Why do observed international investment positions and cross-country differences in rates of return to capital fail to conform to a frictionless capital-market benchmark? The paper asks how large the …
Sorting about 3,700 annual observations from 44 countries over roughly two centuries into four debt-to-GDP buckets, the authors find little relationship between public debt and growth below 90 percent …
PublishedClassicReview of Economic StudiesOnline 12 Oct 2021Published Mar 2022
Using the universe of Turkish corporate credit transactions matched to bank balance sheets over 2003-13, this paper shows that an easing of global financial conditions lowers domestic borrowing costs …
PublishedClassicQuarterly Journal of EconomicsOnline 31 Jan 2022Published Jul 2022
Two centuries of monthly prices for 1,552 foreign-currency government bonds traded in London and New York, matched bond-by-bond to a new archive of defaults and haircuts, show that external sovereign …
PublishedClassicJournal of International EconomicsPublished Aug 2001
An interim survey of the dynamic general equilibrium open-economy literature that grew out of Obstfeld and Rogoff's 1995 Redux model, organised around the question of which of its assumptions its …
PublishedClassicJournal of International EconomicsPublished Sep 2017
Brazil's IOF tax on foreign portfolio inflows was announced overnight and without warning, which makes it readable in stock prices. Two-day cumulative abnormal returns for listed Brazilian firms fall …