After reviewing th epost-World War II evolution of the international financial architecture, this paper presents a critical appraisal of current proposals for reform: limiting capital account convertibility, introducing an international lender of last resort, and reforming debt market...

This paper discusses within a common analytical framework the logical and analytical links between theories of exchange rate crises that model the abandonment of a peg as an optimizing decision by rational policy makers, and theories that focus on the dynamics of speculative attacks when...