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Boom-Bust Capital Flow Cycles  

Graciela Laura Kaminsky

This article examines the new trends in research on capital flows fueled by the 2007–2009 Global Crisis. Previous studies on capital flows focused on current account imbalances and net ... More

Capital Controls: A Survey of the New Literature  

Alessandro Rebucci and Chang Ma

Online publication date:
Apr 2020
This paper reviews selected post–Global Financial Crisis theoretical and empirical contributions on capital controls and identifies three theoretical motives for the use of capital ... More

Economic Geography and Trade  

Anthony J. Venables

Online publication date:
Feb 2019
Economic activity is unevenly distributed across space, both internationally and within countries. What determines this spatial distribution, and how is it shaped by trade? Classical trade ... More

Exchange Rates, Interest Parity, and the Carry Trade  

Craig Burnside

Online publication date:
Aug 2019
The uncovered interest parity (UIP) condition states that the interest rate differential between two currencies is the expected rate of change of their exchange rate. Empirically, however, ... More

Foreign Direct Investment and International Technology Diffusion  

Difei Geng and Kamal Saggi

Online publication date:
Jul 2019
Foreign direct investment (FDI) plays an important role in facilitating the process of international technology diffusion. While FDI among industrialized countries primarily occurs via ... More

Geography of Growth and Development  

Esteban Rossi-Hansberg

The geography of economic activity refers to the distribution of population, production, and consumption of goods and services in geographic space. The geography of growth and development ... More

Geography, Trade, and Power-Law Phenomena  

Pao-Li Chang and Wen-Tai Hsu

This article reviews interrelated power-law phenomena in geography and trade. Given the empirical evidence on the gravity equation in trade flows across countries and regions, its ... More

Global Spillovers in a Low Interest Rate Environment  

Sushant Acharya and Paolo Pesenti

Online publication date:
May 2019
Global policy spillovers can be defined as the effect of policy changes in one country on economic outcomes in other countries. The literature has mainly focused on monetary policy ... More

Gravity Models and Empirical Trade  

Scott Baier and Samuel Standaert

Online publication date:
Mar 2020
The gravity model of international trade states that the volume of trade between two countries is proportional to their economic mass and a measure of their relative trade frictions. ... More

Heterogeneous Firms, Trade Liberalization, and Welfare  

Alan Spearot

Online publication date:
Nov 2019
While the modern theory of international trade allows for many different modeling assumptions, the gains from trade can often be calculated using a common set of statistics. In particular, ... More

Home Bias in International Macroeconomics  

Viktoria Hnatkovska

Online publication date:
Apr 2019
Home bias in international macroeconomics refers to the fact that investors around the world tend to allocate majority of their portfolios into domestic assets, despite the potential ... More

International Capital Flow Reversals (Sudden Stops)  

Eduardo A. Cavallo

Online publication date:
May 2019
Sudden stops in capital flows are a form of financial whiplash that creates instability and crises in the affected economies. Sudden stops in net capital flows trigger current account ... More

International Prices and Exchange Rate Pass-Through  

Ehsan U. Choudhri

Online publication date:
Apr 2020
Exchange rates often display sudden and large changes. There is considerable interest in examining how these changes affect prices, especially import and consumer prices. Exchange rate ... More

International Reserves, Exchange Rates, and Monetary Policy: From the Trilemma to the Quadrilemma  

Joshua Aizenman

The links of international reserves, exchange rates, and monetary policy can be understood through the lens of a modern incarnation of the “impossible trinity” (aka the “trilemma”), based ... More

The Law and Political Economy of International Trade Agreements  

Michael Trebilcock

Online publication date:
Apr 2019
While economists overwhelmingly favor free trade, even unilateral free trade, because of the gains realizable from specialization and the exploitation of comparative advantage, in fact ... More

Microstructure of Foreign Exchange Markets  

Martin D. D. Evans and Dagfinn Rime

Online publication date:
Jul 2019
An overview of research on the microstructure of foreign exchange (FX) markets is presented. We begin by summarizing the institutional features of FX trading and describe how they have ... More

Preferential Trade Agreements: Recent Theoretical and Empirical Developments  

James Lake and Pravin Krishna

In recent decades, there has been a dramatic proliferation of preferential trade agreements (PTAs) between countries that, while legal, contradict the non-discrimination principle of the ... More

Purchasing Power Parity and Real Exchange Rates  

Menzie D. Chinn

Online publication date:
Jul 2019
The idea that prices and exchange rates adjust so as to equalize the common-currency price of identical bundles of goods—purchasing power parity (PPP)—is a topic of central importance in ... More

Sovereign Debt: Theory  

Vivian Zhanwei Yue and Bin Wei

Online publication date:
Nov 2019
This article reviews the literature on sovereign debt, that is, debt issued by a national government. The defining characteristic of sovereign debt is the limited mechanisms for ... More

The Economics of Diet and Obesity: Public Policy  

Fabrice Etilé

The rise in obesity and other food-related chronic diseases has prompted public-health officials of local communities, national governments, and international institutions to pay attention ... More

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