Sebnem Kalemli-Ozcan


Neil Moskowitz Endowed Professor of Economics - University of Maryland, College Park
Research Associate - National Bureau of Economic Research

Research Fellow - Center for Economic Policy Research


Google Scholar Listing


Working Papers


Foreign Investment and Domestic Productivity: Identifying Knowledge Spillovers and Competition Effects, with Bent Sorensen, Vadym Volosovych, Carolina Villegas-Sanchez, and Christian Fons-Rosen

International Spillovers and Local Credit Cycles,
with Soner Baskaya, Julian di Giovanni, and Mehmet Ulu
Gross Capital Flows by Banks, Corporates, and Sovereigns, with Steven Avdjiev, Bryan Hardy, and Luis Serven
How to Construct Nationally Representative Firm Level Data from the ORBIS Global Database, with Bent Sorensen, Carolina Villegas-Sanchez, Vadym Volosovych, Sevcan Yesiltas

Corporate Debt Overhang, Rollover Risk, and Investment in Europe, with Luc Laeven and David Moreno

Sovereign Risk and Bank Lending: Theory and Evidence from 1999 Turkish Earthquake, with Soner Baskaya, Bryan Hardy, and Vivian Yue

Financial Shocks in Production Chains, with Hyun Song Shin, Se-Jik Kim, Bent Sorensen, Sevcan Yesiltas

Does Trade Cause Capital to Flow? Evidence from Historical Rainfalls, with Alex Nikolsko-Rzevhskyy

Quantifying the Productivity Gains from Foreign Investment, with Bent Sorensen, Vadym Volosovych, Carolina Villegas-Sanchez, and Christian Fons-Rosen

Publications-Journal Articles


Capital Allocation and Productivity in South Europe, with Gita Gopinath, Loukas Karabarbounis, Carolina Villegas-Sanchez
Quarterly Journal of Economics, forthcoming

Capital Flows and International Credit Channel, with Soner Baskaya, Julian di Giovanni, Jose-Luis Peydro, and Mehmet Ulu
Journal of International Economics, forthcoming

What Hinders Investment in the Aftermath of Financial Crises? Insolvent Firms or Illiquid Banks?, with Herman Kamil and Carolina Villegas-Sanchez
Review of Economics and Statistics,
October 2016, Vol. 98(4), 756-769. Emergence of Asia: Reforms, Corporate Savings, and Global Imbalances, with Jingting Fan
IMF Economic Review,
June 2016, Vol. 64(2), 239-267.

Sovereign Debt and Financial Crisis:
Theory and Historical Evidence, with Carmen Reinhart and Ken Rogoff
Journal of European Economic Association,
January 2016, Vol. 14(1), 1-6.

Deep Financial Integration and Macroeconomic Volatility, with Bent Sorensen, and Vadym Volosovych
Journal of European Economic Association, December 2014, Vol. 12(6), 1558-1585.

Sovereigns, Upstrems Capital Flows and Global Imbalances, with Laura Alfaro and Vadym Volosovych 
Journal of European Economic Association, October 2014, Vol. 12(5), 1240-1284.
Debt Crisis and Risk Sharing: The Role of Markets versus Sovereigns, with Bent Sørensen and Emiliano Luttini 
Scandinavian Journal of Economics, January 2014, Vol. 216, 253-276.


How Big are the Gains from International Financial Integration?, with Indrit Hoxha and Dietz Vollrath
Journal of Development Economics, July 2013, Vol. 103, 90-98

HIV and Fertility in Africa: First-Evidence from Population Based Surveys, with Chinhui Juhn and Belgi Turan
Journal of Population Economics, July 2013, Vol. 26(3), 835-853
Financial Regulation, Financial Globalization and the Synchronization of Economic Activity, with Elias Papaioannou and Jose Luis Peydro
Journal of Finance, May 2013, Vol. 68(3), 1179-1228
Global Banks and Crisis Transmission, with Elias Papaioannou and Fabrizio Perri
Journal of International Economics, March 2013, Vol. 89(2), 495-510
Leverage Across Firms, Banks, and Countries, with Bent Sorensen and Sevcan Yesiltas
Journal of International Economics, November 2012, 88(2), 284-298.

Risk Sharing Through Capital Gains, with Faruk Balli and Bent Sorensen
Canadian Journal of Economics, May 2012, Vol. 45(2), 472-492.

AIDS, Reversal of the Demographic Transition and Economic Development: Evidence from Africa
Journal of Population Economics, 2011, Vol. 25(3), 871-897.

