Mike Dooley

Michael P. Dooley

Department of Economics
Engineering 2 room 471
University of California, Santa Cruz
Santa Cruz, CA 95064
831 459 3662
mpd at ucsc.edu

Welcome to my home page.  I joined the faculty at UCSC in 1992 following more than twenty years service at the Board of Governors of the Federal Reserve System and the Research Department of the International Monetary Fund.  My research covers a range of issues in open economy macroeconomics including Bretton Woods II, crises in emerging markets, debt management, capital controls, capital flight and liberalization of financial markets.

I am a Research Associate, National Bureau of Economic Research, International Research Fellow, Kiel Institute of World Economics and edit the International Journal of Finance and Economics.

Other affiliations have included visiting teaching positions at Bucknell University, George Washington University, The University of Texas, The University of Chicago Graduate School of Business, the IMF Institute, the World Bank Economic Development Institute and the Kiel Institute of World Economics. Consulting relationships include the International Monetary Fund, World Bank, and the Federal Reserve Board and the Bank of Japan. 

I welcome inquiries concerning our very successful Ph.D. program in international economics.

View my resume.

See IDEAS for additional papers

New  Paper on  Bretton Woods II 

The following papers are available in PDF format.

Selected Papers

The Dollar and the International Monetary System

"Asia, Interest rates and the Dollar," with David Folkerts-Landau and Peter Garber, Deutsche Bank, March 2008.

"Is it 1958 or 1968? Three Notes on the Longevity of the Revived Bretton Woods System," with Peter Garber, BPEA, Spring 2005, Revised June 2005.

"The Revived Bretton Woods System is Alive and Well,"with David Folkerts-Landau and Peter Garber, Deutsche Bank, December 2004.

"The US Current Account Deficit and Economic Development: Collateral for a Total Return Swap," with David Folkerts-Landau and Peter Garber, NBER Working Paper 10727, August 2004.

"Direct Investment, Rising Real Wages and the Absorption of Excess Labor in the Periphery," with David Folkerts-Landau and Peter Garber, NBER Working Paper 10626, July 2004.

"The Effects of Periphery Intervention and Reserve Management on Interest Rates and Exchange Rates in Center Countries,"with David Folkerts-Landau and Peter Garber, NBER Working Paper 10332.

"An Essay on the Revived Bretton Woods System", with David Folkerts-Landau and Peter Garber, NBER Working Paper 9971, September 2003.

"Savings Gluts and Interest Rates: The Missing Link to Europe", with David Folkerts-Landau and Peter Garber, NBER Working Paper 11520, July 2005.

Recent Financial Crises

"Rescue Packages and Output Losses Following Crises", with Sujata Verma.

"Research Summary, "Capital Flows and Crises In Emerging Markets", NBER Reporter, Fall 2000.

"International Financial Architecture and Strategic Default: Can Output Losses Following International Financial Crises be Avoided", Carnegie-Rochester Conference Series, 2000.

"A Model of Crises in Emerging Markets", The Economic Journal, Vol. 110, no. 460, January, 2000 pp. 256-272.

 "Private Inflows when Crises are Anticipated: A Case Study of Korea", January 2000 (with Inseok Shin)

"Latin America and East Asia in the Context of an Insurance Model of Currency Crises" Journal of International Money and Finance, August 1999. (with Menzie Chinn and Sona Shrestha).

"Are Capital Inflows to Developing Countries a Vote For or Against Economics Policy Reforms?" 1994

"Academic Views of Capital Flows: An Expanding Universe, in Capital Controls and Crises: Theory and Practice, January 2000 (with Carl Walsh).

"Speculative Attacks on a Monetary Union?", International Journal of Finance and Economics, vol. 3, 1998, pp. 21-26.

"Indonesia: Is the Light at the End of the Tunnel Oncoming Traffic?",Global Emerging Markets, Deutsche Bank, June 1998.

"Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?", World Bank Economic Review, vol. 10, 1996 pp. 27-50.

The 1982 Debt Crisis

"An Analysis of the Debt Crisis," December, 1986.

"A Retrospective on the Debt Crisis", in Exchange Rate Policy and Interdependence, Peter Kenan, ed. N.J.: Princeton University Press, 1995.

"Policy Inconsistency and External Debt Service," Journal of International Money and Finance, 1994, (with Lars Svenson)

"Issues in Debt Strategy: An Overview," with Max Corden, 1989.

Buy-Backs and the Market Value of External Debt," 1989.

"The IMF and the 1982 and 1994 Debt Crises: Who is in Charge?", September 1998.

Capital Controls

Capital Movements: Curse or Blessing? Michael P. Dooley and Carl E. Walsh.

"Transactions Taxes and Foreign Exchange:Good Theory, Weak Evidence, Bad Policy", in The Tobin Tax:Coping with Financial Volatility, Mahbub ul Haq, Inge Kaul and Isabelle Grundberg eds. Oxford University Press,1996,pp.83-108.

"Capital Controls, Political Risk, and Deviations from Interest Parity", Journal of Political Economy, April 1980. (with Peter Isard)

"A Survey of Literature on Controls Over International Capital Transactions", IMF Staff Papers, V 43, no. 4, December 1996, pp. 639-687.

Capital Flight

"Capital Flight :A Response to Differences in Financial Risks," IMF Staff Papers September 1988

"Country Specific Risk Premiums, Capital Flight and Net Investment Income in Selected Developing Countries," IMF DM 86/17 March 1986

"Capital Flight, External Debt and Domestic Policies," FRBSF Economic Review, 1994 (with Ken Kletzer).

Debt and Asset Management

"Debt Management and Crises in Developing Countries", Journal of Development Economics, Vol. 63 (2000) 45-58.

"A Note on Burden Sharing Among Creditors", IMF Staff Papers, March 1993, pp. 226-232. ( with Richard Haas and Steven Symansky.)

"Endogenous Creditor Seniority and External Debt Values", IMF Staff Papers, V 40, no. 2, June 1993, pp. 395-413.  ( with Mark R. Stone.)

Responses to Volatile Capital Flows: Controls Asset Liability Management and Artchiture, World Bank Conference April 1999.

Monetary Policy in Open Economies

"A Framework for Exchange Rate Policy in Korea", with Rudi Dornbusch and Yung Chul Park.

"Monetary Policy in Japan, Germany and the United States: Does One Size Fit All?", NBER Working Paper #6092 July 1997, ( with Menzie Chinn).

"Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," Bank of Japan: Monetary and Economic Studies Vol. 15, No. 4, December 1997, pp. 81-103.  ( with Menzie Chinn.)

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last update June 9, 2010