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Keywords:International finance 

Journal Article
International interest rate convergence: a survey of the issues and evidence

World financial markets have become substantially integrated over the last two decades. Contrary to widespread expectations, however, this integration has not led to any greater convergence of interest rates across countries. This article examines why convergence has not occurred and more generally what financial integration doesand does notmean for international interest rate relations.
Quarterly Review , Volume 18 , Issue Win , Pages 24-37

Working Paper
Bretton Woods, swap lines, and the Federal Reserve’s return to intervention

This paper describes the United States? first line of defense against shortcomings in the Bretton Woods system, which threatened the system?s continuation as early as 1960. The exposition describes the Federal Reserve?s use of swap lines both to provide cover for central banks? unwanted dollar exposures, thereby forestalling claims on the U.S. gold stock, and to supply dollar liquidity to countries facing temporary balance-of-payments deficits, thereby bolstering confidence in their parities. As suggested by the expansion and growing use of the swap lines, the operations failed to distinguish ...
Working Papers (Old Series) , Paper 1232

Working Paper
Default and the maturity structure in sovereign bonds

This paper studies the maturity composition and the term structure of interest rate spreads of government debt in emerging markets. We document that in Argentina, Brazil, Mexico, and Russia, when interest rate spreads rise, debt maturity shortens and the spread on short-term bonds is higher than on long-term bonds. To account for this pattern, we build a dynamic model of international borrowing with endogenous default and multiple maturities of debt. Short-term debt can deliver higher immediate consumption than long-term debt; large longterm loans are not available because the borrower cannot ...
Globalization Institute Working Papers , Paper 19

Working Paper
An analysis of Japanese stock return dynamics conditional on U.S. Monday holiday closures

This paper examines a unique data set consisting of Japanese equity returns for the Friday, Monday, and Tuesday surrounding U.S. Monday holiday closures. The objective is to neutralize the impact of spillover effects from New York to Tokyo. Prior studies find that Japanese returns are negative on Tuesday and anomalous; this phenomenon is known as the Japanese-Tuesday effect. One explanation for the Japanese-Tuesday effect is that there exists a cause and effect relationship with Monday returns in New York. Historically, Monday returns in New York are negative, a phenomenon known as the ...
FRB Atlanta Working Paper , Paper 2000-6

Journal Article
Implementation of the International Banking Act

Federal Reserve Bulletin , Issue Oct

The global saving glut and the U.S. current account deficit

a speech at the Sandridge Lecture, Virginia Association of Economics, Richmond, Virginia, March 10, 2005 and the Homer Jones Lecture, St. Louis, Missouri, on April 14, 2005
Speech , Paper 77

Conference Paper
Country risk and the structure of international financial intermediation


Journal Article
International organizations promote global monetary stability and free trade

Cross Sections , Issue Sep , Pages 6-8

Journal Article
A primer on the risks of international lending and how to evaluate them

Business Review , Issue Jul , Pages 19-29

Journal Article
What caused East Asia's financial crisis?

FRBSF Economic Letter



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