Chapter 1 Introduction -- Chapter 2 The Speculator, and Financial Innovations: an Old Portrait -- Chapter 3 The Speculator, and Financial Innovations: a New Portrait -- Chapter 4 Uncertainty: the Necessary Unknowable Road to Speculation -- Chapter 5 Economic Bubbles, Schemes, and Market Failures...

What is the role of large players" like hedge funds and other highly leveraged institutions in speculative attacks? In recent theoretical work, large players may induce an attack by an early move, providing information to smaller agents. In contrast, many observers argue that large players are...

This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the ‘push factors’ (such as interest rates or contagion) determining international capital flows; while the...

Much has changed in international finance in the twenty years since UNU-WIDER was founded. This paper identifies five broad contours of what we might expect in the next twenty years: the flow of capital from ageing societies to the more youthful economies of the South; the growth in the...