Although the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world. Global Divergence in Trade, Money and Policy explores the disparities between a...

The global financial crisis (as well as the European sovereign debt crisis) has led to a substantial redesign of rules and institutions - aiming in particular at underwriting financial stability. At the same time, the crisis generated a renewed interest in properly appraising systemic financial...