the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …

Financial globalization was off to a rocky start in emerging economies hit by Sudden Stops in the 1990s. The surge in … assets via business cycle volatility, financial globalization, and endogenous Sudden Stops. Our results show that financial … globalization and Sudden Stop risk are plausible explanations of the surge in reserves but cyclical volatility, which has declined …

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …