2018 Audited schedule of changes in net assets

2016 Audited schedule of changes in net assets

2018 Changes in the Journal

The Instability of the Emerging Market Assets Demand Schedule

This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the ‘push factors’ (such as interest rates or contagion) determining international capital flows; while the latter is normally approached through the portfolio composition decisions (such as herding or risk appetite)...

Audited reputation ☆

Article history: Received 6 January 2007 Received in revised form 6 February 2008 Accepted 26 February 2008 Available online 6 March 2008 We study reputations with imperfect audit and a reputation market. The main result shows the existence of a separating equilibrium in the reputation market, which contrasts with Tadelis [Tadelis, S., 2002, The market for reputations as an incentive mechanism,...

Valuation Effects and the Dynamics of Net External Assets∗

The traditional current account can be an inaccurate measure of the change in the net foreign asset (NFA) position. Using gross asset and liability positions at the country level, a number of 'valuation effects' have been identified which contribute to changes in NFA but do not enter the reported current account. This paper uses new developments in the analysis of portfolio allocation in genera...