Capital Flows

“Capital Inflows, Exchange Rate Flexibility, and Credit Booms” (with Nicolas E. Magud, and Esteban R. Vesperoni). Review of Development Economics, Vol. 18(3), August 2014, 415-430. Dowloadable IMFWP 12/41.

“Crowding Out Redefined: The Role of Reserve Accumulation” (with Takeshi Tashiro). Forthcoming in Reuven Glick and Mark Spiegel, (eds.), Prospects for Asia and the Global Economy, (San Francisco: Federal Reserve Bank of San Francisco, 2014). Also San Francisco Federal Reserve Bank’s  Proceedings, November 2013, 1-43.

Capital Inflows Credit Booms and Their Risk: Considerations for the Case of China, MPRA Paper 50981, in China Finance 40 Forum Report, March 2012.

Capital Inflows and Reserve Accumulation: The Recent Evidence (with Vincent R. Reinhart), NBER Working Paper 13842.
Spanish version:
“Entrada de capitales y acumulación de reservas: evidencia reciente,” (with Vincent R. Reinhart), Banco Central de Reserva del Perú, Revista Estudios Económicos Vol. 20, 9 - 11 and 15-25, (Marzo 2011).

Spreadsheet with cross-country reserve requirements data

Capital Flow Bonanzas: An Encompassing View of the Past and Present, (with Vincent R. Reinhart) in Jeffrey Frankel and Francesco Giavazzi (eds.) NBER International Seminar in Macroeconomics 2008, (Chicago: Chicago University Press for NBER, 2009), 1-54.
Spanish version:
Bonanzas de Capital:  Una Mirada que Abarca el Pasado y el Presente,  en: Ensayos Sobre Politica Economica, Vol. 27, No. 57, (Bogotá: Banco de la Republica, Junio 2009), 46-82.

What is next for financial globalization: Some perspective gained from the experience of capital flows to emerging market economies.  Remarks at Conference of Financial  Globalization and Integration, European Central Bank, June 17-18, 2006. Longer version of NBER Reporter article. Some Perspectives on Capital Flows to Emerging Market Economies, NBER Reporter (Cambridge: NBER, Summer, 2005). My NBER profile in that issue.

When It Rains, It Pours: Procyclical Capital Flows and Policies (with Graciela L. Kaminsky and Carlos A.Végh). in Mark Gertler and Kenneth S. Rogoff, (eds.) NBER Macroeconomics Annual 2004.  Cambridge, Mass: MIT Press, 11-53.

Serial Default and the "Paradox" of Rich to Poor Capital Flows
(with Kenneth S. Rogoff), American Economic Review, Vol. 94, No. 2, May 2004, 53-59. See also NBER Digest, (Cambridge: NBER, August 2004). 

FDI to Africa: The Role of Price Stability and Currency Instability
(with Kenneth S. Rogoff), in B. Plesovic and N. Stern, Annual World Bank Conference on Development Economics 2002: The New Reform Agenda. (Washington DC: The World Bank/Oxford University Press, 2002), 247-282.

When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options
(with Guillermo A. Calvo) in Peter Kenen and Alexandre Swoboda, Key Issues in Reform of the International Monetary and Financial System, (Washington DC: International Monetary Fund, 2000), 175-201.
Featured in: IMF Survey 28(12), June 21, 1999.

The Dynamics of Capital Movements to Emerging Economies During the 1990s
(with Peter Montiel) in Stephany Griffith-Jones, Manuel Montes, eds., Short-term Capital Movements and Balance of Payments Crises, (Oxford: Oxford University Press, 2000), 3-28.

The Consequences and Management of Capital Inflows: Lessons for Sub-Saharan Africa (with Guillermo A. Calvo), Expert Group on Development Issues Series, 1998:2, (Stockholm: Almqvist and Wiksell International, 1999).

On the Use of Reserve Requirements to Deal With the Capital Flow Problem
(with Vincent R. Reinhart), International Journal of Finance and Economics, Vol. 4 No.1, January1999, 27-54.

Capital Flows and Saving in Latin America and Asia: A Reinterpretation
(with Ernesto Talvi) Journal of Development Economics, Vol. 57 No. 1, October 1998, 45-66.

Some Lessons for Policymakers Who Deal With the Mixed Blessing of Capital Inflows (with Vincent R. Reinhart) in Capital Flows and Financial Crises, Miles Kahler, Ed., (Ithaca, NY: Cornell University Press, 1998), 93-127.

Inflows of Capital to Developing Countries in the 1990s
(with Guillermo A. Calvo and Leonardo Leiderman) Journal of Economic Perspectives, Vol. 10, Spring 1996, 123-139.

Real interest rate differentials and the real exchange rate: Evidence from four African countries (with Patrick Asea).  A shorter, revised version is
Le Prix del'Argent: How (Not) to Deal with Capital Inflows, (with Patrick Asea),  Journal of African Economies, Vol. 5 No. 3, Supplement Part I, October 1996, 231-271.

Capital Flows in the APEC Region (with Mohsin S. Khan), IMF Occasional Paper 122, (Washington DC: International Monetary Fund, April 1995).

"Macroeconomic Management in APEC Economies: The Response to Capital Inflows," in Capital Flows in the APEC Region (with Mohsin S. Khan), IMF Occasional Paper 122, (Washington DC: International Monetary Fund, April 1995).

“Capital Inflows to Latin America,” (with Leonardo Leiderman) in A Study Group Report—Latin America Capital Flows: Living with Volatility, (Washington DC: Group of Thirty, 1994), 3-26.

 The Capital Inflows Problem: Concepts and Issues (with Guillermo A. Calvo and Leonardo Leiderman), Contemporary Economic Policy, Vol. XII No. 3, July 1994, 54-66.
Spanish version:
El Problema de la Afluencia de Capital en Roberto Steiner, ed. Afluencia de Capitales y Estabilización en América Latina (Bogotá: Tercer Mundo Editores, 1995), 1-24.

Capital Inflows to Latin America: The 1970s and 1990s
(with Guillermo A. Calvo and Leonardo Leiderman), in Edmar Bacha, ed. Economics in a Changing World, Vol. 4 Development, Trade and the Environment, (London: Macmillan Press, 1994), 123-148.

Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors (with Guillermo A. Calvo and Leonardo Leiderman), IMF Staff Papers, Vol. 40 No. 1, March 1993, 108-151.
Spanish version:
Afluencia de capital y apreciación del tipo de cambio real en América Latina: El papel de los factores externos  en: Mauricio Cárdenas and Luis Jorge Garay, eds. Macroeconomia de los Flujos de Capital en Colombia y América Latina (Bogotá, Colombia: Tercer Mundo Editores, 1993), 15-84.