Philip R. Lane's Recent Research
Corporate Debt in Emerging Economies: A Threat to Financial Stability?, CIEPR Report (with Viral Acharya, Steve Cecchetti, Sebnem Kalemli-Ozcan, Jose De Gregorio and Ugo Panizza).
" Macro-Financial Stability under EMU," Trinity Economic Paper No. 06/15.
" The Funding of the Domestic Irish Banking System During the Boom," Trinity Economic Paper No. 05/15. Forthcoming in JSSISI.
A New Start for the Eurozone: Dealing with Debt (Giancarlo Corsetti, Lars P Feld, Philip R. Lane, Lucrezia Reichlin, Hélène Rey, Dimitri Vayanos, Beatrice Weder di Mauro), CEPR Monitoring the Eurozone Report, April 2015.
" Cross-Border Financial Linkages: Identifying and Measuring Vulnerabilities," CEPR Policy Insight No. 77, January 2015.
" Cross-Country Exposures to the Swiss Franc" (with Agustin Benetrix), Swiss National Bank Workshop, November 2014.
" Deleveraging, What Deleveraging?" (with Luigi Buttiglione, Lucrezia Reichlin and Vincent Reinhart), Geneva Report on the World Economy 16, September 2014.
" Financial Cycles and Fiscal Cycles" (with Agustin Benetrix), June 2011. New version coming soon.
" External Funding and Long-Term Investment," in Alexandra Heath and Matthew Read (eds) Financial Flows and Infrastructure Financing, Reserve Bank of Australia, 2014.
" International Financial Flows and the Irish Crisis," CESifo Forum 15(2), 14-19.
" International Financial Flows in Low-Income Countries," Pacific Economic Review, February 2015.
" International Differences in Fiscal Outcomes During the Global Crisis" (with Agustin Benetrix), Fiscal Studies, March 2015.
" Domestic Credit Growth and International Capital Flows" (with Peter McQuade), IIIS Discussion Paper No. 428. Scandinavian Journal of Economics, 2014.
" Growth and Adjustment Challenges for the Euro Area," IIIS Discussion Paper No. 427. Economic and Social Review 44(2), 273-295, Summer 2013.
" Capital Flows in the Euro Area," European Economy Economic Paper No. 497, April 2013.
" Cross-Border Financial Integration in Asia and the Macro-Financial Policy Framework," IIIS Discussion Paper No. 423. Also, World Economics 14(2), 37-52, 2013.
" Bilateral Portfolio Dynamics During the Global Crisis" (with Vahagn Galstyan), August 2011. IIIS Discussion Paper No. 366. Revised version: European Economic Review 57(1), 63-74, January 2013.
CIEPR, Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses, Brookings Institution / Sloan Foundation, September 2012.
" External Adjustment and the Global Crisis" (with Gian Maria Milesi-Ferretti), Journal of International Economics88(2), 252-265, November 2012.
" Fiscal Shocks and the Real Exchange Rate," (with Agustin Benetrix), International Journal of Central Banking, forthcoming.
Philip R. Lane and Barbara Pels (2012), " Current Account Imbalances in Europe," Moneda y Credito, forthcoming.
" The Cyclical Conduct of Irish Fiscal Policy" (with Agustin Benetrix), World Economy 35(10), 1277-1290, October 2012.
" External Imbalances and Macroeconomic Policy," New Zealand Economic Papers, forthcoming.
" The Dynamics of Ireland's Net External Position," Journal of the Statistical and Social Inquiry Society of Ireland, forthcoming.
" The Irish Crisis," IIIS Discussion Paper No. 356, January 2011. Published in The Euro Area and The Financial Crisis (Miroslav Beblavy, David Cobham and L'udovit Odor, editors), Cambridge University Press, 59-80, 2011.
" Debt Overhang in Emerging Europe?" (with Martin Brown), August 2011. World Bank Policy Research Working Paper No. 5784.
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.
" 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.