Open Economies Review

1990 - 2025

Current editor(s): G.S. Tavlas

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Volume 33, issue 5, 2022

Editorial – Recent Trends in International Reserves: Theory and Evidence pp. 807-815

Alexander Mihailov

US Sanctions Reinforce the Dollar’s Dominance pp. 817-823

Michael Dooley, David Folkerts Landau and Peter M Garber

Sudden Stops, Productivity and the Optimal Level of International Reserves for Small Open Economies pp. 825-851

Alexander Mihailov and Harun Nasir

Leaning-Against-the-Wind Intervention and the “Carry-Trade” View of the Cost of Reserves pp. 853-877

Eduardo Levy-Yeyati and Juan Francisco Gómez

Reserve Currencies in an Evolving International Monetary System pp. 879-915

Alina Iancu, Gareth Anderson, Sakai Ando, Ethan Boswell, Andrea Gamba, Shushanik Hakobyan, Lusine Lusinyan, Neil Meads and Yiqun Wu

Currency Compositions of International Reserves and the Euro Crisis pp. 917-944

Falk Hendrik Laser and Jan Weidner

How Do Shocks Affect International Reserves? A Quasi-Experiment of Earthquakes pp. 945-971

Quy Ta, Yothin Jinjarak and Ilan Noy

Strategic Asset Allocation of a Reserves’ Portfolio: Hedging Against Shocks pp. 973-995

Mario L. Torriani, Pablo Orazi and Matias Vicens

Volume 33, issue 4, 2022

The Macroeconomic Controversy Over Price Rigidity — How to Resolve it and How Bayesian Estimation has Led us Astray pp. 617-630

David Meenagh, A. Patrick Minford and Michael R. Wickens

The Mundellian Trilemma and Optimal Monetary Policy in a World of High Capital Mobility pp. 631-656

Richard T. Froyen and Alfred Guender

The European Monetary Policy Responses During the Pandemic Crisis pp. 657-675

Pierpaolo Benigno, Paolo Canofari, Giovanni Bartolomeo and Marcello Messori

The Aftermath of Anti-Dumping: Are Temporary Trade Barriers Really Temporary? pp. 677-704

Magdalene Silberberger, Anja Slany, Christian Soegaard and Frederik Stender

Testing for UIP-Type Relationships: Nonlinearities, Monetary Announcements and Interest Rate Expectations pp. 705-749

Christina Anderl and Guglielmo Maria Caporale

Covid-19 and Capital Flows: The Responses of Investors to the Responses of Governments pp. 751-774

Stefan Goldbach and Volker Nitsch

The Revival of Target Zone Modeling pp. 775-805

Pompeo Della Posta

Volume 33, issue 3, 2022

Forward Interest Rates as Predictors of Future US Spot Rates Before and After the 2008 Financial Crisis pp. 391-406

Michael Wickens

The Effects of Globalization on Skilled Labor, Unskilled Labor, and the Skill Premium pp. 407-452

Stephen J Turnovsky and Zinan Wang

Market Power, Productivity and Sectoral Labour Shares in Europe pp. 453-476

Martina Lawless and Luke Rehill

A New Class of Revealed Comparative Advantage Indexes pp. 477-503

Jenny P. Danna-Buitrago and Rémi Stellian

Multiplicity in New Keynesian Models pp. 505-521

Maksim Isakin and Phuong V. Ngo

Exchange Rate Regimes and Business Cycle Synchronization pp. 523-564

Jia Hou and Jakub Knaze

North and South: A Regional Model of the UK pp. 565-616

A. Patrick Minford, Yue Gai and David Meenagh

Volume 33, issue 2, 2022

Exchange Rate Pass-Through, Monetary Policy, and Real Exchange Rates: Iceland and the 2008 Crisis pp. 197-230

Sebastian Edwards and Luis Cabezas

Technological Leaders, Laggards and Spillovers: A Network GVAR Analysis pp. 231-269

Kyriakos Drivas, Claire Economidou, Konstantinos Konstantakis and Panayotis Michaelides

Computable General Equilibrium Models of Trade in the Modern Trade Policy Debate pp. 271-309

