Working paper series no 1466 september 2012 history, gravity and international finance livia chitu, barry eichengreen and arnaud mehl note. He is the laureate of the 2007 bernacer prize for best european economist working in. International macroeconomics international finance macroeconomics international economics monetary economics. International finance master pei fall 2012 nicolas coeurdacier final exam nondetailed correction 3 hours this are indicative directions on how structure the essay questions and what was expected. International trade and international finance organised by the network research in international economics and finance rief. International transmission through relative prices might reduce the negative. Nicolas coeurdacier, robert kollmann, philippe martin. Crossborder mergers and acquisitions financial and institutional forces1 by nicolas coeurdacier 2, roberto a.
This would create a financial account surplus equal to the current account deficit. Erpt is estimated using the following dynamic lags regression. International financial crisessovereign debt crises 1112 syllabus. International macrofinance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing considerations into models of international macroeconomics. F30,n20 abstract we analyze patterns of bilateral financial investment using data on us investors holdings of foreign bonds. Journal of international money and finance 30 2, 289308, 2011. Credit constraints and growth in a global economy by nicolas coeurdacier, stephane guibaud and keyu jin. He is a past president of the western finance association and the international trade and finance association. Total downloads of all papers by nicolas coeurdacier.
The usual answer, given by academics and taken 4 up by policy makers, is that nancial integration allows for a more e cient allocation of capital 5 and improves risk sharing across countries. The exchange rate passthrough erpt is a measure of how responsive international prices are to changes in exchange rates. Assistant professor, economics, london business school. The aim of the paper is to develop a theoretical foundation for the empirical gravity literature applied to finance. Sponsored by the university of chicago booth school of business fama. Essays in international finance and macroeconomics by matteo maggiori doctor of philosophy in business administration university of california, berkeley professor martin lettau, cochair professor pierreolivier gourinchas, cochair this dissertation explores the relationship between international nancial markets, nancial frictions, and the. They also have produced international financial markets and the firm international thomson publishers, cincinnatilondon, 1995, the forerunner to.
Credit constraints and growth in a global economy american. Syllabus for econ 3509, international finance this version. Short bio nicolas coeurdacier is associate professor of economics at sciences po. This working paper should not be reported as representing the views of the european central bank ecb. F30,f41,g11 abstract this paper presents a model of international portfolios with real exchange rate and non financial risks that accounts for observed levels of equity home bias. Devereux, charles engel, akito matsumoto, alessandro rebucci, alan sutherland. A general equilibrium model of international portfolio choice. International finance master pei spring 20 nicolas. Policy analyses in international economics 87, the peterson institute for international economics. Whitebox advisors fellowship, yale international center for finance, 20172018 macmillan international dissertation fellowship, 20162017 tokyo foundation young leaders award, 2015 and 2016. International finance master in international economicpolicy. Nicolas coeurdaciers main research interests are in international macroeconomics and finance.
Advanced international macroeconomics nicolas coeurdacier m2, fall 2018, master in economics topics covered longterm capital flows, global imbalances, and external adjustment international real business cycles and international risksharing international financial crisis and sovereign debt. Home bias in open economy financial macroeconomics by nicolas coeurdacier and helene rey. The views expressed are those of the authors and do not necessarily reflect those of the ecb. International finance sometimes known as international macroeconomics is a section of financial economics that deals with the monetary interactions that. For the essay questions, please be precise but concise in your answers. Elton, phd, is a nomura professor of finance at the stern school of busi. The global financial markets lectures 12 nicolas coeurdacier nicolas. The gravity specification is closely analogous to that developed for goods trade, even though it is based on a very different type of theory. The past decade has witnessed an explosion of papers estimating gravity equations for crossborder financial holdings. For the multiple choice questions, use the answer sheet at the end of the exam. We depart from the two familiar explanations of equity home bias. Journal of international economics 71 1, 2251, 2007. Abstract we show that in an openeconomy olg model, the interaction between growth di. Nicolas coeurdacier sciences po, department of economics 28, rue des saint peres, 75007 paris.
Nicolas coeurdacier sciences po, department of economics 28, rue des saint peres, 75007 paris born. It is often pointed out that crossborder capital reallocation is partly the result of financial liberalization policies, government policies and regional agreements. The long way to recovery nicolas bermany i am especially grateful tothierry mayer forproviding a large part of the data, and philippe martin fruitful discussions. Nicolas coeurdacier and pierreolivier gourinchas, when bonds matter. Hassan is with university of chicago, nber, and cepr. Home bias in open economy financial macroeconomics by nicolas. International finance essec mba and master in finance, financial macroeconomics ensae, master level teaching assistant at pse for macroeconomics and advanced. Edited by gita gopinath, elhanan helpman, kenneth rogoff, 1740. History, gravity and international finance livia chi. Financial integration and growth in a risky world nicolas coeurdacier sciencespo and cepr helene rey london business school nber and cepr pablo winant paris school of economics december 19, 20 abstract we revisit the debate on the bene ts of nancial integration by providing a uni ed.
