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Journal Article
The Mexican peso crisis: implications for international finance
The Mexican peso crisis has raised legitimate questions about Mexican economic policies before and during the events of December 1994 and January 1995, but its propagation through international financial markets has also pointed to broader questions about those markets. This article considers the international financial implications of the peso crisis from three perspectives: the creditors and their markets, the countries receiving large capital inflows, and the functioning of the international financial system.
Working Paper
U.S. policy on the problems of international debt
This paper discusses the problems of international debt from the point of the of the evolution of U.S. policy. The first section presents a brief historical review of the international debt problems of the 1980s. The next section examines the situation as of early 1989: progress as well as continuing concerns are discussed. In the final section, some thoughts on the prospects for the debt problems are presented.
Working Paper
The risks and implications of external financial shocks: lessons from Mexico
The lessons from the 1994-95 Mexican peso crisis are examined from the perspective of creditors and their markets, countries that are recipients of large capital inflows, and the functioning of the international system as a whole. From each of these perspectives, recent changes in the financial world are sketched, lessons from the Mexican experience are derived, and implications for policies are considered.
Working Paper
The Federal Reserve engages the world (1970-2000): an insider's narrative of the transition to managed floating and financial turbulence
This paper traces the evolution of the Federal Reserve and its engagement with the global economy over the last three decades of the 20th century: 1970 to 2000. The paper examines the Federal Reserve?s role in international economic and financial policy and analysis covering four areas: the emergence and taming of the great inflation, developments in US external accounts, foreign exchange analysis and activities, and external financial crises. It concludes that during this period the US central bank emerged to become the closest the world has to a global central bank.
Working Paper
Approaches to managing external equilibria: where we are, where we might be headed, and how we might get there
This paper examines the issue of the U.S. external deficit in a global context. First, the paper considers certain aspects of the current economic situation that have contributed to the U.S. deficit and the progress that has been made to date in laying the basis for its narrowing. Second, the paper raises some questions about the international economic implications of a substantial reduction in the U.S. fiscal deficit, about the need for additional impetus to bring about further adjustment in the U.S. current account deficit, and about the preparedness of other industrial countries to absorb ...
Journal Article
Reflections
Journal Article
U.S. policy on the problems of international debt