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  Working Paper No. 161

  Globalization, Capital Flows, and International Regulation

  In the postwar period prior to 1990 policy proposals aimed at reducing the instabilities associated with increased capital flows focused on increasing market efficiencies so that nominal variables would reflect real conditions in the economy. However, those in charge of financial resource flows applied theories largely unconcerned with fundamentals, resulting in such financial market instabilities […]
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  Working Paper No. 160

  Intervention versus Regulation

  This new working paper investigates the roles the International Monetary Fund (IMF) might play given its mandate to provide institutional support for a global capital market that can promote trade and investment, and given current worldwide economic instabilities such as highly volatile exchange rates. The experience of steady growth and price stability under the Bretton […]
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  Working Paper No. 159

  The Anatomy of the Bond Market Turbulence of 1994

  The bond market sell-off of 1994 has begun to show up on lists of market events against which risk management systems are judged, but there has been little analysis of the cause of the 1994 decline. This new working paper fills the void by examining a number of factors that might explain the rise in […]
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  Working Paper No. 158

  Capital Inflows and Macroeconomic Policy in Sub-Saharan Africa

  Little has been written about capital flows to sub-Saharan Africa (SSA), largely because of the flows’ small size and data limitations. In this working paper, Louis Kasekende, executive director for policy and research at the Bank of Uganda; Damoni Kitabire, commissioner for the Macroeconomic Policy Department for the Ministry of Finance and Economic Planning in […]
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  Working Paper No. 157

  A New Facility for the IMF?

  In this working paper, John Williamson, senior fellow at the Institute for International Economics, evaluates proposals to create a short-term financing facility within the International Monetary Fund (IMF). The emphasis in this facility would be on the period within which the IMF would respond to a request for assistance, rather than on the duration of […]
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  Book Series

  Money in Motion

  In its analysis of money, contemporary economics has focused on money’s function as a store of value, neglecting its role as a medium of circulation. When circulation is put center stage, it becomes apparent that the supply of money does indeed adapt to the needs of trade, and it does so in myriad ways that […]
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  Public Policy Brief No. 25

  Capital Gains Taxes and Economic Growth

  This brief assesses the effect of a capital gains tax cut on firms’ decisions to undertake new investment projects and the possible effect of such projects on economic growth and employment. The authors’ analysis takes into account such factors as projects’ degree of uncertainty, investors’ degree of risk aversion, whether capital gains losses are deductible […]
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  Working Paper No. 156

  Understanding the 1994 Election

  The change in the composition of Congress resulting from the 1994 election was viewed by some Republicans as a “triumph of conservatism over the perceived abuses of liberalism.” In this working paper, Resident Scholar Oren Levin-Waldman examines polling data to explore whether the rejection of Congressional incumbents was a function of their perceived corruption or […]
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  Working Paper No. 155

  Uncertainty and the Institutional Structure of Capitalist Economies

  In this new working paper, Distinguished Scholar Hyman P. Minsky points out that capitalism in the United States is an evolving construct that recently entered a new stage: “money manager” capitalism. In money manager capitalism, nearly all businesses are organized as corporations, pension and mutual funds are the predominant owners of financial assets, and managers […]
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  Report No. 2

  Report April 1996

  Highlights of this issue are a synopsis of the Levy Institute symposium on the globalization of financial markets, a summary of Clair Brown’s lecture on standard of living indexes for American families, and an interview with Edward V. Regan, chairman of the Municipal Assistance Corporation. Contents: Lecture Series: Clair Brown: American Standards of Living * […]
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  Public Policy Brief No. 24

  Revisiting Bretton Woods

  Raymond F. Mikesell outlines the activities of the International Monetary Fund (IMF) and the World Bank over the course of their history and evaluates the organizations’ success in meeting their original and subsequent goals. He analyzes the debate over the IMF’s role in managing the international monetary system, managing currency crises, and providing credit to […]
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  Working Paper No. 154

  Unemployment, Inflation, and the Job Structure

  In this working paper, James K. Galbraith rejects the analytical construct within which many economists currently operate—that is, the construct in which, in the extreme, macroeconomic behavior is identical to the behavior reflected in microeconomic demand and supply curves. He rejects it on the theoretical and practical grounds that microeconomic categories (supply, demand, price, and […]