I identify new patterns in countries' economic performance over the 2007-2014 period based on proximity through distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross-country variation, I develop an open economy model with...

"In view of the role of liability dollarization in recent financial crises, whether or not the widespread presence of foreign-currency-denominated deposits and credits in developing-country banking systems leads to greater financial fragility is an open and pressing question. Using a...

Recent trends show that the brunt of the economic suffering and unemployment in Japan are being increasingly absorbed by lower paid and less educated who have found themselves stuck in temporary contract positions with little chance of continuation or stability. In the last three years, the...

We evaluate whether financial openness leaves emerging market economies vulnerable to the adverse effects of capital reversals (sudden stops) on domestic investment. We investigate this claim in a broad sample of emerging markets during the period 1976-2002. If the banking sector does not...