Researchers have available to them numerous indicators of financial openness and
integration, many of which have yielded substantially differing results in past research, for …

This paper surveys measures of economic openness, the latter being understood as the
degree to which non-domestic actors can or do participate in a domestic economy. Based on …

United Nations (UN) General Assembly votes have become the standard data source for
measures of states preferences over foreign policy. Most papers use dyadic indicators of …

This paper examines the claim that exchange rate regimes are of little salience in the
transmission of global financial conditions to domestic financial and macroeconomic …

We investigate whether financial openness leads to financial development after controlling
for the level of legal development using a panel encompassing 108 countries over the …

We show that equity market liberalizations, on average, lead to a 1% increase in annual real
economic growth. The effect is robust to alternative definitions of liberalization and does not …

The literature on the benefits and costs of financial globalization for developing countries
has exploded in recent years, but along many disparate channels with a variety of …

We provide an overview of the recent developments of the literature on the determinants of
long-term capital flows, global imbalances, and valuation effects. We present the main …

We introduce a new, market-based and forward looking measure of political risk derived
from the yield spread between a country's US dollar debt and an equivalent US Treasury …

We present a model of the optimal level of international reserves for a small open economy
seeking insurance against sudden stops in capital flows. We derive a formula for the optimal …