Remittances are private monetary transfers across borders and thus, often, involve different currencies. Yet the rapidly growing literature on the subject often ignores the role that exchange rate regimes play in determining the effect foreign-currency remittances have on a recipient economy....

We argue that the literature on optimal international reserve holdings in an era of high capital mobility fails to find interest rates are strongly significant factor because of the endogeneity of interest rates and reserves under fixed exchange rate regimes. Using two stage least squares we...

This paper modifies Calvo and Reinhart's (2002) fear of floating analysis to distinguish between de facto inflation targeting (IT) and fear of floating (FF) behavior in a sample of 10 de jure inflation targeting countries. We present three main findings. 1) The standard approach misclassifies...

In this paper we explore the properties of the global banking network using cross-border bank lending data for 184 countries over 1978-2009. Specifically, we analyze financial interconnectedness using network metrics of centrality, connectivity, and clustering. We document a relatively unstable...

This paper uses simple analytics to show the similarities and differences between inflation targeting and fear of floating in emerging markets. The analytics provide well-defined predictions for the behaviour of exchange rates and relevant monetary variables under both regimes. This allows us to...

Remittances are private monetary transfers yet the rapidly growing literature on the subject seems to forget their monetary nature and thus ignore the role that exchange rate regimes play in determining the effect remittances have on a recipient economy. This paper uses a theoretical model and...