Over 1 billion people currently live in slums, with the number of slum dwellers only expected
to grow in the coming decades. The vast majority of slums are located in and around urban …

International currencies fulfill different roles in the world economy, with important synergies
across those roles. We explore the implications of currency hegemony for the external …

We review the literature on the empirical characteristics of the global financial cycle and
associated stylized facts on international capital flows, asset prices, risk aversion, and …

ABSTRACT I show that monetary policy divergence vis-a-vis the US has larger spillover
effects in emerging markets than advanced economies. The monetary policy of the US …

US monetary policy shocks induce comovements in the international financial variables that
characterize the “Global Financial Cycle.” A single global factor that explains an important …

This lecture argues that the Global Financial Cycle is a challenge for the validity of the
Mundellian trilemma. I present evidence that US monetary policy shocks are transmitted …

Em Brasil: neoliberalismo versus democracia, Alfredo Saad Filho e Lecio Morais analisam
os paradoxos do Brasil moderno. Já nas primeiras linhas os autores fornecem a chave de …

We examine the determinants of net private capital inflows to emerging market economies
(EMEs) since 2002. Our main findings are: First, growth and interest rate differentials …

This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

This paper provides a comparative assessment of the effectiveness of macroprudential
policies in 12 Asia-Pacific economies over 2004–2013, using databases of domestic …