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Within and across countries heterogeneity in International finance
Financial globalization has led to a surge in cross-border capital flows, a large increase in countries gross foreign asset and liability positions, together with increasing global imbalances. Understanding how private investors structure their international portfolios and how such financial decisions interact with the real side of the economy has recently become a critical macro policy issue. This is especially true in the context of the recent financial crisis where policy makers and academics have even been advocating the understanding of international capital flows and current account imbalances in the US and within European countries as a necessary step to analyze the roots of the crisis and its international transmission. Another important recent evolution is the larger role played by large and fast growing emerging markets in the global economy. The world is getting more asymmetric as these countries feature very different characteristics (institutional, demographics, or in terms of policies conducted to name a few) compared to developed countries.
INFINHET aims at developing new dynamic multi-country macro-models to better account for the heterogeneity across agents and across countries in order to answer age-old questions in international macro such as the benefits from financial integration, the emergence and adjustment of external global imbalances, the joint dynamics of exchange rates and asset prices, the international transmission of shocks through financial linkages, the international dimension of fiscal policies in open economies.
Nicolas Coeurdacier is Associate Professor of Economics at Sciences Po and Principal Investigator (PI) of the INFINHET project. He studied in France where he attended Ecole Polytechnique. He received his PhD in 2005 from Paris School of Economics and taught at Essec Business School (Paris) and London Business School before joining Sciences Po. He is a Research Fellow at the Centre for Economic Policy Research (CEPR) and at the CEPREMAP (Paris).
Nicolas Coeurdacier's main research interests are in international macroeconomics and finance.
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