Publications

The explosion of multinational activities in recent decades is rapidly transforming the global landscape of industrial production. But are the emerging clusters of multinational production the rule or the exception? What drives the offshore agglomeration of... View Details

Research Summary

Why Doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation (joint with Sebnem Kalemli-Ozcan and Vadym Volosovych)

We examine the role of different explanations for the lack of flows of capital from rich to poor countries -- the Lucas paradox -- in an empirical framework. Broadly, the theoretical explanations for this paradox include differences in fundamentals affecting the... View Details

October 2024
Teaching Note

El Salvador: Launching Bitcoin as Legal Tender

Teaching Note for HBS Case No. 322-055. In June 2021, Nayib Bukele, El Salvador’s president, surprised the world with the announcement that the country would adopt bitcoin as legal tender, becoming the first nation to do so. Bitcoin was mostly used for trading and had... View Details

Keywords: Bitcoin; Cryptocurrency; Currency; Financial Strategy; Economic Growth; Governance; Macroeconomics; Assets; Government Administration; Latin America; El Salvador

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2023
Chapter

Discussion of Geoeconomic Fragmentation and the Future of Multilateralism

Keywords: Global Range; Economics; Globalized Economies and Regions; Globalization; International Relations; Policy

October 22, 2010
Guest Column

Voluntad política para realizar el censo 2011

November 14, 2010
Guest Column

La labor del Mideplan

December 25, 2010
Guest Column

Plan Nacional de Desarrollo 2011-2014: María Teresa Obregón Zamora

December 27, 2010
Guest Column

Una reflexión sobre los datos de la Encuesta Nacional de Hogares 2010. Evolución reciente de la pobreza en Costa Rica

May 2002
Teaching Note

Brazil: Embracing Globalization? TN

Teaching Note for (9-701-104). View Details

Keywords: Brazil

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June 2005
Article

Inflation, Openness, and Exchange Rate Regimes: The Quest for Short-Term Commitment

This paper further tests Romer's (1993) extension of Kydland and Prescott's (1977) predictions for dynamic-inconsistency problems in open economies. In a panel data set of developed and developing countries from 1973 to 1998, I find that openness does not play a role... View Details

Keywords: Forecasting and Prediction; Economy; Currency Exchange Rate; Developing Countries and Economies; Inflation and Deflation

2001
Working Paper

On the Political Economy of Temporary Stabilization Programs

13 Dec 2023
News

Six Reasons Why Global Supply Chains Are Shifting

14 Nov 2023
News

The Rise and Fall of the World’s Most Successful Joint Venture

10 Oct 2023
News

Globalization’s Demise Has Been Greatly Exaggerated

27 Aug 2023
News

Global Inflation Pressures Could Become Harder to Manage in Coming Years, Research Suggests

Research Summary

Come Together: Firm Boundaries and Delegation

We develop an incomplete-contracts model to jointly study firm boundaries and the allocation of decision rights within them. Integration has an option value: it gives firm owners authority to delegate or centralize decision rights, depending on who can best solve... View Details

Research Summary

Global Supply Chains: The Looming “Great Reallocation”

Global supply chains have come under unprecedented stress as a result of US-China trade tensions, the Covid-19 pandemic, and geopolitical shocks. We document shifts in the pattern of US participation in global value chains over the last four decades, in terms of... View Details

Research Summary

Do Prices Determine Vertical Integration?*

What is the relationship between product prices and vertical integration? While the literature has focused on how integration affects prices, this paper provides evidence that prices can affect integration. Many theories in organizational economics and industrial... View Details

Research Summary

The Real Effects of Capital Controls: Financial Constraints, Exporters, and Firm Investment