Resembling a gigantic bottle opener, the Shanghai World Financial Center stands as one of the world's tallest buildings, glittering majestically on the skyline. Competing with the Oriental Pearl ...

These important financial hubs often have strategic locations and a storied history of leadership in the global economy. Examples include Shanghai ... center, but the index ranks the world's ...

To what extent are these fluctuations driven by local shocks versus financial conditions in advanced economies? To answer this question, we develop a neoclassical business cycle model of a world ...