In this paper we study the impact of shocks to global risk and global risk aversion (such as Lehman) as well as shocks with a more idiosyncratic nature (such as the euro debt crisis) on cross border portfolio flows, taking the perspective of foreign investors. We find robust evidence of...

There is already a substantial literature documenting the fact that low yield currencies typically appreciate during times of global financial stress and behave as safe havens. The main objective of this paper is to find out what the fundamentals of safe haven currencies are. We analyse a large...

<i> Saggio sull'indipendenza della banca centrale </i> (di Maurizio Michael Habib) - ABSTRACT: In the recent years the argument for central bank independence gained momentum. Mainstream economic theory shows that the delegation of monetary policy to an independent central bank reduces the inflation...