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

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 …

depletion are faster than demanded by the Hotelling rule. As a result, the country substitutes away from resources to capital so …

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 …

-equivalent to a given pattern of domestic taxes and subsidies. We extend the Index to incorporate taxes on non-traded goods and …

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 …

. 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 …