<heading id="h1" level="1" implicit="yes" format="display">Abstract</heading> The origin of the world credit crisis has four stages: (1) too much credit - an international perspective; (2) too much risk - reaction to low real interest rate; (3) the fatal flaw - the new complex financial instruments; and (4) the panic - bank lending dries up. The paper also...

This paper expounds the concept of Dutch Disease as it applies currently to Australia, noting the various gains and losses resulting from the Australian mining boom. “Dutch Disease” refers to the adverse effects through real exchange rate appreciation that such a boom can have on various...

The proposal to set up an international debt facility to buy the debt of developing countries at a discount and then mark down its contractual value is analyzed. The paper considers the central question of how the debtor countries, creditor banks, and owners of the facility would be affected; in...

The argument that debt relief would increase the incentive of a debtor country to make an adjustment effort (to invest) and that for this reason creditors may benefit by granting relief is analyzed in this paper. It is shown that there are actually opposing incentive effects of debt relief and...

In an outstanding account of exchange rates inthe international monetary system, W. Max Corden considers the essential issues in international macroeconomics. The author takes as his model the macroeconomic situation of a country with an open economy, and explains the effects of domestic fiscal...

En este artículo compararé el “punto de vista tradicional” y el “punto de vista moderno” sobre la cuenta corriente. Mi propia perspectiva va de acuerdo con el punto de vista moderno, pero dedicaré gran parte de este artículo a explorar posibles salvedades al mismo. Puesto que ambos...

<DIV>The previous editions of this work were praised as lucid and insightful introductions to a complicated subject. This third edition incorporates major additions to update the survey while retaining its clarity. Selected from the second edition are essential chapters on developments in...</div>