This paper updates earlier findings concerning the impact of collective-action clauses on borrowing costs. It has been argued that only in recent quarters have investors focused on the presence of these provisions, and that, given the international financial institutions’ newfound resolve...

The Asian crisis was the third financial crisis of the 1990s. Even more than its predecessors it raised questions about the international community’s approach to crisis prevention and crisis management. It led reservations to be voiced, and not only in Asia, about full and unfettered...

This talk was presented at the Finlay-O'Brien Lecture, delivered at University College, Dublin, October 7, 1996. One of the themes is that the economics profession knows little about EMU's benefits and costs. But while EMU is a gamble, it is probably a gamble worth taking, if you believe, as I...

In this paper we describe some of the opportunities and perils for international monetary cooperation associated with EMU. Our approach brings together two strands in the literature; one concerned with institutions, the other focusing on policy consensus. Previous work on the subject has featured...