V., L. Maliar & S. Maliar (2020)
Fernández, A., S. Schmitt-Grohé & M. Uribe (2020)
Ellison, M., S.S. Lee & K.H. O'Rourke (2020)
Ca' Zorzi, M., L. Dedola, G. Georgiadis, M. Jarocinski, L. Stracca & G. Strasser (2020)
Bonciani, D. & M. Ricci (2020)
Walerych, M. & G. Wesolowski (2020)
de Soyres, F. & A. Gaillard (2020)
Ohdoi, R. (2020)
Abosedra, S., M. Arayssi, B. Ben Sita & C. Mutshinda (2020)
Arezki, R. & Y. Liu (2020)
Moramarco, G. (2020)
Terrones, M.E., A. Kose & N. Sugawara (2020)
Ferreira, M.S. & A.C. Valério (2020)
Caggiano, G., E. Castelnuovo & R. Kima (2020)
Van Robays, I. & L. Stracca (2020)
Sánchez Carrera, E.J., V. Avalos-Gaytán & Y.C. Valdés (2020)
Friberg, R. & M. Sanctuary (2020)
Croitorov, O., M. Giovannini, S. Hohberger, M. Ratto & L. Vogel (2020)
Acalin, J. & A. Rebucci (2020)
Cuaresma, J.C., F. Huber & L. Onorante (2020)
Morley, J. & I.B. Panovska (2020)
Blattner, T. & J. Swarbrick (2020)
Bena, J., S. Dinc & I. Erel (2020)
Demirgüç-Kunt, A., B.L. Horváth & H. Huizinga (2020)
Jeanne, J. & D. Sandri (2020/24)
Boehm, C.E. & T.N. Kroner (2020)
Letendre, M-A. & S. Obaid (2020)
Miranda-Agrippino, S. & H. Rey (2020)
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International Financial Institutions & System
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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.
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