Benutzerspezifische Werkzeuge

International Finance and Global Governance

Goods, labor and capital markets are increasingly interconnected across borders, with important political implications. The research area “Global Macroeconomics 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, especially sovereign debt, financial crises, and cross-border capital flows. Important questions we seek to answer are:
    • How can debt crises be prevented and/or resolved more effectively?
    • How do international capital flows affect economic growth and financial stability in emerging markets?
    • How risky are sovereign bonds for private investors and the financial system?
    • What are the returns of German savings and investments abroad?


  2. International financial architecture and the regulation of international financial markets:
    • Should international financial institutions, such as the IMF or the ESM, be reformed and, if so, how?
    • What are the causes and consequences of international bailout packages (i.e., loans between governments and central banks of different countries)?
    • Do we need an international bankruptcy regime for sovereigns?


  3. Political economy, especially the political and social consequences of financial crises and other macroeconomic shocks:
    • How do global economic cycles affect national politics, particularly election outcomes, opinion polls, or government decisions?
    • What are the causes and consequences of populism? Can economic factors, such as financial crises, inequality, or globalization explain the recent surge in populism in Europe and elsewhere?
    • What are the demographic and socioeconomic consequences of financial crises?


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