This paper analyzes the effects of capital controls and crises on financial integration, using stocks from emerging economies that trade in both domestic and international markets. The cross-market premium (the ratio between the domestic and the international market price of cross-listed stocks)...

This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the...

This paper quantifies the impact of international transport time on bilateral trade flows in goods using previously unexploited information drawn from a large dataset on international parcel delivery times. In line with previous work, we find that an extra day spent in international transit...