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

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 …

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 …

rest of the world. Once one controls for these characteristics and policies, in other words, there is no residual Asia …

. We develop a multi-country version of the Lucas tree model with time-varying volatility and show that in addition to … volatility and growth can be accounted for by the real common factor, which is proportional to world growth in our empirical … model and linked to the risk-free rate. Second, the share of volatility forecast error variance explained by the real common …