In our book, Global Capital Markets: Integration, Crisis, and Growth, we traced out the evolution of the international monetary system using the framework of the “international monetary trilemma”: countries can enjoy at most two from the set {exchange-rate stability, open capital markets,...

This paper explores the consequences of embracing the regulatory framework of the Bretton Woods Institutions as the political landscape from which a global pattern of “modern development” historically nurtured. With the enhanced influence of the deregulation of financial capital, the market...

The Great Depression was the most devastating and destructive economic event to afflict the global economy since the beginning of the twentieth century. What, then, were the origins of the Great Depression and what have we learned about the appropriate policy responses to economic depressions...