Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed …

and pre-World War I gold standard eras …

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 …

disorder in the world economy. The interwar disorder often is linked to policies inconsistent with the constraint of the open … yield. This historical analytic narrative is compelling with significant ramifications for today's world, if true but …

heightened risk. (3) There was a strong association between nominal exchange rate predictability and real exchange rate …

in the comovement of global equity markets is particularly notable. We demonstrate that fluctuations in risk premiums …, and not risk-free rates and dividends, account for a large part of the observed equity price synchronization after 1990 …. We also show that U.S. monetary policy has come to play an important role as a source of fluctuations in risk appetite …