{"id":"https://openalex.org/W1533986000","doi":"https://doi.org/10.3386/w11440","title":"Wealth Transfers, Contagion, and Portfolio Constraints","display_name":"Wealth Transfers, Contagion, and Portfolio Constraints","publication_year":2005,"publication_date":"2005-06-01","ids":{"openalex":"https://openalex.org/W1533986000","doi":"https://doi.org/10.3386/w11440","mag":"1533986000"},"language":"en","primary_location":{"id":"doi:10.3386/w11440","doi":"https://doi.org/10.3386/w11440","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w11440","pdf_url":"https://doi.org/10.3386/w11440","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"volume":null,"type":"report","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://doi.org/10.3386/w11440","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5019479397","display_name":"Anna Pavlova","orcid":"https://orcid.org/0009-0006-3895-5947","observed_orcids":["https://orcid.org/0009-0006-3895-5947"]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Anna Pavlova","raw_affiliation_strings":["Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142","Governors, Harvard, LSE, MIT, Pittsburgh,","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142 and","Sloan School of Management, MIT, 50 Memorial Drive, E52-431, Cambridge, MA 02142-1347,","Sloan School of Management, MIT, and NBER","USC, the Cowles-CARESS conference at Yale,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Governors, Harvard, LSE, MIT, Pittsburgh,","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142 and","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Sloan School of Management, MIT, 50 Memorial Drive, E52-431, Cambridge, MA 02142-1347,","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Sloan School of Management, MIT, and NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I63966007"]},{"raw_affiliation_string":"USC, the Cowles-CARESS conference at Yale,","institution_ids":[]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5110770632","display_name":"Roberto Rigobon B C","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I1321305853","display_name":"National Bureau of Economic Research","ror":"https://ror.org/04grmx538","country_code":"US","type":"nonprofit","lineage":["https://openalex.org/I1321305853"]},{"id":"https://openalex.org/I136199984","display_name":"Harvard University","ror":"https://ror.org/03vek6s52","country_code":"US","type":"education","lineage":["https://openalex.org/I136199984"]},{"id":"https://openalex.org/I63966007","display_name":"Massachusetts Institute of Technology","ror":"https://ror.org/042nb2s44","country_code":"US","type":"education","lineage":["https://openalex.org/I63966007"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Roberto Rigobon","raw_affiliation_strings":["Governors, Harvard, LSE, MIT, Pittsburgh,","NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142","Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142 and","Sloan School of Management, MIT, 50 Memorial Drive, E52-431, Cambridge, MA 02142-1347,","Sloan School of Management, MIT, and NBER","USC, the Cowles-CARESS conference at Yale,"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Governors, Harvard, LSE, MIT, Pittsburgh,","institution_ids":["https://openalex.org/I136199984"]},{"raw_affiliation_string":"NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138","institution_ids":["https://openalex.org/I1321305853"]},{"raw_affiliation_string":"Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Sloan School of Management MIT, E52-431 50 Memorial Drive Cambridge, MA 02142 and","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Sloan School of Management, MIT, 50 Memorial Drive, E52-431, Cambridge, MA 02142-1347,","institution_ids":["https://openalex.org/I63966007"]},{"raw_affiliation_string":"Sloan School of Management, MIT, and NBER","institution_ids":["https://openalex.org/I1321305853","https://openalex.org/I63966007"]},{"raw_affiliation_string":"USC, the Cowles-CARESS conference at Yale,","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":3,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":22,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9502000212669373,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9502000212669373,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10282","display_name":"Financial Risk and Volatility