The End of Bretton Woods

  

End of Bretton Woods with Barry Eichengreen, myself and Lilia Costabile, organized by L-P. Rochon and the Review of Political Economy.

Nixon ends dollar convertibility

50 years ago this Sunday. A debate with Barry Eichengreen on that today at 1pm NY time, and you can register here.

My paper can be read here.

Financialization, Deindustrialization, and Instability in Latin America

New working paper at the Political Economy Research Institute (PERI). From the abstract:

The paper analyzes the relation between premature deindustrialization in Latin America with what is termed premature financialization. Premature financialization is defined as a turn to finance, organized as an industrial concern, which is a vehicle for accumulation before the process of industrialization has reached maturity. This contrasts with developed countries where financialization occurs after an advanced stage of economic and social development is reached, and where the growth of the financial sector, beyond a certain threshold, can be detrimental to economic activity. The paper examines the consequences of premature financialization for investment, growth, and financial stability.

Read full paper here.