The premise of the postwar global political economy under the Bretton Woods system was that economic integration was desirable, but risky. Embedded liberalism enabled governments to embrace global trade while minimizing the vulnerability and economic dislocation that might follow. The premise of...

Who is watching the financial services industry? Since 1980 there have been multiple waves of thought about whether the ministry of finance, the central bank, a specialized regulator, or some combination should have supervisory authority. These waves have been associated with convergence of...

How do markets discipline governments? The most direct way is through sovereign borrowing costs. Investors charge more interest when they anticipate that the risks of default increase. Where markets get their information from and how they use this information, however, is not well documented. In...