advantage. Financial globalization then induces more specialization and more trade. The present framework yields explicit closed …-form solutions for the volume and the structure of trade. Empirical results support the implications of the theory. Trade in …

1. Introduction: Capital Wars -- 2. Global Money -- 3. Synopsis: A Bigger, More Volatile World -- 4. The Liquidity … footloose cash. Global Liquidity describes the gross flows of credit and international capital feeding through the world … integration reached before the First World War. Global Liquidity drives these markets: it is often determinant, frequently …

footloose cash. Global Liquidity describes the gross flows of credit and international capital feeding through the world … integration reached before the First World War. Global Liquidity drives these markets: it is often determinant, frequently … theory of investment has never been more important. International spill-overs of these rapacious cross-border flows sets off …