Frontmatter -- Contents -- List of Figures -- List of Tables -- Introduction -- PART I: APPRAISING EXCHANGE-RATE ARRANGEMENTS -- 1. The Endogeneity of Exchange-Rate Regimes -- 2. Exchange-Rate Behavior under Alternative Exchange-Rate Arrangements -- 3. Panel: One Money for How Many? -- PART II:...

Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and...

This paper develops a dynamic, rational expectations model that generalizes both the standard, two-country, two-commodity model of real trade theory and the "dependent economy" model of open economy macroeconomics. This model is used to show how a variety of government policies can affect the...