International Capital Flows and Monetary Policy Spillovers

This dissertation examines the drivers and implications of international capital flows. The overarching motivation is the observation that countries not at the centre of global financial markets are subject to considerable spillovers from centre countries, notably from their monetary policy. I present new empirical evidence on the determinants of the observed patterns of international capital flows and monetary policy spillovers, and study their effect on both financial markets and the real economy. In Chapter 2 I provide evidence on the determinants of a puzzling negative correlation observed between productivity growth and net capital inflows to developing and emerging market economies (EMEs) since 1980. By disaggregating net capital inflows into their gross components, I show that this negative correlation is explained by capital outflows related to purchases of very liquid assets from the fastest growing countries. My results suggest a desire for international portfolio diversification in liquid assets by fast growing countries is driving much of the original puzzle. In the reminder of my dissertation I pivot to study the foreign characteristics that drive international capital flows and monetary policy spillovers, with a particular focus on the role of unconventional monetary policy in the United States (U.S.). In Chapter 3 I show that a significant portion of the heterogeneity in EMEs' asset price adjustment following the quantitative easing operations by the Federal Reserve (the Fed) during 2008-2014 can be explained by the degree of bilateral capital market frictions between these countries and the U.S. This is true even after accounting for capital controls, exchange rate regimes, and domestic monetary policies. Chapter 4, co-authored with Michal Ksawery Popiel, studies unconventional monetary policy in a small open economy, looking specifically at the case of Canada since the global financial crisis. We quantify the effect Canadian unconventional monetary policy shocks had on the real economy, while carefully controlling for and quantifying spillovers from U.S. unconventional monetary policy. Our results indicate that the Bank of Canada's unconventional monetary policy increased Canadian output significantly from 2009-2010, but that spillovers from the Fed's policy were even more important for increasing Canadian output after 2008.

The Criminalisation of Migration in Europe: A State-of-the-Art of the Academic Literature and Research. CEPS Liberty and Security in Europe No. 61, October 2013

In the last 30 years, a clear trend has come to define modern immigration law and policy. A set of seemingly disparate developments concerning the constant reinforcement of border controls, tightening of conditions of entry, expanding capacities for detention and deportation and the proliferation of criminal sanctions for migration offences, accompanied by an anxiety on the part of the press, public and political establishment regarding migrant criminality can now be seen to form a definitive shift in the European Union towards the so-called ‘criminalisation of migration’. This paper aims to provide an overview of the ‘state-of-the-art’ in the academic literature and EU research on criminalisation of migration in Europe. It analyses three key manifestations of the so-called ‘crimmigration’ trend: discursive criminalisation; the use of criminal law for migration management; and immigrant detention, focusing both on developments in domestic legislation of EU member states but also the increasing conflation of mobility, crime and security which has accompanied EU integration. By identifying the trends, synergies and gaps in the scholarly approaches dealing with the criminalisation of migration, the paper seeks to provide a framework for on-going research under Work Package 8 of the FIDUCIA project.

Kosowo - przed ostatecznym rozwiazaniem. Proces uregulowania statusu miedzynarodowego = uwarunkowania polityczne i historyczne perspektywy rozwoju sytuacji. Prace OSW 2008. Kosovo before the final decision. Regulation Kosovo's international status - historical and political conditions and prospects for future developments. OSW Study 27/2008

The question of Kosovo's status is currently one of the most important issues in international politics. Since 1999, Kosovo has been an international protectorate which was created in the aftermath of the NATO intervention to stop the brutal pacification of the Albanian insurgency by Serb forces. The province has since de facto become independent of Serbia. Resolution 1244 of the UN Security Council, which established the protectorate, does not preclude any possible outcome as regards its status. Aware that after the crimes of 1999, any attempt to re-integrate Kosovo into Serbia would lead to a massive Albanian uprising, the West has decided that the best solution would be to award Kosovo internationally supervised independence, while at the same time granting very wide autonomy to the Kosovo Serbs. Serbia and Russia rejected the solution proposed by the West, and so Kosovo became an arena of international rivalry for influence in the Western Balkans as well as another element of rivalry, transcending the regional dimension, between Russia and the West. Russia has been using the Kosovo case to build a new model of its relations with the United States and the EU. Since there is a group of countries sceptical about, or even opposed to, Kosovo's independence within the EU, the Kosovo settlement will be a test of the EU's ability to speak with one voice with regard to its external policy.

Review of the United Nations 33d Commission on Human Rights : hearing before the Subcommittee on International Organizations of the Committee on International Relations, House of Representatives, Ninety-fifth Congress, first session, May 19, 1977.

Mode of access: Internet.

Human rights in Haiti : hearing before the Subcommittee on International Organizations of the Committee on International Relations, House of Representatives, Ninety-fourth Congress, first session, November 18, 1975.

"Report of Senator Edward W. Brooke, 'United States foreign assistance for Haiti', April 1974": p. 73-120.

Proceedings of the Conference on international relations, held at Cornell university, Ithaca, N.Y., June 15-30, 1915.

"Important books on international relations": p. 400-408; other bibliographies interspersed.

Syllabus on international relations /

Bibliography : p. 239-276.

International automotive fuel economy research conference. First. Proceedings.

Mode of access: Internet.

The future of transatlantic relations : a view from Europe : hearing before the Subcommittee on Europe of the Committee on International Relations, House of Representatives, One Hundred Eighth Congress, first session, June 17, 2003.

"Serial no. 108-34."

Classification outline for decisions of the National Labor Relations Board and related court decisions.

The outline, together with the Classified index of National Labor Relations Board decisions and related court decisions, comprises a legal research system for Board and court decisions.

International carbon dioxide-related activities : the international organizations involved and U.S. bilateral arrangements /

Mode of access: Internet.

Foreign assistance : North Korea restricts food aid monitoring : report to the Chairman, Committee on International Relations, House of Representatives /

"B-283605"--P. 3.

Dependent America : a study of the economic bases of our international relations /

Bibliography: p. [255]-260.

Patterns of African international relations /

Cover title.

U.N. special session on development : a review : hearing before the Subcommittees on International Economic Policy and Trade and on International Organizations of the Committee on Foreign Affairs, House of Representatives, Ninety-sixth Congress, second session, November 19, 1980.

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