Dating extreme capital-flow episodes from gross rather than net flows splits the picture in two -- "surges" and "stops" driven by foreign investors, "flight" and "retrenchment" driven by domestic …
PublishedClassicJournal of International EconomicsPublished Nov 1993
Nontraded goods had been invoked to explain several international puzzles at once -- persistent deviations from purchasing power parity, low cross-country consumption correlations, and real interest …
PublishedClassicJournal of International EconomicsPublished Feb 1983
Across the dollar/mark, dollar/pound, dollar/yen and trade-weighted dollar rates over November 1976 to June 1981, no structural exchange rate model, univariate time series model, vector autoregression …
PublishedClassicJournal of International EconomicsPublished May 2020
This paper builds a Heterogeneous-Agent New-Keynesian Small Open Model Economy (HANKSOME), calibrated to Hungary's pre-2009 current account boom and sudden-stop reversal, and shows that when …
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 …
PublishedClassicJournal of International EconomicsPublished May 2022
A country's macroprudential stance looks irrelevant to portfolio flows on average, but that average hides the tails. Countries with tighter ex-ante regulation see larger bond and equity outflows in …
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 …
PublishedClassicJournal of International EconomicsPublished Dec 2001
Capital flows were tracked continuously, but the stocks of foreign assets and liabilities they accumulate into were largely unmeasured outside a handful of industrial countries. This paper builds …
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 …