""Credit has always been at the center of American capitalism, but it underwent a major shift in the late nineteenth century. Along with the industrial and bureaucratic transitions, for the first time more and more workers used their future labor income as collateral to build debt, however small...

Analyses, perspectives and jurisdictional overview / Jean Jacques du Plessis and Jeanne Nel de Koker -- The United Kingdom / Andreas Rühmkorf and Jean Jacques du Plessis -- Australia / Tess Blackie and Jean Jacques du Plessis -- South Africa / Neels Kilian, Jean du Plessis, and Jeanne Nel de...

This paper reviews the structure and trends of the U.S. welfare system and the U.S. Administration’s reform proposals. It shows that, despite the attention the program receives, the welfare program is actually quite small and has experienced moderate rates of growth. However, the system does...

Structural vector autoregressions are used to analyze the relationship between real output and relative prices within the EU and the United States, Relative price variability appears to be more important for adjustment within the EU than the United States, reflecting the lower integration of...

"The Poverty of the World explores the origins of a conception of "global poverty" in 20th century American thought, politics, and culture. Following a group of American intellectuals, policymakers, and activists-John Collier, Oscar Lewis, John Kenneth Galbraith, Michael Harrington, and Sargent...

A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a...

This paper discusses instruments and operating procedures of the conduct of monetary policy in the major industrial countries. The exchange rate mechanism of the European Monetary System (EMS) provides clear evidence of the role of exchange rates in influencing monetary policy; the commitment of...