Modeling","score":0.012199999764561653,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.010700000450015068,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/portfolio-constraints","display_name":"portfolio constraints","score":0.7910000085830688},{"id":"https://openalex.org/keywords/wealth-transfer","display_name":"wealth transfer","score":0.7639999985694885},{"id":"https://openalex.org/keywords/financial-contagion","display_name":"financial contagion","score":0.9549999833106995},{"id":"https://openalex.org/keywords/stock-prices","display_name":"stock prices","score":0.7599999904632568},{"id":"https://openalex.org/keywords/exchange-rates","display_name":"exchange rates","score":0.9929999709129333},{"id":"https://openalex.org/keywords/terms-of-trade","display_name":"terms of trade","score":0.9869999885559082},{"id":"https://openalex.org/keywords/flight-to-quality","display_name":"flight to quality","score":0.8270000219345093},{"id":"https://openalex.org/keywords/core-periphery-model","display_name":"core-periphery model","score":0.9440000057220459},{"id":"https://openalex.org/keywords/international-transmission","display_name":"international transmission","score":0.6869999766349792},{"id":"https://openalex.org/keywords/international-capital-flows","display_name":"international capital flows","score":0.38999998569488525}],"concepts":[{"id":"https://openalex.org/C2780821815","wikidata":"https://www.wikidata.org/wiki/Q5340806","display_name":"Portfolio","level":2,"score":0.6857057213783264},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.46245408058166504},{"id":"https://openalex.org/C2778890369","wikidata":"https://www.wikidata.org/wiki/Q499041","display_name":"Financial contagion","level":3,"score":0.447308212518692},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3798341155052185},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.3477984070777893},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.34297308325767517},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.1715119481086731},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.12081217765808105}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.3386/w11440","doi":"https://doi.org/10.3386/w11440","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w11440","pdf_url":"https://doi.org/10.3386/w11440","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},{"id":"pmh:oai:RePEc:nbr:nberwo:11440","doi":null,"is_oa":false,"landing_page_url":"http://www.nber.org/papers/w11440.pdf","pdf_url":"http://www.nber.org/papers/w11440.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"pmh:oai:aleph.bib-bvb.de:BVB01-013368802","doi":null,"is_oa":false,"landing_page_url":"http://papers.nber.org/papers/w11440.pdf","pdf_url":"http://papers.nber.org/papers/w11440.pdf","source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"text"},{"id":"mag:3121569270","doi":null,"is_oa":false,"landing_page_url":"https://econpapers.repec.org/RePEc:nbr:nberwo:11440","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"RePEc: Research Papers in Economics","raw_type":null},{"id":"mag:3142371731","doi":null,"is_oa":false,"landing_page_url":"https://ideas.repec.org/p/nbr/nberwo/11440.html","pdf_url":null,"source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"National Bureau of Economic Research","raw_type":null},{"id":"pmh:oai:RePEc:cpr:ceprdp:5117","doi":null,"is_oa":false,"landing_page_url":"http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=5117","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"}],"best_oa_location":{"id":"doi:10.3386/w11440","doi":"https://doi.org/10.3386/w11440","is_oa":true,"landing_page_url":"https://doi.org/10.3386/w11440","pdf_url":"https://doi.org/10.3386/w11440","source":{"id":"https://openalex.org/S2809516038","display_name":"National Bureau of Economic Research","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":null,"host_organization_name":null,"host_organization_lineage":["https://openalex.org/P4322614461"],"host_organization_lineage_names":["National Bureau of Economic Research"],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"National Bureau of Economic