glutʺ observed in the era of advancing financial globalization. The supposed paradox is that the developing world has … States’ position as issuer of the world’s premiere reserve currency and supremacy in global finance explain the related …

. Global and national risk indicators perform better in explaining "rest of the world" flows. Moreover, we find that the … with those of the rest of the world. We analyse the relative importance of US, country-specific, and global variables as … correlation between US and rest of the world flows peaks in periods of elevated uncertainty. We interpret our findings as evidence …

that the U.S. would experience a sudden stop of capital flows, which would unavoidably drag the world economy into a deep … instead that the root imbalance was of a different kind: The entire world had an insatiable demand for safe debt instruments … of exposing the economy to a systemic panic. This structural problem can be alleviated if governments around the world …