Research

Working Papers and Publications

• Where Did Capital Flow? Fifty Years of International Rate of Return Differentials and Capital Flows (with Lee Ohanian)



• Sovereign Theft: Theory and Evidence about Sovereign Default and Expropriation (with Mike Tomz)



• Recovery before Redemption: A Theory of Delays in Sovereign Debt Renegotiations (with David Benjamin)



• Holdout Creditors in Sovereign Debt Restructuring: A Theoretical Analysis (with Rohan Pitchford)



• Restructuring the Sovereign Debt Restructuring Mechanism (with Rohan Pitchford)



• Do Countries Default in "Bad Times"? (with Michael Tomz)



• Sovereign Debt, Default, and Bailouts (with David Miller)



• Coordinating Creditors



• On the Gains from International Financial Integration



• Establishment Size Dynamics and the Aggregate Economy (with Esteban Rossi-Hansberg)



• Urban Structure and Growth (with Esteban Rossi-Hansberg)



• Reputations and Sovereign Debt



• Private Capital Flows, Capital Controls, and Default Risk



• Creditor Coordination and Sovereign Risk



• Investment and Growth with Limited Commitment



• William T. Thornton on the Economics of Trade Unions: An Early Contribution to Efficient Bargaining Theory (with Mark Donoghue)



• Internationalisation, Firm Conduct, and Productivity (with Henry Ergas)

Comments, Discussions and Book Reviews

• Discussion of On The Mechanics of Firm Growth, by Erzo G. J. Luttmer, ASSA Conference, New Orleans, January 2008. [PDF Slides]



• Discussion of Individual versus Aggregate Collateral Constraints and the Overborrowing Syndrome, by Martin Uribe, New Perspectives on Financial Globalization Conference, IMF, April 2007. [PDF Slides]



• Developing Country Debt and Default, Talk to Plank Institute, Federal Reserve Bank of Minneapolis, 1st August 2005. [PDF Slides]



• Discussion of Managing Financial Integration, by Fernando Broner and Jaume Ventura, Northwestern/EUI Conference, June 2005. [PDF Slides]



• Discussion of When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies, by Graciela L. Kaminsky, Carmen M. Reinhart & Carlos A. Végh, SCCIE Conference, 16th October 2004. [PDF Slides]



• Discussion of The Chinese Approach to Capital Flows, by Eswar Prasad and Shang-Jin Wei, SCID Conference on China's Market Reforms, 15th October 2004. [PDF Slides]



• Review of Maurice Obstfeld and Alan M. Taylor (2004) Global Capital Markets: Integration, Crisis, and Growth. Cambridge University Press. Journal of Economic History, 64 (4), December 2004, pp. 1151-1153. [PDF]



• Discussion of A Gravity Model of Sovereign Lending: Trade, Default, and Credit, by Andrew K. Rose and Mark M. Spiegel, and, How Private Creditors Fared in Emerging Debt Markets, 1970-2000, by Christoph Klingen, Beatrice Weder and Jeromin Zettelmeyer, IMF Research Conference, November 2003. [PDF Slides].  Read about it in the IMF Survey, December 15, 2003 [PDF].  A detailed version of the discussion of the first paper was published as “New Empirical Results on Default: A Discussion of `A Gravity Model of Sovereign Lending: Trade, Default, and Credit’", IMF Staff Papers, (2004), 51, pp.64-74. [PDF]



• Review of Assaf Razin and Efraim Sadka (2001) Labor, Capital, and Finance: International Flows. Cambridge University Press. Journal of Economic Literature, XLII (2), June 2004, pp.524-525. [PDF]



• Discussion of Pieter Bottelier China's Emerging Domestic Debt Markets: Facts and Issues, SCID Conference on China's Market Reforms, 19th September 2003. [PDF Slides]



• Discussion of One Reason Countries Pay their Debts: Renegotiation and International Trade, by Andrew K. Rose, and, A Gravity Model of Sovereign Lending: Trade, Default, and Credit, by Andrew K. Rose and Mark M. Spiegel, SSHI Conference, February 2003. [PDF Slides]



• Review of Frank Hahn and Robert M. Solow (1995) A Critical Essay on Modern Macroeconomic Theory, MIT Press. Economic Record, (1996), 72 (219), pp.401-2. [PDF]