Financial Integration, Entrepreneurial Risk and Global Imbalances
---- Acknowledgements -----
An earlier version of the paper was entitled "Financial Integration and Capital Accumulation." We thank an associate editor and two anonymous referees for very useful feedback. We also thank Daron Acemoglu, Arnaud Caustinot, Dave Donaldson, Enrique Mendoza, Dimitris Papanikolaou, and Robert Townsend for useful comments and discussions. Finally, we are particularly grateful to Dean Corbae and Ramon Marimon for encouraging us to write this paper. The views presented in this paper are solely those of the authors and do not necessarily represent those of the Board of Governors of the Federal Reserve System, its staff members, or the National Bureau of Economic Research.