FINANCIAL GLOBALIZATION -- FINANCIAL GLOBALIZATION -- CONTENTS -- PREFACE -- Chapter 1 GLOBALIZATION AND INFLATION DYNAMICS: THE IMPACT OF INCREASED COMPETITION -- ABSTRACT -- 1. INTRODUCTION -- 2. HAS THE SLOPE OF THE PHILLIPS CURVE CHANGED? -- 3. CHANNELS OF GLOBALIZATION EFFECTS ON INFLATION -- 4. A STRUCTURAL FRAMEWORK -- 4.1. The Inflation/Marginal Cost Relation: Some Generalizations -- 5. THE EFFECT OF FIRMS' ENTRY -- 5.1. Kimball Preferences with a Variable Number of Goods -- 5.2. Steady State with Symmetric Prices -- 5.3. The Price Setting Problem -- 5.4. The Slope of the NKPC -- 6. QUANTITATIVE EFFECT OF TRADE INCREASE ON THE PC SLOPE -- 6.1. Measuring the Trade Increase -- 7. CONCLUSION -- REFERENCES -- 8. APPENDIX -- End Notes -- Chapter 2 FINANCIAL GLOBALIZATION AND THE U.S. CURRENT ACCOUNT DEFICIT -- GLOBAL SAVING AND GLOBAL CAPITAL FLOWS -- TAKING THE MEASURE OF FINANCIAL GLOBALIZATION -- U.S. ASSETS IN GLOBAL PORTFOLIOS -- INTERNATIONAL INVESTMENT POSITIONS -- Alternative Metrics -- FINANCIAL GLOBALIZATION AND U.S. CURRENT ACCOUNT ADJUSTMENT -- CONCLUSION -- REFERENCES -- ABOUT THE AUTHORS -- Chapter 3 FOREIGN HOLDINGS OF U.S. GOVERNMENT SECURITIES AND THE U.S. CURRENT ACCOUNT -- ESTIMATED HOLDINGS OF U.S. GOVERNMENT SECURITIES BY FOREIGN INVESTORS -- THE FALL IN THE U.S. CURRENT-ACCOUNT BALANCE -- THE UNSUSTAINABILITY OF THE CURRENT-ACCOUNT DEFICIT -- POLICY OPTIONS -- End Notes -- INDEX -- Blank Page.