In this paper, we investigate a neglected aspect of financial systems of many countries around the world: government … around the world. Second, such ownership is particularly significant in countries with low levels of per capita income …

and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe …

the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments …

, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs …

. Disclosure is more extensive in richer and more democratic countries. Disclosure is correlated with lower perceived corruption …

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …