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 …

rejected the standard explanation of expropriation risk and argued that paucity of capital flows to poor countries must instead … risk seems like a far more compelling reason for the paucity of rich-poor capital flows. The true paradox may not be that …

This paper explores the consequences of extremely low equilibrium real interest rates in a world with integrated but …) While more price and wage flexibility exacerbates the risk of a deflationary global liquidity trap, it is the more rigid …