Economic Policy in the International Economy:

This book contains fifteen major essays on international economics. The authors investigate five principal themes: theory, and empirics, of financial issues in open economies; economic growth; public economies; and political economy. Written to honor Professor Assaf Razin of Tel Aviv and Cornell Universities on the occasion of his sixtieth birthday, the essays pay close attention to policy issues as well as formal analysis. The contributors include renowned specialists in international economics based in North America, Europe, Israel, and China. This volume of cutting edge research will be of interest to scholars, policy makers, and advanced students alike.

Part I. Financial Issues in Open Economies: Theory: 1. Crises: the next generation? Paul Krugman
2. Solutions to the 'devaluation bias': some preventive measures to defend fixed exchange rates against self-fulfilling attacks Chi-Wa Yuen
3. Growth enhancing effects of bailout guarantees Aaron Tornell
4. Risk and exchange rates Maurice Obstfeld and Kenneth S. Rogoff
Part II. Financial Issues in Open Economies: Empirics: 5. Economic integration, industrial specialization, and the asymmetry of macroeconomic fluctuations Sebnem Kalemli-Ozcan, Bent E. Sorenson and Oved Yosha
6. Uncovered interest parity in crisis: the interest rate defense in the 1990s Robert P. Flood and Andrew K. Rose
7. When does capital account liberalization help more than it hurts? Carlos Arteta, Barry Eichengreen and Charles Wyplosz
8. Sources of inflation in developing countries Prakash Loungani and Phillip Swagel
Part III. Economic Growth: Theory and Empirics: 9. Growth effects and the cost of business cycles Gadi Barlevy
10. Explaining economic growth Yair Mundlak
Part IV. Public Economies: 11. Simulating fundamental tax reform in the United States David Altig, Alan J. Auerbach, Laurence J. Kotlikoff, Kent A. Smetters and Jan Walliser
12. The international macroeconomics of taxation and the case against European tax harmonization Enrique G. Mendoza
13. Home bias in portfolios and taxation of asset income Roger H. Gordon and Vitor Gaspar
14. Social dumping in the transformation process
Part V. Political Economy: 15. Do political institutions shape economic policy? Torsten Persson.

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Economic Policy in the International Economy: Essays in Honor of Assaf Razin

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