Details about Gian Maria Milesi-Ferretti

E-mail:
Homepage:	https://www.brookings.edu/author/gian-maria-milesi-ferretti/
Phone:	+ 1 (202) 731-6384
Postal address:	The Brookings Institution Hutchins Center on Fiscal and Monetary Policy 1775 Massachusetts Ave NW Washington, DC 20036 US
Workplace:	Centre for Economic Policy Research (CEPR), (more information at EDIRC) Economic Studies, Brookings Institution, (more information at EDIRC)

Access statistics for papers by Gian Maria Milesi-Ferretti.

Last updated 2025-02-06. Update your information in the RePEc Author Service.

Short-id: pmi28

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Jump to Journal Articles Chapters

Working Papers

2024

1. Missing assets: Exploring the source of data gaps in global cross-border holdings of portfolio equity
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   See also Chapter Missing assets: exploring the source of data gaps in global cross-border holdings of portfolio equity?, IFC Bulletins chapters, Bank for International Settlements (2024) (2024)

2023

2. Cross-Border Investment in Emerging Market Bonds: Stylized Facts and Security-Level Evidence from Europe
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
3. Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances after the Global Financial Crisis
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   See also Journal Article Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances After the Global Financial Crisis, IMF Economic Review, Palgrave Macmillan (2024) View citations (1) (2024)

2021

4. The Travel Shock
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   See also Journal Article The Travel Shock, IMF Economic Review, Palgrave Macmillan (2024) (2024)

2017

5. International Financial Integration in the Aftermath of the Global Financial Crisis
   IMF Working Papers, International Monetary Fund View citations (160)

2014

6. External Liabilities and Crises
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (122)
   Also in IMF Working Papers, International Monetary Fund (2013) View citations (10)
   See also Journal Article External liabilities and crises, Journal of International Economics, Elsevier (2014) View citations (112) (2014)
7. Global Imbalances and External Adjustment after the Crisis
   IMF Working Papers, International Monetary Fund View citations (27)
   See also Chapter Global Imbalances and External Adjustment After the Crisis, Central Banking, Analysis, and Economic Policies Book Series, Central Bank of Chile (2015) View citations (26) (2015)

2012

8. External Imbalances in the Euro Area
   IMF Working Papers, International Monetary Fund View citations (111)

2011

9. (Why) Should Current Account Balances Be Reduced?
   IMF Staff Discussion Notes, International Monetary Fund View citations (62)
10. External Adjustment and the Global Crisis
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (31)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2011) View citations (34)
    IMF Working Papers, International Monetary Fund (2011) View citations (34)
    NBER Working Papers, National Bureau of Economic Research, Inc (2011) View citations (34)
    See also Journal Article External adjustment and the global crisis, Journal of International Economics, Elsevier (2012) View citations (220) (2012)
    Chapter External Adjustment and the Global Crisis, NBER Chapters, National Bureau of Economic Research, Inc (2011) View citations (34) (2011)
11. The Great Retrenchment: International Capital Flows During the Global Financial Crisis
    Working Papers, Hong Kong Institute for Monetary Research View citations (491)
    Also in IHEID Working Papers, Economics Section, The Graduate Institute of International Studies (2010) View citations (41)
    See also Journal Article The great retrenchment: international capital flows during the global financial crisis, Economic Policy, CEPR, CESifo, Sciences Po (2011) View citations (397) (2011)

2010

12. Bilateral Financial Linkages and Global Imbalances: A View on The Eve of the Financial Crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (74)
    Also in IMF Working Papers, International Monetary Fund (2010) View citations (84)
13. Cross-Border Investment in Small International Financial Centers
    IMF Working Papers, International Monetary Fund View citations (20)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (20)
    The Institute for International Integration Studies Discussion Paper Series, IIIS (2010) View citations (23)
    See also Journal Article Cross-Border Investment in Small International Financial Centres, International Finance, Wiley Blackwell (2011) View citations (31) (2011)
14. Global Imbalances: In Midstream?
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (57)
    Also in IMF Staff Position Notes, International Monetary Fund (2009) View citations (135)
15. The Cross-Country Incidence of the Global Crisis
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (83)
    Also in IMF Working Papers, International Monetary Fund (2010) View citations (86)
    The Institute for International Integration Studies Discussion Paper Series, IIIS (2010) View citations (82)
    See also Journal Article The Cross-Country Incidence of the Global Crisis, IMF Economic Review, Palgrave Macmillan (2011) View citations (143) (2011)

