stability and monetary autonomy) remains a valid macroeconomic framework. The financial globalization during 1990s-2000s reduced … globalization is the growing exposure of developing countries to capital flights, and deleveraging crises. The significant costs …

This paper describes the challenges of globalization in terms of the logic underpinning four distinct policy … vulnerabilities. They can be described as the impossible policy choices at the heart of globalization …

for the world economy as a whole, there is a case for global governance. This might include some institutionalized …

regulation. In part, this is due to their neglect of important regulatory choices, which policy-makers are therefore left to take …

regulation did not take the "big picture" of the system suffciently into account and, subsequently, financial supervision mainly … "missed the forest for the trees". As a result, the need for macroprudential aspects of regulation emerged, which has recently … macroprudential regulation in creating stable, yet effcient financial systems. At the same time, I emphasize the importance of …