This paper describes a new analytical framework for the quantitative assessment of international external positions. The framework links each country’s current net foreign asset position to its current trade flows, forecasts of future trade flows, and expectations concerning future returns on...

International capital flows have increased dramatically since the 1980s, with much of the increase being due to trade in equity and debt markets. Such developments are often attributed to the increased integration of world financial markets. We present a model that allows us to examine how...

This paper develops and estimates a general equilibrium model for the term structures of nominal and real interest rates that incorporates regime-switching into the dynamics ofthe state variables. The model generates time-varying risk premia via changes in the covariance structure of the state...

This study aims to outline the vision for the Vietnamese social protection system. It provides discussion of the issues of implementation and performance of the current programme design, especially the issues of budget allocation, implementation and monitoring are explored using qualitative...

This paper studies how changing expectations concerning future trade and financial con- ditions are reflected in international external positions. In the absence of Ponzi schemes and arbitrage opportunities, the net foreign asset position of any country must, as a matter of theory, equal the...

Since 2013 regulators have been investigating the activities of some of the world’s largest banks around the setting of daily benchmarks for forex prices. These benchmarks are a key linchpin of world financial markets, providing standardize prices used to value global equity and bond...