Capital Flows

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, forthcoming). For a summary see From Capital  Flow Bonanza to Financial Crash (with Vincent R. Reinhart) October 23, 2008.
Featured in: The Economist, September 25, 2008, Financial Express, India, September 28, 2008, La Jornada, Mexico, October 7,2008.

Capital Inflows and Reserve Accumulation: The Recent Evidence (with Vincent R. Reinhart), NBER Working Paper 13842, March 2008. Spreadsheet with cross-country reserve requirements data

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).

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.

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.
Featured in:  El Financiero, Mexico City, September 3, 1992, Journal of Commerce September 24, 1992, and Miami Herald, September 24, 1992.