Philip R. Lane's Recent Research
Philip R. Lane and Barbara Pels (2011), " Current Account Balances in Europe." Presented at Moneda y Credito Symposium, November 2011.
" Debt Overhang in Emerging Europe?" (with Martin Brown), August 2011. World Bank Policy Research Working Paper No. 5784.
" External Adjustment and the Global Crisis" (with Gian Maria Milesi-Ferretti), August 2011. IIIS Discussion Paper No. 369. Prepared for the NBER-Sloan-JIE Global Financial Crisis conference (Bretton Woods, June 2011).
" Bilateral Portfolio Dynamics During the Global Crisis" (with Vahagn Galstyan), August 2011. IIIS Discussion Paper No. 366.
" External Imbalances and Macroeconomic Policy in New Zealand," June 2011. Prepared for New Zealand's Macroeconomic Imbalances -- Causes and Remedies Policy Forum (Wellington, June 2011), organised by New Zealand Treasury, Reserve Bank of New Zealand and Victoria University.
" Financial Cycles and Fiscal Cycles" (with Agustin Benetrix), June 2011. Prepared for the EUI-IMF conference Fiscal Policy, Stabilization, and Sustainability (Florence, June 2011).
"Fiscal Policy and Financial Stability," May 2011. Prepared for the Bank of Korea's Annual International Conference (Seoul, May 2011).
" The Cyclical Conduct of Irish Fiscal Policy" (with Agustin Benetrix), August 2011.
" The Irish Crisis," IIIS Discussion Paper No. 356, January 2011.
" International Differences in Fiscal Policy During the Global Crisis" (with Agustin Benetrix), IIIS Discussion Paper No. 336.
" Fiscal Shocks and the Real Exchange Rate," (with Agustin Benetrix), IIIS Discussion Paper No. 286, March 2009.
" The Macroeconomics of Financial Integration: A European Perspective," IIIS Discussion Paper No. 265, October 2008. Prepared for the 5th Annual Research Conference of DG-ECFIN (European Commission).
Cross-Border Banking in Europe: Implications for Financial Stability and Macroeconomic Policies (joint with Franklin Allen , Thorsten Beck , Elena Carletti , Dirk Schoenmaker , Wolf Wagner), CEPR Report, June 2011.
" Cross-Border Investment in Small International Financial Centers" (with Gian Maria Milesi-Ferretti), International Finance 14(2), 301-330, Summer 2011.
" The Cross-Country Incidence of the Global Crisis," (with Gian Maria Milesi-Ferretti) IMF Economic Review 59, 77-110, April 201.
" The Dynamics of Portfolio Holdings in Emerging Europe" (with Vahagn Galstyan), European Economy 75, 66-81, February 2011.
"Regional and Global Drivers of the Portfolio Holdings of Asian Investors," in The Dynamics of Asian Financial Integration: Facts and Analytics (with Mick Devereux, Cyn-Young Park and Shang-Jin Wei), Routledge, 2011.
" Innovation and Financial Globalisation," IIIS Discussion Paper No. 299, September 2009. Prepared for the World Bank's ABCDE 2009, held in Seoul in June 2009 and published in the conference volume.
" European Monetary Union & Macroeconomic Stabilisation Policies in Ireland," Report for National Economic and Social Council, December 2010.
"Macroeconomic Policy and Effective Fiscal and Economic Governance," Report for Oireachtas Joint Committee on Finance and the Public Services, November 2010.
" A European Perspective on External Imbalances," SIEPS Report 2010:5.
" A New Fiscal Framework for Ireland," Journal of the Statistical and Social Inquiry Society of Ireland XXXIX, 144-165.
" Some Lessons for Fiscal Policy from the Financial Crisis," Nordic Economic Policy Review1(1), 13-34, 2010.
" International Financial Integration and Japanese Economic Performance," CJEB Working Paper No. 274, March 2009. Published in Japan's Bubble, Deflation and Long-Term Stagnation , MIT Press.
" External Imbalances and Fiscal Policy," in External Imbalances and Public Finances in the EU (edited by Salvador Barrios, Servaas Deroose, Sven Langedijk, Lucio Pench), European Economy Occasional Paper No. 66.
" Fiscal Shocks and the Sectoral Composition of Output," (with Agustin Benetrix), Open Economies Review 21(3), 335-350, July 2010.
" Financial Exchange Rates and International Currency Exposures" (with Jay Shambaugh) American Economic Review, March 2010.
" The Long or Short of it: Determinants of Foreign Currency Exposure in External Balance Sheets" (with Jay Shambaugh). Journal of International Economics 80(1), 33-44, January 2010.
" Currency Unions and Irish External Trade," (with Christine Dwane and Tara McIndoe) Applied Economics 42(19), 2393-2397, 2010..
" The Impact of Fiscal Shocks on the Irish Economy," (with Agustin Benetrix), Economic and Social Review, Winter 2009.
" EMU and Financial Integration," in The euro at ten - lessons and challenges, 5th ECB Central Banking Conference Volume, September 2009.
" Fiscal Policy and International Competitiveness: Evidence from Ireland," (with Vahagn Galstyan), Economic and Social Review, Autumn 2009. Previous version: IIIS Discussion Paper No 274, December 2008.
" The Composition of Government Spending and the Real Exchange Rate" (with Vahagn Galstyan), Journal of Money, Credit and Banking, September 2009. Previous version: IIIS Discussion Paper No. 257, July 2008.
" Where Did All the Borrowing Go? A Forensic Analysis of the US External Position" (with Gian Maria Milesi-Ferretti), Journal of the Japanese and International Economies 23(2), 177-199, June 2009.
" A New Fiscal Strategy for Ireland," Economic and Social Review 40(2), 233-253, Summer 2009.
" Global Imbalances and Global Governance," Intereconomics 44, 77-81, March/April 2009.
"The Global Crisis and Capital Flows to Emerging Markets," in Macroeconomic Stability and Financial Regulation: Key Issues for the G20 (edited by Mathias Dewatripoint, Xavier Freixas and Richard Portes), VOX e-book, March 2009.
" External Imbalances and the Extensive Margin of Trade" (with Vahagn Galstyan), Economic Notes 38, 241-257, November 2008. Earlier version: IIIS Discussion Paper No. 259, August 2008.
"The Drivers of Financial Globalization" (with Gian Maria Milesi-Ferretti), American Economic Review (Papers and Proceedings)98(2), 327-332, May 2008. Earlier version: IIIS Discussion Paper No. 238.
" EMU and Financial Market Integration," IIIS Discussion Paper No 248. Prepared for the Annual Economics Conference of the Austrian Central Bank.
" Discussion of Financial globalisation, governance and the evolution of the home bias" by Bong-Chan Kho, Ren M Stulz and Francis E Warnock, in BIS Working Papers No 220, December 2006.