Purpose – In the past two decades, there has been a remarkable decline in inflation in both developed and developing countries, in sharp contrast to the period immediately preceding it. Interestingly, the behaviour of inflation in India broadly exhibits such a pattern. For much of the 1970s...

"Analyzes the feasibility of continued exchange rate pegging in East Asia and explores alternatives, including some form of regional monetary integration. Argues for coordinating the adjustment of Asian currencies against the dollar and sketches scenarios for the creation of an Asian central...

Why the current Bretton Woods-like international financial system, featuring large current account deficits in the center country, the United States, and massive reserve accumulation by the periphery, is not sustainable.