Publications

Books:

• Monetary Policy and the Open Economy: Mexico's Experience (New York: Praeger Publishing co., 1977).
• A Monetary Approach to International Adjustment (New York: Praeger Publishing Co., 1978).*
• A Monetary Approach to International Adjustment (2nd edition, New York: Praeger Publishing Co., 1986).*
• Managing Financial Risk (New York: Harper & Row Publishing Co., 1989).*
• Managing Financial Risk (2nd Edition, Illinois: Irwin Professional Publishing Co., 1995).*
* Co-authored

U.S. Government Documents:

• Monetary Policy, Credit Institutions, and Agricultural Credit in El Salvador (Agency for International Development Study prepared under AID contract 5 19-12 1: AID Reference Center, Department of State, Washington, D.C.) August 1975. With Walton T. Wilford

Academic Articles:

• "Fiscal Revenues in Mexico: A Measure of Performance, 1950-73", Public Finance/Finances Publiques, No. 1 1976 VXXXI, 103-15."
• "Algunas Reflexiones sobre el analisis costo-beneficio y la planificaction de1 desarrollo", Revista Economico del Banco Hipotecario (San Salvador), XI, 2 April 1976, 181-93."
• "The Revenue-Income Coefficient: Performance and Stability Criteria", Review of Business and Economic Research, XII, 2, Winter 1976-77,90-93. with Walton T. Wilford
• "Monetary Approach to the Balance of Payments: On World Prices and The Reserve Flow Equation", Weltwirtschaftliches Archiv Band 113, Heft 1, March 1977,3 l-39. with Bluford H. Putnam
• "Price Levels, Interest Rate, Open Economies, and a Fixed Exchange Rate: The Mexican Case 1954-74", Review of Business and Economic Research, XII, 3, Spring 1977,52-65.
• "Monetary Approach to the Balance of Payments: The Small, Open Economy", Journal of Finance, March 1978. With Walton T Wilford
• "Estimates of Revenue Elasticity and Buoyancy in Central America, 1955-74" in John Toye, editor, Essays on Taxation and Development (London: Frank Cass & Co., Ltd.), 1978. With Walton T. Wilford
• "Money, Income and Causality in the U.S. and the UK: A Theoretical Explanation of Different Findings", American Economic Review, June 1978 with Bluford H Putnam
• "International Reserve Flows: Seemingly Unrelated Regressions", (Putnam and Wiord, eds.) in A Monetary Approach to International Adjustments (New York: Praeger Publishing, 1978) With Bluford H Putnam
• "International Reserve Flows: Seemingly Unrelated Regressions" Weltwirtschaftliches Archiv, June 1978. With Bluford H Putnam
• "Efectos de la Creation de Credito sobre la Balanza de Pages en El Salvador", Caribbean Studies (1979) with Walton T Wilford
• "On Revenue Performance and Revenue-Income Stability in the Third World", Economic Development and Cultural Change, (March 1978). With Walton T Wilford
• "Estructura de Ingresos de El Salvador: Una medida de Funcionamiento Economico", El Trimestre Economico with Walton T Wilford
• "Estimates of Revenue Elasticitv and Buovancv in Central America. 1955-74" in John Tove. editor. Essays on Taxation and Development (London: Frank Cass & Co., Ltd.), 1978. With Walton T Wilford
• "A Currency Portfolio Approach to Exchange Rate Stability, and Monetary Independence" (Putnam and Wilford, eds.) in A Monetary Approach to International Adjustments (New York: Praeger, 1978), also Federal Reserve Bank of New York Research Paper with David T. King and Bluford H Putnam
• "The Influence of the United Kingdom's Public Sector Deficit on its Money Stock, 1963-76" Bulletin of Economic Research (1979). With M. A. Akhtar
• "Fiscal Constraints, Domestic Credit and International Reserve Flows", Journal of Money. Credit and Banking, (1979). M. A. Akhtar and Bluford H Putnam
• "Monetary Policy and the Balance of Payments in Mexico, 1955-75", Journal of Money. Credit and Banking, (1979). with J. Richard Zecher
• "Foreign Exchange Market Efficiency Under Flexible Exchange Rates: Comment", Journal of Finance, (1979).with Marc A. Miles
• "Mexican Fiscal Revenue Performance, 1950-77: A Revisit Discussed", Public Finance, (1979).
