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After nearly a decade of stagnant economicactivityandhigh inflation in Mexico, the Mexican government liberalized the trade sector in 1985, adopted an economic stabilization plan at the end of 1987,...
Polar Arrangements and Compromise Systems Financial crises of the kind experienced in Mexico and East Asia repeat speculative episodes experienced within the European Monetary System and earlier un...
International transmission offinancial crises under the goldstandard was a well-understood phenomenon. Changes in the gold, monetary, capital, and trade flows from one country affected prices, incom...
Panama’s monetary system has the following characteristics: (1) The U. S. dollar is the medium of exchange, while the balboa, the national currency, is a unit of account and exists only as silver co...
The Asian Miracle Is Alive The Asian financial crisis may have finally put to rest the myth that the region’s success has come about as a result of a unique system of capitalism rooted in Asian val...
Many international financial transactions occur in a realm that is close to anarchy. While numerous committees and organizations attempt to coordinate domestic regulatory policies and negotiate inte...
Recent developments, both at home and abroad, have reinforced the importance of efforts to increase the stability of global banking and financial markets. The central challenge of promoting the stab...
The Present State of the Debate The future of the International Monetary Fund (IMF) in the new global financial architecture has received much attention. In May 1998, I testified on this issue to t...
Building a successful global financial architecture for the next century will involve a great many challenges—for example, establishing the role of the euro and expanding the World Trade Organizatio...
What is the future of China’s financial sector? Will it continue to be stable? Will it be more efficient? In addressing those questions, we need to review China’s financial system of the reform era ...
After years of endless efforts, China has achieved agreements with almost all the World Trade Organization (WTO) members, which requested to have bilateral negotiations with China. The U.S. Congress...
In the 1980s and early 1990s, U.S. taxpayers paid $130 billion to make good on the federal government’s guarantee to protect depositors in thrift institutions (U.S. GAO 1996: 14). The crisis affecti...
Despite the fact that periodic surges in volatility are a fact of life in financial markets, I think there is general acknowledgment that recent years have been extraordinary in this regard. This ha...
If investment flows are to continue to emerging economies, a new means must be found to bring predictability to the resolution of unsustainable sovereign debt. But will this be imposed by fiat or e...
Panama’s unique macroeconomic and monetary arrangements embody, as no other country, freedom of choice in the capital markets. This article discusses and explains how Panama’s macroeconomic system ...

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