long-term evolution of the balance of economic weight in the world economy. Such an evolution may mitigate some flaws of …

the presence of borrowing and lending constraints on that bond. In a US versus the rest of the world (RoW) scenario, we … consumption risk relative to the rest of the world, and therefore decreases its motives for precautionary asset holdings relative … to the rest of the world. As a result of these asymmetric shifts in countries' barriers to capital mobility, the US runs …

This paper considers the implementation challenges facing the Basel Committee's new proposals on bank capital standards …