• "Sales Excise, and Production Tax Performance During Import-"Substitution Development: The Experience of Central America and Mexico", Journal of Developing Areas (1979). With Walton T Wilford
• "Exchange Rates and The Balance of Payments in Latin America", Business Economics: (1979). With Donald S. Kemp
• "Estimating Monetary Models of the Balance of Payments and Exchange Rates: A Bias" Southern Economic Journal (1980). with J A Rasulo
• "Exchange Rate Determination with Currency Substitution" Business Economics (1980. With Bluford H Putnam
• "Monetary and Financial Integration in North America", Law and Contemporary Problems, (1981).with W. Dayle Nattress
• "Politica Monetaria en Mexico: Examen Retrospective Y Perspectiva", Violante and Davila, eds., Mexico: Una Economia en Transition. Mexico City (1984).
• "The Monetary Approach to Balance of Payments and World Monetary Equilibrium", Issues in North American Economics and Finance, 1984.
• "Gold, Price Rules and Alternatives", (Putnam and Wilford, eds), A Monetary Approach to International Adjustment (2nd Edition), 1986. With Ronald A Krieger
• "Currency Substitution and Exchange Rate Forecasting", (Putnam and Wilford, eds.), A Monetary Approach to International Adjustment (2nd Edition) 1986.
• "The Evolution of the Flexible Exchange Rate Debate", (Putnam and Wilford, eds.), A Monetary Approach to International Adjustment (2nd Edition) 1986. With Bluford H Putnam
• "Credibility and Currency Substitution", (Putnam and Wilford, eds.), A Monetary Approach to International Adjustment (2nd Edition) 1986. With Bluford H Putnam
• "The Development Decades - A road to recovery", (Butterworth Scientific), Futures, October 1986. Walton T Wilford
• "The Changing Rules in International Finance" in Issues in Exchange Rate Policies; 1987.
• "Strategic Risk Exposure Management", The International Management Development Review 1989, Management Centre Europe, Brussels.
• "Managing Financial Risk", Journal of Applied Corporate Finance, April 1989. With Clifford W Smith, Jr. and Charles W. Smithson
• "The New Financial Environment: Managing Risk" - Investment Banking - Band 24 - Fachverlag an der Wirtzchaftsuniversitat, Wein, Feb. 1989.
• "Risk Management and Highly Leveraged Transactions: The Coming Together of two New Market". Wirtschaftspolitsche Bl�tter. Austria March 1990.
• Chapter 2: "Managing Financial Risk" with Clifford W Smith, Jr. and Charles W. Smithson
  Chapter 5: "Financial Engineering: Why Hedge?" Clifford W Smith, Jr. and Charles W. Smithson
  The Handbook of Financial Engineering, Harper and Row, 1990, by Clifford W. Smith Jr., and Charles W. Smithson.
• Chapter 19: "Five Reasons why Companies Should Manage Risk"
  The Handbook of Currency and Interest Rate Risk Management, New York Institute of Finance, 1990. Clifford W Smith, Jr. and Charles W. Smithson
• "Will There Continue to be the Demand for Financial Risk Management in the 1990's?" Optionen. Futures. Swans: Risikomanagement mit derivativen Finanzinstrumenten", Bankwissenschaftliche Schriftenveihe, Band 74, Wien 199 1.**
• "Risk Management: Using the Tools to Unravel Complicated Structures!' Optionen. Herausgegeben von der Osterreichischen Bankwissenschafilichen GeselIschaft", Wien, July 1991.
• "Building Blocks", Optionen. Futures. Swaps: Risikomanagement mit derivativen Finanzinstxumenten", /** Bankwissenschaftliche Schriftenreihe, Band 74. Wien 1991. With Charles Smithson
• "Managing Financial Risk", (Robert W. Kolb, Editor), Reprinted in The Financial Derivatives Reader, Kolb Publishing Company, 1992. With Clifford W Smith, Jr. and Charles W. Smithson
• "An Alternative To Hedging For The Corporation: Managing A Portfolio of Risks", Review of Financial Economics, Spring 1993
• "Risk Management is Evolving and Value At Risk Is Just One More Step", Revue de la Banque Bank-en Financienwezen, (January 1996)
• "Manager's Behavior and New Market Entrance", Forces of Change in International Banking - International Center for Monetary and Banking Studies, (Fall 1996)
