International Finance

    When capital markets are global, asset pricing is global. When money markets are global, the cost of funds is global. Globalization creates new opportunities and new constraints for both private and public borrowers. The question is how local institutions shape the effects of globalization.

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    Global Money: A Work in Progress

    A dollar-denominated global economy means the Fed is at once the bankers bank and government bank, as well as both U.S. central bank and global central bank — managing that hybrid is the challenge of our time Read more

    Rejoinder to Flassbeck and Lapavitsas

    It is high time to ditch this myth for at least the following five reasons. Read more