restate bilateral investment positions to better reflect the true financial linkages connecting countries around the world. We … nearly 600 billion dollars, while China's official net creditor position to the rest of the world is overstated by about 50 … composition of external portfolio liabilities, the nature of foreign direct investment, and the growth of financial globalization …

international capital flows, and the resulting production has increased as a share of world output, but it was still only about 8 … world, accounting for about half of the world's stock in 1960. Since then, other countries have become major direct … investors. The U.S. share is now less than a quarter of the world total and the United States has become a major recipient of …

Two observations suggest that financial globalization played an important role in the recent financial crisis. First …

Globalization has made it possible for labor in developing countries to augment labor in the developed world, without … world's effective labor supply, triggered by geo-political events and technological innovations, coupled with the inability …

impact of financial globalization has been remarkably limited. I argue that country attributes are still critical to … ability of a country to take advantage of financial globalization. The twin agency problems help explain why the impact of … financial globalization has been limited and why financial globalization can lead to capital flight and financial crises. The …

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to …

inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …