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Working Paper
Fixed or floating: is it still possible to manage in the middle?
Glick, Reuven (2000)
Pacific Basin Working Paper Series , Paper 2000-02

Working Paper
Currency Crises, Capital Account Liberalization, and Selection Bias
Guo, Xueyan; Glick, Reuven; Hutchison, Michael M. (2005-06-01)
Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for "self selection" bias since countries with liberalized capital accounts may also have more sound economic policies and institutions that make them less likely to experience crises. We employ a matching and propensity score methodology to address this issue in a panel analysis of developing countries. Our results suggest that, after controlling for sample selection bias, countries with liberalized capital accounts experience a lower likelihood of currency ...
Working Paper Series , Paper 2004-15

Working Paper
Sovereign Wealth Funds: Stylized Facts about Their Determinance and Governance
Aizenman, Joshua; Glick, Reuven (2008-12-01)
This paper presents statistical analysis supporting stylized facts about sovereign wealth funds (SWFs). It discusses the forces leading to the growth of SWFs, including the role of fuel exports and ongoing current account surpluses, and large hoarding of international reserves. It analyzes the degree to which measures of SWF governance and transparency compare with national norms of behavior. We provide evidence that many countries with SWFs are characterized by effective governance but weak democratic institutions, as compared to other nonindustrial countries. We also present a model with ...
Working Paper Series , Paper 2008-33

Working Paper
Productivity, Tradability, and the Long-Run Price Puzzle
Taylor, Alan M.; Glick, Reuven; Bergin, Paul R. (2004-06-01)
Long-run cross-country price data exhibit a puzzle. Today, richer countries exhibit higher price levels than poorer countries, a stylized fact usually attributed to the "Balassa-Samuelson" effect. But looking back fifty years, or more, this effect virtually disappears from the data. What is often assumed to be a universal property is actually quite specific to recent times. What might explain this historical pattern? We adopt a framework where goods are differentiated by tradability and productivity. A model with monopolistic competition, a continuum-of-goods, and endogenous tradability ...
Working Paper Series , Paper 2004-08

Journal Article
External imbalances and adjustment in the Pacific Basin: conference summary
Glick, Reuven; Spiegel, Mark M. (2006)
This Economic Letter summarizes the papers presented at the conference on "External Imbalances and Adjustment in the Pacific Basin" held at the Federal Reserve Bank of San Francisco on September 22-23, 2005, under the sponsorship of the Bank's Center for Pacific Basin Studies.
FRBSF Economic Letter

Journal Article
Foreign capital inflows
Glick, Reuven (1987)
FRBSF Economic Letter

Journal Article
The European currency crisis
Glick, Reuven; Hutchison, Michael M. (1992)
FRBSF Economic Letter

Working Paper
The illusive quest: do international capital controls contribute to currency stability?
Glick, Reuven; Hutchison, Michael M. (2010)
We investigate the effectiveness of capital controls in insulating economies from currency crises, focusing in particular on both direct and indirect effects of capital controls and how these relationships may have changed over time in response to global financial liberalization and the greater mobility of international capital. We predict the likelihood of currency crises using standard macroeconomic variables and a probit equation estimation methodology with random effects. We employ a comprehensive panel data set comprised of 69 emerging market and developing economies over 1975?2004. Both ...
Working Paper Series , Paper 2010-15

Working Paper
Mussa redux and conditional PPP
Wu, Jyh-Lin; Glick, Reuven; Bergin, Paul R. (2012)
Long half-lives of real exchange rates are often used as evidence against monetary sticky price models. In this study we show how exchange rate regimes alter the long-run dynamics and half-life of the real exchange rate, and we recast the classic defense of such models by Mussa (1986) from an argument based on short-run volatility to one based on long-run dynamics. The first key result is that the extremely persistent real exchange rate found commonly in post Bretton Woods data does not apply to the preceding fixed exchange rate period in our sample, where the half-live was roughly half as ...
Working Paper Series , Paper 2012-14

Journal Article
Budget rules and monetary union in Europe
Glick, Reuven; Hutchison, Michael M. (1992)
FRBSF Economic Letter

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