Currencies and Crises

by Paul Krugman

Book Overview

This new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant."

Paul Krugman's first collection of essays, Rethinking International Trade, mounted a spirited assault on established trade theory and proposed an alternative approach to account for increasing returns and...

• Format: Paperback
• Language: English
• ISBN: 0262611090
• ISBN13: 9780262611091
• Release Date: February 1995
• Publisher: MIT Press
• Length: 240 Pages
• Weight: 0.70 lbs.
• Dimensions: 0.5" x 5.9" x 9.0"
• Age Range: 18 years and up
• Grade Range: Postsecondary and higher

Customer Reviews

Still Revelant to Modern Debate

Paul Krugman's "Currency and Crises" is a collection of 11 academic essays on international monetary economics written between the late 1970's and 1980's. The four sections include; 1) Exchange Rates and the Balance of Payments, 2) Speculation and Exchange Rates, 3) The Debt Crisis and Its Aftermath, and 4) The International Monetary System. Each essay is particularly focused on theory rather than empirical analysis. While in some ways his essays seem dated they mostly stand the test of time. While his emphasis on Japan turned out to be misplaced it is now relevant for China (See Essay #2). At the time Krugman was very concerned with drastically increasing fiscal deficits. It turns out his advice is still pertinent as the 2000's saw an even greater explosion of debt when the economy was at potential (and crowding out as a result). His models on currency speculation, debt forgiveness, and the problems of monetary union all have come to be standard economics. It is somewhat surprising how conservative his "International Economics: Theory and Policy" is compared to his academic essays. By first reading his textbook I expected him to be far more middle-the-road then his essays suggest. His essays have clear policy recommendations and in some essays, like international debt relief, are quite controversial for the time (but proved correct in hindsight). "Currency and Crises" is a great collection of essays for anyone who wishes to know more about the theory behind international monetary economics.