I document that emerging markets have cast off their “original sin” – their external liabilitiesare no longer dominated by foreign-currency debt and have instead shifted sharply towardsdirect investment and portfolio equity. Their external assets are increasingly concentrated inforeign...

We document the recent phenomenon of uphill flows of capital from nonindustrial toindustrial countries and analyze whether this pattern of capital flows has hurt growth innonindustrial economies that export capital. Surprisingly, we find that there is a positivecorrelation between current...

Is the Chinese growth miracle - a remarkably high growth rate sustained for over twodecades - likely to persist or are the seeds of its eventual demise contained in the policiesthat have boosted growth? For all its presumed flaws, the particular approach tomacroeconomic and structural policies...

In theory, one of the main benefits of financial globalization is that it should allow for moreefficient international risk sharing. In this paper, we provide a comprehensive empiricalevaluation of the patterns of risk sharing among different groups of countries and examinehow international...