• "Techniques for Today's Global Asset Allocation", Investing Worldwide VII: Developments Strategies in Global Portfolio Management, (1997).
• "Mutual and Pension Funds Management: Beating the Markets Using a Global Bayesian Investment Strategy" American Statistical Association, (1998) with B. H. Putnam and J. M. Quintana
• "Myths and opportunities," Currency: Risk & Reward, (April, 1999).
• "Leverage: A very Misleading Way to Measure Risk", Derivatives Quarterly, (Fall 2000) with Erik D. Norland and Jose Mario Quintana
• "Dealing with Restrictions" Integrating Risk Management into Asset Allocations ( Bluford H Putnam ed), (2000) with Jose M Quintana
• "What Happens when Correlations Converge to One?" Integrating Risk Management into Asset Allocations ( Bluford H Putnam ed), (2000) with Bluford H Putnam
• "Understanding Risk is the Key to Long-term Return Management", Institutional Investor Publication : Risk Budgeting, A Cutting-Edge Guide to Enhancing Fund Management (May 2000) with with Bluford H. Putnam and Jose M. Quintana
• "Risk Management for the Asset Management Firm", Managing Hedge Fund Risk, Virginia Parker, (Winter 2000) with Erik D. Norland and Jose Mario Quintana
• "Global Portfolios Should be Optimized in Excess, not Total Returns", Review of Financial Economics, (Number 3, 2002) published in 2004 with Erik D. Norland
• "Leverage, Liquidity, Volatility, Time Horizon and the Risk of Ruin: A Barrier Option Approach", Review of Financial Economics, (Number 3, 2002) published in 2004 with Erik D. Norland
• "A Short Note on the concept of Risk Management and VaR for Asset Management Firms", Review of Financial Economics. (Number 3, 2002) published in 2004 with Bluford H Putnam and Philip D Zecher
• "Risk Measurement versus Risk Management", Improving the Investment Process through Risk Management. AIMR Publications. (2003)
• "Common Missteps in Portfolio Optimization", Journal of Financial Transformation. (Volume 20, 2007) with Stephen J. Silver
• "The Impact of Demographics on Economic Policy: A Huge Risk Often Ignored", Journal of Financial Transformation. (Volume 25, 2009) with Stephen J. Silver
• "Does Simultaneously owning both Debt and Equity of the same Firm make Sense?" Journal of Applied Finance (vol 19, 2009) with Serge Wibaut
• "Risk Measurement versus Risk Management", Risk Management: Foundations For a Changing Financial World (edited by Walter V. "Bud" Haslett, Jr.) 2010
• "Chinese Exchange Rates and Reserves from a Basic Monetary Approach Perspective", Journal of Financial Transformation, Vol. 31, 2011 [Capco Institute, London] pp. 101-115 with Bluford H. Putnam and Stephen J Silver
• "Markets for CCPs and Regulation: Considering Unintended Consequences", Journal of Financial Transformation, Vol. 34, 29 2012 (Capco Institute, London) pp. 105-118 with Serge Wibaut
• "True Markowitz or assumptions we break and why it matters", Review of Financial Economics (vol 21, 2012) pp. 93 - 101.
• "Risk Management and Market Instability", Review of Financial Economics (vol 21, 2012) with Bluford H. Putnam
• "Risk management insights from Markowitz optimization for constructing portfolios with commodity futures", Journal of Financial Perspectives (2014 July)
• "Modeling Fund and Portfolio Risk: A bi-modal Approach to Analyzing Risk in Turbulent Markets", Review of Financial Economics (2015) with Iordanis Karagiannidis
• "Private Equity Capital Commitments: An Options-Theoretic Risk Management Approach", Journal of Financial Transformation (May 2016) with Andrew Freeman
• :The Power of 'Negative Beta': Why Every Portfolio Should Include Private Equity:, Journal of Financial Transformation (May 2017) with Andrew Freeman and Iordanis Karagiannidis
• "Household Deformation Trumps Demand Management Policy in the 21st Century", Journal of Financial Transformation (May 2018) with Iordanis Karagiannidis
• "Demographics: Appreciating Economic Growth Potential", Has Economics Gone Astray? 2019 (Bluford Putnam et al)
** Published in German

