The literature's standard finding -- that countries with open capital accounts do not grow faster -- tests a prediction the neoclassical growth model never makes, because in that model liberalization …
PublishedClassicReview of Economic StudiesOnline 22 Jan 2013Published Oct 2013
The textbook neoclassical growth model says countries whose productivity is catching up should invest more and import more capital. Across 68 developing countries over 1980-2000 the cross-country …
PublishedJournal of Monetary EconomicsPublished Apr 2026
Moro and Nispi Landi develop FraNK, a multi-country New Keynesian model designed to study geoeconomic fragmentation — defined, following Aiyar et al. (2023), as a policy-driven reversal of economic …
PublishedClassicJournal of International EconomicsOnline 13 Nov 2009Published Mar 2010
This paper develops a solution method for dynamic stochastic general-equilibrium open-economy models with portfolio choice -- extending standard first- and second-order perturbation techniques, which …
PublishedReview of Economic StudiesOnline 19 Sep 2025Published Jul 2026
This paper asks how to optimally design a Financial Stability Fund (Fund) for a union of sovereign countries that must simultaneously (i) prevent sovereign default, (ii) provide risk-sharing and …
PublishedClassicJournal of International EconomicsPublished Mar 2005
On a panel of bilateral gross cross-border equity transactions among 14 countries from 1989 to 1996, a gravity specification with market capitalisations, distance and a measure of market …
Decomposing a global risk factor built from stock returns in 63 economies into structural shocks, this paper finds that exogenous shifts in the financial sector's risk-bearing capacity matter more …