Gang Chen, Xue Dong, A. Patrick Minford, Guanhua Qiu, Yongdeng Xu and Zequn Xu

Does Domestic Demand Matter for Firms’ Exports? pp. 311-332

Paulo Esteves, Miguel Portela and António Rua

Nowcasting Real GDP for Saudi Arabia1* pp. 333-345

Ryadh M. Alkhareif and William Barnett

World Commodity Prices and Economic Activity in Advanced and Emerging Economies pp. 347-374

Jinan Liu and Apostolos Serletis

Liberalizing Trade and Capital Flows and the Wage Gap: Does Sequencing Matter? pp. 375-389

Rashmi Ahuja and Sugata Marjit

Volume 33, issue 1, 2022

The Economic Effects of COVID-19 Containment Measures pp. 1-32

Pragyan Deb, Davide Furceri, Jonathan Ostry and Nour Tawk

Market Shocks in the G7 Countries pp. 33-60

Nahiyan Azad and Apostolos Serletis

Correlates of Crisis Induced Credit Market Discipline: The Roles of Democracy, Veto Players, and Government Turnover pp. 61-87

Puspa Amri, Eric M. P. Chiu, Jacob Meyer, Greg M. Richey and Thomas D. Willett

An Apocalypse Foretold: Climate Shocks and Sovereign Defaults pp. 89-108

Serhan Cevik and Joao Jalles

Is there Consumer Risk-Pooling in the Open Economy? The Evidence Reconsidered pp. 109-120

A. Patrick Minford, Zhirong Ou and Zheyi Zhu

Business Cycle Co-Movement in Europe: Trade, Industry Composition and the Single Currency pp. 121-139

Nestor Azcona

Going Viral: A Gravity Model of Infectious Diseases and Tourism Flows pp. 141-156

Serhan Cevik

Does Distance Matter for Trade in Services? The Case of Interprovincial Trade in Canada pp. 157-185

Catherine Boulatoff, Talan B. İşcan and Yulia Kotlyarova

Prospects for Reforming the Money and Financial System pp. 187-195

Paolo Savona

Volume 32, issue 5, 2021

Policy Challenges for Open Economies pp. 823-827

Pedro Cerqueira, Francisco Serranito and Camelia Romocea Turcu

African Asylum Seekers in Europe: The Interplay between Foreign Aid and Governance in Origin Countries pp. 829-865

Jordi Ripollés and Inmaculada Martínez-Zarzoso

50 Years of Capital Mobility in the Eurozone: Breaking the Feldstein-Horioka Puzzle pp. 867-905

Mariam Camarero, Alejandro Muñoz and Cecilio Tamarit

Do Financial Markets Value Quality of Fiscal Governance? pp. 907-931

Kady Keita, Gene Leon and Frederico Lima

Foreign and Domestic Uncertainty Shocks in Four Open Economies pp. 933-954

Rachatar Nilavongse, Michał Rubaszek, Karsten Staehr and Gazi Uddin

Uncertain Potential Output: Implications for Monetary Policy in a Small Open Economy pp. 955-973

Guido Traficante

Collateral Misrepresentation, External Auditing, and Optimal Supervisory Policy pp. 975-1016

Fatih Tuluk

Structural Tax Reforms and Public Spending Efficiency pp. 1017-1061

Antonio Afonso, Joao Jalles and Ana Venâncio

Globalisation, Welfare Models and Social Expenditure in OECD Countries pp. 1063-1088

Marcelo Santos and Marta Simões

Fiscal Policy Spillovers in a Monetary Union pp. 1089-1117

Matija Lozej and Graeme Walsh

Volume 32, issue 4, 2021

Risk Sharing in a Politically Divided Monetary Union pp. 649-669

David Parsley and Helen Popper

The Condemned Live Longer – New Evidence of the New Keynesian Phillips Curve in Central and Eastern Europe pp. 671-699

Franz Xaver Zobl and Martin Ertl

Reserve Volatility and the Identification of Exchange Rate Regimes pp. 701-723

Michael Bleaney and Mo Tian

Stationarity-Inducing Techniques in Small Open Economy Models with Collateral Constraints pp. 725-738

