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Author:Alfaro, Laura 

Conference Paper
Jackson Hole 2023 - Global Production Networks

Proceedings - Economic Policy Symposium - Jackson Hole

Working Paper
Optimal reserve management and sovereign debt

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does not allow addressing one of the puzzles behind using reserves as a means to avoid the negative effects of crisis: why do not sovereign countries reduce their sovereign debt instead? To study the joint decision of holding sovereign debt and reserves, we construct a stochastic dynamic equilibrium model ...
Working Paper Series , Paper 2007-29

Working Paper
Bank Financing of Global Supply Chains

Finding new international suppliers is costly, so most importers source inputs from a single country. We examine the role of banks in mitigating trade search costs during the 2018–19 US-China trade tensions. We match data on shipments to US ports with the US credit register to analyze trade and bank credit relationships at the bank-firm level. We show that importers of tariff-hit products from China were more likely to exit relationships with Chinese suppliers and find new suppliers in other Asian countries. To finance their geographic diversification, tariff-hit firms increased credit ...
FRB Atlanta Working Paper , Paper 2025-4

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Brussevich, Maria 1 items

Kanczuk, Fabio 1 items

Minoiu, Camelia 1 items

Presbitero, Andrea F. 1 items

Russ, Katheryn N. 1 items

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Debt 1 items

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bank lending 1 items

financial frictions 1 items

production networks 1 items

supply chain 1 items

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