Five years of economic reforms had made Mexico a model for other developing nations by the end of 1993, when Mexico was preparing to enter into the North American Free Trade Agreement (NAFTA) with Canada and the United States. But less than a year later, in December 1994, Mexico experienced a...

This article was originally presented as a speech at the Tucson Chapter of the Association for Investment Management Research (AIMR), Tucson, Arizona, November 14, 2003.

The relatively recent resumption of large international capital flows and the Asian crisis have revived interest in capital controls - taxes or restrictions on international transactions in assets like stocks or bonds. For many years economists considered capital controls to be obviously...

Reply to "International Monetary Reform and the 'Crawling Peg'".