Vasiliki Dimakopoulou

Mapping the Global Business Cycle Network pp. 739-760

Amalia Repele and Sébastien Waelti

The Geographical Scope of Multinational Firms and Heterogeneity pp. 761-788

Jose C. Fariñas, Ana Martín-Marcos and Francisco J. Velazquez

Debt and Private Investment: Does the EU Suffer from a Debt Overhang? pp. 789-820

Willem Vanlaer, Mattia Osvaldo Picarelli and Wim Marneffe

Correction to: Debt and Private Investment: Does the EU Suffer from a Debt Overhang? pp. 821-821

Willem Vanlaer, Mattia Picarelli and Wim Marneffe

Volume 32, issue 3, 2021

Austerity, Assistance and Institutions: Lessons from the Greek Sovereign Debt Crisis pp. 435-478

George Economides, Dimitris Papageorgiou and Apostolis Philippopoulos

International Capital Flows and Extreme Exchange Market Pressure: Evidence from Emerging Market Economies pp. 479-506

Sook Rei Tan, Wei-Siang Wang and Wai-Mun Chia

A Panel Data Analysis of Uncovered Interest Parity and Time-Varying Risk Premium pp. 507-526

Dinçer Afat and Michael Frömmel

(De)Industrialization, Technology and Transportation pp. 527-538

Armando Garcia Pires and José Pontes

The Effects of Corruption in a Monetary Union pp. 539-557

Montserrat Ferré, Judit Garcia Fortuny and Carolina Manzano

Why do they JUST DO IT? A Theory of Outsourcing and Working Conditions pp. 559-586

Alejandro Donado

Monetary Policy Cooperation/Coordination and Global Financial Crises in Historical Perspective pp. 587-611

Michael David Bordo

Exchange Rates and Trade Balances: Effects of Intra-Industry Trade and Vertical Specialization pp. 613-647

Rebecca Neumann and Saleh S. Tabrizy

Volume 32, issue 2, 2021

Did the Unconventional Monetary Policy of the U.S. Hurt Emerging Markets? pp. 231-257

Matthew Canzoneri, Robert Cumby, Behzad Diba and Yunsang Kim

International Fiscal-Financial Spillovers:the Effect of Fiscal Shocks on Cross-Border Bank Lending pp. 259-290

Sangyup Choi, Davide Furceri and Chansik Yoon

Choosing the Narrative: the Shadow Banking Crisis in Light of Covid pp. 291-310

Marcus Miller

The Relative Importance of Monetary Policy, Uncertainty, and Financial Shocks pp. 311-333

Cosmas Dery and Apostolos Serletis

Earthquakes and Economic Outcomes: Does Central Bank Independence Matter? pp. 335-359

Jeroen Klomp and John Sseruyange

What Do Deviations from Covered Interest Parity and Higher FX Hedging Costs Mean for Asia? pp. 361-394

Gee Hee Hong, Anne Oeking, Kenneth H. Kang and Changyong Rhee

Exchange Rate Pass-Through to Consumer Prices: The Increasing Role of Energy Prices pp. 395-415

Hyeongwoo Kim, Ying Lin and Henry Thompson

Why Do Countries Form Regional Trade Agreements? A Discrete-Time Survival Analysis pp. 417-434

Teresa L. Cyrus

Volume 32, issue 1, 2021

Differential Tariffs and Income Inequality in the United States: Some Evidence from the States pp. 1-35

Jorge Rojas-Vallejos and Stephen J Turnovsky

Inequality and Economic Growth in the UK pp. 37-69

Xiaoliang Yang, A. Patrick Minford and David Meenagh

Real Exchange Rate Misalignments in the Euro Area pp. 71-107

Michael Fidora, Claire Giordano and Martin Schmitz

Fiscal Federalism in a Monetary Union: The No-Cooperation Pitfall pp. 109-151

Hubert Kempf

Provincial Interdependence and China’s “Irrational” Outward Foreign Direct Investment pp. 153-181

Mengheng Liu and Xingwang Qian

The Effectiveness of Capital Controls pp. 183-211

Valerio Nispi Landi and Alessandro Schiavone

Government Revenue and Child and Maternal Mortality pp. 213-229

Stephen Hall, Janine Illian, Innocent Makuta, Kyle McNabb, Stuart Murray, Bernadette AM O’Hare, Andre Python, Syed Haider Ali Zaidi and Naor Bar-Zeev