The paper discusses a model in which growth is a negative function of fiscal burden. Moreover, growth discontinuously switches from high to low as the fiscal burden reaches a critical level. The paper provides an overview of key elements of corporate bankruptcy codes and practice around the world that are relevant to the debate on sovereign debt restructuring. It also describes the broad trends in international financial integration for a sample of industrial countries and explains the cross-country and time-series variation in the size of international balance sheets.
those holdings is in the United States. The U.S. stock market boomed, so portfolioequitygains should be positive. Moreover, the U.S. dollar held nearly constant relative to the Canadian dollar. How could the number be negative? In this case, I believe the explanation stems from two things: First, the authors note that Canada is the one case where portfolio investment is measured at book value. Second, there was a slight strengthening of the U.S. dollar. It is not completely apparent to me that these two factors account for the negative capital gains. It is precisely