Financial Flows to Emerging Markets

"Are Bilateral Remittances Countercyclical?,"   Open Economies Review vol.22, No.1, 2010, pages 1-16.    NBER WP 15419Oct.2009.

"The Forward Market in Emerging Currencies: Less Biased than in Major Currencies," with Jumana Poonawala, proofsPublished in Journal of International Money and FinanceApril 2010, 29, no.3, pp.585-59.  Abstract. With appendices: HKS RWP09-023.   2006 draft  (appendices alone).   NBER WP 12496.  
Errata:  In Table 1, the numbers are wrong in the column testing t: b=1.  They should be (β-1)/(s.e.β).  For example, the t-statistic should be 3.88 for Australia, 3.21 for Austria, etc.  I am grateful to John Pippenger for pointing this out. Also, Appendix 1 is available in NBER WP 12496 but not in theHKS RWP.

"Carried Away: Everything You Wanted to Know About the Carry Trade,"  the Milken Institute Review, 1st Quarter, 2008, pages 38-45. Revised from: “Getting Carried Away:  How the Carry Trade and Its Potential Unwinding Can Explain Movements in International Financial Markets,” with footnotes and references, Nov. 2007.

"Proposals Regarding Restrictions on Capital Flows,"  African Finance Journal, vol 1, part 1, 1999, 92-104.

"The New Financial Architecture: Exchange Rate Regimes and Financial Integration," Policy Brief no. 51, The Brookings Institution, Washington, DC, June 1999.

"Sterilization of Money Inflows: Difficult (Calvo) or Easy (Reisen)?" English version in Estudios de Economia  (Universidad de Chile: Santiago), vol. 24, no. 2, December 1997, 263-285. Spanish version in Afluencia de Capitales y Establizacion en America Latina, edited by Roberto Steiner, Fedesarrollo, Bogota, 1994: 241-267.  Presented at Latinamerican Macroeconomic Network, Cartagena, Colombia, July 29-30, 1993.  UCB CIDER WP no.93-024.  IMF WP No. 94/159  

"Liberalized Portfolio Capital Inflows in Emerging Markets: Sterilization, Expectations, and the Incompleteness of Interest Rate Convergence," with Chudozie Okongwu, International Journal of Finance and Economics 1, no. 1, Jan. 1996, 1-23.

"International Capital Mobility in Developing Countries vs. Industrialized Countries: What Do Saving-Investment Correlations Tell Us?" with Michael Dooley and Don Mathieson,  IMF Staff Papers, 34, no. 3 (September 1987), 503-530.  To be reprinted in International Financial Integration, edited by S. Eijffinger and Jan Lemmen, International Library of Critical Writings in Economics,  Edward Elgar Publishing, UK.