August 9, 1999 <p> Robert Mundell's long standing enthusiasm for European monetary unification was vindicated by the formal advent of the euro on January 1, 1999. For almost 30 years, he has seen clearly that the advantages of a common European currency would swamp any disadvantages. <p> But therein...</p></p>

July 1999 <p> Forthcoming: Oxford Review of Economic Policy <p> This paper investigates the role of the exchange rate regime in a simple Fisherian model of the overborrowing syndrome. Where domestic banks are subject to moral hazard, the choice of exchange rate regime may have important implications...</p></p>

February 1998 <p> The severity of the financial crises enveloping the ‘tiger’ economies of South East Asia in 1997 came as a surprise to many observers. This paper uses a simple Fisherian model of the ‘overborrowing syndrome’ to compare the Asian crises of 1997 with earlier overborrowing...</p>

Keynote Speech, 6th Convention of the East Asian Economic Association <p>4-5 September 1998, Kitakyushu, Japan