This paper reviews the theoretical functions, history, and policy problems raised by the
international capital market. The goal is to offer a perspective on both the considerable …

Over 1 billion people currently live in slums, with the number of slum dwellers only expected
to grow in the coming decades. The vast majority of slums are located in and around urban …

US monetary policy shocks induce comovements in the international financial variables that
characterize the “Global Financial Cycle.” A single global factor that explains an important …

In this paper, we examine the various links among foreign direct investment (FDI), financial
markets, and economic growth. We explore whether countries with better financial systems …

Robert Lucas is known among economists as one of the most influential macroeconomists of
recent times–a reputation founded in no small part on the critical thinking skills displayed in …

This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

This paper estimates the impact of foreign direct investment (FDI) on capital accumulation,
and output and total factor productivity (TFP) growth in the recipient economy. Time series …

The global financial crisis triggered severe shocks for develo** countries, whose embrace
of greater commercial and financial openness has increased their exposure to external …

The causes of the 2008 collapse and subsequent surge in global capital flows remain an
open and highly controversial issue. Employing a factor model coupled with a dataset of …