The contribution of sticky exchange rates to the rash of currency crises over the past decade has become a major topic of international monetary analysis and policy discussion. While there is widespread agreement among economists that the middle of the exchange rate spectrum, adjustable pegs, is...

Various claims have been made about the causes of the Asian crisis and its spread. Here, we use data on the behaviour of capital flows during the crisis to test the strong forms of four such hypotheses, that portfolio investors and hedge funds played a dominant role in initiating and/or...

Public choice analysis has clearly demonstrated the need to consider the roles of rent seeking and bureaucratic self-interest in influencing the international economic policies of national governments and the behaviour of international organisations. We have reached a stage, however, where more...

<heading format="display" id="h1" implicit="yes" level="1">Abstract</heading> Some have argued that the endogenous responses to the formation of a currency area are so strong that one need not worry about optimum currency area conditions ex ante. We argue that this is much too strong a conclusion. We draw on a number of recent studies to evaluate the endogeneity...