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 …

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 …

-movements of global factors in asset prices and capital flows with commodity prices, international trade and world output as well … as the sensitivity of different parts of the world to the Global Financial Cycle. We present evidence of the causal …

International currencies fulfill different roles in the world economy with important synergies across those roles. We …

, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same … 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 …

autonomy in a world of large capital flows …

risky assets around the world. We find evidence of large financial spillovers from the hegemon to the rest of the world …