the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …

We study the interrelationship between capital flows, returns, dividend yields and world interest rates in 20 emerging …

understanding of currency carry trade returns, and invalidates, for example, explanations invoking return skewness and crash risk …

additional factors, a commodity currency factor and a "world" factor based on trading volumes, fits currency basket correlations …

Global risk-off shocks can be highly destabilizing for financial markets and, absent an adequate policy response, may …-put framework that reduced the persistence of risk-off shocks. We also show that domestic macroeconomic and financial conditions … play a key role in benefiting from the spillovers of these policies during risk-off episodes. Countries like Japan, which …

, inflation, the output gap, and cash flow growth. We also view risk aversion, uncertainty about inflation and output, and …

We propose a new, valuation-based measure of world equity market segmentation. While we observe decreased levels of … identify a country's political risk profile and its stock market development as two additional local segmentation factors as …

behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to … downturn by concentrating risk onto its balance sheet. In addition to highlighting the role of capital flows in facilitating … concern with capital flows is in their speculative nature, in the U.S. the risk in capital inflows derives from the opposite …