We develop a two-sector, core-periphery country general equilibrium framework with endogenous financial crises to study foreign asset accumulation coordination among emerging market economies. Consistent with the policy prescription described by Bianchi(2011), we show that a national planner in...

This paper empirically documents a number of stylized facts of international debt and equity flows and theoretically investigates the roles of these two financial assets in international risk sharing. Using a data set of debt and equity flows since 1970 for a sample of 104 countries, I find that...