We examine the evidence of contagion during the pre World War I era and the interwar and contrast our findings with the …

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

We provide methods of decomposing the variance of world national incomes into components in such a way as to indicate … eigenvectors of a variance matrix of residuals produced when country incomes are regressed on world income. Another method uses a … matrix of deviations of country incomes from their respective contract-year shares of world income. The two methods are …

-switching model, allows us to describe expected returns in countries that are segmented from world capital markets in one part of the …

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 …