# Internationally Integrated Financial Markets ## expand\_more Special issue on the [Global Financial Crisis](http://conference.nber.org/confer/2011/GFC11/summary.html), co-edited with Kristin Forbes, [*Journal of International Economics*](http://www.sciencedirect.com/science/journal/00221996), [Vol.88, Issue 2](http://www.sciencedirect.com/science/journal/00221996/88/2), pp.215-436, November 2012. “[Carried Away](/file_url/908),” 2008, *Milken Institute Review Q1, pp. 38-45*. [*World Trade & Payments text*, 10th ed.](/world-trade-payments-text-10th-ed) with Richard Caves and Ronald Jones (Addison Wesley Longman: Boston, MA), 2007. Esp. [Chapter 21](/file_url/758). "[Measuring International Capital Mobility: A Review](/file_url/1485)," [*American Economic Review* 82, no.2](https://www.jstor.org/stable/i337063) [(May 1992), 197-202](https://www.jstor.org/stable/2117400). "Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries," with Alan MacArthur, [*European Economic Review* 32 (June 1988), 1083-1121](https://www.sciencedirect.com/science/article/abs/pii/0014292188900682). [NBER WP 2309](https://papers.ssrn.com/sol3/papers.cfm?abstract_id=328690). Reprinted in [*Exchange Rate Economics*](https://wrap.warwick.ac.uk/id/eprint/77616/), Vol.II, ed. by R.MacDonald & M.Taylor, Int. Library of Critical Writings in Ec., (Edward Elgar Publishing, U.K.) 1992. "[Quantifying International Capital Mobility in the 1980's](https://www.nber.org/system/files/chapters/c5993/c5993.pdf)," [Chapter 8](https://www.nber.org/chapters/c5993.pdf) in [*National Saving and Economic Performance*](https://www.nber.org/books/bern91-2), D. Bernheim and J. Shoven, eds., (University of Chicago Press: Chicago), 1991, 227-260. \[Page 238 contains the "Zen" calculation: one should expect to need at least 49-100 years of data to statistically reject a random walk in the real exchange rate.\] [NBER WP No. 2856](https://www.nber.org/papers/w2856), 1989. [WP](/file_url/1487) [1989](/file_url/1488). Reprinted in Dilip Das, ed., *International Finance: Contemporary Issues* (Routledge, London), 1993. And in [Frankel, *On Exchange Rates*](/file_url/787), 1993. "[International Financial Integration, Relations among Interest Rates and Exchange Rates, and Monetary Indicators](/file_url/1486)," in *International Financial Integration and the Conduct of U.S. Monetary Policy*, edited by C.Pigott (Federal Reserve Bank of New York: NY), 1991, 17-49. "[International Capital Mobility: What Do Saving-InvestmentCorrelations Tell Us?](https://www.jstor.org/stable/i294983)" with Michael Dooley and Donald Mathieson, 1987 *International Monetary Fund Staff Papers*, 34, no.3, 503-530. [NBER WP 2043](https://www.nber.org/papers/w2043), 1986. "International Capital Mobility and Crowding Out in the U.S. Economy: Imperfect Integration of Financial Markets or of Goods Markets?" in *How Open Is the U.S. Economy?*, edited by R. Hafer (Lexington: Lexington Books), [FRB St. Louis, 1986, 33-67](https://ideas.repec.org/a/fip/fedlpr/y1985p33-74.html). [NBER WP 1773](http://www.nber.org/papers/w1773.pdf). [Dec. 1985](/file_url/1489). **RESEARCH APPLYING INTERNATIONAL MEAN-VARIANCE OPTIMIZATION (1979-86):** "[The Implications of Mean-Variance Optimization for Four Questions in International Macroeconomics](https://www.sciencedirect.com/science/article/pii/0261560686900197)," *Journal of International Money and Finance*, 5, March 1986, S53-75. [ NBER WP 1617](https://www.nber.org/papers/w1617), May 1985. ["Do Asset Demand Functions Optimize Over the Mean and Variance of Real Returns? A Six Currency Test](https://www.sciencedirect.com/science/article/pii/0022199684900266)" with Charles Engel, *Journal of International Economics* 17, December 1984, 309323. [NBER WP 1051](https://www.nber.org/papers/w1051), Dec. 1982. ["In Search of the Exchange Risk Premium: A Six-Currency Test Assuming Mean-Variance Optimization,"](/file_url/716)*Journal of International Money and Finance* 1, December 1982, 255-274. Reprinted in *Exchange Rate Economics*, Vol.II, edited by R.MacDonald and M.Taylor, International Library of Critical Writings in Economics (Edward Elgar Publ., Hants, U.K.), 1992. "[Estimation of Portfolio-Balance Functions that are Mean-Variance Optimizing: The Mark and the Dollar](/file_url/940)," 1983, *European Economic Review* [23, no.3, September, 315-327](https://www.sciencedirect.com/science/article/pii/0014292183900351) [Fed.Res. IFDP 188, 1981](https://www.federalreserve.gov/pubs/ifdp/1981/188/ifdp188.pdf). "[A Test of Perfect Substitutability in the Foreign Exchange Market,](/file_url/1491)" *Southern Economic Journal,* [vol. 48, no.2, October 1982](https://www.jstor.org/stable/1058491?seq=1#metadata_info_tab_contents). Federal Reserve Board [International Financial Discussion Paper 149](https://www.federalreserve.gov/econres/ifdp/a-test-of-the-existence-of-the-risk-premium-in-the-foreign-exchange-market-vs-the-hypothesis-of-perfect-substitulability.htm), August 1979. "[The Diversifiability of Exchange Risk](/file_url/1055)," 1979, [*Journal of International Economics* 9, August, 379-393](https://www.sciencedirect.com/science/article/abs/pii/0022199679900321). // See also:- [ Internationally Integrated Financial Markets ](/international-financial-integration-terms/internationally-integrated-financial-markets)