It is frequently argued that credit rating agencies (CRAs) have acted procyclically in their rating of sovereign debt in the European Monetary Union (EMU). They are believed to have under-rated sovereign risk in the early years of EMU, when integrated financial markets provided easier access to...

Global imbalances are almost universally regarded as a disequilibrium phenomenon. Caballero, Farhi, and Gourinchas (2008) challenge this notion with their dynamic general equilibrium model of global imbalances. The authors conclude that current account deficit nations need not worry about...

'Global imbalances' are almost universally regarded as a disequilibrium phenomenon. Caballero, Farhi, and Gourinchas (2008) challenge this notion with their dynamic general equilibrium model of global imbalances. The authors conclude that current account deficit nations need not worry about...

Deutschands Wirtschaftswunder im System von Bretton Woods -- Chinas Aufstieg unter Bretton Woods II -- Wirtschaftswunder Deutschland und China im Vergleich -- Theorie exportgetriebenen Wachstums und internationaler Kapitalflüsse -- Ein Gleichgewichtsmodell globaler Ungleichgewichte --...