Richard Portes

London Business School
Regent's Park
London NW1 4SA
Tel: 44 (0) 20 7000 8424
Fax: 44 (0) 20 7000 8401

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
NBER Program Affiliations: IFM , ITI
NBER Affiliation: Research Associate
Institutional Affiliation: London Business School

NBER Working Papers and Publications

April 2018Corporate Foreign Bond Issuance and Interfirm Loans in China
with Yi Huang, Ugo Panizza: w24513
March 2017Mapping the Interconnectedness between EU Banks and Shadow Banking Entities
with Jorge Abad, Marco D'Errico, Neill Killeen, Vera Luz, Tuomas Peltonen, Teresa Urbano: w23280
March 2014Nonlinearities in Sovereign Risk Pricing: The Role of CDS Index Contracts
with Anne-Laure Delatte, Julien Fouquau: w19985
November 2011Sovereign CDS and Bond Pricing Dynamics in the Euro-area
with Giorgia Palladini: w17586
February 2010Comment on "Why the European Securities Market Is Not Fully Integrated"
in Europe and the Euro, Alberto Alesina and Francesco Giavazzi, editors
June 2006Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar
with Elias Papaioannou, Gregorios Siourounis: w12333

Published: Papaioannou, Elias & Portes, Richard & Siourounis, Gregorios, 2006. "Optimal currency shares in international reserves: The impact of the euro and the prospects for the dollar," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 508-547, December. citation courtesy of

June 2005Comment on "Trade Invoicing in the Accession Countries: Are They Suited to the Euro?"
in NBER International Seminar on Macroeconomics 2005, Jeffrey A. Frankel and Christopher Pissarides, editors
May 2004Dealing with Destabilizing 'Market Discipline'
with Daniel Cohen: w10533
August 2002Defining Benchmark Status: An Application using Euro-Area Bonds
with Peter G. Dunne, Michael J. Moore: w9087
September 1999The Determinants of Cross-Border Equity Flows
with Helene Rey: w7336

Published: Portes, Richard and Helene Rey. "The Determinants Of Cross-Border Equity Flows," Journal of International Economics, 2005, v65(2,Mar), 269-296. citation courtesy of

February 1998The Emergence of the Euro as an International Currency
with Helene Rey: w6424

Published: Economic Policy, Vol. 26, no. 2 (April 1998): 307-332. citation courtesy of

June 1990International Costs and Benefits from EMU
with George Alogoskoufis: w3384

Published: European Economy, Special Edition No. 1, Pt. 5, pp. 231-245, (1991).

February 1989Dealing With Debt: The 1930s and the 1980s
with Barry Eichengreen: w2867

Published: Dealing with the Debt Crisis, edited by Ishrat Husain and Ishac Diwan, pp. 69-86. Washington, DC: The World Bank, 1989.

February 1987Money and the Consumption Goods Market in China
with Anita Santorum: w2143

Published: Portes, Richard and Anita Santorum. "Money and the Consumption Goods Marketin China," Journal of Comparative Economics, Vol. 11, No. 3, (September 1987). citation courtesy of

1987The Anatomy of Financial Crises
with Barry Eichengreen: w2126

Published: "Anatomy of Financial Crises." From Threats to International Financial Stability, edited by Richard Portes and Alexander K. Swoboda, pp. 10-58. New York: Cambridge University Press, 1987.

March 1986The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies


  • From Models of Disequilibrium and Shortage in Centrally Planned Economies,edited by C. Davis and W. Charemza, pp. 27-47. London: Chapman and Hall Ltd., 1989.
  • Portes, Richard and Richard E. Quandt. "Macroeconomic Disequilibrium In Centrally Planned Economies: Comment," Journal of Comparative Economics, 1989, v13(4), 576-579.

December 1985Debt and Default in the 1930s: Causes and Consequences
with Barry J. Eichengreen: w1772


  • Eichengreen, Barry and Richard Portes. "Debt and Default in the 1930s: Causes and Consequences," European Economic Review, Vol. 30, June 1986, pp. 599-640. citation courtesy of
  • Translated: "Deuda y suspensión de pagos en los años treinta" Barry Eichengreen, Richard Portes: Cuadernos económicos de ICE, No 43, 1989 , pages. 79-120
  • Reprinted in "International Debt," Bird, Giraham and P.N. Snowden, eds., Elsevier Science B.V. 1995
  • Reprinted in "The Disintigration of the World Economy Between the Wars," Thomas, Mark (ed.), Edward Elgar,1996.

August 1983Macroeconomic Planning and Disequilibrium: Estimates for Poland, 1955-1980
with Richard E. Quandt, David Winter, Stephen Yeo: w1182

Published: Portes, Richard, Richard Quandt, David Winter and Stephen Yeo. "Macroeconomic Planning and Disequilibrium: Estimates for Poland, 1955-1980," Econometrica, Vol. 55, No. 1, (January 1987), pp. 19-41. citation courtesy of

February 1983Planning the Consumption Goods Market: Preliminary Disequilibrium Estimates for Poland, 1955-1980
with Richard E. Quandt, David Winter, Stephen Yeo: w1076

Published: in "Contemporary Macroeconomic Modeling," edited by P. Malgrange and P.A. Muet, pp. 254-271. Oxford: Blackwell Publishers, (1984).

October 1981Central Planning and Monetarism: Fellow Travelers?

Published: Portes, Richard. "Central Planning and Monetarism: Fellow Travelers?" Marxism, Central Planning and the Soviet Economy: Economic Essays in Honor of Alexander Erlich, ed. by Padma Desai, pp. 149-165. Cambridge: M.I.T. Press, (1983).

August 1981Macroeconomic Adjustment and Foreign Trade of Centrally Planned Economies
with John Burkett, David Winter: w0736
December 1980Effects of the World Economic Crisis on the East European Economies

Published: Portes, Richard. "Effects of the World Economic Crisis on the East European Economies." The World Economy, Vol. 3, No. 1, (June 1980), pp. 13-52.

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