The ownership nationality of large US multinational companies plays an implicit but important role in the current debate over how such companies should be taxed. This paper identifies that role and investigates what is actually known about where these companies’ shareholders reside.

Michael D. Bordo has helped to define the modern field of monetary history, drawing from it important policy lessons for current practitioners. For his seventieth year, we survey his contributions to our understanding of the Great Depression, money and the economy in historical perspective,...

We examine the investment performance and diversification benefits of real estate investments in emerging capital markets using property indices, and we contrast the risk and return characteristics of those property indices with the broader equity markets in those countries and with real estate...

A simple model of international debt is formulated in strategic form game, where a country in financial crisis and on the verge of default is requesting a new loan. On the other hand, a bank, with exposure to the foreign country's debt, contemplates whether it should issue the new loan. We show...

Movements in stock prices in East Asia during the crisis in 1997-98 were triggered by both local and neighbor-country news. Having the highest impact was news about agreements with international organizations and credit rating agencies. But some changes seem to have been driven by herd instincts...

Movements in stock prices in East Asia during the crisis in 1997-98 were triggered by both local and neighbor-country news. Having the highest impact was news about agreements with international organizations and credit rating agencies. But some changes seem to have been driven by herd instincts...

In a continuous-time setting, we model the problem of sovereign borrowing. In our model, borrowing is used to generate exports. The sovereign borrower in our model is subject to two types of potential retaliatory actions from the lender in the event of default. First, the lender can capture a...

This paper analyzes the dynamic interrelationships among the exchange rates of twelve countries in the Asian-Pacific region using Vector Auto regression Models. The exchange rates of the following countries are analyzed: Australia, China, Indonesia, Japan, Malaysia, New Zealand, Philippines,...

In May 2007 the Bank for International Settlements (BIS) and the Federal Reserve Bank (FRB) of Atlanta hosted a meeting in Mexico City on quot;New financing trends in Latin America: a bumpy road towards stabilityquot;. The meeting, which was chaired by Philip Turner of the BIS, brought together...

In spite of significant institutional and macroeconomic reforms over the last decade or two, capital flows to developing economies remain highly volatile. In 1996, net private capital flows to emerging markets reached US$230 billions; by 1997 these flows had been cut in half; by 1998 halved...