The analysis of the day-by-day evolution of currency markets often emphasises the relationship between the behaviour of the US dollar and that of the exchange rates between the other major currencies, in particular the tendency of EMS currencies to appreciate vis-�-vis the DM in periods of...

Guarantees play an important role in debt contracts. They alter the risk for the lender, transform borrowers� incentives and, possibly, modify the equilibrium allocation of financial resources. This paper studies the role of guarantees on bank loans, using a sample of over 50,000 individual...

Both macro and (still scarce) micro evidence support the idea that a new economy is emerging in the US, not (yet) in Europe. Some have argued that the inadequacies of Europe�s financial system are an important part of the explanation. This paper, after surveying the existing literature on...

TThis paper investigates which factors determine a bank's decision to expand its activities abroad and what determines its choice of the countries to invest in. The empirical analysis is conducted using firm-level data on foreign subsidiaries for a representative sample of nearly 2,500 OECD...

Endogenous growth has set a new paradigm for macroeconomic analysis. This paper overviews the most relevant theoretical contributions of this literature for the analysis of open economies, highlighting their implications both for the effects of crosscountry integration on output convergence and...