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

capital mobility. Three main functions of a globally integrated and efficient world capital market provide focal points for … lifetime consumption profiles. Third, new saving, regardless of its country of origin, is allocated toward the world's most …

changing demands for modern central bank interventions in the economy. Financial instability, followed by WWII, left a world …

Do global current account imbalances still matter in a world of deep international financial markets where gross two …" view of the world, large current account imbalances, while very possibly warranted by fundamentals and welcome, can also … increasingly big valuation changes in countries' net international investment positions, while potentially important in risk …

cyclical pattern. Over that cycle, world asset prices, leverage, and capital flows move in concert with global growth … with measures of U.S. domestic and international dollar funding stress that themselves reflect global investors' risk …