India's growing economic strength of recent years has seen it adapting its foreign policy to increase its global influence and status and to meet the challenges of the 21st century. In the past few years, New Delhi has expanded its strategic vision, most noticeably in Asia, and has broadened the...

We analyze persistence in patterns of bilateral financial investment using data on US investors' holdings of foreign bonds. We document a 'history effect' in which the pattern of holdings seven decades ago continues to influence holdings today. 10 to 15% of the cross-country variation in US...

A significant adaptation has recently occurred in the mandate of the International Monetary Fund. With no alteration to its legal charter, the Fund has effectively become the promoter of a putative consensus among its leading member states on intrusive norms of industrial regulation. At a time...