that is able to bail out the bank either by injecting capital at a fixed return or by receiving an equity claim. This …

induces moral hazard. Therefore, we introduce a fiscal authority that is able to bail out the bank by injecting capital. This …

regulators try to resolve these problems. We find that liberalizing bank capital flows between economies reduces total welfare by … field' forcing international harmonization of capital requirements and deposit rates across economies. Such a policy is good … for weaker regulators whereas a laissez-faire policy under which each country chooses its own capital requirement is …

In this Paper we reconsider the evidence on capital account liberalization and growth. While we find indications of a … positive association, the effects vary with time, with how capital account liberalization is measured, and with how the … relationship is estimated. The evidence that the effects of capital account liberalization are stronger in high-income countries is …

Does it always pay to install high-quality capital? Or could it possibly be more profitable to make investments that do … not last too long? In this Paper we ponder the optimal rate of depreciation of physical capital, first in the Solow model … investment – is equal to the marginal cost, which is the additional cost of investing due to the higher quality of capital. The …

. These countries place few restrictions on capital mobility and allow their exchange rates to float. The domestic focus of … volatility and less frequent “sudden stops” of capital flows than similar countries that do not target inflation. Inflation …

We analyze public interventions to alleviate debt overhang among private firms when the government has limited … information and limited resources. We compare the efficiency of buying equity, purchasing existing assets, and providing debt …

recovery (itself driven by changes in capital policies since the world wars) and by the slowdown of productivity and population …-income ratio β is about 300% if g= 3% and 600% if g= 1.5%. Our results have important implications for capital taxation and … regulation and shed new light on the changing nature of wealth, the shape of the production function, and the rise of capital …

less than the marginal resource rents equals the expected capital gains on reserves of natural resources plus the expected …