aggregate uncertainty. Gains from more efficient capital allocation and gains from risk sharing are accounted for simultaneously … quantitatively small, even for riskier and capital scarce emerging economies. These countries import capital for efficiency reasons … before exporting it for self-insurance, leading to capital ows and growth reversals along the transition. This opens the door …

aggregate uncertainty. Our framework accounts simultaneously for gains from a more efficient capital allocation and gains from … integration has an effect on the steady-state itself, altering convergence gains from capital accumulation. Because we use global … in terms of risk, capital scarcity and size, we find important differences in the effect of financial integration on …

--headquarters does not uniformly "tax" all of the firm's other plants in the same way: It is more likely to take away resources from …

"tax" all of the firm's other plants in the same way: It is more likely to take away resources from plants that are less …

withdraws capital and labor from other plants, especially from plants that are relatively less productive, not part of the firm …-wide productivity increases. We do not find any evidence of capital or labor spillovers among plants of financially unconstrained firms …

--headquarters does not uniformly "tax" all of the firm's other plants in the same way: It is more likely to take away resources from …

taxed on their global incomes. However, while considering the reform at the proposed scale tax administrators must be able …