2008

16. Exchange Rate Assessments: CGER Methodologies
    IMF Occasional Papers, International Monetary Fund View citations (220)
17. Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar
    IMF Working Papers, International Monetary Fund View citations (10)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (2)
    See also Journal Article Fundamentals at Odds? The US Current Account Deficit and Dollar, Economic Notes, Banca Monte dei Paschi di Siena SpA (2008) View citations (12) (2008)
18. Real Exchange Rates and Fundamentals: A Cross-Country Perspective
    IMF Working Papers, International Monetary Fund View citations (111)
    See also Journal Article Real Exchange Rates and Fundamentals: A Cross-Country Perspective, Journal of Money, Credit and Banking, Blackwell Publishing (2013) View citations (113) (2013)
19. The Drivers of Financial Globalization
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (144)
    See also Journal Article The Drivers of Financial Globalization, American Economic Review, American Economic Association (2008) View citations (150) (2008)
20. Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (16)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2008) View citations (14)
    IMF Working Papers, International Monetary Fund (2008) View citations (15)
    See also Journal Article Where did all the borrowing go? A forensic analysis of the U.S. external position, Journal of the Japanese and International Economies, Elsevier (2009) View citations (53) (2009)
    Chapter Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position, NBER Chapters, National Bureau of Economic Research, Inc (2009) View citations (66) (2009)

2007

21. Europe and Global Imbalances
    IMF Working Papers, International Monetary Fund View citations (45)
    Also in The Institute for International Integration Studies Discussion Paper Series, IIIS (2007) View citations (40)
    See also Journal Article Europe and global imbalances, Economic Policy, CEPR, CESifo, Sciences Po (2007) View citations (28) (2007)
22. The Shifting Composition of External Liabilities
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (47)
    See also Journal Article The Shifting Composition of External Liabilities, Journal of the European Economic Association, MIT Press (2007) View citations (53) (2007)

2006

23. Capital Flows to Central and Eastern Europe
    IMF Working Papers, International Monetary Fund View citations (27)
    Also in The Institute for International Integration Studies Discussion Paper Series, IIIS (2006) View citations (27)
    See also Journal Article Capital flows to central and Eastern Europe, Emerging Markets Review, Elsevier (2007) View citations (48) (2007)
24. Exchange Rates and External Adjustment: Does Financial Globalization Matter?
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (10)
25. The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (306)
    Also in IMF Working Papers, International Monetary Fund (2006) View citations (135)
    The Institute for International Integration Studies Discussion Paper Series, IIIS (2006) View citations (317)
    See also Journal Article The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004, Journal of International Economics, Elsevier (2007) View citations (1757) (2007)

2005

26. A Global Perspective on External Positions
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (134)
    Also in The Institute for International Integration Studies Discussion Paper Series, IIIS (2005) View citations (117)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2005) View citations (115)
    IMF Working Papers, International Monetary Fund (2005) View citations (104)
    See also Chapter A Global Perspective on External Positions, NBER Chapters, National Bureau of Economic Research, Inc (2007) View citations (61) (2007)
27. Financial Globalisation and Exchange Rates
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (9)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2004) View citations (53)
    IMF Working Papers, International Monetary Fund (2005) View citations (71)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (55)
28. International Investment Patterns
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (17)
    Also in IMF Working Papers, International Monetary Fund (2004) View citations (94)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (80)
    See also Journal Article International Investment Patterns, The Review of Economics and Statistics, MIT Press (2008) View citations (233) (2008)
29. The International Equity Holdings of Euro Area Investors
    The Institute for International Integration Studies Discussion Paper Series, IIIS View citations (43)

2004

30. Fiscal Adjustment in EU Countries: A Balance Sheet Approach
    IMF Working Papers, International Monetary Fund View citations (32)
    See also Journal Article Fiscal adjustment in EU countries: A balance sheet approach, Journal of Banking & Finance, Elsevier (2006) View citations (44) (2006)

2003

31. International Financial Integration
    Economic Papers, Trinity College Dublin, Economics Department View citations (226)
    Also in IMF Working Papers, International Monetary Fund (2003) View citations (237)
    The Institute for International Integration Studies Discussion Paper Series, IIIS (2003) View citations (217)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2003) View citations (204)
32. Rules-Based Fiscal Policy in France, Germany, Italy, and Spain
    IMF Occasional Papers, International Monetary Fund View citations (8)

2002

33. External Wealth, the Trade Balance and the Real Exchange Rate
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (169)
    Also in IMF Working Papers, International Monetary Fund (2002) View citations (174)
    Royal Economic Society Annual Conference 2002, Royal Economic Society (2002) View citations (170)
    CEG Working Papers, Trinity College Dublin, Economics Department (2001) View citations (8)
    Economic Papers, Trinity College Dublin, Economics Department (2001) View citations (22)
    See also Journal Article External wealth, the trade balance, and the real exchange rate, European Economic Review, Elsevier (2002) View citations (178) (2002)

2001

34. Comments
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library
35. Electoral Rules and Public Spending
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
36. Electoral System and Public Spending
    IMF Working Papers, International Monetary Fund View citations (6)
    See also Journal Article Electoral Systems and Public Spending, The Quarterly Journal of Economics, President and Fellows of Harvard College (2002) View citations (364) (2002)
37. Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (21)
    Also in IMF Working Papers, International Monetary Fund (2000) View citations (35)
    See also Journal Article Good, bad or ugly? On the effects of fiscal rules with creative accounting, Journal of Public Economics, Elsevier (2004) View citations (123) (2004)
38. Long-Term Capital Movements
    IMF Working Papers, International Monetary Fund View citations (150)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2001) View citations (145)
    CEG Working Papers, Trinity College Dublin, Economics Department (2001) View citations (157)
    NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations (139)
    Economic Papers, Trinity College Dublin, Economics Department (2001) View citations (141)
    See also Chapter Long-Term Capital Movements, NBER Chapters, National Bureau of Economic Research, Inc (2002) View citations (117) (2002)
39. THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries
    CEG Working Papers, Trinity College Dublin, Economics Department View citations (621)
    Also in Economic Papers, Trinity College Dublin, Economics Department (2001) View citations (599)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (1999) View citations (74)
    IMF Working Papers, International Monetary Fund (1999) View citations (76)
    See also Journal Article The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries, Journal of International Economics, Elsevier (2001) View citations (659) (2001)

2000

40. Anticipating Balance of Payments Crises--The Role of Early Warning Systems
    IMF Occasional Papers, International Monetary Fund View citations (23)
41. External Capital Structure: Theory and Evidence
    IMF Working Papers, International Monetary Fund View citations (37)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2000) View citations (38)
42. The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates
    Working Papers, Hong Kong Institute for Monetary Research View citations (70)
    Also in IMF Working Papers, International Monetary Fund (2000) View citations (73)
    CEPR Discussion Papers, C.E.P.R. Discussion Papers (2000) View citations (69)
    See also Journal Article The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates, The Review of Economics and Statistics, MIT Press (2004) View citations (218) (2004)

1998

43. Current Account Reversals and Currency Crises: Empirical Regularities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (157)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1998) View citations (184)
    IMF Working Papers, International Monetary Fund (1998) View citations (141)
    See also Chapter Current Account Reversals and Currency Crises: Empirical Regularities, NBER Chapters, National Bureau of Economic Research, Inc (2000) View citations (129) (2000)
44. Growth Effects of Income and Consumption Taxes
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (59)
    See also Journal Article Growth Effects of Income and Consumption Taxes, Journal of Money, Credit and Banking, Blackwell Publishing (1998) View citations (59) (1998)

1997

45. Current Account Deficits and Capital Flows in East Asia and Latin America: Are the Nineties Different From the Early Eighties
    Foerder Institute for Economic Research Working Papers, Tel-Aviv University > Foerder Institute for Economic Research
46. Determinants of Korean Trade Flows and their Geographical Destination
    IMF Working Papers, International Monetary Fund View citations (5)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1997) View citations (5)
47. Fiscal Rules and the Budget Process
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (9)
    Also in IMF Working Papers, International Monetary Fund (1996) View citations (6)
    See also Journal Article Fiscal Rules and the Budget Process, Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University (1997) View citations (10) (1997)
48. Origins of Sharp Reductions in Current Account deficits: An Empirical Analysis
    Working Papers, Tel Aviv View citations (19)
49. Sharp Reductions in Current Account Deficits: An Empirical Analyis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    Also in IMF Working Papers, International Monetary Fund (1997) View citations (36)
    See also Journal Article Sharp reductions in current account deficits An empirical analysis, European Economic Review, Elsevier (1998) View citations (130) (1998)

