We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less \symmetric fluctuations). Combined with the causal relation running from capital market integration to regional specialization...

We show empirically that regions with a more specialized production structure exhibit output fluctuations that are less correlated with those of other regions (less \symmetric fluctuations). Combined with the causal relation running from capital market integration to regional specialization...

We show that "preemptive" capital flow management measures (CFM) can reduce emerging markets and developing countries' (EMDE) external finance premia during risk-off shocks, especially for vulnerable countries. Using a panel dataset of 56 EMDEs during 1996-2020 at monthly frequency, we document...

Conventional wisdom holds that monetary policy in emerging economies is procyclical, unlike in advanced economies. Using a large sample of countries from the mid-1990s onwards, we show that the conduct of monetary policy is not fundamentally different across these two groups of countries....

Using a new dataset on sectoral credit exposures covering financial and non-financial sectors in 115 economies over the period 1940-2014, we document the following evidence that corporate debt plays a key role in explaining boom-bust cycles, financial crises, and slow macroeconomic recoveries:...