idiosyncratic entrepreneurial risk-- a risk that introduces, not only a precautionary motive for saving, but also a wedge between …

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 …

uncertainty is time-varying, and (2) countries have heterogeneous exposures to a world aggregate shock. We embed these features in …

of the World (ROW) is developed to quantify capital controls and evaluate their impact on the world economy. We find … these controls had large effects. Counterfactual analysis show world output would have been 0:5 percent higher had there …

the world than many developing countries. A noteworthy feature of this theory is that financial and property rights …