for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

This paper addresses the implications of financial globalization for exchange rate behavior. We highlight two …

We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …