known as the most distinct characteristic of Asian EMEs. Financial globalization seems to have made asset prices and …

exorbitant privilege, spillovers of the U.S. monetary policy to the rest of the world, and the dollar as a global risk factor. In …

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 …

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 …

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

Recent trends suggest the world economy may be tending towards an equilibrium with two distinct trading blocs, each …

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …