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"Why, at the end of the 20th century, should capital markets have served to transfer resources from emerging markets to those which are more developed? Mr. Bernanke's interpretation-that the global imbalances reflected a Savings Glut in the East fueled by fear of financial crisis-has been challenged for neglecting dis-saving in the West. As we show, these contrasting perspectives can be combined in a stochastic two period, two bloc model: one bloc, the "East," has a precautionary saving incentive due to future income uncertainty, while the other, the "West," experiences a bubble and, because it smoothes consumption, runs a current account deficit. The tractable global model we use, which relaxes the conventional assumptions of a representative agent and unbiased expectations, shows how a significant resource transfer can be effected with relatively small changes in global interest rates."

CAIRO | January 21, 2012 Two days before the assembly's first meeting following the thwart of Hosni Mubarak close to 1 year ago, it is apparent that the Muslim Brotherhood Islamists led by the Freedom and Justice Party emerged as the largest group in Egypt's new parliament winning 235 of the 498 elected seats in the lower house. . The new parliament, due to hold its first session on Jan. 23, "is the best celebration of the Egyptian revolution," Freedom and Justice said in a statement according to a report in Bloomberg. A breakdown of election results from party lists: 332 members of parliament Freedom and Justice - 127 Nour party - 96 Wafd party - 36 Egyptian Bloc - 33 The assembly is to select a committee that will write a new constitution, though the exact powers of parliament remain unclear. Protesters that ousted Mubarak continue to call for mass rallies on January 25, the anniversary of the beginning of the Egyptian uprising against Mubarak. And although Egyptians have had seven weeks of democratic elections, it has failed to calm tensions between activists and the military council that took power from the ousted President. The military council has said it would cede power when a president is elected in a national vote by the end of June. Due to the state of unrest and lack of tourism, Egypt's economy has seen better days. Egypt formally requested a $3.2 billion loan from the International Monetary Fund on Jan. 16 to help it support its economy.

Since the late 1980s, Northern Ireland has seen a radical electoral shift away from the historically dominant parties in the Catholic and Protestant blocs - the Social Democratic and Labour Party (SDLP) and Ulster Unionist Party (UUP), respectively - towa

In the Balkans and the countries of the old Eastern Bloc, the years from 1996 to 2009 saw no fewer than fourteen major attempts to oust semiauthoritarian regimes by means of elections. Eight of these attempts actually toppled authoritarian leaders, bringi