Research","raw_type":"report"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W1533986000.pdf","grobid_xml":"https://content.openalex.org/works/W1533986000.grobid-xml"},"referenced_works_count":75,"referenced_works":["https://openalex.org/W1498248246","https://openalex.org/W1498345344","https://openalex.org/W1501895777","https://openalex.org/W1524531188","https://openalex.org/W1557832879","https://openalex.org/W1564383129","https://openalex.org/W1587372176","https://openalex.org/W1597277993","https://openalex.org/W1597641588","https://openalex.org/W1603013854","https://openalex.org/W1762980242","https://openalex.org/W1763824682","https://openalex.org/W1942405257","https://openalex.org/W1963901383","https://openalex.org/W1982493195","https://openalex.org/W1987283162","https://openalex.org/W1989066200","https://openalex.org/W1991510170","https://openalex.org/W1995680252","https://openalex.org/W1998949156","https://openalex.org/W2005158847","https://openalex.org/W2011487064","https://openalex.org/W2019425677","https://openalex.org/W2020710668","https://openalex.org/W2025483505","https://openalex.org/W2028783080","https://openalex.org/W2042775870","https://openalex.org/W2046948272","https://openalex.org/W2055107389","https://openalex.org/W2081884641","https://openalex.org/W2090220594","https://openalex.org/W2098929430","https://openalex.org/W2100273878","https://openalex.org/W2101543820","https://openalex.org/W2102249116","https://openalex.org/W2112660322","https://openalex.org/W2119143694","https://openalex.org/W2123017866","https://openalex.org/W2127477100","https://openalex.org/W2128532428","https://openalex.org/W2132874737","https://openalex.org/W2138112142","https://openalex.org/W2145370541","https://openalex.org/W2151383463","https://openalex.org/W2156625243","https://openalex.org/W2161452283","https://openalex.org/W2166422272","https://openalex.org/W2167666676","https://openalex.org/W2256085678","https://openalex.org/W2321234579","https://openalex.org/W2890328653","https://openalex.org/W2890807542","https://openalex.org/W2892204192","https://openalex.org/W3097259473","https://openalex.org/W3110636891","https://openalex.org/W3121758033","https://openalex.org/W3121935657","https://openalex.org/W3122124206","https://openalex.org/W3122226199","https://openalex.org/W3122254030","https://openalex.org/W3123097063","https://openalex.org/W3123561954","https://openalex.org/W3123929708","https://openalex.org/W3124295662","https://openalex.org/W3124656002","https://openalex.org/W3124920880","https://openalex.org/W3125204970","https://openalex.org/W3126093977","https://openalex.org/W3148551660","https://openalex.org/W4233678120","https://openalex.org/W4292083418","https://openalex.org/W6664104383","https://openalex.org/W6682509651","https://openalex.org/W6789447418","https://openalex.org/W6814736722"],"related_works":["https://openalex.org/W7097793143","https://openalex.org/W7098842708","https://openalex.org/W1994178303","https://openalex.org/W7096602958","https://openalex.org/W6989544779","https://openalex.org/W2890328653","https://openalex.org/W4293173367","https://openalex.org/W2158142409","https://openalex.org/W2913098092","https://openalex.org/W7099093488"],"abstract_inverted_index":{"This":[0],"paper":[1],"examines":[2],"the":[3,23,35,40,54,57,71,82,87,103,107,111,127,134,138,142],"co-movement":[4],"among":[5,81],"stock":[6,94,108,113,131,139],"market":[7,95,140],"prices":[8,114,132],"and":[9],"exchange":[10],"rates":[11],"within":[12],"a":[13,97,117,121],"threecountry":[14],"Center-Periphery":[15],"dynamic":[16],"equilibrium":[17],"model":[18],"in":[19,22,106,141],"which":[20],"agents":[21],"Center":[24,104],"country":[25,105],"face":[26],"portfolio":[27,58,98],"constraints.In":[28],"our":[29],"model,":[30],"international":[31],"transmission":[32],"occurs":[33],"through":[34,39,49],"terms":[36,83],"of":[37,56,84,86,102,110,126],"trade,":[38],"common":[41],"discount":[42],"factor":[43],"for":[44,78],"cash":[45],"flows,":[46],"and,":[47],"finally,":[48],"an":[50],"additional":[51],"channel":[52],"reflecting":[53],"tightness":[55],"constraints.Portfolio":[59],"constraints":[60],"are":[61,76],"shown":[62],"to":[63,68,119,124],"generate":[64],"endogenous":[65],"wealth":[66],"transfers":[67,75],"or":[69],"from":[70],"Periphery":[72,88,128],"countries.These":[73],"implicit":[74],"responsible":[77],"creating":[79],"contagion":[80],"trade":[85],"countries,":[89],"as":[90,92],"well":[91],"their":[93],"prices.Under":[96],"constraint":[99],"limiting":[100],"investment":[101],"markets":[109],"Periphery,":[112,135],"also":[115],"exhibit":[116],"flight":[118],"quality:":[120],"negative":[122],"shock":[123],"one":[125],"countries":[129],"depresses":[130],"throughout":[133],"while":[136],"boosting":[137],"Center.":[143]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}