We use time-series methods to estimate a simple aggregate supply and demand model in order to analyse the comparative performance of fixed and flexible exchange rate systems and test competing hypotheses designed to explain shifts between exchange rate regimes. The paper provides a coherent...

This paper analyzes United States experience with foreign lending in the half-century from 1920. A first question raised by this experience is what triggered the process of United States foreign lending. I conclude that lending was restrained at the beginning of the period by the debt overhang...