Other Articles:

• "Exchange, Not Interest Rates will bear the Lion's share of shift from Dollar Assets", The Money Manager, (December 19, 1977). With B. H. Putnam
• "Inflation and the U.S. Stock Market", The Money Manager, (March 1978). With B. H. Putnam
• "How Diversification Makes the Dollar Weaker", Euromoney, (October 1978).* With B. H. Putnam
• "Currency Appreciation may be beneficial to Growth", Euromoney, (February 1979). With B. H. Putnam
• "Purchasing Power Parity and Foreign Exchange Rates", The Money Manager, (September, 1979). With B. H. Putnam
• "U.S.-Canadian Policy and Currency Linkages", The Money Manager, (September 1980).
• "In Defense of Euromarkets as a Cause of Inflation", The Money Manager, (March 1980).
• "World Inflation and the Illusion of Autonomy", The Money Manager, (September 1980).
• "Economic Integration from the Mexican Perspective", The Money Manager, (1980).
• "The Role of Expectations in Exchange Rate Determinations", The Money Manager, (January 1981).
• "What Went Wrong in LDC Fiance", Euromoney, (May 1985).
• "Financial Innovations in Changing World Markets", International Banking Review, (1986).
• "Swapping Strategies", International Correspondent Banking, (April 1987).
• "Building blocks", Financial Engineering, Intermarket, (June 1989) with Clifford Smith and Charles Smithson
• "Why Hedge?", Financial Engineering, Intermarket, (July 1989) with Clifford Smith and Charles Smithson
• "Opinion "A Change is Going to Come", Balance Sheet, (Autumn 1994)
• "Risk Management Adapts; Yet Again!", Global Investor, (June 1995)
• "Risk Management is Evolving and Value at Risk is just One More (mis?) Step" Dossier Risk Management, (1996)
• "Emulating Good Trading Rooms", Global Investor, (April 1998)
• "When Correlations Converge on One", Global Investor, (July/August 1998) with Bluford H Putnam
• "The Unfettered Manager is the Successful Manager", Global Investor, (October 1998) with Erik D Norland
• "Risk Management, Risk Measurement and Asset Management: Not Three Sides of the Same Coin", Global Investor, (June 1999)
• "All Tooled up", Hedge Funds: Risk & Reward, (Spring 2000) with Erik D Norland
• "Why Buy-side Portfolio Managers are Different", Risk Magazine, (April 2000) with Charles Smithson
• "Liquidity: good moon rising?", Futures and Options World, February 2001 with Erik D Norland
• "The rights and wrongs of risk management" Global Investor Risk Roundtable, London (May 2001)
• "Shifting from Greed to Fear: Coping with Unknown Variance", Global Investor, (October 2001) with Bluford H Putnam
• "Managing Asset Allocations in Countries with Aging Populations", Global Investor, (2002 with Bluford H Putnam
• "Institutionalization is Changing the Hedge Fund Business and Technology is Key", Global Investor, (July 2003)
• "Evolution in Asset Management," Global Investor, (September 2003)
• International Finance, (various issues, 1980s)
• The Chase Economic Observer, (various issues, 1980s)
• "Book Reviews", (various publications)

Editorial Positions:

• Series in International Economics and Finance, 1978-82, Co-editor
• Financial Forecaster, 1980-82, Partner & Publisher
• The Money Manager, 1979-81, International Advisor
• Review of Financial Economics, Consulting Editor, Special Editor
• Journal of Applied Finance, Consulting Editor
• Journal of Financial Transformation