International Finance
When is Debt Odious: A Theory of Repression and Growth Traps (with Viral Acharya and Jack Shim, March 2020)
The Spillovers from Easy Liquidity and the Implications for Multilateralism (with Douglas Diamond and Yunzhi Hu -- The Mundell Fleming Lecture) IMF Economic Review (2020) 68:4–34.
Rules of the Monetary Game (with Prachi Mishra) forthcoming, in Currencies, Capital, and Central Bank Balances
Competitive Monetary Easing: Is it yesterday once more, Speech delivered at Brookings Institution, April 2014
A step in the dark: unconventional monetary policy after the crisis, The Inaugural Andrew Crockett Memorial Lecture delivered at the Bank for International Settlements, June 23 2013
Sovereign debt, government myopia, and the financial sector (with Viral Acharya) Review of Financial Studies, Volume: 26 Issue: 6 Pages: 1526-1560 DOI: 10.1093/rfs/hht011 JUN 2013
The True Lessons of the Recession: The West Cannot Borrow and Spend its Way to Recovery, Foreign Affairs (May/June 2012)
Currencies Aren't the Problem, Foreign Affairs, March/April 2011, 90(2), pp. 104-16
The Global Roots of the Current Financial Crisis and its Implications for Regulation (with Anil Kashyap and Jeremy Stein), December 2008
A Pragmatic Approach to Capital Account Liberalization (with Eswar Prasad), Journal of Economic Perspectives, Summer 2008, 22(3), pp. 149-72
The Future of the IMF and the World Bank, American Economic Review, May 2008, 98(2), pp. 110-115
Global Imbalances or Why Are the Poor Financing the Rich?, De Economist, March 2008, 156(1), pp. 3-24
Has Financial Development Made the World Riskier?, European Financial Management, September 2006, 12(4), pp. 499-533. This is a revision of my Jackson Hole paper written in August 2005.
Patterns of International Capital Flows and Their Implications for Economic Development (with Eswar Prasad and Arvind Subramanian), September 2006
Global Imbalances and Financial Reform with Examples from China, Cato Journal, Spring/Summer 2006, 26(2), pp. 267-73
Controlled Capital Account Liberalization: A Proposal (with Eswar Prasad), December 2005
Institutional Reform and Sovereign Debt Crises, Cato Journal, Winter 2005, 25(1), pp. 17-24
New Directions in Indian Financial Sector Policy (with Ajay Shah), India's Financial Sector: Recent Reforms, Future Challenges, ed. Priya Baso, Macmillan Publishing Company, January 2005, pp. 54-87
The Great Reversals: The Politics of Financial Development in the 20th Century (with Luigi Zingales), Journal of Financial Economics, July 2003, 69(1), pp. 5-50
Banks and Markets: The Changing Character of European Finance (with Luigi Zingales), The Transformation of the European Financial System: Second ECB Central Banking Conference, ed. V. Gaspar, P. Hartmann and O. Sleijpen, Frankfurt am Main: European Central Bank, October 2002, pp. 123-168
Financial Systems, Industrial Structure and Growth (with Luigi Zingales), Oxford Review of Economic Policy, Winter 2001, 17(4), pp. 467-482
Financial Dependence and Growth (with Luigi Zingales), American Economic Review, June 1998, 88(3), pp 559-586
Which Capitalism? Lessons from the East Asian Crisis (with Luigi Zingales), Journal of Applied Corporate Finance, Fall 1998, 11(3), pp. 40-48
What Do We Know About Capital Structure? Some Evidence from International Data (with Luigi Zingales), Journal of Finance, December 1995, 50(5), pp. 1421-1460
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