HIV and Fertility Revisited, with Belgi Turan
Journal of Development Economics, 2011, Vol. 96(1),61-65.

Why Does Capital Flow to Rich States?, with Bent Sorensen, Ariell Reshef, and Oved Yosha
Review of Economics and Statistics, November 2010, 92(4), 769-783.


What Lies Beneath the Euro's Effect on Financial Integration?Currency Risk, Legal Harmonization or Trade, with Elias Papaioannou and Jose Luis Peydro
Journal of International Economics, May 2010, 81(1), 75-88.

Does Foreign Direct Investment Promote Economic Growth? Exploring the Effects of Financial Markets on Linkages, with Laura Alfaro, Areendam Chanda, and Selin Sayek 

Journal of Development Economics, March 2010, 91(2), 242-256.

Mortality Change, the Uncertainty Effect and the Retirement, with David N. Weil
Journal of Economic Growth, February 2010, 15(1), 65-91.


FDI, Productivity and Financial Development, with Laura Alfaro, Selin Sayek 
World Economy, January 2009, 32(1), 111-135


Why doesn't Capital Flow from Rich to Poor Countries? An Empirical Investigation, with Laura Alfaro, Vadym Volosovych
Review of Economics and Statistics, 90, 2008.


Financial Integration within EU Countries: The Role of Institutions, Confidence and Trust, with Mehmet Fatih Ekinci and Bent Sorensen
NBER International Seminar on Macroeconomics, 2007.
The Uncertain Lifetime and the Timing of Human Capital Investment,
Journal of Population Economics, 21 (3), 2008.


FDI and Economic Growth: The Role of Local Financial Markets, with Laura Alfaro, Areendam Chanda, Selin Sayek
Journal of International Economics, 64 (1), 2004.


Risk Sharing and Industrial Specialization: Regional and International Evidence, with Bent Sorensen, Oved Yosha
American Economic Review, 93 (3), 2003.


A Stochastic Model of Mortality, Fertility, and Human Capital Investment
Journal of Development Economics, 70 (1), 2003.

Does Mortality Decline Promote Economic Growth?
Journal of Economic Growth, 7 (4), 2002.


Economic Integration, Industrial Specialization, and the Asymmetry of Macroeconomic Fluctuations, with Bent Sorensen, Oved Yosha
Journal of International Economics, 55 (1), 2001.


Mortality Decline, Human Capital Investment and Economic Growth, with Harl Ryder, David N. Weil
Journal of Development Economics, 62 (1), 2000.



Publications-Book Chapters


Misallocation, Property Rights, and Access to Finance: Evidence from Within and Across Africa,

with Bent Sorensen,

NBER Volume of African Success Stories, forthcoming


Where Does Capital Flow? A Comparison of U.S. States and EU Countries 1950-2000
with Bent Sorensen, Belgi Turan
In: Building the Financial Foundations of the Euro: Experiences and Challenges, (eds) Lars Jonung, Oxford University Press, 2008.


Financial Integration and Economic Welfare
with Bent Sorensen
In: Financial Markets and Institutions, (eds) Philipp Hartmann, and Colin Mayer, Oxford University Press, 2008.


Capital Flows in a Globalized World: The Role of Policies and Institutions
with Laura Alfaro, Vadym Volosovych
In: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices and Consequences, (eds) Sebastian Edwards, NBER, Spring 2007.


Asymmetric Shocks and Risk Sharing in a Monetary Union: Updated Evidence and Policy Implications for Europe
with Bent Sorensen, Oved Yosha
In: Who will Own Europe? The Internationalization of Asset Ownership in the EU Today and in the Future, (eds) Hary Huizinga and Lars Yonung, Cambridge University Press, 2005.


Economic Integration, Industrial Specialization and the Asymmetry of Macroeconomic Fluctuations
with Bent Sorensen, Oved Yosha
In: Economic Policy in the International Economy, (eds) Elhanan Helpman and Efraim Sadka, Cambridge University Press, 2003.


Publications-Comments


Comment on "Capital Flow Bonanzas: An Encompassing View of the Past and the present" by Reinhart and Reinhart,
NBER International Seminar on Macroeconomics 2008,
University of Chicago Press 2008.

Comment on "Capital Flows and Asset Prices" by Aoki, Benigno, Kiyotaki,
NBER International Seminar on Macroeconomics 2007, University of Chicago Press 2008.


Publications-Reviews


Review of The Arab Economies in a Changing World by Marcus Noland and Howard Pack
Journal of International Economics, 2008.

Review of The Mystery of Economic Growth by Elhanan Helpman
Journal of International Economics, 68, 2006.