Carol C. Bertaut

Board of Governors of the Federal Reserve System

Economist

20th Street and Constitution Avenue NW

Washington, DC 20551

United States

  • Board of Governors of the Federal Reserve System

SCHOLARLY PAPERS

26

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Scholarly Papers (26)

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1.

Credit Cards: Facts and Theories

Number of pages: 52 Posted: 20 Sep 2006
Carol C. Bertaut and Michael Haliassos
Board of Governors of the Federal Reserve System and Goethe University Frankfurt - Faculty of Economics and Business Administration
Downloads 2,006 (17,113)
Citation 16

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Credit cards, debit cards, revolving debt, consumer credit, portfolios

2.

Household Portfolios in the United States

Number of pages: 41 Posted: 16 Nov 2000
Carol C. Bertaut, Martha Starr and Martha Starr
Board of Governors of the Federal Reserve System and IndependentGreylock McKinnon Associates
Downloads 1,601 (24,298)
Citation 153

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Household portfolios, portfolio choice, household

3.

International Capital Flows and the Return to Safe Assets in the United States, 2003-2007

FRB International Finance Discussion Paper No. 1014
Number of pages: 43 Posted: 12 May 2011
Ben S. Bernanke, Carol C. Bertaut, Laurie DeMarco and Steven B. Kamin
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 1,191 (37,620)
Citation 206

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global saving glut, interest rates, capital flows, mortgage-backed securities

4.

Original Sin Redux: Role of Duration Risk

Number of pages: 71 Posted: 07 Apr 2021 Last Revised: 15 Mar 2025
Carol C. Bertaut, Valentina Bruno and Hyun Song Shin
Board of Governors of the Federal Reserve System, American University - Department of Finance and Real Estate and Bank for International Settlements (BIS)
Downloads 886 (57,410)
Citation 12

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Emerging Markets, US Dollar, Duration Risk, Sovereign Debt, Mutual Funds., strategic complementarity

5.

Debt Revolvers for Self Control

HERMES Center Working Paper 01-11
Number of pages: 39 Posted: 27 Jul 2001
Carol C. Bertaut and Michael Haliassos
Board of Governors of the Federal Reserve System and Goethe University Frankfurt - Faculty of Economics and Business Administration
Downloads 675 (81,818)
Citation 21

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Credit Cards, Consumer Debt, Portfolio Puzzles, Household Portfolios

6.

Credit Card Debt Puzzles and Debt Revolvers for Self Control

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Citation 14

Credit Card Debt Puzzles and Debt Revolvers for Self Control

Number of pages: 47 Posted: 15 Nov 2008
Carol C. Bertaut, Michael Haliassos and Michael Reiter
Board of Governors of the Federal Reserve System, Goethe University Frankfurt - Faculty of Economics and Business Administration and Institute for Advanced Studies (IHS)
Downloads 603 (93,274)
Citation 14

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credit cards, debt, self control, household portfolios

Credit Card Debt Puzzles and Debt Revolvers for Self Control

Review of Finance, Forthcoming
Posted: 26 Jan 2009
Carol C. Bertaut, Michael Haliassos and Michael Reiter
Board of Governors of the Federal Reserve System, Goethe University Frankfurt - Faculty of Economics and Business Administration and Institute for Advanced Studies (IHS)

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Credit cards, debt, household portfolios

Credit Card Debt Puzzles and Debt Revolvers for Self Control

Review of Finance, Vol. 13, No. 4, pp. 657-692, 2009
Posted: 08 Dec 2009
Carol C. Bertaut, Michael Haliassos and Michael Reiter
Board of Governors of the Federal Reserve System, Goethe University Frankfurt - Faculty of Economics and Business Administration and Institute for Advanced Studies (IHS)

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7.

Equity Prices, Household Wealth, and Consumption Growth in Foreign Industrial Countries: Wealth Effects in the 1990s

Number of pages: 45 Posted: 01 Aug 2002
Carol C. Bertaut
Board of Governors of the Federal Reserve System
Downloads 459 (132,238)
Citation 47

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Stock ownership, housing

8.

