From the New York Times bestselling author of This Time Is Different, “a fascinating and important book” (Ben Bernanke) about the surprising reasons why paper money lies at the heart of many of the world’s most difficult problemsThe world is drowning in cash—and it’s making us poorer...

This paper seeks to draw lessons for developing countries based on a survey of the recent literature on financial globalization. First, while capital account openness holds promises (by potentially generating a lower cost of capital, better risk sharing, and stronger disciplines on policies),...