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Working Paper
The IMF in a world of private capital markets
The IMF attempts to stabilize private capital flows to emerging markets by providing public monitoring and emergency finance. In analyzing its role we contrast cases where banks and bondholders do the lending. Banks have a natural advantage in monitoring and creditor coordination, while bonds have superior risk sharing characteristics. Consistent with this assumption, banks reduce spreads as they obtain more information through repeat transactions with borrowers. By comparison, repeat borrowing has little influence in bond markets, where publicly-available information dominates. But spreads ...
Conference Paper
Jackson Hole 2023 - Global Financial Flows
Conference Paper
Policy making in an integrated world: from surveillance to ...?
Working Paper
Stability or upheaval? The currency composition of international reserves in the long run
We analyze how the role of different national currencies as international reserves was affected by the shift from fixed to flexible exchange rates. We extend data on the currency composition of foreign reserves backward and forward to investigate whether there was a shift in the determinants of the currency composition of international reserves around the breakdown of Bretton Woods. We find that inertia and policy-credibility effects in international reserve currency choice have become stronger post-Bretton Woods, while network effects appear to have weakened. We show that negative policy ...
Working Paper
Doctrinal determinants, domestic and international of Federal Reserve policy, 1914-1933
This paper describes the doctrinal foundations of Federal Reserve policy from the establishment of the institution through the early 1930s, focusing on the role of international factors in those doctrines and conceptions. International considerations were at most part of the constellation of factors shaping the Federal Reserve?s outlook and policies even in the high gold standard era that ended in 1933. However, neither was the influence of international factors absent, much less negligible. Nor were the Fed?s policies without consequences for the rest of the world. Having described the ...
Working Paper
Speculative attacks on pegged exchange rates: an empirical exploration with special reference to the European Monetary System
This paper presents an empirical analysis of speculative attacks on pegged exchange rates in 22 countries between 1967 and 1992. We define speculative attacks or crises as large movements in exchange rates, interest rates, and international reserves. We develop stylized facts concerning the univariate behavior of a variety of macroeconomic variables, comparing crises with periods of tranquility. For ERM observations we cannot reject the null hypothesis that there are few significant differences in the behavior of key macroeconomic variables between crises and non-crisis periods. This null ...
Conference Paper
Comments on financial crises and contagion
Journal Article
Interview with Barry Eichengreen
Conference Paper
Asia’s role in the post-crisis global economy
Closing remarks -- Asia's role in the post-crisis global economy : a conference (2011 : November 29-30)