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Title: International Macro-Finance

Author(s): Anna Pavlova and Roberto Rigobon

Publication Date: January 2011

Keyword(s): asset pricing, equity prices, international macroeconomics and international portfolios

Programme Area(s): Financial Economics and International Macroeconomics

Abstract: 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. In this paper, we survey recent developments in this area, primarily on the theoretical front. We also suggest several promising directions for future research.

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Bibliographic Reference

Pavlova, A and Rigobon, R. 2011. 'International Macro-Finance'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=8218