What Makes Investors Over or Underweight? Explaining International Appetites for Foreign Equities

Number of pages: 44 Posted: 07 Oct 2004
Carol C. Bertaut and Linda Kole
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System - World Payments and Economic Activity Section
Downloads 227 (281,330)
Citation 17

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Home bias, international portfolio allocation

9.

Monthly Estimates of U.S. Cross-Border Securities Positions

FRB International Finance Discussion Paper No. 910
Number of pages: 57 Posted: 09 Dec 2007
Carol C. Bertaut and Ralph W. Tryon
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 201 (315,659)
Citation 25

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International investment position, treasury international capital, cross-border securities holdings

10.

How Long Can the Unsustainable U.S. Current Account Deficit Be Sustained?

FRB International Finance Discussion Paper No. 935
Number of pages: 72 Posted: 11 Jul 2008
Carol C. Bertaut, Steven B. Kamin and Charles P. Thomas
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Thomas & Son Analytics
Downloads 165 (376,930)
Citation 6

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sustainability, external imbalance, dollar

11.

Estimating U.S. Cross-Border Securities Positions: New Data and New Methods

FRB International Finance Discussion Paper No. 1113
Number of pages: 58 Posted: 21 Aug 2014
Carol C. Bertaut and Ruth Judson
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 152 (404,064)
Citation 9

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capital flows, portfolio investment, treasury international capital, U.S. treasuries, emerging market economies

12.

ABS Inflows to the United States and the Global Financial Crisis

Downloads 147 (415,248)
Citation 11

ABS Inflows to the United States and the Global Financial Crisis

FRB International Finance Discussion Paper No. 1028
Number of pages: 70 Posted: 21 Aug 2011 Last Revised: 10 Nov 2013
Carol C. Bertaut, Laurie DeMarco, Steven B. Kamin and Ralph W. Tryon
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 88 (611,238)
Citation 11

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capital flows, global saving glut, financial crisis, asset-backed securities, interest rates

Abs Inflows to the United States and the Global Financial Crisis

NBER Working Paper No. w17350
Number of pages: 70 Posted: 29 Aug 2011 Last Revised: 29 May 2023
Carol C. Bertaut, Laurie DeMarco, Steven B. Kamin and Ralph W. Tryon
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
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13.

The Replacement of Safe Assets: Evidence from the U.S. Bond Portfolio

FRB International Finance Discussion Paper No. 1123
Number of pages: 54 Posted: 25 Feb 2015
Carol C. Bertaut, Alexandra Tabova and Vivian Wong
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Federal Housing Finance Agency
Downloads 98 (564,613)
Citation 6

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safe assets, international portfolio choice, financial sector debt, home

14.

New Evidence on the US Excess Return on Foreign Portfolios

Downloads 87 (608,274)
Citation 2

New Evidence on the US Excess Return on Foreign Portfolios

IMF Working Paper No. 2024/241
Number of pages: 30 Posted: 02 Dec 2024
Carol C. Bertaut, Stephanie E. Curcuru, Ester Faia and Pierre-Olivier Gourinchas
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Goethe University Frankfurt and International Monetary Fund (IMF)
Downloads 44 (876,630)
Citation 1

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Exorbitant privilege, excess return, portfolio composition, crises, offshore centers, superstar firms

New Evidence on the US Excess Return on Foreign Portfolios

International Finance Discussion Paper No. 1398, International Finance Discussion Paper, issue 1398, 2024[10.17016/IFDP.2024.1398]
Number of pages: 29 Posted: 18 Dec 2024
Carol C. Bertaut, Stephanie E. Curcuru, Ester Faia and Pierre-Olivier Gourinchas
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Goethe University Frankfurt and International Monetary Fund (IMF)
Downloads 43 (885,206)
Citation 1

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Capital flows, Cross-border investment, Exorbitant privilege

15.

