International Finance

IIEP and its faculty specialize in the study of international finance, providing in-depth research on global markets, monetary policy, international firms, and governance institutions. IIEP and its faculty publish books, articles, working papers, and op-eds that contribute to global research and policy on corporate finance, foreign direct investment, econometrics, taxes, and emerging markets. IIEP also hosts many events and workshops related to international finance, including the annual Washington Area International Finance Symposium (WAIFS), a Macro-International seminar series with the GW Economics Department, and the bi-annual Wenger Family Lecture on International Business and Finance.

Drug Money and Bank Lending: The Unintended Consequences of Anti-Money Laundering

March 2019. Tomas Williams, Pablo Slutzky, and Mauricio Villamizar-Villegas. IIEP Working Paper 2019-5.

How ETFs Amplify the Global Financial Cycle in Emerging Markets

January 2018. Updated: September 2018. Tomas Williams, Nathan Converse, and Eduardo Levy-Yeyati. IIEP Working Paper 2018-1.

Do Fed Forecast Errors Matter?

August 2018. Tara Sinclair, Pao-Lin Tien, & Edward N. Gamber. IIEP Working Paper 2016-14.

Businesspeople in Elected Office: Identifying Private Benefits from Firm-Level Returns

September 2017 by David Szakonyi (George Washington University) IIEP Working Paper 2017-20

State Ownership and Transparency in Foreign Direct Investment: Loose-Lipped Leviathan?

September 2017 by Robert Weiner (George Washington University) & Anthony P. Cannizzaro (Catholic University of America) IIEP Working Paper 2017-18…

Could Austerity Collapse the Economy of Puerto Rico?

September 2017 by Paul Carrillo (George Washington University), Anthony Yezer (George Washington University), & Jozefina Kalaj (George Washington University) IIEP Working Paper 2017-17…

Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market

August 2017 by Tomas Williams (George Washington University) IIEP Working Paper 2017-12

Capital Flows and Sovereign Debt Markets: Evidence from Index Rebalancings

August 2017 by Tomas Williams (George Washington University) and Lorenzo Pandolfi (Universitat Pompeu Fabra) IIEP Working Paper 2017-11

Click here to view all working papers for this category.

Articles

Pandolfi, Lorenzo and Tomas Williams, Real Effects of Sovereign Debt Inflow Shocks, AEA Papers and Proceedings, 2020.

Chiswick, Barry R. Uzi Rebhun, and Nadia Beider, “Language Acquisition, Employment Status, and the Earnings of Jewish and Non-Jewish Immigrants in Israel”, International Migration, 2020, Vol. 28, No. 2,pp. 205-232

Joshi, Sumit, “Regional Shocks and the Formation of Interconnected Markets,” with Ahmed Saber Mahmud, May 2020. Revised and resubmitted to Journal of Economic Behavior and Organization.

Kaminsky, Graciela Laura, Medina, Leandro, and Shiyi Wang, “The Financial Center Leverage Cycle: Does It Spread around the World? AEA Papers and Proceedings”, 110: 504-510, May 2020.

Leipziger, Daniel. “Combining Gender and growth Diagnostics for the Benefit of Both,” WORLD ECONOMICS Vol. 20, No. 4, Oct-Dec 2019.

Frye, Timothy, Reuter, Ora John and David Szakonyi. “Vote Brokers, Clientelist Appeals, and Voter Turnout: Evidence from Russia and Venezuela.” World Politics 71(4), 710-746, 2019.

Sinclair, Tara, with Amy Y. Guisinger, Ruben Hernandez-Murillo, and Michael T.Owyang, “A state-level analysis of Okun’s law,” Regional Science and Urban Economics, Vol 68, 239-248, January 2018.

Williams, Tomas, “International asset allocations and capital flows: The benchmark effect,” Journal of International Economics, September 2017.

Sinclair, Tara and Julia Bersch, “Statistical versus economic output gap measures: evidence from Mongolia,”Economics Bulletin, Vol 34, No. 3, pages 1864-1874, 2014.

Fostel, Ana with John Geanakopolos, “Tranching, CDS and Asset Prices: How Financial Innovation can Cause Bubbles and Crashes,” forthcoming in American Economic Journal: Macroeconomics, 2012, 4(1): 190-225.

Sinclair, Tara, Edward N. Gamber, H.O. Stekler and Elizabeth Reid. “Jointly Evaluating the Federal Reserve’s Forecasts of GDP Growth and Inflation,”International Journal of Forecasting, Volume 28, Issue 2, April– June 2012, Pages 309–314.

Sinclair, Tara with Sinchan Mitra, “Output Fluctuations in the G-7: An Unobserved Components Approach,”Macroeconomic Dynamics, Volume 16, Issue 03, pp. 396-422. June 2012.

Fostel, Ana with Luis Catao, and Romain Ranciere, “Fiscal Discoveries, Stops and Defaults,” Paris School of Economics, 2011.

Fostel, Ana with John Geanakoplos, “Why does bad news increase volatility and decrease leverage?” Journal of Economic Theory, 2011.

Joutz, Fred with C.D. Wei, “Inflation Illusion or No Illusion: What Did Pre- and Post-War Data Say?” Applied Financial Economics, Vol. 21, pp. 1599-1603. 2011.