Whitebox advisors fellowship, yale international center for finance, 20172018. Keyu jin, stephane guibaud and nicolas coeurdacier credit. His recent research focuses on the patterns of international equity and bond portfolios, on international assetpricing, on the impact of globalization on risksharing across countries, on the longterm dynamics of savings and capital flows. Financial integration and growth in a risky world nicolas coeurdacier sciencespo and cepr. This is one of the perennial questions in 3 international macroeconomics and nance. Home bias is a perennial feature of international capital markets. George akerlof, nicolas coeurdacier, francesco dacunto, andres donangelo, barry eichengreen, rick fernholz, robert. See all articles by nicolas coeurdacier nicolas coeurdacier.
Nicolas coeurdacier and pierreolivier gourinchas nber working paper no. International portfolios, capital accumulation and foreign. Barany, zsofia and coeurdacier, nicholas and guibaud, stephane, capital flows in an aging world. International portfolio diversification is better than you think, journal of international money and finance, elsevier, vol. Individual copies of the chapters can be downloaded from the class website or found at the link for the textbook below. He is a coauthor of multinational business finance, fundamentals of multinational finance, and essentials of investing.
The global financial markets department of economics. Nicolas coeurdacier, robert kollmann, and philippe martin. Nicolas coeurdacier and hel en e rey, 2012, home bias in open economy financial. Home bias in open economy financial macroeconomics. Essays in international finance and macroeconomics by. International finance master pei fall 2012 nicolas. Home bias in open economy financial macroeconomics by. Fall 2017 1 course description this course is designed to give an overview of the key issues in international nance.
Nicolas coeurdacier principal investigator sciences po infinhet. Capital flows in an aging world by zsofia barany, nicholas. Nicolas coeurdacier principal investigator sciences po. A key feature is that investors can trade equities. We rst consider macroeconomic accounting and how to interpret stylised facts. We would like to thank charles engel, two anonymous referees, nicolas coeurdacier, mick devereux, linda goldberg, james harrigan, toshihiko mukoyama, chris otrok, cedric tille and seminar participants at the hong kong monetary authority, federal reserve bank of new york and university of lausanne for many helpful comments. Journal of international money and finance 30 2, 289308. Cepr research affiliate international macroeconomics, london. International finance master pei spring 20 nicolas coeurdacier final exam nondetailed correction 3 hours documents not allowed.
The case for opening capital markets and the empirical evidence 3. The onechild policy and household saving, with nicolas coeurdacier and keyu jin. Conference on international macro finance april 2425, 2008 international portfolios, capital accumulation, and foreign asset dynamics nicolas coeurdacier, robert kollman. Published in volume 51, issue 1, pages 63115 of journal of economic literature, march 20, abstract. Chicago international macro finance conference december 5. The us dollar remained the dominant vehicle currency. Schedule chicago booth international macro finance conference updated. Cambridge, ma 028 january 20 the authors are grateful to sandro andrade, nicolas coeurdacier, livio stracca, andy rose and frank warnock for comments and suggestions as well as to michael bordo, jerome busca, martin evans. Nicolas coeurdacier s main research interests are in international macroeconomics and finance. Conference on international macrofinance april 2425, 2008 international portfolios, capital accumulation, and foreign asset dynamics nicolas coeurdacier, robert kollman, and philippe martin presented by robert kollman.
I also thank nicolas coeurdacier, virginie coudert, julian di giovanni, j er ome h ericourt, christophe. Campbell, john cochrane, nicolas coeurdacier, emmanuel farhi, nicola fuchs. Home bias in open economy financial macroeconomics american. International macro finance is a new area of open economy macroeconomics that brings portfolio choice and asset pricing considerations into models of international macroeconomics. Country size, currency unions, and international asset. Second annual oundtable united states department of the. International portfolios, capital accumulation and foreign assets dynamics. Despite the liberalization of capital flows among oecd countries, equity home bias remains sizable. Chicago nyu international macro finance conference. In the context of the international risksharing literature, which usually does not feature endogenous production, openness to nancial. Olivier gourinchas, stephane guibaud, elhanan helpman, thomas mertens, yves nosbusch, nathan nunn, helene rey, kenneth rogoff, and adrien verdelhan for helpful comments. We thank for comments nicolas coeurdacier, viktoria hnatkovska, craig burnside, steve kamin, charles thomas and seminar participants at the nber summer institute, canadian economic association annual meetings, and the board of governors of the federal reserve.
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