The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response...

The accumulation of international reserves by emerging markets raises the question of how to best utilize these funds. This paper explores two routes through which the pooling of reserves could enhance stability and welfare. First, the reserve pool could be used for emergency lending in response...

Along with its painful economic costs, the financial crisis of 2008 raised concerns over the future of international policy making. As in recessions past, new policy initiatives emerged, approaches that placed greater importance on protecting national interests than promoting international...

Intro -- Contents -- 1. Introduction / Barry Eichengreen and Jeffry Frieden -- Part 1: Economic and Monetary Union -- 2. The Transition to Economic and Monetary Union / Geoffrey Garrett -- 3. The Political Economy of French Economic Policy in the Perspective of EMU / Christian de Boissieu and...