The wave of financial crises in emerging markets since 1995 has led to increasing concern as to the consequences of the instability of international portfolio capital flows. The leading industrial countries are in the process of constructing a new 'global financial architecture'. The causes of...

Interdiction of terrorist funds has become a priority for intergovernmental cooperation. Logically, this initiative should affect SDM financing as well as conflict funding more generally - particularly where incumbent states can outlaw such movements. However, multilateral and unilateral...

Financial development and economic growth are clearly related, yet the institutional channels and even the direction of causality remain unresolved theoretical issues. None the less, and despite the persistence of a wide range of organizational forms in advanced economies, strong causality from...

This paper explores the existing arrangements for multilateral regulation of large firms, and makes the case for balancing strengthened global corporate property rights with more explicit and enforceable social obligations. In a democratic market-based society, investors have legally enforceable...

This paper addresses the nature of the demand schedule for emerging market assets in both its macroeconomic and microeconomic dimensions. The former is usually analysed in terms of the 'push factors' (such as interest rates or contagion) determining international capital flows; while the latter...

This lecture, presented at Oxford on 19 January 1999, opened the Wolfson College Lectures 1999 series Globalization and Insecurity. The first part of my lecture attempts to explain the origins of inherent instability in international capital flows, and why this requires public institutions to...

This paper addresses the relationship between financial crises associated with foreign capital flows on the one hand and the wellbeing of children in emerging market countries on the other. The literature on child welfare in crises suggests that the level of employment and labour incomes are the...

The international mobility of capital and the geographical dispersion of firms have clear advantages for the growth and modernisation of the region. They also create fundamental challenges for national tax authorities. Modern principles of capital taxation for the open developing economy...

In a world of fully mobile capital and highly immobile labour, citizenship is effectively an entitlement to the 'dividend' arising from the social infrastructure accumulated in a particular country of birth. The paper opens with the reasons why the passport (ie citizenship) can in consequence be...

Assessing the economic development of Latin America during the twentieth century requires reliable estimates of living standards, as measured by per capita income, life expectancy, and literacy. New comparable series for Latin America suggest that these three indicators made the greatest strides...