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Handbook of Safeguarding Global Financial Stability by Gerard Caprio

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Chapter 18

International Macro-Finance

A. Pavlova* and R. Rigobon

*London Business School and CEPR, London, UK

Sloan School of Management, MIT and NBER, Cambridge, MA, USA

Outline

International macro-finance is a new area of open economy macroeconomics that brings portfolio choice and asset-pricing considerations into models of international macroeconomics. The importance of these considerations – typically relegated to finance and largely overlooked in traditional macroeconomics – for the international macroeconomy have been underscored by a series of recent financial crises and by unprecedented global imbalances. This chapter ...

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