subject to self-fulfilling variations in the world real interest rate. Those expectation-driven changes in the borrowing cost … asset prices, GDP, consumption, investment and employment). When firms around the world benefit from unexpectedly low debt … internationally. Such a stylized model thus offers one way to rationalize both the existence of world business-cycle factor documented …

to the rest of the world tends to fluctuate over time but remains large overall. Second, although the size of the … more persistent. Actually, the increasing economic integration at the world level is likely to have fostered second …

-recipient countries and the rest of the world. Using both aggregate and bilateral remittances data in a panel data setting, the study …