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

investment in China. The data are remarkably consistent with such calculations. The analysis helps explain why net capital flows …

shock to the sector - a measure of the systemic risk of each sector. Tail centrality is theoretically and empirically very … downstream closeness to final production. The paper then uses the results to analyze the determinants of total tail risk in the … economy to small shocks while increasing the sensitivity to large shocks. Tail risk is strongest in economies that display …

regressions account for not more than 2/3 of the variation. We apply the regression results to assess China's current account over …

suggest why public and private actions in the United States and China are now likely to cause the current account imbalances … billion or 3.5 percent of US GDP. China has a current account surplus of about $300 billion or 6 percent of its GDP …

, resulting in large trade deficits. In a sample of 18 OECD countries plus China, movements in home prices alone explain half of …