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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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