consequence of the fragmentation of national decision making, in federal systems but also in regional and international monetary …

This paper explores the role of international reserves as a stabiliser of international capital flows, in particular … buffer during financial stress. A robust result of the analysis is that international reserves facilitate financial … observed in such periods. For the whole sample, we also find that larger stocks of international reserves are linked to higher …

insulation from global financial conditions? We examine a dynamic global game model of international portfolio flows where, for …

We document that observed international input-output linkages contribute substantially to synchronizing producer price … rates with international and domestic input-output linkages, we recover the underlying cost shocks that are propagated … amplify co-movement primarily by propagating sectoral shocks; and (iii) the observed pattern of international input use …

In an interconnected world, national economic policies regularly lead to large international spillover effects, which … frequently trigger calls for international policy cooperation. However, the premise of successful cooperation is that there is a … violated to generate inefficiency and scope for cooperation. These are: (i) policymakers act competitively in the international …

We develop a general equilibrium model with intermediaries at the heart of international financial markets. In our … endogenous risk structure helps explain a number of anomalies in foreign exchange and international capital markets, including …