WorldCat Identities

Lane, Philip R. 1969-

Overview
Works: 146 works in 694 publications in 1 language and 4,056 library holdings
Roles: Author, Editor, Redactor, Creator
Classifications: HB1, 332.496
Publication Timeline
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Most widely held works by Philip R Lane
Voracity and growth by Aaron Tornell( Book )

26 editions published between 1997 and 1998 in English and held by 120 WorldCat member libraries worldwide

We analyze an economy that lacks a strong legal-political institutional infrastructure an dis populated by multiple powerful groups. Powerful groups dynamically interact via fiscal process that effectively allows open access to the aggregate capital stock. In equilibrium, this leads to slow economic growth and a voracity effect, ' by which a shock, such as a terms of trade windfall, perversely generates a more than proportionate increase in fiscal redistribution and reduces growth. We also show that a dilution in the concentration of power leads to faster growth and a less procyclical response to shocks
Long-term capital movements by Philip R Lane( Book )

27 editions published in 2001 in English and Undetermined and held by 108 WorldCat member libraries worldwide

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals - shifts in relative output levels, the stock of public debt and demographic factors - can do much to explain the evolution of net foreign assets positions. In additions, we highlight the role that 'external wealth' plays in determining the behaviour of the trade balance, and we provide some evidence that a portfolio balance effects exists: real interest rate differentials are inversely realted to net foreign asset positions
Will the Euro trigger more monetary unions in Africa? by Patrick Honohan( Book )

21 editions published between 1999 and 2000 in English and Undetermined and held by 105 WorldCat member libraries worldwide

The arrival of the euro widens the options for a common peg for African currencies but need not shift the balance of advantages in favor of adopting several common currency arrangements in Africa
Why aren't savings rates in Latin America procyclical? by Philip R Lane( Book )

19 editions published in 1998 in English and held by 80 WorldCat member libraries worldwide

We document a striking empirical regularity: Latin American savings rates are as a rule substantially less procyclical than for OECD countries and in some cases are actually countercyclical. We build a non-representative agent intertemporal macroeconomic model that rationalizes this phenomenon as the equilibrium outcome of interaction between multiple groups that have common access to aggregate income. We conclude by suggesting that institutional reform may hold the key to improving the cyclical behavior of savings in Latin America
The International Financial Integration of China And India by Philip R Lane( )

17 editions published between 2006 and 2012 in English and Undetermined and held by 76 WorldCat member libraries worldwide

Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China's foreign direct investment liabilities), these countries are large holders of official reserves. Second, their international balance sheets are highly asymmetric: both are "short equity, long debt." Third, China and India have improved their net external positions over the past decade although, based on their income level, neoclassical models would predict them to be net borrowers. Domestic financial developments and policies seem essential in understanding these patterns of integration. These include financial liberalization and exchange rate policies, domestic financial sector policies, and the impact of financial reform on savings and investment rates. Changes in these factors will affect the international financial integration of China and India (through shifts in capital flows and asset and liability holdings) and, consequently, the international financial system
A global perspective on external positions by Philip R Lane( Book )

22 editions published in 2005 in English and Undetermined and held by 71 WorldCat member libraries worldwide

"The paper highlights the increased dispersion in net external positions in recent years, particularly among industrial countries. It provides a simple accounting framework that disentangles the factors driving the accumulation of external assets and liabilities (such as trade imbalances, investment income flows, and capital gains) for major external creditors and debtors. It also examines the factors driving the foreign asset portfolio of international investors, with a special focus on the weight of U.S. liabilities in the rest of the world's stock of external assets. Finally, it relates the empirical evidence to the current debate about the roles of portfolio balance effects and exchange rate adjustment in shaping the external adjustment process"--National Bureau of Economic Research web site
The external wealth of nations : measures of foreign assets and liabilities for industrial and developing countries by Philip R Lane( Book )

20 editions published between 1999 and 2001 in English and held by 60 WorldCat member libraries worldwide

Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries
External wealth, the trade balance, and the real exchange rate by Philip R Lane( Book )

22 editions published between 2001 and 2002 in English and Undetermined and held by 56 WorldCat member libraries worldwide

This paper examines the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, it decomposes the impact of a country's net foreign asset position ("external wealth") on its long-run real exchange rate into two mechanisms: the relation between external wealth and the trade balance; and, holding other determinants fixed, a relation between the trade balance and the real exchange rate. It also provides additional evidence that the relative price of nontradables is an important channel linking the trade balance and the real exchange rate
Are windfalls a curse? : a non-representative agent model of the current account and fiscal policy by Aaron Tornell( Book )

3 editions published in 1994 in English and held by 52 WorldCat member libraries worldwide

In several countries temporary terms of trade improvements have led to a deterioration of the current account. Furthermore, many of these countries failed to attain greater post-boom growth rates. The point we make is that the structure of the fiscal process is critical in determining outcomes. If fiscal control is unitary, then the consumption-smoothing effect is operative, and representative-agent models of the current account have predictive power. However, if control is divided among several fiscal claimants, a voracity effect appears which counteracts the consumption-smoothing effect, leading to a deterioration of the current account in response to a positive shock. We model the interaction among fiscal claimants as a dynamic game, and show that in equilibrium aggregate appropriation increases more than the windfall itself. This results in a deterioration of the current account. We also show that all the windfall is dissipated, with the country experiencing no increase in its growth rate. Lastly, we analyze the experiences of seven countries which have enjoyed large windfalls
International financial integration by Philip R Lane( Book )

