Working Papers
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Conference paper
A Tale of Two Trilemmas
Apr 2011
In a classic book and subsequent articles, Obstfeld and Taylor (2004) have shown how the broad contours of international financial history over the past century and a half can be well understood by appealing to the famous economictrilemma which emerges from the standard Mundell-Fleming model many of us still teach our undergraduates.
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Conference paper
A Comprehensive Approach to the Euro-Area Debt Crisis
Apr 2011
The euro area’s sovereign debt crisis continues though significant steps have been taken to resolve it.
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Conference paper
Optimal Currency Areas and Governance: The Challenge of Europe
Apr 2011
In preparing this paper I have decided not to embark upon the decades-old issue of optimal-currency areas and governance as such. I assume that one of my colleagues on the panel will do that. Instead I will present an historical case of over-indebtedness of parts of a common-currency area somewhat similar to the present challenge of Europe, or rather of the Euro area with its common currency.
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Conference paper
The Innovative Enterprise and the Developmental State: Toward an Economics of “Organizational Success”
Apr 2011
Investment in productive capabilities provides the foundation for economic growth.
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Conference paper
Green, Fair and Productive: How the 2012 Rio Conference can move the world towards a sustainable economy
Apr 2011
Our shared concern – 20 years after Rio, yet poor progress towards wellbeing
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Conference paper
Globalization and Scarcity: Multilateralism for a world with limits
Apr 2011
Globalization has improved the living standards of hundreds of millions of people – but growing resource scarcity means it risks becoming a victim of its own success.
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Conference paper
Rethinking Growth and the State
Apr 2011
Government intervention is often perceived as a constraint on market forces and thereby on economic growth.
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Conference paper
Toward a Sustainable World Economy
Apr 2011
All cultural narratives, worldviews, religious doctrines, political ideologies, and academic paradigms are ‘social constructs.’
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Conference paper
High Wealth Concentration, Porous Exchange Control, and Shocks to Relative Return: the Fragile State of China’s Foreign Exchange Reserve
Apr 2011
At a time when China is the favored investment destination in the global market, it seems unlikely that it would ever face capital flight.
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Conference paper
Legislators Never Bowl Alone: Big Money, Mass Media, and the Polarization of Congress
Apr 2011
This is a small paper on a big subject: the polarization of American politics since the mid-1970s. In its early stages this process bore more than a passing resemblance to the opening scenes of a Grade B disaster movie: With almost everyone’s attention focused elsewhere, a series of tiny, seemingly insignificant departures from long standing routines took place.
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Conference paper
Too Big to Fail, Too Big to Jail
Apr 2011
The theme of this session is very timely and controversial, on the ability of sovereign governments to supervise Large Complex Financial Institutions (LCFIs), now officially described as G-SIFIs, global systemically important financial institutions.
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Conference paper
Global Imbalances: Past, Present and Future
Apr 2011
After the inception and, hopefully, the passing of the most dangerous phase of the international financial crisis, economists have returned to the long favoured subject of global imbalances.
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Conference paper
Evolving Economic and Financial Systems in India
Apr 2011
The presentation explains that Indian Economy is basically a market-oriented economy with constant rebalancing between state andmarket.
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Conference paper
Corporate Citizenship in a Civil Economy
Apr 2011
Many companies around the world have discovered they can benefit financially from integrating environmental, social and governance (ESG) targets in their daily operations and strategy.
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Conference paper
Cambridge Talk on Hayek
Apr 2011
Tonight I will talk briefly about the Keynes-Hayek relationship, then will focus on some of Hayek’s insights that may be of relevance today.