The origin and propagation of the European sovereign debt crisis can be attributed to the
flawed original design of the euro. In particular, there was an incomplete understanding of …

This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

* Department of Economics, 530 Evans Hall# 3880, University of California, Berkeley, CA
94720-3880 (e-mail: obstfeld@ econ. berkeley. edu). I thank Claudio Borio, Ralph Bryant …

A pattern has often been repeated in the modern era of global finance. Foreign investors
turn with interest toward some developing country. Capital flows in volume into small and …

This paper takes a fresh look at the historical evolution of the United States external position
over the postwar period by carefully constructing the US gross asset and liability positions …

The period preceding the global financial crisis was characterized by a substantial widening
of current account imbalances across the world. Since the onset of the crisis, these …

THIS IS THE third in a series of papers we have written over the past five years about the
growing US current account deficit and the potentially sharp exchange rate movements any …

We analyze government interventions in the eurozone banking sector during the 2008–2009
financial crisis. Using a novel data set, we document that fiscally constrained governments …

When are policy makers willing to make costly adjustments to their macroeconomic policies
to mitigate balance-of-payments problems? Which types of adjustment strategies do they …

Bu çalışmada, ekonomik büyüme ile cari işlemler dengesi arasındaki ilişki 1991: 4-2005: 4
dönemini kapsayan üçer aylık verilerle Türkiye ekonomisi için tahmin edilmiştir. Değişkenler …