In the meantime, the difficulty for emerging markets in absorbing large amounts of capital  12  BIS central bankers’ speeches  quickly and in a stable way should be seen as a constraint, much like the zero lower bound, rather than something that can be altered quickly. Even while resisting the temptation of absorbing flows, emerging markets will look to safety nets.
Using this approach, Gabriel has provided us with estimates of the top wealth shares in the United States over the last century.1 This influential work shows that wealth concentration in the United States was high at the beginning of the 20th century, fell from 1929 to 1978, and has continuously increased since then.