20 editions published in 2003 in English and Undetermined and held by 46 WorldCat member libraries worldwide

In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns
External capital structure : theory and evidence by Philip R Lane( Book )

14 editions published in 2000 in English and Undetermined and held by 44 WorldCat member libraries worldwide

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Financial exchange rates and international currency exposures by Philip R Lane( Book )

13 editions published between 2007 and 2008 in English and held by 42 WorldCat member libraries worldwide

Our goal in this project is to gain a better empirical understanding of the international financial implications of currency movements. To this end, we construct a database of international currency exposures for a large panel of countries over 1990-2004. We show that trade-weighted exchange rate indices are insufficient to understand the financial impact of currency movements. Further, we demonstrate that many developing countries hold short foreign-currency positions, leaving them open to negative valuation effects when the domestic currency depreciates. However, we also show that many of these countries have substantially reduced their foreign currency exposure over the last decade. Last, we show that our currency measure has high explanatory power for the valuation term in net foreign asset dynamics: exchange rate valuation shocks are sizable, not quickly reversed and may entail substantial wealth shocks
The transfer problem revisited : net foreign assets and real exchange rates by Philip R Lane( Book )

15 editions published in 2000 in English and Undetermined and held by 42 WorldCat member libraries worldwide

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Financial globalization and exchange rates by Philip R Lane( Book )

19 editions published between 2004 and 2005 in English and Undetermined and held by 37 WorldCat member libraries worldwide

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The external wealth of nations mark II : revised and extended estimates of foreign assets and liabilities, 1970-2004 by Philip R Lane( Book )

18 editions published in 2006 in English and held by 30 WorldCat member libraries worldwide

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Where did all the borrowing go? : a forensic analysis of the U.S. external position by Philip R Lane( Book )

17 editions published in 2008 in English and held by 27 WorldCat member libraries worldwide

The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net liabilities for the U.S. economy over the past 25 years. In particular, it highlights and quantifies the role played by net capital gains on the U.S. external portfolio and 'residual adjustments' in explaining this discrepancy. It discusses whether these 'residual adjustments' are likely to be originating from measurement errors in external assets and liabilities, financial flows, or capital gains, and explores the implications of these conjectures for the U.S. financial account and external position
The long or short of it : determinants of foreign currency exposure in external balance sheets by Philip R Lane( Book )

14 editions published between 2008 and 2009 in English and held by 24 WorldCat member libraries worldwide

A major focus of the recent literature on the determination of optimal portfolios in open-economy macroeconomic models has been on the role of currency movements in determining portfolio returns that may hedge various macroeconomic shocks. However, there is little empirical evidence on the foreign currency exposures that are embedded in international balance sheets. Using a new database, we provide stylized facts concerning the cross-country and time-series variation in aggregate foreign currency exposure and its various subcomponents. In panel estimation, we find that richer, more open economies take longer foreign-currency positions. In addition, we find that an increase in the propensity for a currency to depreciate during bad times is associated with a longer position in foreign currencies, providing a hedge against domestic output fluctuations. We view these new stylized facts as informative in their own right and also potentially useful to the burgeoning theoretical literature on the macroeconomics of international portfolios
External adjustment and the global crisis by Philip R Lane( Book )

15 editions published in 2011 in English and Undetermined and held by 22 WorldCat member libraries worldwide

The period preceding the global financial crisis was characterized by a substantial widening of current account imbalances across the world. Since the onset of the crisis, these imbalances have contracted to a significant extent. In this paper, we analyze the ongoing process of external adjustment in advanced economies and emerging markets. We find that countries whose pre-crisis current account balances were in excess of what could be explained by standard economic fundamentals have experienced the largest contractions in their external balance. We subsequently examine the contributions of real exchange rates, domestic demand and domestic output to the adjustment process (allowing for differences across exchange rate regimes) and find that external adjustment in deficit countries was achieved primarily through demand compression, rather than expenditure switching. Finally, we show that changes in other investment flows were the main channel of financial account adjustment, with official external assistance and ECB liquidity cushioning the exit of private capital flows for some countries
Cross-border investment in small international financial centers by Philip R Lane( Book )

11 editions published in 2010 in English and Undetermined and held by 21 WorldCat member libraries worldwide

This note documents and assesses the role of small financial centers in the international financial system using a newly-assembled dataset. It presents estimates of the foreign asset and liability positions for a number of the most important small financial centers, and places these into context by calculating the importance of these locations in the global aggregate of cross-border investment positions. It also reports some information on bilateral cross-border investment patterns, highlighting which countries engage in financial trade with small financial centers
Capital flows to Central and Eastern Europe by Philip R Lane( Book )

11 editions published in 2006 in English and held by 17 WorldCat member libraries worldwide

We examine the evolution of the net external asset positions of Central and Eastern Europe (CEEC) countries over the past decade, with a strong emphasis on the composition of their international balance sheets. We assess the extent of their international financial integration, compared with the advanced economies and other emerging markets, and highlight the salient features of their external capital structure in terms of the relative importance of FDI, portfolio equity, and external debt. In addition, we briefly describe the country and currency composition of their external liabilities. Finally, we explore the implications of the accumulated stock of external liabilities for future trade and current account balances
 
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Alternative Names
Lane, P.R. 1969-

Lane, Philip 1969-

Lane, Philip Richard.

Lane, Philip Robert 1969-

Philip R. Lane economista irlandés

Philip R. Lane econoom uit Ierland

Philip R. Lane Irish economist

Languages
English (333)