Economist in the IMF Research Department, working on international capital flows, financial crises, emerging markets and sovereign debt. PhD from the University of Maryland (2006).
Prepared as background for the IMF's Integrated Policy Framework, this paper builds a three-period small open economy in which monetary policy, capital inflow controls, sterilized foreign exchange …
Because most trade is invoiced in a few dominant currencies rather than in the producer's or the destination's currency, it is the dollar exchange rate and not the bilateral one that drives import …