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Is the crisis problem growing more severe
Financial crises Lessons from the last 120 years The crisis problem is one of the dominant macroeconomic features of our age. Its prominence suggests questions like the following: Are crises growing
Golden Fetters: The Gold Standard and the Great Depression, 1919-1939
This book is a reassessment of the international monetary crises of the post-World War I period that led to the Great Depression of the 1930s. It also analyses the responses of the world economic
Exchange market mayhem: the antecedents and aftermath of speculative attacks
Exchange market mayhem The antecedents and aftermath of speculative attacks This paper evaluates the causes and consequences of episodes of turbulence in foreign exchange markets. Using data from
Globalizing Capital: A History of the International Monetary System
The importance of the International Monetary System is evident in the daily news stories about fluctuating currencies and in dramatic events, such as the recent reversals in the Mexican economy. It
Contagious Currency Crises: First Tests
The authors address the fact that the incidence of speculative attacks tends to be temporally correlated; that is, currency crises appear to pass 'contagiously' from one country to another. The paper
One Money or Many? Analyzing the Prospects for Monetary Unification in Various Parts of the World
The literature on optimal currency areas identifies the symmetry of disturbances and the speed with which economies adjust as key criteria affecting the decision of whether to form a monetary union.
Central Bank Transparency and Independence: Updates and New Measures
This paper reports updated measures of transparency and independence for more than 100 central banks. The indices show that there has been steady movement in the direction of greater transparency and
Adjustment and growth in the European Monetary Union: Shocking aspects of European monetary integration
Introduction From all appearances the process of European monetary unification continues to gather momentum. Nearly four years have passed since the last significant realignment of exchange rates of
Capital Account Liberalization: What Do Cross‐Country Studies Tell Us?
Capital account liberalization, it is fair to say, remains one of the most controversial and least understood policies of our day. One reason is that different theoretical perspectives have very
What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?
This paper analyzes data on nearly one thousand developing country bonds issued during 1991-96, a period that spans the recent episode of heavy reliance on bonded debt. Both the issue decisions of