investment was financed via private capital inflows. That said, foreign savings are not a good substitute for domestic savings … over the deficit episode and its aftermath, growth is slower than when countries rely on domestic savings. The paper … concludes that financing growth and investment out of foreign savings, while not impossible, is risky. …

We study how monetary policy and risk shocks affect asset prices in the US, the euro area, and Japan, differentiating …. Communication shocks from the US spill over to risk in the euro area and vice versa, but traditional US shocks show no spillover … effects to risk. Both monetary policy and communication shocks spill over to stocks, with euro area information spillovers …

magnitude of tax revenue receipts. A framework is presented for risk management of daily tourist tax revenues for the Maldives … tourist arrivals and their growth rate is analogous to the volatility (or dynamic risk) in financial returns. In this paper …