1996

50. Current Account Sustainability: Selected East Asian and Latin American Experiences
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (68)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (1996) View citations (76)
    IMF Working Papers, International Monetary Fund (1996) View citations (69)
51. Current-Account Sustainability
    Princeton Studies in International Economics, International Economics Section, Departement of Economics Princeton University, View citations (67)
52. On the Ineffectiveness of Tax Policy in Altering Long- Run Growth: Harberger's Superneutrality Conjecture
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (39)
    See also Journal Article On the ineffectiveness of tax policy in altering long-run growth: Harberger's superneutrality conjecture, Journal of Public Economics, Elsevier (1997) View citations (306) (1997)
53. On the Taxation of Human and Physical Capital in Models of Endogenous Growth
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    See also Journal Article On the taxation of human and physical capital in models of endogenous growth, Journal of Public Economics, Elsevier (1998) View citations (103) (1998)
54. Sustainability of Persistent Current Account Deficits
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (119)

1995

55. Do Taxes Matter for Long-Run Growth? Harberger's Superneutrality Conjecture
    IMF Working Papers, International Monetary Fund View citations (8)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (1995) View citations (3)
56. Economic Effects and Structural Determinants of Capital Controls
    IMF Working Papers, International Monetary Fund View citations (290)
    See also Journal Article Economic Effects and Structural Determinants of Capital Controls, IMF Staff Papers, Palgrave Macmillan (1995) View citations (279) (1995)
57. Growth Effects of Income and Consumption Taxes: Positive and Normative Analysis
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
    Also in Working Papers, New York University, Leonard N. Stern School of Business, Department of Economics (1995) View citations (17)
    IMF Working Papers, International Monetary Fund (1995) View citations (19)

1994

58. On the Political Sustainability of Economic Reform
    IMF Policy Discussion Papers, International Monetary Fund View citations (5)
59. Optimal Taxation of Human and Physical Capital in Endogenous Capital Models
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
60. Real Exchange Rates and the Prices of Nontradable Goods
    IMF Working Papers, International Monetary Fund View citations (22)
61. Taxation and Endogenous Growth in Open Economies
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
    Also in IMF Working Papers, International Monetary Fund (1994) View citations (13)

1993

62. A Simple Model of Disinflation and the Optimality of Doing Nothing
    Working Papers, CEMFI View citations (1)
    See also Journal Article A simple model of disinflation and the optimality of doing nothing, European Economic Review, Elsevier (1995) (1995)
63. The Disadvantage of Tying Their Hands: On the Political Economy of Policy Commitments
    Working Papers, CEMFI View citations (3)
    See also Journal Article The Disadvantage of Tying Their Hands: On the Political Economy of Policy Commitments, Economic Journal, Royal Economic Society (1995) View citations (53) (1995)
64. The Political Economy of Capital Controls
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (86)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1993) View citations (47)

1992

65. Wage Claims, Incomes Policy, and the Path of Output and Inflation in a Formerly Centrally Planned Economy
    IMF Working Papers, International Monetary Fund

1991

66. Do Good or Do Well? Public Debt Management in a Two-Party Economy
    CEP Discussion Papers, Centre for Economic Performance, LSE View citations (1)
    See also Journal Article DO GOOD OR DO WELL? PUBLIC DEBT MANAGEMENT IN A TWO‐PARTY ECONOMY*, Economics and Politics, Wiley Blackwell (1995) View citations (10) (1995)

Undated

67. External Wealth of Nations
    Instructional Stata datasets for econometrics, Boston College Department of Economics View citations (2468)

Journal Articles

2024

1. Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances After the Global Financial Crisis
   IMF Economic Review, 2024, 72, (2), 509-553 View citations (1)
   See also Working Paper Many Creditors, One Large Debtor: Understanding the Buildup of Global Stock Imbalances after the Global Financial Crisis, CEPR Discussion Papers (2023) (2023)
2. The Travel Shock
   IMF Economic Review, 2024, 72, (4), 1502-1519
   See also Working Paper The Travel Shock, CEPR Discussion Papers (2021) (2021)

2018

3. The External Wealth of Nations Revisited: International Financial Integration in the Aftermath of the Global Financial Crisis
   IMF Economic Review, 2018, 66, (1), 189-222 View citations (201)

