Debt in emerging markets and develo** economies is at its highest level in half a century.
In about 9 in 10 emerging markets and develo** economies, debt is higher now than it …

We survey the literature on global capital allocation. We begin by reviewing the rise of cross-
border investment, the shift toward portfolio investment, and the literature focusing on …

Global firms finance themselves through foreign subsidiaries, often shell companies in tax
havens, which obscures their true economic location in official statistics. We associate the …

This paper documents the evolution of international financial integration since the global
financial crisis using an updated dataset on external assets and liabilities, covering 212 …

We explore the interplay between trade-invoicing patterns and the pricing of safe assets in
different currencies. Our theory highlights the following points:(i) a currency's role as a unit of …

We establish currency as an important factor sha** global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

We document a triangular relationship in that a stronger dollar goes hand in hand with larger
deviations from covered interest parity (CIP) and contractions of cross-border bank lending …

We quantify the difference in the convenience yield of US Treasuries and government bonds
of other developed countries by measuring the deviation from covered interest parity …

We propose a simple model of the international monetary system. We study the world supply
and demand for reserve assets denominated in different currencies under a variety of …

We conduct a firm-level analysis of borrowing in US dollars by nonfinancial corporates from
outside the United States. We find that emerging market firms with already high cash …