International Financial Integration

In recent decades, foreign assets and liabilities in advanced countries have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. In this paper, we describe the broad trends in international financial integration for a sample of industrial countries, and seek to explain the cross-country and time-series variation in the size of international balance sheets. We also examine the behaviouur of the rates of return on foreign assets and liabilities, relating them to 'market' returns.

The performance of the jet trigger for the ATLAS detector during 2011 data taking

The performance of the jet trigger for the ATLAS detector at the LHC during the 2011 data taking period is described. During 2011 the LHC provided proton–proton collisions with a centre-of-mass energy of 7 TeV and heavy ion collisions with a 2.76 TeV per nucleon–nucleon collision energy. The ATLAS trigger is a three level system designed to reduce the rate of events from the 40 MHz nominal maximum bunch crossing rate to the approximate 400 Hz which can be written to offline storage. The ATLAS jet trigger is the primary means for the online selection of events containing jets. Events are accepted by the trigger if they contain one or more jets above some transverse energy threshold. During 2011 data taking the jet trigger was fully efficient for jets with transverse energy above 25 GeV for triggers seeded randomly at Level 1. For triggers which require a jet to be identified at each of the three trigger levels, full efficiency is reached for offline jets with transverse energy above 60 GeV. Jets reconstructed in the final trigger level and corresponding to offline jets with transverse energy greater than 60 GeV, are reconstructed with a resolution in transverse energy with respect to offline jets, of better than 4 % in the central region and better than 2.5 % in the forward direction

External Wealth, the Trade Balance, and the Real Exchange Rate

We examine the link between the net foreign asset position, the trade balance and the real exchange rate. In particular, we decompose 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 fixed other determinants, a negative relation between the trade balance and the real exchange rate. We also provide additional evidence that the relative price of nontradables is an important channel linking the trade balance and the real exchange rate.Net foreign assets, trade balance, real exchange rate.

Fiscal rules and the budget process

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.9512(1664) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Good, bad or ugly? On the effects of fiscal rules with creative accounting

Issued under the auspices of the Centre's research programme in international economicsSIGLEAvailable from British Library Document Supply Centre-DSC:3597.9512(no 2663) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Long-term capital movements

SIGLEAvailable from British Library Document Supply Centre-DSC:9050.662256(no 12) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

External wealth, the trade balance, and the real exchange rate

Revised versionSIGLEAvailable from British Library Document Supply Centre-DSC:9050.662256(no 21) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Current account sustainability Selected East Asian and Latin American experiences

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.9512(CEPR-DP--1509) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

External wealth, the trade balance and the real exchange rate

Also available via the InternetAvailable from British Library Document Supply Centre-DSC:3597.9512(no 3153) / BLDSC - British Library Document Supply CentreSIGLEGBUnited Kingdo