Assessing the Potential for Further Foreign Demand for U.S. Assets: Has Financing U.S. Current Account Deficits Made Foreign Investors Overweight in U.S. Securities?

FRB International Finance Discussion Paper No. 950
Number of pages: 57 Posted: 01 Nov 2008
Carol C. Bertaut
Board of Governors of the Federal Reserve System
Downloads 76 (657,332)
Citation 5

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Equities, bonds, home bias, international portfolio allocation

16.

The Global (Mis)Allocation of Capital

International Finance Discussion Paper No. 1399
Number of pages: 42 Posted: 18 Dec 2024
Carol C. Bertaut, Stephanie E. Curcuru, Ester Faia and Pierre-Olivier Gourinchas
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System, Goethe University Frankfurt and International Monetary Fund (IMF)
Downloads 56 (768,335)

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Productivity, Capital allocation, capital flows

17.

'Fool Me Once...' Did U.S. Investors Play It Safer in the European Debt Crisis?

FRB International Finance Discussion Paper No. 1088
Number of pages: 46 Posted: 07 Dec 2013
Carol C. Bertaut, Fang Cai and Nyssa Kim
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 35 (935,740)

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Cross-border investment, financial crisis, portfolio allocation, home bias

18.

"Fool Me Once . . . " Did U.S. Investors Play it Safer in the European Debt Crisis?

FRB International Finance Discussion Paper No. 1088
Number of pages: 41 Posted: 30 May 2017
Carol C. Bertaut, Fang Cai and Nyssa Kim
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System
Downloads 31 (975,622)

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19.

Measuring U.S. Cross-Border Securities Flows: New Data and a Guide for Researchers

FEDS Notes No. 2023-10-02
Posted: 13 Oct 2023
Carol C. Bertaut and Ruth Judson
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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20.

"The International Role of the U.S. Dollar" Post-COVID Edition

FEDS Notes No. 2023-06-23-3
Posted: 30 Jun 2023
Carol C. Bertaut, Stephanie E. Curcuru and Bastian von Beschwitz
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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21.

Estimating U.S. Cross-Border Securities Flows: Ten Years of the Tic Slt

FEDS Notes No. 2022-02-18-2
Posted: 24 Feb 2022
Carol C. Bertaut and Ruth Judson
Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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22.

The International Role of the U.S. Dollar

FEDS Notes No. 2021-10-06-2
Posted: 11 Oct 2021
Carol C. Bertaut, Stephanie E. Curcuru and Bastian von Beschwitz
Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System and Board of Governors of the Federal Reserve System

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23.

Globalization and the Reach of Multinationals Implications for Portfolio Exposures, Capital Flows, and Home Bias

FEDS Notes No. 2020-12-18-2 https://doi.org/10.17016/2380-7172.2829
Posted: 11 Jan 2021
Carol C. Bertaut, Beau Bressler and Stephanie E. Curcuru
Board of Governors of the Federal Reserve System, Grinnell College and Board of Governors of the Federal Reserve System

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24.

Globalization and the Geography of Capital Flows

FEDS Notes No. 2019-09-06
Posted: 22 Oct 2019
Carol C. Bertaut, Beau Bressler and Stephanie E. Curcuru
Board of Governors of the Federal Reserve System, Grinnell College and Board of Governors of the Federal Reserve System

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25.

Why Do so Few Hold Stocks?

THE ECONOMIC JOURNAL, Vol 105 No 432, September 1995
Posted: 02 May 2000
Carol C. Bertaut and Michael Haliassos
Board of Governors of the Federal Reserve System and Goethe University Frankfurt - Faculty of Economics and Business Administration

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26.

Precautionary Portfolio Behavior from a Life-Cycle Perspective

Posted: 05 May 1998
Carol C. Bertaut and Michael Haliassos
Board of Governors of the Federal Reserve System and Goethe University Frankfurt - Faculty of Economics and Business Administration

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