of financial integration or interrelatedness, asking how Asia compares with Europe and Latin America and with the base … head and shoulders above other regions in terms of financial integration. More interesting is that Asia already seems to … have made some progress on this front compared to Latin America and other parts of the world. The contrast with Latin …

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 …

, with the spread of globalization, there is a new periphery, Asia, but the same old core, the United States, with the same … indefinitely. The United States can continue running current account deficits because the emerging markets of Asia and Latin … of Asia constituting the new periphery are unlikely to be able to subordinate their individual interest to the collective …

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

manner by international banks. The high level of short-term debt in East Asia was supported by high growth rates but was …