2014

4. External liabilities and crises
   Journal of International Economics, 2014, 94, (1), 18-32 View citations (112)
   See also Working Paper External Liabilities and Crises, CEPR Discussion Papers (2014) View citations (122) (2014)

2013

5. External imbalances in the eurozone
   (Trade effects of the euro: evidence from sectoral data)
   Economic Policy, 2013, 28, (73), 101-142 View citations (98)
6. Real Exchange Rates and Fundamentals: A Cross-Country Perspective
   Journal of Money, Credit and Banking, 2013, 45, (5), 845-865 View citations (113)
   Also in Journal of Money, Credit and Banking, 2013, 45, (5), 845-865 (2013) View citations (34)
   See also Working Paper Real Exchange Rates and Fundamentals: A Cross-Country Perspective, IMF Working Papers (2008) View citations (111) (2008)

2012

7. (Why) Should Current Account Balances Be Reduced&quest
   IMF Economic Review, 2012, 60, (1), 139-150 View citations (46)
8. External adjustment and the global crisis
   Journal of International Economics, 2012, 88, (2), 252-265 View citations (220)
   See also Working Paper External Adjustment and the Global Crisis, The Institute for International Integration Studies Discussion Paper Series (2011) View citations (31) (2011)
   Chapter External Adjustment and the Global Crisis, NBER Chapters, 2011 (2011) View citations (34) (2011)

2011

9. Cross-Border Investment in Small International Financial Centres
   International Finance, 2011, 14, (2), 301-330 View citations (31)
   See also Working Paper Cross-Border Investment in Small International Financial Centers, IMF Working Papers (2010) View citations (20) (2010)
10. The Cross-Country Incidence of the Global Crisis
    IMF Economic Review, 2011, 59, (1), 77-110 View citations (143)
    See also Working Paper The Cross-Country Incidence of the Global Crisis, CEPR Discussion Papers (2010) View citations (83) (2010)
11. The great retrenchment: international capital flows during the global financial crisis
    (The great trade collapse: what caused it and what does it mean?)
    Economic Policy, 2011, 26, (66), 289-346 View citations (397)
    See also Working Paper The Great Retrenchment: International Capital Flows During the Global Financial Crisis, Working Papers (2011) View citations (491) (2011)

2009

12. Where did all the borrowing go? A forensic analysis of the U.S. external position
    Journal of the Japanese and International Economies, 2009, 23, (2), 177-199 View citations (53)
    See also Chapter Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position, NBER Chapters, 2009 (2009) View citations (66) (2009)
    Working Paper Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position, The Institute for International Integration Studies Discussion Paper Series (2008) View citations (16) (2008)

2008

13. Fundamentals at Odds? The US Current Account Deficit and Dollar
    Economic Notes, 2008, 37, (3), 259-281 View citations (12)
    See also Working Paper Fundamentals at Odds? The U.S. Current Account Deficit and The Dollar, IMF Working Papers (2008) View citations (10) (2008)
14. II. The conference proceedings
    Economic Notes, 2008, 37, (3), 213-217
15. International Investment Patterns
    The Review of Economics and Statistics, 2008, 90, (3), 538-549 View citations (233)
    See also Working Paper International Investment Patterns, The Institute for International Integration Studies Discussion Paper Series (2005) View citations (17) (2005)
16. The Drivers of Financial Globalization
    American Economic Review, 2008, 98, (2), 327-32 View citations (150)
    See also Working Paper The Drivers of Financial Globalization, The Institute for International Integration Studies Discussion Paper Series (2008) View citations (144) (2008)

2007

17. Capital flows to central and Eastern Europe
    Emerging Markets Review, 2007, 8, (2), 106-123 View citations (48)
    See also Working Paper Capital Flows to Central and Eastern Europe, IMF Working Papers (2006) View citations (27) (2006)
18. Europe and global imbalances
    (New rates for new weights)
    Economic Policy, 2007, 22, (51), 520-573 View citations (28)
    See also Working Paper Europe and Global Imbalances, IMF Working Papers (2007) View citations (45) (2007)
19. The Shifting Composition of External Liabilities
    Journal of the European Economic Association, 2007, 5, (2-3), 480-490 View citations (53)
    See also Working Paper The Shifting Composition of External Liabilities, The Institute for International Integration Studies Discussion Paper Series (2007) View citations (47) (2007)
20. The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004
    Journal of International Economics, 2007, 73, (2), 223-250 View citations (1757)
    See also Working Paper The External Wealth of Nations Mark II: Revised and Extended Estimates of Foreign Assets and Liabilities, 1970-2004, CEPR Discussion Papers (2006) View citations (306) (2006)

