to 3.5 percent of world GDP, and are expected to widen again this year. The IMF's multilateral approach suggests that … global excess balances narrowed to 0.9 percent of world GDP in 2021 compared with 1.2 percent of world GDP in 2020. The … in 2021 with opposite effects on the external position of exporters and importers, a trend that the war in Ukraine is …

previous literature that used measures of net flows. Global factors, especially global risk, are the most important …

literature that used measures of net flows. Global factors, especially global risk, are significantly associated with extreme …

literature that used measures of net flows. Global factors, especially global risk, are significantly associated with extreme …

international equity transactions that accentuate the role of international risk sharing as a factor for the macroeconomic response … shock affecting only one country. Efficient global risk-sharing imply that expected productivity gains in one country will … for the productivity gains can further increase the risk exposure of foreign shareholders. The model is calibrated to show …