"The current account can be understood as the outcome of investment decisions made by domestic and foreign investors. These decisions can be decomposed into a portfolio rebalancing and a portfolio growth component. This paper provides empirical evidence of the importance of portfolio rebalancing...

"China in the past few years has emerged as a net foreign creditor on the international scene with net foreign assets slightly greater than zero percent of wealth. This is surprising given that China is a relatively poor country with a capital-labor ratio about one-fifth the world average and...

"Over the past decade the United States has experienced widening current account deficits and a steady deterioration of its net foreign asset position. During the second half of the 1990s, this deterioration was fueled by foreign investment in a booming U.S. stock market. During the first half...

Urbanization is simultaneously a major driver of development, wealth creation, and poverty reduction, as well as one of the most pressing challenges of the 21st century. Urbanization can and should be embraced as an opportunity to reduce poverty. The building regulatory capacity assessment...

The recent wave of US corporate governance failures prompted a round of legal and regulatory reform which has attracted worldwide attention. The author's essay puts the debate into a wider context for the US. The missing link here is the rights of the shareholders in the US who have...