Unlike final-goods trade, intermediate-input trade through Global Value Chains (GVCs)
creates supply-side linkages across borders. We show that, even when GVCs themselves …

By keeping dollars scarce in international markets, the US–the hegemon–earns monopoly
rents when borrowing in dollar debt and investing in foreign currency assets. However, in …

We propose a dynamic model of oligopolistic financial markets in which market power
allows dominant players to tilt asset prices in their favor, and examine it in the context of …

In this thesis, I study the interplay between exchange rate dynamics and capital flows in the
international macroeconomy, and I consider the optimal policy response for economies that …