We use a new firm level data set that establishes the location, ownership, and activity of 650,000 multinational subsidiaries - close to a comprehensive picture of global multinational activity. A number of patterns emerge from the data. Most foreign direct investment (FDI) occurs between rich...

In this paper we distinguish different qualities of FDI to re-examine the relationship between FDI and growth. We use quot;qualityquot; to mean the effect of a unit of FDI on economic growth. However, this is difficult to establish because it is a function of many different country and project...

Most models currently used to determine optimal foreign reserve holdings take the level of international debt as given. However, given the sovereign's willingness-to-pay incentive problems, reserve accumulation may reduce sustainable debt levels. In addition, assuming constant debt levels does...