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 …

major post-World War II episodes. The main cause of debt explosions is usually not the widely cited costs of bailing out and …

currencies for much of the world. Our discussion encompasses the history of anchor currency choice, methods for classifying …

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 …

episodes include the 1929 stock market crash, the 1973 oil shock, the 2007 U.S. subprime collapse and fifteen severe post-World …

cycles, banking and sovereign debt crises, hyperinflation, and, for the post World War II period, the reliance on IMF …

analysis is on three related hypotheses tested with both "world" aggregate levels and on an individual country basis. First …