This timely volume features essays from an international group of economists which address issues relating to the objective of securing full employment. The contributors adopt a political economy approach that highlights the nature and significance of institutional change.

In this paper we examine whether during the 1997 East Asian crisis there was any contagion from the four largest economies in the region (Thailand, Indonesia, Korea and Malaysia) to a number of developed countries (Japan, UK, Germany and France). Following Forbes and Rigobon, we test for...