This article surveys the macroeconomic implications of financial frictions. Financial frictions
lead to persistence and when combined with illiquidity to non-linear amplification effects …

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 …

Financial inclusion has gone beyond the rhetoric surrounding social development and
financial stability, but also expanding into pathos of arbitrage benefits made from cheap …

We establish currency as an important factor shaping global portfolios. Using a new security-
level data set, we demonstrate that investor holdings are biased toward their own currencies …

We provide a theory of the determination of exchange rates based on capital flows in
imperfect financial markets. Capital flows drive exchange rates by altering the balance …

Financial inclusion drives human development by supporting inclusive growth, economic
development, and financial deepening. It has become a key enabler in reducing poverty and …

This research looks to theoretically demystify the evolutionary patterns of trade imbalances
between developing countries and developed countries from a unique perspective of the …

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 …

An increase in credit supply driven by looser lending constraints in the mortgage market is
the key force behind four empirical features of the housing boom before the Great …