International Finance

IIEP and its faculty specialize in the study of international finance, providing in-depth research on global markets, monetary policy, international firms, and governance institutions. IIEP and its faculty publish books, articles, working papers, and op-eds that contribute to global research and policy on corporate finance, foreign direct investment, econometrics, taxes, and emerging markets. IIEP also hosts many events and workshops related to international finance, including the annual Washington Area International Finance Symposium (WAIFS), a Macro-International seminar series with the GW Economics Department, and the bi-annual Wenger Family Lecture on International Business and Finance.

State Ownership and Transparency in Foreign Direct Investment: Loose-Lipped Leviathan?

September 2017 by Robert Weiner (George Washington University) & Anthony P. Cannizzaro (Catholic University of America) IIEP Working Paper 2017-18…

 

Could Austerity Collapse the Economy of Puerto Rico?

September 2017 by Paul Carrillo (George Washington University), Anthony Yezer (George Washington University), & Jozefina Kalaj (George Washington University) IIEP Working Paper 2017-17…

Capital Inflows, Sovereign Debt and Bank Lending: Micro-Evidence from an Emerging Market

August 2017 by Tomas Williams (George Washington University) IIEP Working Paper 2017-12

Click here to view all working papers for this category.

Articles

Pandolfi, Lorenzo and Tomas Williams, Real Effects of Sovereign Debt Inflow Shocks, AEA Papers and Proceedings, 2020.

Chiswick, Barry R. Uzi Rebhun, and Nadia Beider, “Language Acquisition, Employment Status, and the Earnings of Jewish and Non-Jewish Immigrants in Israel”, International Migration, 2020, Vol. 28, No. 2,pp. 205-232

Joshi, Sumit, “Regional Shocks and the Formation of Interconnected Markets,” with Ahmed Saber Mahmud, May 2020. Revised and resubmitted to Journal of Economic Behavior and Organization.

Kaminsky, Graciela Laura, Medina, Leandro, and Shiyi Wang, “The Financial Center Leverage Cycle: Does It Spread around the World? AEA Papers and Proceedings”, 110: 504-510, May 2020.

Leipziger, Daniel. “Combining Gender and growth Diagnostics for the Benefit of Both,” WORLD ECONOMICS Vol. 20, No. 4, Oct-Dec 2019.

Frye, Timothy, Reuter, Ora John and David Szakonyi. “Vote Brokers, Clientelist Appeals, and Voter Turnout: Evidence from Russia and Venezuela.” World Politics 71(4), 710-746, 2019.

Sinclair, Tara, with Amy Y. Guisinger, Ruben Hernandez-Murillo, and Michael T.Owyang, “A state-level analysis of Okun’s law,” Regional Science and Urban Economics, Vol 68, 239-248, January 2018.

Williams, Tomas“International asset allocations and capital flows: The benchmark effect,” Journal of International Economics, September 2017.

Sinclair, Tara and Julia Bersch, “Statistical versus economic output gap measures: evidence from Mongolia,”Economics Bulletin, Vol 34, No. 3, pages 1864-1874, 2014.

Fostel, Ana with John Geanakopolos, “Tranching, CDS and Asset Prices: How Financial Innovation can Cause Bubbles and Crashes,” forthcoming in American Economic Journal: Macroeconomics, 2012, 4(1): 190-225.

Sinclair, Tara, Edward N. Gamber, H.O. Stekler and Elizabeth Reid. “Jointly Evaluating the Federal Reserve’s Forecasts of GDP Growth and Inflation,”International Journal of Forecasting, Volume 28, Issue 2, April– June 2012, Pages 309–314.

Sinclair, Tara with Sinchan Mitra, “Output Fluctuations in the G-7: An Unobserved Components Approach,”Macroeconomic Dynamics, Volume 16, Issue 03, pp. 396-422. June 2012.

Fostel, Ana with Luis Catao, and Romain Ranciere, “Fiscal Discoveries, Stops and Defaults,” Paris School of Economics, 2011.

Fostel, Ana with John Geanakoplos, “Why does bad news increase volatility and decrease leverage?” Journal of Economic Theory, 2011.

Joutz, Fred with C.D. Wei, “Inflation Illusion or No Illusion: What Did Pre- and Post-War Data Say?” Applied Financial Economics, Vol. 21, pp. 1599-1603. 2011.

Chao Wei, with Santoro, Marika, and “Taxation, Investment And Asset Pricing,”Review Of Economic Dynamics, Vol. 14 No. 3, pp. 443-454. 2011.

Fostel, Ana with John Geanakoplos, “Collateral Restrictions and Liquidity Under Supply: A Simple Model,”Economic Theory.

Fostel, Ana with Graciela Kaminsky, “Latin America’s Access to International Capital Markets: Good Behavior or Global Liquidity?” in Kevin Cowan, Sebastian Edwards, and Rodrigo Valdes (eds) Current Account and External Financing, Central Bank of Chile.

Fostel, Ana with John Geanakoplos, “Emerging Markets and an Anxious Global Economy: Contagion, Flight to Liquidity and Issuance Rationing,” American Economic Review.

