Cover -- Title Page -- Copyright -- Contents -- Author Biographies -- Foreword by Mark Farmer -- Foreword by Emeritus Professor Peter Brandon -- Preface -- Acknowledgements -- List of Figures -- List of Tables -- Chapter 1 Introduction -- References -- Chapter 2 Context of the Lack of Trust in...

This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The...

Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in international macroeconomics. Exchange-rate dark matter is invisible, but its existence...