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Conference Paper
Dollars and deficits: where do we go from here?
Working Paper
Rules for intervention without fixed parities
Conference Paper
Interest rates, exchange rates and international adjustment
It is generally accepted that adjustment must occur to ultimately remove the imbalances from the international monetary system. The dispute has been between a view that the system will end abruptly and soon and a view that is will last for years more with a smooth adjustment in interest rates and exchange rates. Here, we presume that the basic system that has dominated at least the last five years will continue for years more, while converging to a sustainable equilibrium. With this system as a background, we examine the behavior of interest rates and exchange rates following a variety of ...
Working Paper
The portfolio-balance model of exchange rates
Working Paper
A model of arbitrage and short-term capital flows
Journal Article
Capital flight, external debt, and domestic policies
The international debt crisis of 1982 revealed that unrecorded private capital outflows from developing countries occurred simultaneously with borrowing from international commercial banks. Current interest in capital flight has been generated by the possibility that the resurgence of private capital inflows to these countries may be limited to the return of flight capital. A simple public finance model shows that simultaneous capital outflows and inflows can be explained as the result of private international arbitrage of domestic policies. The paper discusses the welfare consequences of ...
Conference Paper
The U.S. current account deficit: collateral for a total return swap