Joutz, Frederick L.“Interview With Herman O. Stekler,” International Journal Of Forecasting Vol. 26 No. 1, pp. 195-203. 2010.

Fred Joutz with Poonpat Leesombatpiboon, “Sectoral demand for petroleum in Thailand,” Energy Economics Vol. 32 No. 1, pp. S15-S25. 2010.

Sinclair, Tara M. and Fred Joutz, with H. O. Stekler. “Can The Fed Predict The State Of The Economy?,”Economics Letters Vol. 108 No. 1, pp. 28-32. 2010.

Sinclair, Tara M., with H. O. Stekler, and L. Kitzinger, “Directional Forecasts Of GDP And Inflation: A Joint Evaluation With An Application To Federal Reserve Predictions,”Applied Economics Vol. 42 No. 16-18, pp. 2289-97. 2010.

Wei, Chao“Inflation And Stock Prices: No Illusion,” Journal Of Money, Credit, And Banking Vol. 42 No. 2-3, pp. 325-345. 2010.

Sinclair, Tara, “Asymmetry in the Business Cycle: Friedman’s Plucking Model with Correlated Innovations,” Studies in Nonlinear Dynamics & Econometrics, Vol. 14, No. 1 (2010), pp. 520-542.

Ana Fostel, with Luis Catao and Sandeep Kapur, “Persistent Gaps And Default Traps,” Journal Of Development Economics Vol. 89 No. 2, pp. 271-284. 2009.

Fred Joutz and Angela Poulakidas, “Exploring the link between oil prices and tanker rates,” Maritime Policy & Management Vol. 36 No. 3, pp.215-233. 2009.

Wei, Chao“Does The Stock Market React To Unexpected Inflation Differently Across The Business Cycle?,”Applied Financial Economics Vol. 19 No. 22-24, pp. 1947-59. 2009.

Wei, Chao“A Quartet Of Asset Pricing Models In Nominal And Real Economies,”Journal Of Economic Dynamics And Control Vol. 33 No. 1, pp. 154-165. 2009.

Sinclair, Tara, with H.O. Stekler, “Forecast evaluation of AveAve forecasts in the global VAR context,” International Journal of Forecasting, Vol. 25, No. 4, pp. 693-696, October – December 2009.

Sinclair, Tara, “The Relationships between Permanent and Transitory Movements in U.S. Output and the Unemployment Rate,”  Journal of Money, Credit, and Banking, Vol. 41, No. 2-3 (March-April 2009), pp. 520-542.

Fostel, Ana with John Geanakoplos, “Emerging Markets and an Anxious Global Economy: Contagion, Flight to Liquidity and Issuance Rationing,” American Economic Review.

Cipriani, Marco, “Transaction Costs and Informational Cascades in Financial Markets: Theory and Experimental Evidence” (with Antonio Guarino), Journal of Economic Behavior and Organization.

Cipriani, Marco, “Herd Behavior and Contagion in Financial Markets,” with A. Guarino, The B.E. Journal of Theoretical Economics, April 2008.

Cipriani, Marco, “Herd Behavior in Financial Markets: A Field Experiment with Financial Market Professionals,” with A. Guarino, Journal of the European Economic Association, January 2008.
Cipriani, Marco and Graciela Kaminsky, “Volatility in International Financial Market Issuance: The Role of the Financial Center,” Open Economies Review, vol. 18, no. 2, 157-176, April 2007.

Emran, Shahe M. with F. Shilpi, and M. Alam: “Economic Liberalization and Price Response of Aggregate Private Investment: Time Series Evidence from India”, Canadian Journal of Economics.

Cipriani, Marco with Antonio Guarino, “Herd Behavior in a Laboratory Financial Market,” American Economic Review, vol. 95, issue 5, pp. 1427-43, December 2005.

Cipriani, Marco with Antonio Guarino, “Noise Trading in a Laboratory Financial Market: A Maximum Likelihood Approach,” Journal of the European Economic Association,, vol. 3, issue 2-3, pp. 315-21 April-May 2005.

Smith, Stephen C. with Hesuk Chun “New Issues in Emerging Markets: Determinants, Effects, and Stock Market Performance of Initial Public Offerings in South Korea,”, Journal of Emerging Market Finance,”, vol. 2, no. 3, pp. 253-85 ,December 2003.

Smith, Stephen C. with Beom-cheol Cin and Tzu Shian Han, “A Tale of Two Tigers: Employee Financial Participation in Korea and Taiwan,”, International Journal of Human Resource Management, Sept. 2003.

