the world earning a positive net investment income. To rationalize this phenomenon, I propose a different theory about the … dollar exchange rate. In the model, world financial intermediaries demand US safe assets for their convenience value, but US … intermediaries do not demand foreign safe assets. Under an aggregate symmetric financial shock, the rest of the world buys more safe …

matters for policymaking. But this research has focused on OECD countries and devoted much less attention to most of world … institutions should curtail or extinguish any effect of governments’ ideologies in the rest of the world. My dissertation overcomes … less from the rest of the world as often presumed and that a lack of state capacity and democracy does not extinguish the …

the world. …