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The US economy is often referred to as the "banker to the world," due to its unique role in supplying global reserve … globalization raises wealth inequality in a financially-developed economy initially due to foreign capital pressing up domestic …
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Abstract In this paper we ask whether countries can influence their exposure to changes in global financial conditions. Specifically, we show that even though we can model cross-country capital flows via a global factor that closely tracks changes in global financial conditions, there is a large...
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