Building on the vast literature, this paper focuses on the role of the structure of the international investment position (IIP) in affecting countries' external vulnerabilities. Using a sample of 73 advanced and emerging economies and new database on the IIP's currency composition, we find that...

On average, foreign corporations save a third of their local profits in the host country. While this is recorded as "Retained Earnings Foreign Direct Investment" (REFDI), macroeconomics has so far overlooked its particularities. This paper explores the aggregate economic properties of REFDI. It...

This chapter surveys recent research on international financial crises. A financial crisis is characterized by a sudden, dramatic outflow of financial resources from an economy with an open capital account. This outflow may be primarily driven by the expectation of a large nominal devaluation,...

Rezension: Der Politikwissenschaftler Dieter analysiert detailliert und anspruchsvoll die Finanz- und Wirtschaftskrise in Asien, die er als eines der herausragenden internationalen Ereignisse der letzten zehn Jahre versteht. Er konzentriert sich auf die Entwicklungen in Thailand, Südkorea und...