2006

21. Fiscal adjustment in EU countries: A balance sheet approach
    Journal of Banking & Finance, 2006, 30, (12), 3281-3298 View citations (44)
    See also Working Paper Fiscal Adjustment in EU Countries: A Balance Sheet Approach, IMF Working Papers (2004) View citations (32) (2004)

2005

22. Capital flows and crises
    Journal of International Economics, 2005, 67, (1), 262-265

2004

23. Good, bad or ugly? On the effects of fiscal rules with creative accounting
    Journal of Public Economics, 2004, 88, (1-2), 377-394 View citations (123)
    See also Working Paper Good, Bad or Ugly? On the Effects of Fiscal Rules with Creative Accounting, CEPR Discussion Papers (2001) View citations (21) (2001)
24. The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates
    The Review of Economics and Statistics, 2004, 86, (4), 841-857 View citations (218)
    See also Working Paper The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates, Working Papers (2000) View citations (70) (2000)

2002

25. Electoral Systems and Public Spending
    The Quarterly Journal of Economics, 2002, 117, (2), 609-657 View citations (364)
    See also Working Paper Electoral System and Public Spending, IMF Working Papers (2001) View citations (6) (2001)
26. External wealth, the trade balance, and the real exchange rate
    European Economic Review, 2002, 46, (6), 1049-1071 View citations (178)
    See also Working Paper External Wealth, the Trade Balance and the Real Exchange Rate, CEPR Discussion Papers (2002) View citations (169) (2002)
27. Long-run determinants of the Irish real exchange rate
    Applied Economics, 2002, 34, (5), 549-553 View citations (12)

2001

28. The external wealth of nations: measures of foreign assets and liabilities for industrial and developing countries
    Journal of International Economics, 2001, 55, (2), 263-294 View citations (659)
    See also Working Paper THE EXTERNAL WEALTH OF NATIONS: Measures of Foreign Assets and Liabilities For Industrial and Developing Countries, CEG Working Papers (2001) View citations (621) (2001)

1998

29. Growth Effects of Income and Consumption Taxes
    Journal of Money, Credit and Banking, 1998, 30, (4), 721-44 View citations (59)
    See also Working Paper Growth Effects of Income and Consumption Taxes, CEPR Discussion Papers (1998) View citations (59) (1998)
30. On the taxation of human and physical capital in models of endogenous growth
    Journal of Public Economics, 1998, 70, (2), 237-254 View citations (103)
    See also Working Paper On the Taxation of Human and Physical Capital in Models of Endogenous Growth, CEPR Discussion Papers (1996) View citations (6) (1996)
31. Sharp reductions in current account deficits An empirical analysis
    European Economic Review, 1998, 42, (3-5), 897-908 View citations (130)
    See also Working Paper Sharp Reductions in Current Account Deficits: An Empirical Analyis, NBER Working Papers (1997) View citations (17) (1997)

1997

32. Fiscal Rules and the Budget Process
    Giornale degli Economisti, 1997, 56, (1-2), 5-40 View citations (10)
    See also Working Paper Fiscal Rules and the Budget Process, CEPR Discussion Papers (1997) View citations (9) (1997)
33. On the ineffectiveness of tax policy in altering long-run growth: Harberger's superneutrality conjecture
    Journal of Public Economics, 1997, 66, (1), 99-126 View citations (306)
    See also Working Paper On the Ineffectiveness of Tax Policy in Altering Long- Run Growth: Harberger's Superneutrality Conjecture, CEPR Discussion Papers (1996) View citations (39) (1996)

1996

34. Persistent Current Account Deficits: A Warning Signal?
    International Journal of Finance & Economics, 1996, 1, (3), 161-81 View citations (17)

