Learning lessons -- Blessings and perils of liberal finance -- Financial crises in the era of globalization -- From crises to imbalances -- Calm before a storm -- Toward adjustment and domestic reform -- Toward global reform -- Toward a more stable world

Since the late 1990s, the United States has received large capital flows from developing countries and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that...

Since the late 1990s, the United States has received large capital flows from developing countries and experienced a productivity growth slowdown. Motivated by these facts, we provide a model connecting international financial integration and global productivity growth. The key feature is that...