There has been much interest in whether fixed exchange rates can provide a strong source of discipline over domestic monetary and fiscal policies. We argue that previous studies, however, have not paid sufficient attention to the distinction between constraint and incentive effects and that...

In recent years, the world has seen a rising backlash against globalization. This article reviews the nature, causes, and consequences of the globalization backlash. It shows that, contrary to a popular narrative, the backlash is not associated with a large swing in public opinion against...

This paper analyzes the arguments that fixed exchange rates and financial markets can provide strong discipline over domestic macroeconomic policies. We conclude that such discipline works only under a rather limited set of circumstances. A key aspect of our analysis is the distinction between...

How do economic shocks influence domestic politics? We take advantage of a surprise revaluation of the Swiss franc in early 2015 to identify the Polish citizens with clear and direct economic exposure: those repaying mortgages denominated in Swiss francs. Using original survey data collected...

Der Aufstieg der Schwellenländer ist sichtbar sowohl in der internationalen Entwicklungszusammenarbeit, als auch in den internationalen Wirtschaftsbeziehungen. Hilfsleistungen der Geberländer, die außerhalb des Ausschusses für Entwicklungshilfe der OECD operieren, haben in den letzten Jahren...