Address before Louisville Society of Financial Analysts, Louisville, Ky., Nov. 19, 2003

Presentation to the Globalization and Outsourcing Conference, Reuters America Inc., New York, June 15, 2004

Session on Regional Economic Trends, Southern Governors' Association Meeting, Biloxi, Miss., Aug. 25, 2007

Arkansas Minority Business Development Roundtable, Little Rock, Ark., Aug. 17, 2007

Fiscal Affairs & Government Operations Committee, The Council of State Governments' Southern Legislative Conference, Louisville, Ky., July 31, 2006

The American European Community Association, Brussels, Belgium, April 16, 2007

This paper proposes a model of international trade with capital accumulation and financial intermediation. This is achieved by embedding the Melitz (2003) model into an incomplete-markets neoclassical framework with an endogenous credit market. The model preserves the analytical tractability of...

Financial capital and fixed capital tend to flow in opposite directions between poor and rich countries. Why? What are the implications of such two-way capital flows for global trade imbalances and welfare in the long run? This paper introduces frictions into a standard two- country neoclassical...

Large uninsured risk, severe borrowing constraints, and rapid income growth can create excessively high household saving rates and large current account surpluses for emerging economies. Therefore, the massive foreign-reserve buildups by China are not necessarily the intended outcome of any...