inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …

international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …

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 …

an undervalued exchange rate. In the 1960s, the core was the United States and the periphery was Europe and Japan. Now … interest. This image of the current system as Bretton Woods reborn also overlooks how the world has changed since the 1960s … resembling the Bretton Woods System, it is not long for this world …