Globalization has affected the integration of markets through many different channels, including movements of factors and trade in...

Surges and reversals of short-term foreign liabilities are often held responsible for instabilities in international financial...

During the last two decades, the degree of openness of national financial systems has increased substantially. At the same time,...

Globalization seems to have diminished the importance of geographical distance. However, empirical studies find that distance...

Russia's foreign debt problems worsened substantially after the financial crisis of 1998. The paper focuses on the key role of the...

Changes in foreign asset holdings are one channel through which agents adjust to macroeconomic shocks. In this paper, we test whether...

Information costs and regulatory barriers are the main distinguishing features of international financial markets as compared to...

This paper discusses whether the integration of international financial markets affects business cycle fluctuations. In the framework...

Financial markets in Euroland differ from those of a national monetary union in two regards. First, capital markets in general and...