This paper explores how non-U.S. central banks behave when firms in their economies engage in currency mismatch, borrowing more heavily in dollars than justified by their operating exposures. We begin by documenting that, in a panel of 53 countries, central bank holdings of dollar reserves are...

"Nonreciprocal preferential trade arrangements are a defining feature of the relationship between developed and developing countries dating back to the colonial era. In the late 1950s, these arrangements started to take a multilateral form when members of the European Economic Community...

In War, Wine, and Taxes, John Nye debunks the myth that Britain was a free-trade nation during and after the industrial revolution, by revealing how the British used tariffs--notably on French wine--as a mercantilist tool to politically weaken France and to respond to pressure from local brewers...