of mutualising on the Eurosystem the credit risk arising from the new world-wide vendor financing scheme. The QE would …

result of low investment. Latin America is poorer because of lower human capital levels and lower TFP-not because of a lower … business climate indicators converge rapidly. Poor countries without those attributes do not. We show that low investment is …

financial markets. It also applies to one of the world's largest trading regions. This article examines select investor … foregoing analysis. MiFID reinvents and improves its predecessor, the Investment Services Directive, and tracks commercial …

—in particular, the EA slump has been markedly more protracted. We estimate a three-region (EA, US and Rest of World) New Keynesian … productivity growth, and persistent adverse shocks to capital investment, linked to the continuing poor health of the EA financial …

particular, the EA slump has been markedly more protracted. We estimate a three-region (EA, US and Rest of World) New Keynesian … productivity growth, and persistent adverse shocks to capital investment, linked to the continuing poor health of the EA financial …

; hypothesis), (ii) preference shocks (quot;savings glutquot; hypothesis), and (iii) investment shocks (quot;investment droughtquot … part of the variation in imbalances and financial market prices. We find that savings shocks and investment shocks explain … imbalances in the US and emerging Asia than a quot;savings glutquot …

) preference shocks ("savings glutʺ hypothesis), and (iii) investment shocks ("investment droughtʺ hypothesis). In order to … imbalances and financial market prices. We find that savings shocks and investment shocks explain less of the variation. Hence, a … "savings glutʺ. …