Report February 1998

The Asian financial crisis has indeed brought the globalization of financial markets home to policymakers, academics, and the American public. In his editorial, Visiting Senior Scholar Jan Kregel questions the appropriateness of IMF policies in managing recent crises and also calls for democratic accountability in an institution of global financial governance.

Contents: The Levy Report Interview: Paula Stern Discusses Global Trade Policy * Editorial: The Strong Arm of the IMF (Jan Kregel) * Symposium: The Second Generation Then and Now: Education and Early Job Market Experiences * New Working Papers: On Budget Deficits and Capital Expenditure * Cumulative Regional Decline, Institutional Inadequacy, and the Democratic Deficit: Is European Monetary Union Economically and Politically Sustainable? * The Effects of Immigrants on African-American Earnings: A Jobs-Level Analysis of the New York City Labor Market, 1979-1989 * Income Distribution, Macroeconomic Analysis, and Barriers to Full Employment * An Efficiency Argument for the Guaranteed Income * Government as Employer of Last Resort: Full Employment without Inflation * The School to Work Transition of Second Generation * Immigrants in Metropolitan New York: Some Preliminary Findings * Achievement and Ambition among Children of Immigrants in Southern California * The Impact of Racial Segregation on the Education and Work Outcomes of Second Generation West Indians in New York City * The Economic Contributions of Hyman Minsky: Varieties of Capitalism and Institutional Reform * Selective Use of Discretionary Public Employment and Economic Flexibility * Linking the Minimum Wage to Productivity * Levy Institute News: David A. Levy Appointed to Presidential Capital Budget Commission * Scholars Brief Members of Congress * Levy Institute Conducts National Survey