1995

35. A simple model of disinflation and the optimality of doing nothing
    European Economic Review, 1995, 39, (7), 1385-1404
    See also Working Paper A Simple Model of Disinflation and the Optimality of Doing Nothing, Working Papers (1993) View citations (1) (1993)
36. DO GOOD OR DO WELL? PUBLIC DEBT MANAGEMENT IN A TWO‐PARTY ECONOMY*
    Economics and Politics, 1995, 7, (1), 59-78 View citations (10)
    See also Working Paper Do Good or Do Well? Public Debt Management in a Two-Party Economy, CEP Discussion Papers (1991) View citations (1) (1991)
37. Economic Effects and Structural Determinants of Capital Controls
    IMF Staff Papers, 1995, 42, (3), 517-551 View citations (279)
    See also Working Paper Economic Effects and Structural Determinants of Capital Controls, IMF Working Papers (1995) View citations (290) (1995)
38. The Disadvantage of Tying Their Hands: On the Political Economy of Policy Commitments
    Economic Journal, 1995, 105, (433), 1381-1402 View citations (53)
    See also Working Paper The Disadvantage of Tying Their Hands: On the Political Economy of Policy Commitments, Working Papers (1993) View citations (3) (1993)

1994

39. How cynical can an incumbent be? Strategic policy in a model of government spending
    Journal of Public Economics, 1994, 55, (1), 121-140 View citations (86)
40. Wage Indexation and Time Consistency
    Journal of Money, Credit and Banking, 1994, 26, (4), 941-50 View citations (12)

1993

41. On the credibility of 'big bang' programs: A note on wage claims and soft budget constraints in economies in transition
    European Economic Review, 1993, 37, (2-3), 387-395 View citations (7)

Chapters

2024

1. Missing assets: exploring the source of data gaps in global cross-border holdings of portfolio equity?
   A chapter in External statistics in a fragmented and uncertain world, 2024, vol. 62
   See also Working Paper Missing assets: Exploring the source of data gaps in global cross-border holdings of portfolio equity, C.E.P.R. Discussion Papers (2024) (2024)

2017

2. Global capital flows and external positions since the global financial crisis
   A chapter in Assessing international capital flows after the crisis, 2017, vol. 42

2015

3. Global Imbalances and External Adjustment After the Crisis
   Chapter 04 in Global Liquidity, Spillovers to Emerging Markets and Policy Responses, 2015, vol. 20, pp 105-142 View citations (26)
   See also Working Paper Global Imbalances and External Adjustment after the Crisis, International Monetary Fund (2014) View citations (27) (2014)

2012

4. Global imbalances, capital flows and the crisis
   Chapter 5 in European Integration in a Global Economy, 2012, pp 36-45

2011

5. External Adjustment and the Global Crisis
   A chapter in Global Financial Crisis, 2011 View citations (34)
   See also Working Paper External Adjustment and the Global Crisis, IIIS (2011) View citations (31) (2011)
   Journal Article External adjustment and the global crisis, Elsevier (2012) View citations (220) (2012)

2009

6. Where Did All the Borrowing Go? A Forensic Analysis of the U.S. External Position
   A chapter in Financial Globalization, 20th Anniversary Conference, NBER-TCER-CEPR, 2009 View citations (66)
   See also Working Paper Where Did All The Borrowing Go? A Forensic Analysis of the U.S. External Position, IIIS (2008) View citations (16) (2008)
   Journal Article Where did all the borrowing go? A forensic analysis of the U.S. external position, Elsevier (2009) View citations (53) (2009)

2007

7. A Global Perspective on External Positions
   A chapter in G7 Current Account Imbalances: Sustainability and Adjustment, 2007, pp 67-102 View citations (61)
   See also Working Paper A Global Perspective on External Positions, National Bureau of Economic Research, Inc (2005) View citations (134) (2005)

2002

8. Long-Term Capital Movements
   A chapter in NBER Macroeconomics Annual 2001, Volume 16, 2002, pp 73-136 View citations (117)
   See also Working Paper Long-Term Capital Movements, International Monetary Fund (2001) View citations (150) (2001)

2000

9. Current Account Reversals and Currency Crises: Empirical Regularities
   A chapter in Currency Crises, 2000, pp 285-323 View citations (129)
   See also Working Paper Current Account Reversals and Currency Crises: Empirical Regularities, National Bureau of Economic Research, Inc (1998) View citations (157) (1998)

1999

10. Current Account Deficits and Capital Flows in East Asia and Latin America: Are the Early Nineties Different From the Early Eighties
    A chapter in Changes in Exchange Rates in Rapidly Developing Countries: Theory, Practice, and Policy Issues, 1999, pp 57-108 View citations (2)