The Euro and The Geography of International Debt Flows

Galina Hale, Maurice Obstfeld

NBER Working Paper No. 20033
Issued in April 2014, Revised in January 2015

---- Acknowledgments ----

F or helpful comments, we thank four anonymous referees, George Akerlof, Claudia Buch, Eugenio Cerutti, Stijn Claessens, Kristin Forbes, Timo Korkemaki, Philip Lane, Luc Laeven, Matteo Maggiori, Alberto Martin, Giovanni Dell'Arricia, and participants at the Western Economic Association International 2013 meeting in Tokyo, the October 2013 NBER Sovereign Debt and Financial Crisis Conference, the 2014 ASSA meetings, and seminars at Bundesbank, BIS, Swiss National Bank, Univeristy of St. Gallen, Harvard, the FRBSF, the IMF, and the University of Houston. Akshay Rao, Sandile Hlatshwayo, and Peter Jones provided outstanding research assistance. Anita Todd helped prepare the draft. Obstfeld acknowledges financial support from the Coleman Fung Risk Research Center and Center for Equitable Growth at UC Berkeley. All errors are our own. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System, any other person associated with the Federal Reserve System, or the National Bureau of Economic Research.

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