Summary Summer 1998

The fragility of the international financial system continues as a topic of discussion in worldwide policy circles. Alice Rivlin, Martin Mayer, Jan Kregel, and others discuss the causes of and recovery from the Asian crisis in remarks at a Levy Institute conference and in working papers.

Contents: New Working Papers: The Political Economy of Corporate Governance in Germany * The Japanese Financial Crisis, Corporate Governance, and Sustainable Prosperity * Education’s Hispanic Challenge * E Pluribus Unum: Bilingualism and Language Loss in the Second Generation * The Romance of Assimilation: Studying the Demographic Outcomes of Ethnic Intermarriage in American History * The Development and Reform of the Modern International Financial System * The Hierarchy of Money * The Asian Disease: Plausible Diagnoses, Possible Remedies * East Asia Is Not Mexico: The Difference between Balance of Payments Crises and Debt Deflations * Public Capital and Economic Growth: Issues of Quantity, Finance, and Efficiency * An Important Inconsistency at the Heart of the Standard Macroeconomic Model * Seminars: The Emergence of a National Labor Market in the United States * Fashion, Immigration, and the Economics of Ready-to-Wear * Help or Hindrance: The Economic Implications of Immigration for African Americans * Money and National Sovereignty in the Global * Money and National Sovereignty in the Global Economy * From Hammarapi to Leviticus: Who Shall Collect the Land’s Rent—the Palace or the Creditors? * Workshop on Monetary Theory and Policy * Eighth Annual Hyman P. Minsky Conference on Financial Structure