for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …

the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …

a world economy that was characterized by widespread restrictions on international capital mobility. In contrast, the … rapid pace of financial globalization during recent years poses new challenges for the international monetary system. In … explores some of the interconnections between financial globalization and exchange rate adjustment and discusses the policy …