A crisis provides an opportunity to examine how an economy works under pathological conditions. What are the lessons? Markets work well most of the time. That said, the global financial crisis has weakened faith in the market’s self-equilibrating qualities. Fiscal policy works well to offset...

This paper was presented at the SEACEN Seminar on Foreign Exchange Liberalization Expe- riences in the SEACEN Countries, held in Seoul and hosted by The Bank of Korea from May 30 - June 1, 1994. Australia's floating exchange rate system is the topic of this paper. It begins by describing the...

Managing Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.