Benutzerspezifische Werkzeuge

International Finance and Global Governance

Goods, labor and capital markets are increasingly interconnected across borders, with important political implications. The research area “International Finance and Global Governance” aims to analyze and understand the dynamics shaping the global economy and global politics. We focus, in particular, on the risks and opportunities of financial globalization and international capital flows. Another focus is the link between economics and politics, including the role of international institutions.

Much of our research is empirical and often takes a long-run perspective, drawing on decades or even centuries of data. Our motivation is to learn from historical experiences in order to respond to future macroeconomic and political shocks in a more informed way.

The research area will concentrate on the following topics:


  1. International finance and macroeconomics:
    • How do international capital flows affect financial stability?
    • Is there a global (boom-bust) cycle in capital flows?
    • How risky are sovereign bonds for private investors and the financial system?
    • How can debt crises be prevented and/or resolved more effectively?
    • Current account imbalances: what are the returns of German assets abroad


  2. Global governance and political economy:
    • When and why do countries cooperate financially during crises and disasters?
    • Should international financial institutions, such as the IMF or the ESM, be reformed and, if so, how?
    • Do we need a bankruptcy regime for sovereigns in the Eurozone and beyond?
    • What are the political and social costs of financial crises?
    • What are the economic consequences of populism and political polarization?


Research network

We cooperate with an international network of coauthors, including:

      • Marcos Chamon (IMF)
      • Elisabeth de Fontenay (Duke)
      • Mitu Gulati (Duke)
      • Helios Herrera (Warwick)
      • Kris Mitchener (Santa Clara and NBER)
      • Guillermo Ordonez (U Penn and NBER)
      • Hillel Rapoport (Sorbonne and Paris School of Economics)
      • Carmen Reinhart (Harvard and NBER)
      • Moritz Schularick (Bonn and CEPR)
      • Julian Schumacher (ECB)
      • Uwe Sunde (University of Munich)
      • Mark L.J. Wright (Federal Reserve Bank of Chicago and NBER)
      • Jeromin Zettelmeyer (Peterson Institute and CEPR)


Aktuelle Publikationen