Chao Wei, with Santoro, Marika, and “Taxation, Investment And Asset Pricing,”Review Of Economic Dynamics, Vol. 14 No. 3, pp. 443-454. 2011.

Fostel, Ana with John Geanakoplos, “Collateral Restrictions and Liquidity Under Supply: A Simple Model,”Economic Theory.

Fostel, Ana with Graciela Kaminsky, “Latin America’s Access to International Capital Markets: Good Behavior or Global Liquidity?” in Kevin Cowan, Sebastian Edwards, and Rodrigo Valdes (eds) Current Account and External Financing, Central Bank of Chile.

Fostel, Ana with John Geanakoplos, “Emerging Markets and an Anxious Global Economy: Contagion, Flight to Liquidity and Issuance Rationing,” American Economic Review.

Joutz, Frederick L., “Interview With Herman O. Stekler,” International Journal Of Forecasting Vol. 26 No. 1, pp. 195-203. 2010.

Fred Joutz with Poonpat Leesombatpiboon, “Sectoral demand for petroleum in Thailand,” Energy Economics Vol. 32 No. 1, pp. S15-S25. 2010.

Sinclair, Tara M. and Fred Joutz, with H. O. Stekler. “Can The Fed Predict The State Of The Economy?,”Economics Letters Vol. 108 No. 1, pp. 28-32. 2010.

Sinclair, Tara M., with H. O. Stekler, and L. Kitzinger, “Directional Forecasts Of GDP And Inflation: A Joint Evaluation With An Application To Federal Reserve Predictions,”Applied Economics Vol. 42 No. 16-18, pp. 2289-97. 2010.

Wei, Chao, “Inflation And Stock Prices: No Illusion,” Journal Of Money, Credit, And Banking Vol. 42 No. 2-3, pp. 325-345. 2010.

Sinclair, Tara, “Asymmetry in the Business Cycle: Friedman’s Plucking Model with Correlated Innovations,” Studies in Nonlinear Dynamics & Econometrics, Vol. 14, No. 1 (2010), pp. 520-542.

Ana Fostel, with Luis Catao and Sandeep Kapur, “Persistent Gaps And Default Traps,” Journal Of Development Economics Vol. 89 No. 2, pp. 271-284. 2009.

Fred Joutz and Angela Poulakidas, “Exploring the link between oil prices and tanker rates,” Maritime Policy & Management Vol. 36 No. 3, pp.215-233. 2009.

Wei, Chao, “Does The Stock Market React To Unexpected Inflation Differently Across The Business Cycle?,”Applied Financial Economics Vol. 19 No. 22-24, pp. 1947-59. 2009.

Wei, Chao, “A Quartet Of Asset Pricing Models In Nominal And Real Economies,”Journal Of Economic Dynamics And Control Vol. 33 No. 1, pp. 154-165. 2009.

Sinclair, Tara, with H.O. Stekler, “Forecast evaluation of AveAve forecasts in the global VAR context,” International Journal of Forecasting, Vol. 25, No. 4, pp. 693-696, October – December 2009.

Sinclair, Tara, “The Relationships between Permanent and Transitory Movements in U.S. Output and the Unemployment Rate,” Journal of Money, Credit, and Banking, Vol. 41, No. 2-3 (March-April 2009), pp. 520-542.

Fostel, Ana with John Geanakoplos, “Emerging Markets and an Anxious Global Economy: Contagion, Flight to Liquidity and Issuance Rationing,” American Economic Review.

Cipriani, Marco, “Transaction Costs and Informational Cascades in Financial Markets: Theory and Experimental Evidence” (with Antonio Guarino), Journal of Economic Behavior and Organization.

Cipriani, Marco, “Herd Behavior and Contagion in Financial Markets,” with A. Guarino, The B.E. Journal of Theoretical Economics, April 2008.

Cipriani, Marco, “Herd Behavior in Financial Markets: A Field Experiment with Financial Market Professionals,” with A. Guarino, Journal of the European Economic Association, January 2008.
Cipriani, Marco and Graciela Kaminsky, “Volatility in International Financial Market Issuance: The Role of the Financial Center,” Open Economies Review, vol. 18, no. 2, 157-176, April 2007.

Emran, Shahe M. with F. Shilpi, and M. Alam: “Economic Liberalization and Price Response of Aggregate Private Investment: Time Series Evidence from India”, Canadian Journal of Economics.

Cipriani, Marco with Antonio Guarino, “Herd Behavior in a Laboratory Financial Market,” American Economic Review, vol. 95, issue 5, pp. 1427-43, December 2005.

Cipriani, Marco with Antonio Guarino, “Noise Trading in a Laboratory Financial Market: A Maximum Likelihood Approach,” Journal of the European Economic Association,, vol. 3, issue 2-3, pp. 315-21 April-May 2005.

Smith, Stephen C. with Hesuk Chun “New Issues in Emerging Markets: Determinants, Effects, and Stock Market Performance of Initial Public Offerings in South Korea,”, Journal of Emerging Market Finance,”, vol. 2, no. 3, pp. 253-85 ,December 2003.

Smith, Stephen C. with Beom-cheol Cin and Tzu Shian Han, “A Tale of Two Tigers: Employee Financial Participation in Korea and Taiwan,”, International Journal of Human Resource Management, Sept. 2003.

Maggie Chen

Professor of Economics and International affairs

Articles

Reid Click

Steven Hamilton

Michael O. Moore