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risk. The sudden spurt of derivatives has resulted in the Financial Accounting Standards Board (FASB) being forced to … Financial Accounting Standards (SFAS 133). SFAS 133 requires all derivatives, without exception and regardless of the accounting … develop new standards for quantification and disclosure. The financial standard of interest to this study is Statement of …
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We analyze persistence in patterns of bilateral financial investment using data on US investors’ holdings of foreign bonds. We document a “history effect” in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in...
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In this paper we describe some of the opportunities and perils for international monetary cooperation associated with EMU. Our approach brings together two strands in the literature; one concerned with institutions, the other focusing on policy consensus. Previous work on the subject has featured...
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