The paper explicates the issues raised for macroprudential regulation in a global economy with high capital mobility …

This paper analyzes waves in international capital flows. We develop a new methodology for identifying episodes of …

An influential school of thought views the current international monetary and financial system as Bretton Woods reborn …. Today, like 40 years ago, the international system is composed of a core, which has the exorbitant privilege of issuing the … currency used as international reserves, and a periphery, which is committed to export-led growth based on the maintenance of …

In our book, Global Capital Markets: Integration, Crisis, and Growth, we traced out the evolution of the international … monetary system using the framework of the "international monetary trilemma": countries can enjoy at most two from the set … changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

' trading and participation decisions. Our model predicts that regulation that protect prices will lead to fragmentation and …

Two observations suggest that financial globalization played an important role in the recent financial crisis. First …

and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets …. Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following … current account problems. They also show that high integration in international capital markets exposes countries to sudden …

The literature on the benefits and costs of financial globalization for developing countries has exploded in recent … perspective on the macroeconomic effects of financial globalization, both in terms of growth and volatility. Overall, our critical … benefit from financial globalization, but with many nuances. On the other hand, there is little systematic evidence to support …

This paper also examines the recent capital flows to the United States. The Treasury International Capital (TIC …