The path of the dollar has significantly influenced investment activity in U.S. industry. The effects of both exchange-rate levels and exchange-rate volatility have been more pronounced in the 1980s than in the 1970s. Although aggregate investment data mask some of these relationships, the...

Variable real exchange rates influence the location of production facilities chosen by a multinational. With risk averse investors and fixed productive factors, parent companies should not be indifferent to production location, even with identical expected costs of production across countries....

This article profiles the recent evolution and consequences of banking sector globalization. After presenting trends in international banking, the article overviews macroeconomic consequences of banking sector globalization, including the role of banks in the international transmission of...

AbstractThe following sections are included:From Bank-Based to Securitization-Based IntermediationA Role-Based Approach to Understanding Bank EvolutionOrganizational Adaptation: An Entity-Based ViewResultsSummary and Normative SuggestionsReferences

Foreign banks pulled significant funding from their US branches during the Great Recession. We estimate that the average-sized branch experienced a twelve percent net internal fund "withdrawal," with the fund transfer disproportionately bigger for larger branches. This internal shock to the...

In this paper, we use methods from social network analysis to assess the relative importance of financial centers around the world. Using data from virtually the entire universe of global equity activity, we present complete rankings for 45 separate locations for the period 1990–2006. Our...