This introduction to a special edition of Review of International Economics summarizes a collection of articles that originated in a conference on "Is Globalization of Capital Markets a Boost or a Hindrance to Development?" that was sponsored by the Program in Economic Policy Management (PEPM)...

The paper models the choice between currency boards (CBs) and adjustable pegs (or managed floating). Countries adopting CBs have grown faster and inflated less on average than countries adopting other regimes. The explanation hinges on key features of CBs: policy discipline and inflation...

This paper examines the effects of capital account liberalization on the long-run growth of a developing economy. A general-equilibrium, endogenous growth model is constructed in which corruption forms an integral part of the governance system of the country. By undermining the profitability of...