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 …

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

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 …

an attendant world portfolio shift from safe, but low-yield, capital into riskier, high-yield capital. The presence of … of specialized, hence inherently risky, production inputs. A partial calibration exercise based on Penn World Table …

time, the definition of external balance has evolved in response to changes in the world economy's structure. The foreign …