In this essay, we argue that key assumptions in international macroeconomic theory, though useful for understanding the economic relationships among developed countries, have been pushed beyond their competence to include relationships between developed economies and emerging markets. The...

There is growing discontent with the conventional wisdom concerning economic policy. The unhappy fact seems to be that a stable macroeconomic environment may be necessary but not sufficient to coax the desired outcomes from liberalized financial systems. This paper reviews several promising...