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Keywords:International finance OR International Finance 

Journal Article
Should U.S. investors hold foreign stocks?

U.S. investors have traditionally been reluctant to acquire foreign securities_in part, perhaps, because they fear that restrictions on trading in foreign markets will sharply limit any gains they might realize from diversifying their portfolios. An analysis of the effects of one type of restriction, short-sale constraints, on stock returns between 1976 and 1999 suggests that investing in emerging market stocks offers substantial benefits even when a ban on short sales is in place.
Current Issues in Economics and Finance , Volume 8 , Issue Mar

Working Paper
On the risk-return relation in international stock markets

We investigate the risk-return relation in international stock markets using realized variance constructed from MSCI (Morgan Stanley Capital International) daily stock price indices. In contrast with CAPM, realized variance by itself provides negligible information about future excess stock market returns; however, we uncover a positive and significant risk-return tradeoff in many countries after controlling for the (U.S.) consumption-wealth ratio. U.S. realized variance is also significantly related to future international stock market returns; more importantly, it always subsumes the ...
Working Papers , Paper 2003-012

Speech
Beyond the crisis: reflections on the challenges

Remarks at the Foreign Policy Association Corporate Dinner, New York City
Speech , Paper 8

Journal Article
Why \\"fixing\\" China's currency is no quick fix

Even if China does revalue its currency, jobs aren?t likely to come flooding back to the United States. Much of what China exports to the U.S. originates in other Asian countries.
The Regional Economist , Issue Apr , Pages 4-5

Journal Article
The world financial scene: balancing risks and rewards

Economic Review , Volume 71 , Issue Jun , Pages 3-9

Working Paper
Productivity, investment, and current accounts: reassessing the evidence

The most widely accepted explanation for the inverse association between private investments and current accounts [Glick and Rogoff, 1995] rests on data for manufactures through 1990. Is this consensus robust to revisions to the national accounts and the expansion of information technologies since 1990? To address this question I replicate their results and I find that post 1990 developments eliminate the support for such a conclusion. I also implement alternative formulations and find, again, a lack of empirical support for their findings. Thus I examine the role of measurement errors and ...
International Finance Discussion Papers , Paper 742

Working Paper
Do fundamentals explain the international impact of U.S. interest rates? evidence at the firm level

This paper analyzes the impact of U.S. monetary policy announcement surprises on U.S. and foreign firm-level equity prices. We find that U.S. monetary policy has important influences on foreign equity prices on average, but with considerable variation across firms. We have found that this differing response reflects a range of factors, including the extent of a foreign firm's exposure to U.S. demand, its dependence on external financing, the behavior of interest rates in its home country, and its sensitivity to portfolio adjustment by U.S. investors. The cross-firm variation in the response ...
International Finance Discussion Papers , Paper 952

Journal Article
International trade and finance under the influence of oil-1974 and early 1975

Review , Volume 57 , Issue May , Pages 11-15

Conference Paper
International influences on domestic prices and activities: a FAVAR approach to open economy

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