into the country even though the autarkic marginal productivity of capital in the domestic economy falls short of the world …

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 …

usually older than the population average. In a global world with pension systems, however, these effects are less … flows from rapidly ageing regions to the rest of the world will initially be substantial, but that trends are reversed when …

economy-wide sales of external assets. Consistent with our theory, we find that the predicted liquidity shock has a strong …

conclusive evidence that they are positive, as theory predicts. This paper shows that the lack of empirical evidence is … consistent with theory if countries are in transition to FDI openness. Anticipated welfare gains lead to temporary declines in … reconciliation of theory and evidence is accomplished with a multicountry dynamic general equilibrium model parameterized with data …