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 …

The sharp, secular decline in the world real interest rate of the past thirty years suggests that the surge in global … made the world economy more vulnerable to financial crises. These findings are the quantitative predictions of a two …

anticipated the collapse of the first era of globalization that began in the mid-nineteenth century. He admonished the short … organize: World War I, Bretton Woods, 1970s Great Inflation and Managed Floating. Each turning point was characterized by …

This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy … vulnerabilities. They can be described as the impossible policy choices at the heart of globalization …

rights institutions. Indeed, we document world-wide improvements in the quality of institutions facilitating property …