Domestic (but not foreign) borrowing became cheaper after the 17th century financial revolution. Trilemmas present a way of weighing the losses and gains from trade-offs from capital openness. The policy limitations on democracy resulting from capital openness may be treated analogously....

Eine zentrale vertretende These der Ökonomie lautet: Die Aufhebung von Beschränkungen im Handel und Kapitalverkehr weltweit vermehrt die Wohlfahrt. Internationale Abkommen und Zollunionen verfolgen das Ziel des Freihandels. Auch das europäische Integrationsprojekt basiert mit dem...

The lesson from previous episodes of trade reform is in part a story of political framing as well as a story of compensatory deals. Countries can calculate that they might lose out on the solution to one of the issues but gain on another.

The modern development of a policy revolution in the late twentieth century that places monetary stability at the core of central banking functions has three roots: an academic discussion of the design of monetary policy institutions; the example of successful central banking practice; and the...