 

Maggie Chen

Professor of Economics and International affairs

Personal Site

Expertise: International trade, foreign direct investment, and regionalism

Education: Ph.D. from University of Colorado at Boulder

Categories of Work: U.S.-China Economic Relations, International FinanceInternational Trade, 

Streams of Work: Trade and Internet Governance

 

Reid Click

Associate Professor of International Business and International Affairs, Director of International Studies and the Center for International Business Education and Research

Personal Site

Expertise: international corporate finance

Education: Ph.D. from University of Chicago

Categories of Work: Development Economics and Poverty Alleviation, International Finance

pic of Steven hamilton

Steven Hamilton

Assistant Professor of Economics

Personal Site

Expertise: tax economics, tax policy

Education: Ph.D. from University of Michigan

Categories of Work: Development, Poverty, and InequalityInternational Finance

 

Frederick L. Joutz

Professor of Economics

Personal Site

Expertise: Macroeconomic and energy econometric modeling, forecasting

Education: Ph.D. from McGill University (Quebec)

Categories of Work: International Finance

Graciela Laura Kaminsky

Professor of Economics and International Affairs

Personal Site

Expertise: International Finance, Topics in Emerging Markets, Macroeconomics, and topics in Economic Development

Education: Ph.D from Massachusetts Institute of Technology

Categories of Work: U.S.-China Economic Relations, Global Economic Governance, International Finance

 

STEPHEN KAPLAN

Assistant Professor of Political Science and International Affairs

Personal Site

Expertise: Political economy of global markets and development, politics of macroeconomic policymaking, Latin American politics

Education: Ph.D from Yale University

Categories of Work: U.S.-China Economic Relations, Global Economic Governance, International Finance, International Trade

Trevor Jackson 

Assistant Professor of History

Personal Site

Expertise: economic history of early modern Europe, as well as the history of inequality, financial crisis, and central banks

Education: Ph.D. from University of California, Berkeley

Categories of Work:Global Economic Governance, Development, Poverty, and Inequality, International Finance

 

Danny M. Leipziger

Professor of International Business

Personal Site

Expertise: Development Economics, International Economic Policy, Macro and Economic Growth

Education: Ph.D from Brown University

Categories of Work: Development Economics and Poverty Alleviation, Economics of Ultra-Poverty, U.S.-China Economic Relations, Global Economic Governance, International Finance

Michael O. Moore

MIEP Director, Professor of Economics and International Affairs

Personal Site

Expertise: U.S. trade policy, economics of antidumping, foreign direct investment

Education: Ph.D. from University of Wisconsin-Madison

Categories of Work: U.S.-China Economic Relations, Global Economic Governance, International Finance

 

Jay C. Shambaugh

Professor of Economics and International Affairs

Personal Site

Expertise: International Macroeconomics

Education: Ph.D from U.C. Berkeley University

Categories of Work: U.S.-China Economic Relations, Global Economic Governance, International Finance

 

Tara Sinclair

Associate Professor of Economics and International Affairs

Personal Site

Expertise: Macroeconomics, forecasting, time series econometrics

Education: Ph.D from Washington University in St. Louis

Categories of Work: U.S.-China Economic Relations, Global Economic Governance, International Finance

 

Jennifer W. Spencer

Associate Professor of International Business and International Affairs and Director, Center for International Business Education and Research (GW-CIBER)

Personal Site

Expertise: knowledge spillovers from multinational enterprises, knowledge diffusion and knowledge sharing, international entrepreneurship, emergence of high technology industries

Education: Ph.D. from University of Minnesota

Categories of WorkInternational TradeInternational Finance

pic of Bryan Stuart

Bryan Stuart

Assistant Professor of Economics

Personal Site

Expertise: Labor, public, and urban economics, and economic history

Education: Ph.D. from University of Michigan

Categories of Work: International Finance

Chao Wei

Associate Professor of Economics

Personal Site

Expertise: Macroeconomics, Financial Economics, Computational Economics

Education: Ph.D Economics, Stanford University

Categories of Work: U.S.-China Economic Relations, International Finance

 

Tomas Williams

Assistant Professor of International Finance

Personal Site

Expertise: International Finance, Institutional Investors, Empirical Banking, Open Economy Macroeconomics

Education: Ph.D in Economics from the Universitat Pompeu Fabra

Categories of Work: International Finance, Global Economic Governance

 

Fiscal Policy over the Business Cycle in Emerging Markets
Carlos Vegh, World Bank Chief Economist for Latin America and the Caribbean
Monday, April 30, 2018
5:30PM – 7:00PM

“Non-Linear Distortion-Based Effect of Tax Changes on Output: A Worldwide Narrative Approach”
Guillermo Vuletin (IADB)
Wednesday, April 12, 2017
2:30PM – 4:00PM
Macro-International Seminar

17th OxMetrics User Conference
Thursday and Friday, March 17-18, 2016
The Elliott School of International Affairs

IMF Africa Regional Economic Outlook Discussion
Monday, November 9, 2015
8:45 AM – 12:30 PM
International Monetary Fund

Digital Payments/Currencies: Global Threat or Opportunity?
Thursday, April 23, 2015
9:00am – 12:00pm
The Bretton Woods Committee

The I Theory of Money
Markus Brunnermeier (Princeton)
Thursday, April 9, 2015
3:00 – 4:30 PM

“Cross-Border Banking and Global Liquidity” (International Finance Forum Series)
Hyun Song Shin, Princeton
Friday, April 11, 2014
12:30 – 2:00 PM

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