The European debt crisis could certainly affect the U.S. economy through other channels…but its direct impact on U.S. exports is likely to be small.>

Consistent with national data, foreign sales of affiliates of U.S. multinational firms headquartered in the Eight Federal Reserve District are larger for Europe and the Asia Pacific region—not Mexico and Canada, the major U.S. trading partners.

The economies of the Middle East and North Africa (MENA) region have always been characterized by economic volatility and social disparities. The recent ‘Arab Spring’ wave of protests has increased political uncertainty and instability in the region, and this timely book provides an...

Caution is necessary when making inferences based solely on aggregate loans data.

What was hiding behind the aggregate commercial bank loans through the end of 2008? We use balance sheet data for every insured U.S. commercial bank from 1999:Q1 to 2008:Q4 to construct credit expansion and credit contraction series and provide new evidence on changes in lending. Until 2008:Q3...

Their share of the foreign investment pie grew from 0.4 percent in 1970 to 15.8 percent in 2008. What's behind the growth?

We study the cross-sectional correlations of net, total, and disaggregated capital flows for the major source and recipient European Union countries. We seek evidence of changes in these correlations since the introduction of the euro to understand whether the European Union can be considered a...

We describe the second-moment properties of the components of international capital flows and their relationship (covariance and correlation) to business cycle variables of 22 emerging and OECD countries. Disaggregated flows have different volatility properties, with debt being the most volatile...

How have U.S. commercial banks responded during the current financial crisis? What was hiding behind the dynamics of aggregate commercial bank loans through the end of 2008? We use balance sheet data for the entire population of commercial banks to construct quarterly gross credit flows (credit...