The Alien Tort Statute of 1789 (ATS) remained virtually dormant until it was revived by the 1980 decision of the Second Circuit in Filartiga v Pena-Irala. Since Filartiga, plaintiffs, who are neither US citizens nor residents, have invoked the ATS for a widening range of claims alleging large...

Over the past three decades, the world trading system has functioned well, while the financial system has stumbled. While the trading system cannot provide a template for redesigning the financial system, it can provide useful lessons. The primary goal of the world trading system has been to...

In this article, we propose a new monetary framework that defines a broader set of assets, De Facto Money (DFM), as the benchmark for improving financial stability. DFM is defined as traditional monetary aggregates plus other liquid assets such as stocks and bonds. Empirical evidence for the...

Services trade has truly become an engine of world growth. Over the past two decades, international trade in services has grown faster than world merchandize trade, which in turn has grown faster than world output. A combination of policy liberalization and technological progress has facilitated...