This paper uses micro data from the New Earnings Survey to document that cross-sectional wage inequality in the U.K., which rose sharply in the 1980s and continued to rise moderately through the mid-1990s, has remained essentially unchanged in the latter half of the 1990s. As in the U.S.,...

Preface -- A historical prologue -- Currency concepts -- Capital account opening -- The exchange rate regime -- The RMB goes global -- Reserve currency -- The mirage of safety -- Could China stumble? -- Rising global influence -- Conclusion

In this paper, I analyze India's approach to capital account liberalization through the lens of the new literature on financial globalization. India's authorities have taken a cautious and calibrated path to capital account opening, which has served the economy well in terms of reducing its...