During the pandemic, governments increased their expenditures drastically. According to IMF projections, the debt-to-GDP ratio in advanced countries will be 18 percentage points higher by the end of 2021 than before the pandemic and 10 percentage points higher in emerging markets. With rising...

I provide a structured comparison of the nineteenth-century classical gold standard and the Euro, basing my analysis heavily on recent research. Both similarities and differences are evident in the historical record. Both regimes were vaunted as engines of convergence, but in both cases...