This paper draws together some lessons and questions about exchange rate systems and attempts to state what is known and what is not known about them. It begins by revisiting the bipolar issue with regard to exchange rates, restating the hypothesis and updating it in light of events of this...

While output declined in virtually all transition economies in the initial years, the speed and extent of the recovery that followed has varied widely across these countries. The contrast between the more and less successful transitions, the latter largely in the former Soviet Union, raises many...

In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption. We argue that the difference can be traced to lies in the degree of political centralization present...

In China, local governments have actively contributed to the growth of new firms. In Russia, local governments have typically stood in the way, be it through taxation, regulation, or corruption. We argue that the difference can be traced to lies in the degree of political centralization present...

Current account imbalances have increased steadily in rich countries over the past 20 years. While the U.S. current account deficit dominates the numbers and the news, other countries, especially within the euro area, are also running large deficits. These deficits are different from the Latin...